Document:

EXHIBIT 10.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have issued our reports dated December 19, 2006,
accompanying the consolidated financial statements and schedule included in the
Annual Report of Novamerican Steel Inc. on Form 20-F for the year
ended November 25, 2006. We hereby consent to the use of the
aforementioned reports in this Annual Report on Form 20-F and the
incorporation by reference of said reports in Novamerican Steel Inc.’s
Registration Statement on Form S-8 (File No. 333-7688)
effective May 12, 2000.

Chartered Accountants

Montréal, Canada

February 22, 2007Exhibit 4.1

 

EXECUTION COPY

REGISTRATION
RIGHTS AGREEMENT 

BY
AND AMONG 

TC
PIPELINES, LP 

AND 

THE
PURCHASERS NAMED HEREIN

DATED

FEBRUARY
22, 2007

 

Table
of Contents

	
  ARTICLE I DEFINITIONS

  	
  1

  
	
   

  	
   

  
	
  Section 1.1

  	
  Definitions

  	
  1

  
	
  Section 1.2

  	
  Registrable Securities

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE II REGISTRATION RIGHTS

  	
  3

  
	
   

  	
   

  
	
  Section 2.1

  	
  Registration

  	
  3

  
	
  Section 2.2

  	
  Piggyback Rights

  	
  5

  
	
  Section 2.3

  	
  Sale Procedures

  	
  7

  
	
  Section 2.4

  	
  Cooperation by Holders

  	
  11

  
	
  Section 2.5

  	
  Restrictions on Public Sale by Holders of Registrable
  Securities

  	
  11

  
	
  Section 2.6

  	
  Expenses

  	
  11

  
	
  Section 2.7

  	
  Indemnification

  	
  12

  
	
  Section 2.8

  	
  Rule 144 Reporting

  	
  14

  
	
  Section 2.9

  	
  Transfer or Assignment of Registration Rights

  	
  14

  
	
  Section 2.10

  	
  Limitation on Subsequent Registration Rights

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE III MISCELLANEOUS

  	
  15

  
	
   

  	
   

  
	
  Section 3.1

  	
  Communications

  	
  15

  
	
  Section 3.2

  	
  Successor and Assigns

  	
  15

  
	
  Section 3.3

  	
  Aggregation of Units

  	
  15

  
	
  Section 3.4

  	
  Recapitalization, Exchanges, Etc. Affecting the
  Common Units

  	
  15

  
	
  Section 3.5

  	
  Specific Performance

  	
  16

  
	
  Section 3.6

  	
  Counterparts

  	
  16

  
	
  Section 3.7

  	
  Headings

  	
  16

  
	
  Section 3.8

  	
  Governing Law

  	
  16

  
	
  Section 3.9

  	
  Severability of Provisions

  	
  16

  
	
  Section 3.10

  	
  Entire Agreement

  	
  16

  
	
  Section 3.11

  	
  Amendment

  	
  16

  
	
  Section 3.12

  	
  No Presumption

  	
  16

  
	
  Section 3.13

  	
  Obligations Limited to Parties to Agreement

  	
  16

  
	
  Section 3.14

  	
  Interpretation

  	
  17

  

 

REGISTRATION
RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of February 22, 2007, by and among TC PIPELINES, LP, a Delaware
limited partnership (the “Partnership”), and each of the purchasers set
forth on Exhibit A (each, a “Purchaser” and, collectively, the “Purchasers”).

WHEREAS, this Agreement is made in connection with the
Closing of the issuance and sale of the Units pursuant to the Common Unit
Purchase Agreement, dated as of February 20, 2007, by and among the
Partnership and the Purchasers (the “Purchase Agreement”);

WHEREAS, the Partnership has agreed to provide the
registration and other rights set forth in this Agreement for the benefit of
the Purchasers pursuant to the Purchase Agreement; and

WHEREAS, it is a condition to the obligations of each
Purchaser and the Partnership under the Purchase Agreement that this Agreement
be executed and delivered.

NOW THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by each party
hereto, the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1             Definitions. Capitalized
terms used herein without definition shall have the meanings given to them in
the Purchase Agreement. The terms set forth below are used herein as so
defined:

“Agreement” has
the meaning specified therefor in the introductory paragraph.

“Effectiveness Period”
has the meaning specified therefor in Section 2.1(a)(i) of this Agreement.

“Holder” means the
record holder of any Registrable Securities.

“Included Registrable
Securities” has the meaning specified therefor in Section 2.2(a) of this
Agreement.

“Liquidated Damages”
has the meaning specified therefor in Section 2.1(a)(ii) of this
Agreement.

“Liquidated Damages
Multiplier” means the product of $34.57 times the number of Registrable
Securities then held by such Purchaser.

“Losses” has the
meaning specified therefor in Section 2.7(a) of this Agreement.

 1
 

 

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

“Opt-Out Notice”
has the meaning specified therefor in Section 2.2(a) of this Agreement.

“Partnership” has
the meaning specified therefor in the introductory paragraph of this Agreement.

“Purchase Agreement”
has the meaning specified therefor in the Recitals of this Agreement.

“Purchaser” and “Purchasers”
have the meanings specified therefor in the introductory paragraph of this
Agreement.

“Purchaser Underwriter
Registration Statement” has the meaning specified therefor in
Section 2.3(o) of this Agreement.

“Registrable
Securities” means: (i) the Units and (ii) any Common Units issued
as Liquidated Damages pursuant to this Agreement prior to the effectiveness of
the Registration Statement, all of which Registrable Securities are subject to
the rights provided herein until such rights terminate pursuant to the
provisions hereof.

“Registration Expenses”
has the meaning specified therefor in Section 2.6(a) of this Agreement.

“Registration
Statement” has the meaning specified therefor in Section 2.1(a)(i) of
this Agreement.

“Selling Expenses”
has the meaning specified therefor in Section 2.6(a) of this Agreement.

