Document:

Exhibit 10.2

 

SEVENTH AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

ENBRIDGE ENERGY, LIMITED PARTNERSHIP

 

July 30, 2015

 

    	 

    	 

    

  

TABLE OF CONTENTS

 

	ARTICLE I
    DEFINITIONS	1
	Section 1.1	Definitions.	1
	Section 1.2	Additional Defined Terms.	27
	Section 1.3	Construction.	29
	 	 	 
	ARTICLE II
    ORGANIZATION	30
	Section 2.1	Continuation.	30
	Section 2.2	Name.	30
	Section 2.3	Principal Office; Registered Office.	30
	Section 2.4	Purpose and Business.	31
	Section 2.5	Powers.	31
	Section 2.6	Term.	31
	Section 2.7	Title to Partnership Assets.	31
	 	 	 
	ARTICLE III
    ESTABLISHMENT AND DESIGNATION OF SERIES	31
	Section 3.1	Establishment and Designation of Series.	31
	Section 3.2	Series AC.	32
	Section 3.3	Series EA.	33
	Section 3.4	Series ME.	33
	Section 3.5	Series LH.	34
	Section 3.6	Allocation Among Series.	35
	Section 3.7	No Transfer or Sale.	36
	 	 	 
	ARTICLE IV
    TRANSFER OF PARTNERSHIP INTERESTS; RIGHT OF FIRST REFUSAL; TAG-ALONG RIGHTS	36
	Section 4.1	Transfers Generally.	36
	Section 4.2	General Restrictions on Transfers of Partnership Interests.	38
	Section 4.3	Additional Restrictions on Transfers of Partnership Interests.	38
	Section 4.4	Reserved.	38
	Section 4.5	Series EA Right of First Refusal.	38
	Section 4.6	Series ME Right of First Refusal.	40
	Section 4.7	Tag-Along Rights.	42
	Section 4.8	Transfers of Certain Partnership Assets—ROFR.	44
	Section 4.9	EA Call Option.	45
	Section 4.10	Reserved.	47
	Section 4.11	ME Call Option.	47
	Section 4.12	Reserved.	48
	Section 4.13	Specific Performance.	48
	 	 	 
	ARTICLE V
    CAPITAL CONTRIBUTIONS; PARTNERSHIP INTERESTS;  FUTURE CAPITAL REQUIREMENTS	49
	Section 5.1	Series LH Partnership Interests and Capital Contributions.	49
	Section 5.2	Series AC Capital Contributions, AC Debt Financing and Partnership Interests.	49

 

    	i

    	 

    

  

	Section 5.3	Reserved.	50
	Section 5.4	Reserved.	50
	Section 5.5	Initial Series EA Capital Contributions.	50
	Section 5.6	Additional Series EA Capital Contributions.	50
	Section 5.7	Initial Series ME Capital Contributions.	54
	Section 5.8	Additional Series ME Capital Contributions.	55
	Section 5.9	Interest and Withdrawal of Capital Contributions.	58
	Section 5.10	Capital Accounts.	59
	 	 	 
	ARTICLE VI
    ALLOCATIONS AND DISTRIBUTIONS	59
	Section 6.1	Allocations for Capital Account Purposes.	59
	Section 6.2	Requirement and Characterization of Series AC Distributions; Distributions to Series AC Partners.	63
	Section 6.3	Requirement and Characterization of Series EA Distributions; Distributions to Series EA Partners.	64
	Section 6.4	Requirement and Characterization of Series ME Distributions; Distributions to Series ME Partners.	65
	Section 6.5	Distributions to Series LH Partners.	66
	 	 	 