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

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

Section 1.2             Registrable Securities. Any
Registrable Security will cease to be a Registrable Security when: (a) a
registration statement covering such Registrable Security has been declared
effective by the Commission and such Registrable Security has been sold or
disposed of pursuant to such effective registration statement; (b) such
Registrable Security has been disposed of pursuant to any section of
Rule 144 (or any similar provision then in force) under the Securities
Act; (c) such Registrable Security can be disposed of pursuant to Rule
144(k) (or any similar provision then in force) under the Securities Act;
(d) such Registrable Security is held by the Partnership or one of its
Subsidiaries; or (e) such Registrable Security has

 2
 

been sold in a private transaction in which
the transferor’s rights under this Agreement are not assigned to the transferee
of such securities.

ARTICLE II

REGISTRATION RIGHTS

Section 2.1             Registration.

(a)           Registration.

(i)            Deadline To Go Effective. As soon as practicable following
the Closing, but in any event within 30 days of the Closing Date, the
Partnership shall prepare and file a shelf registration statement on Form S-3
under the Securities Act to permit the resale of the Registrable Securities
from time to time, including as permitted by Rule 415 under the Securities
Act (or any similar provision then in force) under the Act with respect to all
of the Registrable Securities (the “Registration Statement”).  The Partnership shall use its commercially
reasonable efforts to cause the Registration Statement to become effective no
later than 90 days following the date the Registration Statement is filed.  The Partnership will use its commercially
reasonable efforts to cause the Registration Statement filed pursuant to this
Section 2.1 to be continuously effective under the Securities Act until
the earlier of (i) the date as of which all such Registrable Securities
are sold by the Purchasers, (ii) the date when such Registrable Securities
become eligible for resale under Rule 144(k) (or any similar provision then in
force) under the Securities Act, or two years from the date the Registration
Statement is declared effective by the Commission (the “Effectiveness Period”).  The Registration Statement, when declared
effective (including the documents incorporated therein by reference), shall
comply as to form with all applicable requirements of the Securities Act and
the Exchange Act and shall not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading.

(ii)           Failure To Go Effective. If the Registration Statement
required by Section 2.1 of this Agreement is not declared effective within
120 days after the Closing Date, then each Purchaser that is not a
TransCanada Purchaser shall be entitled to a payment with respect to the Units
of each such Purchaser, as liquidated damages and not as a penalty, of 0.25% of
the Liquidated Damages Multiplier per 30-day period for the first 60 days
following the 120th day after the Closing Date, increasing by an additional
0.25% of the Liquidated Damages Multiplier per 30-day period for each
subsequent 60 days, up to a maximum of 1.00% of the Liquidated Damages
Multiplier per 30-day period (the “Liquidated Damages”).  The maximum aggregate Liquidated Damages
shall not exceed 10% of the gross proceeds from the sale of the Units pursuant
to the Purchase Agreement to Purchasers that are not TransCanada
Purchasers.  The Liquidated Damages
payable pursuant to the immediately preceding sentence shall be payable within
ten Business Days of the end of each such 30-day period.  Any
Liquidated Damages shall be paid to each eligible Purchaser in cash or
immediately available funds; provided, however, if the Partnership certifies that it is unable to
pay Liquidated Damages in cash

 3
 

or immediately available funds because such payment would result in a
breach under any of the Partnership’s or the Partnership’s Subsidiaries’ credit
facilities or other indebtedness filed as exhibits to the Partnership SEC
Documents, then the Partnership may pay the Liquidated Damages in kind in the
form of the issuance of additional Common Units. Upon any issuance of Common
Units as Liquidated Damages, the Partnership shall promptly prepare and file an
amendment to the Registration Statement prior to its effectiveness adding such
Common Units to such Registration Statement as additional Registrable
Securities.  The determination of the
number of Common Units to be issued as Liquidated Damages shall be equal to the
amount of Liquidated Damages divided by the volume weighted average closing
price of the Common Units on The Nasdaq Global Select Market for the ten trading
days immediately preceding the date on which the Liquidated Damages payment is
due, less a discount of 2%.  The payment of Liquidated Damages
to a Purchaser shall cease at such time as the Units of such Purchaser become
eligible for resale under Rule 144(k) under the Securities Act.   As soon as practicable following the date
that the Registration Statement becomes effective, but in any event within two
Business Days of such date, the Partnership shall provide the Purchasers with
written notice of the effectiveness of the Registration Statement.

(iii)          Waiver of Liquidated Damages.  If the Partnership is unable to cause a
Registration Statement to go effective within 120 days following the
Closing Date as a result of an acquisition, merger, reorganization, disposition
or other similar transaction, then the Partnership may request a waiver of the
Liquidated Damages, which may be granted or withheld by the consent of the
Holders of a majority of the Units that are not held by TransCanada Purchasers,
taken as a whole, in their sole discretion. 
A Purchaser’s rights (and any transferee’s rights pursuant to
Section 2.10 of this Agreement) under this Section 2.1 shall
terminate upon the earlier of (i) when all such Registrable Securities are sold
by such Purchaser or transferee, as applicable, and (ii) when such
Registrable Securities become eligible for resale under Rule 144(k) (or any
similar provision then in force) under the Securities Act.

(b)           Delay Rights. 
Notwithstanding anything to the contrary contained herein, the
Partnership may, upon written notice to any Selling Holder whose Registrable
Securities are included in the Registration Statement, suspend such Selling
Holder’s use of any prospectus which is a part of the Registration Statement
(in which event the Selling Holder shall discontinue sales of the Registrable
Securities pursuant to the Registration Statement but may settle any such
existing sales) if (i) the Partnership is pursuing an acquisition, merger,
reorganization, disposition or other similar transaction and the Partnership
determines in good faith that the Partnership’s ability to pursue or consummate
such a transaction would be materially adversely affected by any required
disclosure of such transaction in the Registration Statement or (ii) the
Partnership has experienced some other material non-public event the disclosure
of which at such time, in the good faith judgment of the Partnership, would
materially adversely affect the Partnership; provided,
however, in no event shall the
Purchasers be suspended for a period that exceeds an aggregate of 30 days in
any 90-day period or 90 days in any 365-day period.  Upon disclosure of such information or the
termination of the condition described above, the Partnership shall provide
prompt notice to the Selling Holders whose Registrable Securities are included
in the Registration Statement, shall promptly terminate any suspension of sales
it has

 4
 

put into effect and shall take such other
actions to permit registered sales of Registrable Securities as contemplated in
this Agreement.

(c)           Additional Rights to Liquidated Damages. If
(i) the Holders shall be prohibited from selling their Registrable
Securities under the Registration Statement as a result of a suspension
pursuant to Section 2.1(b) of this Agreement in excess of the periods
permitted therein or (ii) the Registration Statement is filed and declared
effective but, during the Effectiveness Period, shall thereafter cease to be
effective or fail to be usable for its intended purpose without being succeeded
by a post-effective amendment to the Registration Statement, a supplement to
the prospectus or a report filed with the Commission pursuant to
Section 13(a), 13(c), 14 or l5(d) of the Exchange Act, then, until the
suspension is lifted or a post-effective amendment, supplement or report is
filed with the Commission, but not including any day on which a suspension is
lifted or such amendment, supplement or report is filed and declared effective,
if applicable, the Partnership shall owe the Holders (other than TransCanada
Purchasers) an amount equal to the Liquidated Damages, following (x) the
date on which the suspension period exceeded the permitted period under 2.1(b)
of this Agreement or (y) the day after the Registration Statement ceased to be effective
or failed to be useable for its intended purposes, as liquidated damages and
not as a penalty.  For purposes of this
Section 2.1(c), a suspension shall be deemed lifted on the date that notice
that the suspension has been lifted is delivered to the Holders pursuant to
Section 3.1 of this Agreement.

Section 2.2             Piggyback Rights.

(a)           Participation. 
If at any time after 120 days after the Closing Date the Partnership
proposes to file (i) a prospectus supplement to an effective shelf
registration statement, other than the Registration Statement contemplated by
Section 2.1 of this Agreement, or (ii) a registration statement,
other than a shelf registration statement, in either case, for the sale of
Common Units in an Underwritten Offering for its own account and/or another
Person, then as soon as practicable but not less than three Business Days prior
to the filing of (x) any preliminary prospectus supplement relating to
such Underwritten Offering pursuant to Rule 424(b) under the Securities Act,
(y) the prospectus supplement relating to such Underwritten Offering
pursuant to Rule 424(b) under the Securities Act (if no preliminary prospectus
supplement is used) or (z) such registration statement, as the case may
be, then the Partnership shall give notice of such proposed Underwritten
Offering to the Holders and such notice shall offer the Holders the opportunity
to include in such Underwritten Offering such number of Registrable Securities
(the “Included Registrable Securities”) as each such Holder may request
in writing; provided, however,
that if the Partnership has been advised by the Managing Underwriter that the
inclusion of Registrable Securities for sale for the benefit of the Holders in
the amounts requested by the Holders will have a material adverse effect on the
price, timing or distribution of the Common Units in the Underwritten Offering,
then the amount of Registrable Securities to be offered for the accounts of
Holders shall be determined based on the provisions of Section 2.2(b) of
this Agreement. The notice required to be provided in this Section 2.2(a)
to Holders shall be provided on a Business Day pursuant to Section 3.1
hereof and receipt of such notice shall be confirmed by such Holder. Each such
Holder shall then have three Business Days after receiving such notice to
request inclusion of Registrable Securities in the Underwritten Offering,
except that such Holder shall have one Business Day after such Holder confirms
receipt of the notice to request inclusion of Registrable Securities in the Underwritten
Offering in the case of a “bought

 5
 

deal” or “overnight transaction” where no
preliminary prospectus is used. If no request for inclusion from a Holder is
received within the specified time, such Holder shall have no further right to
participate in such Underwritten Offering. If, at any time after giving written
notice of its intention to undertake an Underwritten Offering and prior to the
closing of such Underwritten Offering, the Partnership shall determine for any
reason not to undertake or to delay such Underwritten Offering, the Partnership
may, at its election, give written notice of such determination to the Selling
Holders and, (x) in the case of a determination not to undertake such
Underwritten Offering, shall be relieved of its obligation to sell any Included
Registrable Securities in connection with such terminated Underwritten
Offering, and (y) in the case of a determination to delay such
Underwritten Offering, shall be permitted to delay offering any Included
Registrable Securities for the same period as the delay in the Underwritten
Offering. Any Selling Holder shall have the right to withdraw such Selling
Holder’s request for inclusion of such Selling Holder’s Registrable Securities
in such offering by giving written notice to the Partnership of such withdrawal
up to and including the time of pricing of such offering.  Each Holder’s rights under this
Section 2.2(a) are subject to a minimum request for inclusion of $5
million and shall terminate when such Holder (together with any Affiliates of
such Holder) holds less than $15 million of Units.  Notwithstanding the foregoing, any Holder may
deliver written notice (an “Opt-Out Notice”) to the Partnership
requesting that such Holder not receive notice from the Partnership of any
proposed Underwritten Offering; provided that
such Holder may later revoke any such notice.

(b)           Priority of Rights. If the Managing Underwriter or
Underwriters of any proposed Underwritten Offering of Common Units included in
an Underwritten Offering pursuant to Section 2.2(a), involving Included
Registrable Securities advises the Partnership, or the Partnership reasonably
determines, that the total amount of Common Units that the Selling Holders and
any other Persons intend to include in such offering exceeds the number that
can be sold in such offering without being likely to have a material adverse
effect on the price, timing or distribution of the Common Units offered or the
market for the Common Units, then the Common Units to be included in such
Underwritten Offering shall include the number of Registrable Securities that
such Managing Underwriter or Underwriters advises the Partnership, or the
Partnership reasonably determines, can be sold without having such adverse
effect.  The Common Units to be included
in the Offering shall be allocated (i) first, to the Partnership, and
(ii) second, pro rata among the Selling Holders who have requested
participation in such Underwritten Offering. 
The pro rata allocations for each such Selling Holder shall be the
product of (a) the aggregate number of Common Units proposed to be sold by
all Selling Holders in such Underwritten Offering (after reduction as provided
above) multiplied by (b) the fraction derived by dividing (x) the
number of Common Units owned on the Closing Date by such Selling Holder by
(y) the aggregate number of Common Units owned on the Closing Date by all
Selling Holders participating in the Underwritten Offering. All participating
Selling Holders shall have the opportunity to share pro rata that portion of
such priority allocable to any Selling Holder(s) not so participating. As of
the date of execution of this Agreement, there are no other Persons with
Registration Rights relating to Common Units other than as described in this
Section 2.2(b) and in the Partnership Agreement.