	ARTICLE VII
    MANAGEMENT AND OPERATION OF BUSINESS; LIMITED PARTNERS	67
	Section 7.1	Management.	67
	Section 7.2	Certificate of Limited Partnership.	68
	Section 7.3	Reserved.	68
	Section 7.4	Actions Requiring the Approval of the Series EA Partners.	68
	Section 7.5	Actions Requiring the Approval of the Series ME Partners.	70
	Section 7.6	Reserved.	72
	Section 7.7	Series EA Annual Budget.	72
	Section 7.8	Series ME Annual Budget.	73
	Section 7.9	Collection of Series AC Revenue Entitlement.	73
	Section 7.10	Collection of Series EA Revenue Entitlement.	74
	Section 7.11	Collection of Series ME Revenue Entitlement.	74
	Section 7.12	Compensation of General Partners.	74
	Section 7.13	Indemnification.	75
	Section 7.14	Interseries Indemnification.	76
	Section 7.15	Liability of Indemnitees.	76
	Section 7.16	Limitation of Liability.	77
	Section 7.17	Management of Business.	77
	Section 7.18	Outside Activities of the Limited Partners.	78
	Section 7.19	Reliance by Third Parties.	78
	Section 7.20	Managing General Partner.	79
	Section 7.21	Conflicts of Interest.	79
	Section 7.22	Shared Use of Shared Assets.	79
	 	 	 
	ARTICLE VIII
    BOOKS, RECORDS AND ACCOUNTING	79
	Section 8.1	Records and Accounting.	79
	Section 8.2	Fiscal Year.	80

 

    	ii

    	 

    

  

	ARTICLE IX
    TAX MATTERS	80
	Section 9.1	Tax Returns.	80
	Section 9.2	Partner Tax Return Information.	80
	Section 9.3	Tax Elections.	80
	Section 9.4	Tax Controversies.	81
	Section 9.5	Withholding.	82
	Section 9.6	Tax Reimbursement.	82
	Section 9.7	Tax Partnership.	82
	Section 9.8	Tax Matters Following a Fundamental Change.	82
	 	 	 
	ARTICLE X
    OTHER EVENTS	84
	Section 10.1	Fundamental Change.	84
	Section 10.2	Alberta Clipper Surcharge Expiration.	85
	Section 10.3	Eastern Access Surcharge Expiration.	86
	Section 10.4	Mainline Expansion Surcharge Expiration.	88
	 	 	 
	ARTICLE XI
    DISSOLUTION AND LIQUIDATION	89
	Section 11.1	Dissolution of the Partnership.	89
	Section 11.2	Termination of a Series.	90
	Section 11.3	Winding Up, Liquidation and Distribution of Assets of the Partnership or a Series Upon Dissolution of the Partnership or Termination of Such Series.	91
	Section 11.4	Cancellation of Certificate of Limited Partnership.	92
	Section 11.5	Return of Capital Contributions.	92
	Section 11.6	Waiver of Partition.	92
	Section 11.7	Capital Account Restoration.	92
	 	 	 
	ARTICLE XII
    AMENDMENT OF PARTNERSHIP AGREEMENT;  MEETINGS; RECORD DATE; MERGER	93
	Section 12.1	Amendment.	93
	Section 12.2	Amendment Requirements.	93
	Section 12.3	Voting Rights.	93
	Section 12.4	Meetings.	93
	Section 12.5	Place of Meetings.	93
	Section 12.6	Notice of Meetings.	94
	Section 12.7	Quorum.	94
	Section 12.8	Proxies.	94
	Section 12.9	Action Without a Meeting.	94
	Section 12.10	Waiver of Notice.	95
	Section 12.11	Merger, Consolidation and Conversion.	95
	 	 	 
	ARTICLE XIII
    GENERAL PROVISIONS	96
	Section 13.1	Addresses and Notices; Written Communications.	96
	Section 13.2	Further Action.	97
	Section 13.3	Binding Effect.	97
	Section 13.4	Integration.	97

 

    	iii

    	 

    

  

	Section 13.5	Creditors.	97
	Section 13.6	Waiver.	97
	Section 13.7	Counterparts.	97
	Section 13.8	Applicable Law.	97
	Section 13.9	Invalidity of Provisions.	97
	Section 13.10	Consent of Partners.	98
	Section 13.11	Third Party Beneficiaries.	98

 