(c)           General Procedures for Underwritten Offering.  In connection with any Underwritten Offering
under this Agreement, the Partnership shall be entitled to select the Managing
Underwriter or Underwriters.  In
connection with an Underwritten Offering

 6
 

contemplated by this Agreement in which a
Selling Holder participates, each Selling Holder and the Partnership shall be
obligated to enter into an underwriting agreement that contains such
representations, covenants, indemnities and other rights and obligations as are
customary in underwriting agreements for firm commitment offerings of
securities.  No Selling Holder may
participate in such Underwritten Offering unless such Selling Holder agrees to
sell its Registrable Securities on the basis provided in such underwriting
agreement and completes and executes all questionnaires, powers of attorney,
indemnities and other documents reasonably required under the terms of such
underwriting agreement.  Each Selling
Holder may, at its option, require that any or all of the representations and
warranties by, and the other agreements on the part of, the Partnership to and
for the benefit of such underwriters also be made to and for such Selling
Holder’s benefit and that any or all of the conditions precedent to the
obligations of such underwriters under such underwriting agreement also be
conditions precedent to its obligations. 
No Selling Holder shall be required to make any representations or
warranties to or agreements with the Partnership or the underwriters other than
representations, warranties or agreements regarding such Selling Holder and its
ownership of the securities being registered on its behalf, its intended method
of distribution and any other representation required by Law.  If any Selling Holder disapproves of the
terms of an underwriting, such Selling Holder may elect to withdraw therefrom
by notice to the Partnership and the Managing Underwriter; provided,
however, that such withdrawal must be
made up to and including the time of pricing of such Underwritten
Offering.  No such withdrawal or
abandonment shall affect the Partnership’s obligation to pay Registration
Expenses.

Section 2.3             Sale Procedures. In
connection with its obligations under this Article II, the Partnership will, as
expeditiously as possible:

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

(b)           if a prospectus supplement will be used in connection with
the marketing of an Underwritten Offering from the Registration Statement and
the Managing Underwriter at any time shall notify the Partnership in writing
that, in the sole judgment of such Managing Underwriter, inclusion of detailed
information to be used in such prospectus supplement is of material importance
to the success of the Underwritten Offering of such Registrable Securities, use
its commercially reasonable efforts to include such information in such
prospectus supplement;

(c)           furnish to each Selling Holder (i) as far in advance
as reasonably practicable before filing the Registration Statement or any other
registration statement contemplated by this Agreement or any supplement or
amendment thereto, upon request, copies of reasonably complete drafts of all
such documents proposed to be filed (including exhibits and each document
incorporated by reference therein to the extent then required by the rules and
regulations of the Commission), and provide each such Selling Holder the
opportunity to object to any information pertaining to such Selling Holder and
its plan of distribution that is contained therein and make the corrections
reasonably requested by such Selling Holder with respect to

 7
 

such information prior to filing the
Registration Statement or such other registration statement or supplement or
amendment thereto, and (ii) such number of copies of the Registration
Statement or such other registration statement and the prospectus included
therein and any supplements and amendments thereto as such Persons may reasonably
request in order to facilitate the public sale or other disposition of the
Registrable Securities covered by such Registration Statement or other
registration statement;

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

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

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

 8
 

 

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

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

(i)            otherwise use its commercially reasonable efforts to
comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an
earnings statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;

(j)            make available to the appropriate representatives of the
Managing Underwriter and the Selling Holders access to such information and the
Partnership personnel as is reasonable and customary to enable such parties to
establish a due diligence defense under the Securities Act; provided, however, that
the Partnership need not disclose any such information to any such
representative unless and until such representative has entered into or is
otherwise subject to a confidentiality agreement with the Partnership
satisfactory to the Partnership (including any confidentiality agreement
referenced in Section 9.6 of the Purchase Agreement);

(k)           cause all such Registrable Securities registered pursuant
to this Agreement to be listed on each securities exchange on which similar
securities issued by the Partnership are then listed;

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

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

 9
 

 

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

(o)           the Partnership agrees that, if any Purchaser, upon
written advice of legal counsel, could reasonably be deemed to be an “underwriter,”
as defined in Section 2(a)(11) of the Securities Act, in connection with
the registration statement in respect of any registration of the Partnership’s
securities of any Purchaser pursuant to this Agreement, and any amendment or
supplement thereof (any such registration statement or amendment or supplement
a “Purchaser Underwriter Registration Statement”), then the Partnership
will cooperate with such Purchaser in allowing such Purchaser to conduct
customary “underwriter’s due diligence” with respect to the Partnership and
satisfy its obligations in respect thereof. 
In addition, at such Purchaser’s request, the Partnership will furnish
to such Purchaser, on the date of the effectiveness of any Purchaser
Underwriter Registration Statement and thereafter, upon the sale of Registrable
Securities in excess of $5,000,000, on such dates as such Purchaser may
reasonably request, (i) a letter, dated such date, from the Partnership’s
independent certified public accountants in form and substance as is
customarily given by independent certified public accountants to underwriters
in an underwritten public offering, addressed to such Purchaser, and
(ii) an opinion, dated as of such date, of counsel representing the
Partnership for purposes of such Purchaser Underwriter Registration Statement,
in form, scope and substance as is customarily given in an underwritten public
offering, including a standard “10b-5” opinion for such offering, addressed to
such Purchaser.  The Partnership will
also permit legal counsel to such Purchaser to review and comment upon any such
Purchaser Underwriter Registration Statement at least three Business Days prior
to its filing with the Commission and all amendments and supplements to any
such Purchaser Underwriter Registration Statement within a reasonable number of
days prior to their filing with the Commission.