	EXHIBITS	 
	Exhibit A:	Partnership Interests
	Exhibit B:	Exclusive Series AC Assets
	Exhibit C:	Exclusive Series EA Assets
	Exhibit D:	Exclusive Series ME Assets
	Exhibit E:	Shared Assets
	Exhibit F:	Sample Illustration of Purchase Price Mechanics

 

    	iv

    	 

    

  

SEVENTH AMENDED AND RESTATED AGREEMENT
OF LIMITED

PARTNERSHIP OF ENBRIDGE ENERGY, LIMITED PARTNERSHIP

 

THIS SEVENTH AMENDED
AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP, dated as of July 30, 2015, is entered into by and among Enbridge Pipelines (Lakehead)
L.L.C., a Delaware limited liability company (“Lakehead GP”), and Enbridge Pipelines (Wisconsin) Inc., a Wisconsin
corporation (“Wisconsin GP”), each as a general partner of the Partnership with respect to the applicable Series
as set forth opposite its name on Exhibit A and, in the case of Lakehead GP, as a general partner of the Partnership
generally, and Enbridge Energy Company, Inc., a Delaware corporation (“EECI”), Enbridge Pipelines (Eastern Access)
L.L.C., a Delaware limited liability company (“EECI EA Sub”), Enbridge Pipelines (Mainline Expansion) L.L.C.,
a Delaware limited liability company (“EECI ME Sub”), and Enbridge Energy Partners, L.P., a Delaware limited
partnership (“Enbridge Partners”), each as a limited partner of the Partnership with respect to the applicable
Series set forth opposite its name on Exhibit A, together with any other Persons who become Partners in the Partnership
associated with any Series or the Partnership generally as provided herein.

 

WHEREAS, Lakehead GP, Wisconsin
GP, EECI, EECI EA Sub, EECI ME Sub and Enbridge Partners entered into that certain Sixth Amended and Restated Agreement of Limited
Partnership of Enbridge Energy, Limited Partnership on January 2, 2015 (the “Prior Agreement”) for the purpose
of, among other things, reflecting the contributions by EECI and EECI AC Sub (as defined herein) to Enbridge Partners of all of
the Series AC Partnership Interests owned by EECI and EECI AC Sub;

 

WHEREAS, as of the date
of this Agreement, the parties hereto have determined it to be in their respective best interests to amend and restate the Prior
Agreement in its entirety to, among other things, provide for the modification of distributions to and contributions by EECI and
Enbridge Partners with respect to Series EA and Series ME on the terms and conditions and during the periods set forth in this
Agreement; and

 

WHEREAS, as of the date
of this Agreement, the execution and delivery of this Agreement have been approved by the EEM Board (as defined herein).

 

NOW, THEREFORE, in consideration
of the covenants, conditions and agreements contained herein, the parties hereto do hereby amend and restate the Prior Agreement
to provide in its entirety as set forth below:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1       Definitions.

 

The following definitions
shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

 

“Adjusted Capital
Account” means the Series Capital Account maintained for a Partner with respect to a Series, (i) increased by any
amounts that such Partner is obligated to restore or is treated as obligated to restore under Treasury Regulation Sections 1.704-1(b)(2)(ii)(c),
1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by any amounts described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4),
(5) and (6) with respect to such Partner.

 

    	1

    	 

    

  

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise. For the purposes of this Agreement, (i) with respect
to Enbridge Partners and its Subsidiaries, the term “Affiliate” shall exclude Enbridge Inc. and each of its Subsidiaries
(other than Enbridge Partners and its Subsidiaries) and (ii) with respect to Enbridge Inc. and its Subsidiaries (other than
Enbridge Partners and its Subsidiaries), the term “Affiliate” shall exclude Enbridge Partners and each of its Subsidiaries.

 

“Agreed Value”
of property contributed by a Partner to the Partnership with respect to a Series means the fair market value of such property or
other consideration at the time of contribution as reasonably determined by the Managing General Partner of such Series. The Managing
General Partner of such Series shall use such method as it determines to be appropriate to allocate the aggregate Agreed Value
of properties contributed by a Partner to the Partnership with respect to a Series in a single or integrated transaction among
each separate property on a basis proportional to the fair market value of each contributed property.