Each Selling Holder, upon
receipt of notice from the Partnership of the happening of any event of the
kind described in Section 2.3(f) of this Agreement, shall forthwith
discontinue disposition of the Registrable Securities until such Selling Holder’s
receipt of the copies of the supplemented or amended prospectus contemplated by
Section 2.3(f) of this Agreement or until it is advised in writing by the
Partnership that the use of the prospectus may be resumed, and has received
copies of any additional or supplemental filings incorporated by reference in
the prospectus, and, if so directed by the Partnership, such Selling Holder
will, or will request the managing underwriter or underwriters, if any, to
deliver to the Partnership (at the Partnership’s expense) all copies in their
possession or control, other than permanent file copies then in such Selling
Holder’s possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice.

If requested by a
Purchaser, the Partnership shall: (i) as soon as practicable incorporate
in a prospectus supplement or post-effective amendment such information as such
Purchaser reasonably requests to be included therein relating to the sale and distribution
of Registrable Securities, including information with respect to the number of
Registrable Securities being offered or sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities to
be sold in such offering; (ii) as soon as practicable make all required
filings of such prospectus supplement or post-effective amendment after being
notified

 10
 

of the matters to be
incorporated in such prospectus supplement or post-effective amendment; and
(iii) as soon as practicable, supplement or make amendments to any
Registration Statement.

Section 2.4             Cooperation by Holders. The
Partnership shall have no obligation to include in the Registration Statement
Common Units of a Holder or in an Underwritten Offering pursuant to
Section 2.2 of this Agreement, Common Units of a Selling Holder, who has
failed to timely furnish such information that, in the opinion of counsel to
the Partnership, is reasonably required in order for the registration statement
or prospectus supplement, as applicable, to comply with the Securities Act.

Section 2.5             Restrictions on Public Sale by
Holders of Registrable Securities. For a period of 365 days from the
Closing Date, each Holder of Registrable Securities who is included in the
Registration Statement agrees not to effect any public sale or distribution of
the Registrable Securities during the 30-day period following completion of an
Underwritten Offering of equity securities by the Partnership (except as
provided in this Section 2.5); provided,
however, that the duration of the
foregoing restrictions shall be no longer than the duration of the shortest
restriction generally imposed by the underwriters on the officers or directors
or any other Unitholder of the Partnership on whom a restriction is imposed in
connection with such public offering.  In
addition, the provisions of this Section 2.5 shall not apply with respect
to a Holder that (A) owns less than $15,000,000 of Units, based on the Commitment
Amounts, (B) has delivered an Opt-Out Notice to the Partnership pursuant to
Section 2.2 or (C) has submitted a notice requesting the inclusion of
Registrable Securities in an Underwritten Offering pursuant to Section 2.2(a)
but is unable to do so as a result of the priority provisions contained in
Section 2.2(b).

Section 2.6             Expenses.

(a)           Certain Definitions. “Registration Expenses”
means all expenses (other than Selling Expenses) incident to the Partnership’s
performance under or compliance with this Agreement to effect the registration
of Registrable Securities on the Registration Statement pursuant to
Section 2.1 hereof or an Underwritten Offering covered under this
Agreement, and the disposition of such securities, including, without
limitation, all registration, filing, securities exchange listing and The
Nasdaq Global Select Market fees, all registration, filing, qualification and
other fees and expenses of complying with securities or blue sky laws, fees of
the National Association of Securities Dealers, Inc., transfer taxes and fees
of transfer agents and registrars, all word processing, duplicating and
printing expenses and the fees and disbursements of counsel and independent
public accountants for the Partnership, including the expenses of any special
audits or “cold comfort” letters required by or incident to such performance
and compliance.  “Selling Expenses”
means all underwriting fees, discounts and selling commissions allocable to the
sale of the Registrable Securities.

(b)           Expenses. The Partnership will pay all reasonable
Registration Expenses as determined in good faith, including, in the case of an
Underwritten Offering, whether or not any sale is made pursuant to such
Underwritten Offering.  In addition,
except as otherwise provided in Section 2.7 hereof, the Partnership shall
not be responsible for legal fees incurred by Holders in connection with the
exercise of such Holders’ rights hereunder. 
Each Selling Holder shall pay all Selling Expenses in connection with
any sale of its Registrable Securities hereunder.

 11
 

 

Section 2.7             Indemnification.

(a)           By the Partnership. In the event of an offering of
any Registrable Securities under the Securities Act pursuant to this Agreement,
the Partnership will indemnify and hold harmless each Selling Holder
thereunder, its directors and officers, and each underwriter, pursuant to the
applicable underwriting agreement with such underwriter, of Registrable
Securities thereunder and each Person, if any, who controls such Selling Holder
or underwriter within the meaning of the Securities Act or of the Exchange Act,
and its directors and officers, against any losses, claims, damages, expenses
or liabilities (including reasonable attorneys’ fees and expenses)
(collectively, “Losses”), joint or several, to which such Selling
Holder, director, officer, underwriter or controlling Person may become subject
under the Securities Act, the Exchange Act or otherwise, insofar as such Losses
(or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in the Registration Statement or any
other registration statement contemplated by this Agreement, any preliminary
prospectus, free writing prospectus or final prospectus contained therein, or
any amendment or supplement thereof, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made) not
misleading, and will reimburse (to the extent provided in Section 2.7(c) below)
each such Selling Holder, its directors and officers, each such underwriter,
and each such controlling Person for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such Loss or
actions or proceedings; provided, however, that the Partnership will not be liable in any such
case if and to the extent that any such Loss arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission so
made in conformity with information furnished by such Selling Holder, its
directors or officers or any underwriter or controlling Person in writing specifically
for use in the Registration Statement or such other registration statement, or
prospectus supplement, as applicable. 
Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Selling Holder, its directors or
officers or any underwriter or controlling Person, and shall survive the
transfer of such securities by such Selling Holder.