 

“Agreement”
means this Seventh Amended and Restated Agreement of Limited Partnership of Enbridge Energy, Limited Partnership, including all
exhibits hereto, as it may be amended, supplemented or restated from time to time.

 

“Alberta Clipper
154-B Model” means the FERC Opinion No. 154-B model estimate relating to the Alberta Clipper Surcharge on file with
the FERC from time to time.

 

“Alberta Clipper
Surcharge” means the tariff surcharge related to the Alberta Clipper System approved by the FERC by letter dated August
28, 2008 (124 FERC ¶ 61,200 (2008)) as described in the FERC Settlement Offer.

 

“Alberta Clipper
Surcharge Term” means the primary term of the Alberta Clipper Surcharge and any extension thereof in accordance with
the FERC Settlement Offer.

 

“Alberta Clipper
System” means (a) the U.S. segment of the 36-inch diameter crude oil pipeline that extends from Hardisty, Alberta
to Superior, Wisconsin, with an initial annual capacity of 450,000 bpd and (b) related terminals, interconnections, tanks
and pump stations located within the United States, each as more fully described in the FERC Settlement Offer.

 

“Allowance For
Funds Used During Construction” or “AFUDC” has the meaning assigned to such term by the FERC Uniform
System of Accounts.

 

“Allowance Oil
Revenue” means the collection by Enbridge Pipelines Inc. of one tenth of one percent (.1%) of all hydrocarbon volume
physically delivered from the Enbridge Mainline under the International Joint Tariff, such amount being allocated between the Canadian
Mainline and the Lakehead System as one twentieth of one percent (.05%) to each carrier.

 

    	2

    	 

    

  

“B1 Promissory
Note” means the Promissory Note, dated as of March 15, 2010, executed by the Partnership in favor of Enbridge Partners
in the initial principal amount of $324,591,140.79.

 

“Baseline Qualifying
Volumes” means (i) 26,000 bpd during the year 2013 and (ii) 203,000 bpd during the year 2014 and thereafter.

 

“bpd”
means barrels per day.

 

“Book Value”
means, with respect to any property associated with a Series, such property’s adjusted basis for U.S. federal income tax
purposes, except as follows:

 

(a)       the initial
Book Value of any property contributed by a Partner to the Partnership with respect to a Series shall be the Agreed Value of such
property;

 

(b)       the Book
Values of all properties of a Series shall be adjusted to equal their respective fair market values as determined by the Managing
General Partner of such Series in connection with (i) the acquisition of an interest in such Series by any new or existing
Partner in exchange for more than a de minimis capital contribution, (ii) the distribution to a Partner of more than
a de minimis amount of property of a Series as consideration for an interest in such Series, (iii) the grant of an
interest in such Series (other than a de minimis interest) as consideration for the provision of services to or for the
benefit of such Series by an existing Partner acting in a Partner capacity, or by a new Partner acting in a Partner capacity or
in anticipation of becoming a Partner, (iv) the liquidation of the Partnership or any Series within the meaning of Treasury
Regulation Section 1.704-1(b)(2)(ii)(g)(1) (other than pursuant to Section 708(b)(1)(B) of the Code), or (v) any
other event to the extent determined by the Managing General Partner of such Series to be necessary to properly reflect Book Values
in accordance with the standards set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(q);

 

(c)       the Book
Value of any property of a Series distributed to a Partner shall be the fair market value of such property as reasonably determined
by the Managing General Partner of such Series; and

 

(d)       the Book
Values of all properties of a Series shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such
property pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken
into account in determining Capital Accounts attributable to such Series pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)
and clause (f) of the definition of Profits and Losses or Section 6.1(b)(viii); provided, however, Book Value
shall not be adjusted pursuant to this clause (d) to the extent the Managing General Partner of such Series reasonably determines
that an adjustment pursuant to clause (b) hereof is necessary or appropriate in connection with the transaction that would otherwise
result in an adjustment pursuant to this clause (d).