(b)           By Each Selling Holder.  Each Selling Holder agrees severally and not
jointly to indemnify and hold harmless the Partnership, its directors and
officers, and each underwriter, pursuant to the applicable underwriting
agreement with such underwriters, of Registrable Securities thereunder and each
Person, if any, who controls the Partnership within the meaning of the
Securities Act or of the Exchange Act, and its directors and officers, to the
same extent as the foregoing indemnity from the Partnership to the Selling
Holders, but only with respect to information regarding such Selling Holder
furnished in writing by or on behalf of such Selling Holder expressly for
inclusion in the Registration Statement or any preliminary prospectus or final
prospectus included therein, or any amendment or supplement thereto, and will
reimburse (to the extent provided in Section 2.7(c) below) the Partnership, its
directors and officers, each such underwriter, and each such controlling Person
for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such Loss or actions or proceedings; provided, however, that
the liability of each Selling Holder shall not be greater in amount than the
dollar amount of the proceeds (net of any Selling Expenses) received

 12
 

by such Selling Holder from the sale of the
Registrable Securities giving rise to such indemnification.

(c)           Notice. 
Promptly after receipt by an indemnified party hereunder of notice of
the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party hereunder, notify
the indemnifying party in writing thereof, but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to
any indemnified party other than under this Section 2.7. In any action
brought against any indemnified party, it shall notify the indemnifying party
of the commencement thereof.  The
indemnifying party shall be entitled to participate in and, to the extent it
shall wish, to assume and undertake the defense thereof with counsel reasonably
satisfactory to such indemnified party and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the
defense thereof, the indemnifying party shall not be liable to such indemnified
party under this Section 2.7 for any legal expenses subsequently incurred
by such indemnified party in connection with the defense thereof; provided, however, that,
(i) if the indemnifying party has failed to assume the defense or employ
counsel reasonably acceptable to the indemnified party or (ii) if the
defendants in any such action include both the indemnified party and the
indemnifying party and counsel to the indemnified party shall have concluded
that there may be reasonable defenses available to the indemnified party that
are different from or additional to those available to the indemnifying party,
or if the interests of the indemnified party reasonably may be deemed to
conflict with the interests of the indemnifying party, then the indemnified
party shall have the right to select a separate counsel and to assume such
legal defense and otherwise to participate in the defense of such action, with
the reasonable expenses and fees of such separate counsel and other reasonable
expenses related to such participation to be reimbursed by the indemnifying
party as incurred.  Notwithstanding any
other provision of this Agreement, no indemnified party shall settle any action
brought against it with respect to which it is entitled to indemnification hereunder
without the consent of the indemnifying party, unless the settlement thereof
imposes no liability or obligation on, and includes a complete and
unconditional release from all liability of, the indemnifying party.

(d)           Contribution. 
If the indemnification provided for in this Section 2.7 is
applicable by its terms but held by a court or government agency of competent
jurisdiction to be unavailable to any indemnified party, then each such
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such Loss in such proportion as is appropriate to reflect the relative fault
of the indemnifying party on the one hand and of such indemnified party on the
other in connection with the statements or omissions which resulted in such
Losses, as well as any other relevant equitable considerations; provided, however, that
in no event shall any Selling Holder be required to contribute an aggregate
amount in excess of the dollar amount of proceeds (net of Selling Expenses)
received by such Selling Holder from the sale of Registrable Securities giving
rise to such obligation to contribute. 
The relative fault of the indemnifying party on the one hand and the
indemnified party on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact has been made by, or
relates to, information supplied by such party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.  The parties
hereto agree that it would not be just

 13
 

and equitable if contributions pursuant to
this paragraph were to be determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable
considerations referred to herein.  The
amount paid by an indemnified party as a result of the Losses referred to in
the first sentence of this paragraph shall be deemed to include any legal and
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any Loss which is the subject of this
paragraph.  No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who is not
guilty of such fraudulent misrepresentation.

(e)           Other Indemnification.  The provisions of this Section 2.7 shall
be in addition to any other rights to indemnification or contribution which an
indemnified party may have pursuant to law, equity, contract or otherwise.

Section 2.8             Rule 144 Reporting.
With a view to making available the benefits of certain rules and regulations
of the Commission that may permit the sale of the Registrable Securities to the
public without registration, the Partnership agrees to use its commercially
reasonable efforts to:

(a)           make and keep public information regarding the Partnership
available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times from and after the date hereof through the
expiration or termination of the Effectiveness Period;

(b)           file with the Commission in a timely manner all reports
and other documents required of the Partnership under the Securities Act and
the Exchange Act at all times from and after the date hereof through the
expiration or termination of the Effectiveness Period; and

(c)           through the expiration or termination of the Effectiveness
Period, so long as a Holder owns any Registrable Securities, furnish, unless
otherwise not available at no charge by access electronically to the Commission’s
EDGAR filing system, to such Holder forthwith upon request a copy of the most
recent annual or quarterly report of the Partnership, and such other reports
and documents so filed as such Holder may reasonably request in availing itself
of any rule or regulation of the Commission allowing such Holder to sell any
such securities without registration.

Section 2.9             Transfer or Assignment of
Registration Rights. The rights to cause the Partnership to register
Registrable Securities granted to the Purchasers by the Partnership under this
Article II may be transferred or assigned by any Purchaser to one or more
transferee(s) or assignee(s) of such Registrable Securities or by total return
swap; provided, however, that, (a) unless such
transferee is an Affiliate of such Purchaser, each such transferee or assignee
holds Registrable Securities representing at least $15,000,000 of the Units, (b) the
Partnership is given written notice prior to any said transfer or assignment,
stating the name and address of each such transferee and identifying the
securities with respect to which such registration rights are being transferred
or assigned, and (c) each such transferee assumes in writing
responsibility for its portion of the obligations of such Purchaser under this
Agreement.

 14
 

 

Section 2.10           Limitation on Subsequent
Registration Rights.  From and after
the date hereof through the expiration or termination of the Effectiveness
Period, the Partnership shall not, without the prior written consent of the
Holders of a majority of the outstanding Registrable Securities, (i) enter
into any agreement with any current or future holder of any securities of the
Partnership that would allow such current or future holder to require the
Partnership to include securities in any registration statement filed by the
Partnership on a basis that is superior in any way to the piggyback rights
granted to the Purchasers hereunder or (ii) grant registration rights to
any other Person that would be superior to the Purchasers’ registration rights
hereunder.

ARTICLE III

MISCELLANEOUS

Section 3.1             Communications. All notices
and other communications provided for or permitted hereunder shall be made in
writing by facsimile, electronic mail, courier service or personal delivery:

(a)           if to Purchaser, to the address set forth under that
Purchaser’s name on Exhibit A in accordance with the provisions of this
Section 3.1;

(b)           if to a transferee of Purchaser, to such Holder at the
address provided pursuant to Section 2.11 hereof; and

(c)           if to the Partnership, at 450 – 1st Street S.W., Calgary,
Alberta, Canada T2P 5H1, Attention: General Counsel and Treasury Department,
Facsimile: (403) 920-2363, notice of which is given in accordance with the
provisions of this Section 3.1

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

Section 3.2             Successor and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including subsequent Holders of Registrable
Securities to the extent permitted herein.

Section 3.3             Aggregation of Units. All
Units held or acquired by Persons who are Affiliates of one another shall be
aggregated together for the purpose of determining the availability of any
rights under this Agreement.

Section 3.4             Recapitalization, Exchanges,
Etc. Affecting the Common Units. The provisions of this Agreement shall
apply to the full extent set forth herein with respect to any and all units of
the Partnership or any successor or assign of the Partnership (whether by
merger, consolidation, sale of assets or otherwise) which may be issued in
respect of, in exchange for or in substitution of, the Registrable Securities,
and shall be appropriately adjusted for combinations, unit splits,
recapitalizations and the like occurring after the date of this Agreement.

 15
 

 

Section 3.5             Specific Performance.
Damages in the event of breach of this Agreement by a party hereto may be
difficult, if not impossible, to ascertain, and it is therefore agreed that
each such Person, in addition to and without limiting any other remedy or right
it may have, will have the right to an injunction or other equitable relief in
any court of competent jurisdiction, enjoining any such breach, and enforcing
specifically the terms and provisions hereof, and each of the parties hereto
hereby waives any and all defenses it may have on the ground of lack of
jurisdiction or competence of the court to grant such an injunction or other
equitable relief. The existence of this right will not preclude any such Person
from pursuing any other rights and remedies at law or in equity which such
Person may have.

Section 3.6             Counterparts. This Agreement
may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

Section 3.7             Headings. The headings in
this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof.

Section 3.8             Governing Law. The Laws of
the State of New York shall govern this Agreement without regard to principles
of conflict of Laws.

Section 3.9             Severability of Provisions.
Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof or affecting or impairing the validity or enforceability of
such provision in any other jurisdiction.

Section 3.10           Entire Agreement. This
Agreement is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein.  There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein with respect to the rights granted by the Partnership set forth
herein.  This Agreement and the Purchase
Agreement supersede all prior agreements and understandings between the parties
with respect to such subject matter.

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

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

Section 3.13           Obligations Limited to Parties to
Agreement. Each of the Parties hereto covenants, agrees and acknowledges
that no Person other than the Purchasers (and their

 16
 

permitted assignees) and the Partnership
shall have any obligation hereunder and that, notwithstanding that one or more
of the Purchasers may be a corporation, partnership or limited liability
company, no recourse under this Agreement or the Purchase Agreement or under
any documents or instruments delivered in connection herewith or therewith
shall be had against any former, current or future director, officer, employee,
agent, general or limited partner, manager, member, stockholder or Affiliate of
any of the Purchasers or the Partnership or any former, current or future
director, officer, employee, agent, general or limited partner, manager,
member, stockholder or Affiliate of any of the foregoing, whether by the
enforcement of any assessment or by any legal or equitable proceeding, or by
virtue of any applicable Law, it being expressly agreed and acknowledged that
no personal liability whatsoever shall attach to, be imposed on or otherwise be
incurred by any former, current or future director, officer, employee, agent,
general or limited partner, manager, member, stockholder or Affiliate of any of
the Purchasers or the Partnership or any former, current or future director,
officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of the foregoing, as such, for any obligations
of the Purchasers or the Partnership, as the case may be, under this Agreement
or the Purchase Agreement or any documents or instruments delivered in
connection herewith or therewith or for any claim based on, in respect of or by
reason of such obligations or their creation.

Section 3.14           Interpretation.  Article and Section references are to this
Agreement, unless otherwise specified. 
All references to instruments, documents, contracts and agreements are
references to such instruments, documents, contracts and agreements as the same
may be amended, supplemented and otherwise modified from time to time, unless
otherwise specified.  The word “including”
shall mean “including but not limited to.” 
Whenever any determination, consent or approval is to be made or given
by a Purchaser under this Agreement, such action shall be in such Purchaser’s
sole discretion unless otherwise specified.

[The
remainder of this page is intentionally left blank]

 17

IN WITNESS WHEREOF, the
Parties hereto execute this Agreement, effective as of the date first above
written.

	
  

  	
  PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TC PipeLines, LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: TC PipeLines GP, Inc., its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/Mark Zimmerman

  	
   

  
	
   

  	
   

  	
  Name: Mark Zimmerman

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/Donald DeGrandis

  	
   

  
	
   

  	
   

  	
  Name: Donald DeGrandis

  
	
   

  	
   

  	
  Title: Secretary

  

 

 

[Signature page to Registration Rightrs Agreement]

 

	
  

  	
  PURCHASERS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TransCan Northern Ltd.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/Donald J. DeGrandis

  	
   

  
	
   

  	
   

  	
  Name: Donald J. DeGrandis

  
	
   

  	
   

  	
  Title: Secretary

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  Kayne Anderson MLP Investment Company

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/James C. Baker

  	
   

  
	
   

  	
   

  	
  Name:  James
  C. Baker

  
	
   

  	
   

  	
  Title:  Vice
  President

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  Kayne Anderson Energy Total Return Fund, Inc.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/James C. Baker

  	
   

  
	
   

  	
   

  	
  Name:  James
  C. Baker

  
	
   

  	
   

  	
  Title:  Vice
  President

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  Kayne Anderson MLP Fund, L.P.

  
	
   

  	
   

  
	
   

  	
  By:  Kayne
  Anderson Capital Advisors, LP, 

  its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/David Shladovsky

  	
   

  
	
   

  	
   

  	
  Name:  David
  Shladovsky

  
	
   

  	
   

  	
  Title: 
  General Counsel

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  Kayne Anderson Capital Income Partners (QP),

  L.P.

  
	
   

  	
   

  
	
   

  	
  By: Kayne Anderson Capital Advisors, LP, its

  general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/David Shladovsky

  	
   

  
	
   

  	
   

  	
  Name:  David
  Shladovsky

  
	
   

  	
   

  	
  Title: 
  General Counsel

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  Strome MLP Fund, LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Strome Investment Management, its general

  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/Peter Davies

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Peter Davies

  
	
   

  	
   

  	
   

  	
  Title: Chief Executive Officer

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  Royal Bank of Canada

  
	
   

  	
   

  
	
   

  	
  By:  RBC
  Capital Markets Corporation, its agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/Josef Muskatel

  	
   

  
	
   

  	
   

  	
  Name: Josef Muskatel

  	
   

  
	
   

  	
   

  	
  Title: Director and Senior Counsel

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/Steve Milke

  	
   

  
	
   

  	
   

  	
  Name: Steven Milke

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  	
   

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  Tortoise Energy Infrastructure Corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/David J. Schulte

  	
   

  
	
   

  	
   

  	
  Name:  David
  J. Schulte

  
	
   

  	
   

  	
  Title: 
  President and Chief Executive Officer

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  Tortoise Energy Capital Corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/David J. Schulte

  	
   

  
	
   

  	
   

  	
  Name:  David
  J. Schulte

  
	
   

  	
   

  	
  Title: 
  President and Chief Executive Officer

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  Tortoise North American Energy Corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/David J. Schulte

  	
   

  
	
   

  	
   

  	
  Name:  David
  J. Schulte

  
	
   

  	
   

  	
  Title: 
  President and Chief Executive Officer

  

 

 

[Signature page to Registration Rights Agreement]

 

	
  

  	
  GPS Income Fund LP

  
	
   

  	
   

  
	
   

  	
  By: GPS Partners LLC, 

  its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Brett Messing

  	
   

  
	
   

  	
   

  	
  Name:  Brett
  Messing

  
	
   

  	
   

  	
  Title: 
  Managing Partner

  

 

 

Signature Page to

Registration Rights Agreement

 

	
  

  	
  GPS High Yield Equities Fund

  
	
   

  	
   

  
	
   

  	
  By: GPS Partners LLC, 

  its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Brett Messing

  	
   

  
	
   

  	
   

  	
  Name:  Brett
  Messing

  
	
   

  	
   

  	
  Title: 
  Managing Partner

  

 

 

Signature Page to

Registration Rights Agreement

 

	
  

  	
  HFR RVAGPS Master Trust

  
	
   

  	
   

  
	
   

  	
  By: GPS Partners LLC, 

  its trading manager

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Brett
  Messing

  	
   

  
	
   

  	
   

  	
  Name:  Brett
  Messing

  
	
   

  	
   

  	
  Title: 
  Managing Partner

  

 

 

Signature Page to

Registration Rights Agreement

 

	
  

  	
  GPS New Equity Fund LP

  
	
   

  	
   

  
	
   

  	
  By: GPS Partners LLC, 

  its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Brett Messing

  	
   

  
	
   

  	
   

  	
  Name:  Brett
  Messing

  
	
   

  	
   

  	
  Title: 
  Managing Partner

  

 

 

Signature Page to

Registration Rights Agreement

 

	
  

  	
  TPG-Axon Partners, LP

  
	
   

  	
   

  
	
   

  	
  By: TPG-Axon GP, LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Mary Ailee

  	
   

  
	
   

  	
   

  	
  Name:  Mary
  Ailee

  
	
   

  	
   

  	
  Title:  Vice
  President

  

 

 

Signature Page to

Registration Rights Agreement

 

	
  

  	
  Lehman Brothers Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Walter G. Maloney

  	
   

  
	
   

  	
   

  	
  Name: Walter G. Maloney

  
	
   

  	
   

  	
  Title: Managing Director

  

 

 

Signature Page to

Registration Rights Agreement

 

	
  

  	
  Structured Finance Americas, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Sunil Hariani

  	
   

  
	
   

  	
   

  	
  Name: Sunil Hariani

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/ Jill Rathjen

  	
   

  
	
   

  	
   

  	
  Name: Jill Rathjen

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

Signature Page to

Registration Rights Agreement

 

	
  

  	
  The Cushing MLP
  Opportunity Fund I, LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Jerry V. Swank

  	
   

  
	
   

  	
   

  	
  Name: Jerry V. Swank

  
	
   

  	
   

  	
  Title: Managing Partner

  

 

 

Signature Page to

Registration Rights Agreement

 

	
  

  	
  Swank MLP Convergence
  Fund, LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Jerry V. Swank

  	
   

  
	
   

  	
   

  	
  Name: Jerry V. Swank

  
	
   

  	
   

  	
  Title: Managing Partner

  

 

 

Signature Page to

Registration Rights Agreement

 

	
  

  	
  Citigroup Global Markets,
  Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
      /s/Daniel P. Breen

  	
   

  
	
   

  	
   

  	
  Name: Daniel P. Breen

  
	
   

  	
   

  	
  Title: Managing Director

  

 

 

Signature Page to

Registration Rights Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]