 

If the Book Value of any
property has been determined or adjusted pursuant to clauses (b) or (d) hereof, such Book Value shall thereafter be adjusted by
the Depreciation taken into account with respect to such property for purposes of computing Profits and Losses and other items
allocated pursuant to Article VI.

 

    	3

    	 

    

  

“Business Day”
means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States
of America or the State of Texas shall not be regarded as a Business Day.

 

“C1 Promissory
Note” the Promissory Note, dated as of March 15, 2010, executed by the Partnership in favor of Enbridge Partners in the
initial principal amount of $162,271,227.30.

 

“Canadian Mainline”
means the common carrier crude oil and liquid petroleum pipeline system and associated facilities that extends from Edmonton, Alberta
through the provinces of Alberta, Saskatchewan and Manitoba, ultimately ending at the crossing of the United States/Canada border
near Neche, North Dakota where it connects with the Lakehead System, as such pipeline may be extended or modified from time to
time, including by the Alberta Clipper System and the Eastern Access Project.

 

“Capital Account”
means the capital account maintained for a Partner pursuant to Section 5.10.

 

“Capital Contribution”
means, with respect to any Partner, the amount of money and the Net Agreed Value of any property contributed by such Partner to
the Partnership with respect to a Series. Any reference in this Agreement to the Capital Contribution of a Partner shall include
its pro rata share of any Capital Contribution of its predecessors in interest.

 

“CAPP”
means the Canadian Association of Petroleum Producers.

 

“Certificate of
Limited Partnership” means the Certificate of Limited Partnership of the Partnership filed with the Secretary of State
of the State of Delaware as referenced in Section 7.2, as such Certificate of Limited Partnership may be amended, supplemented
or restated from time to time.

 

“Chicago Connectivity
154-B Model” means the FERC Opinion No. 154-B model estimate for the Chicago Connectivity Project on file with the FERC
from time to time.

 

“Chicago Connectivity
Project” means a project to twin Line 62 with a new 76 mile 36-inch pipeline from Flanagan, Illinois to Griffith, Indiana.

 

“Chicago Connectivity
Revenue Entitlement” means, prior to the expiration of the Chicago Connectivity Term Sheet, the Chicago Connectivity
Revenue Requirement and Allowance Oil Revenue applicable to the Chicago Connectivity Project. Following the expiration or suspension
of the Chicago Connectivity Term Sheet, the Chicago Connectivity Revenue Entitlement will be determined pursuant to Section 10.4.

 

“Chicago Connectivity
Revenue Requirement” means the revenue requirement calculated pursuant to the Chicago Connectivity Term Sheet utilizing
the FERC’s Opinion No. 154-B methodology and using the FERC PLO7-2 methodology. If prior to the expiration of the Chicago
Connectivity Term Sheet, there is a change in the FERC’s regulatory requirements or otherwise, that would eliminate the filing
of the applicable Chicago Connectivity 154-B Model, then the Chicago Connectivity Revenue Requirement shall be estimated in accordance
with a model prepared as if a Chicago Connectivity 154-B Model were required to be filed with respect to the Chicago Connectivity
Project.

 

    	4

    	 

    

  

“Chicago Connectivity
Surcharge” means the tariff surcharge component for the Chicago Connectivity Project, as described in the Chicago Connectivity
Term Sheet and agreed to by CAPP.

 

“Chicago Connectivity
Term Sheet” means the Commercial Term Sheet dated October 24, 2012 relating to the Chicago Connectivity Project and agreed
to by CAPP, as the same may be amended from time to time.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time. All references herein to sections of the Code shall
include any corresponding provision or provisions of succeeding law.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Control”
means the possession, directly or indirectly (through one or more intermediaries), of the power to direct or cause the direction
of the management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract
or otherwise) of a Person.

 

“Delaware Act”
means the Delaware Revised Uniform Limited Partnership Act, 6 Del C. Section 17-101, et seq., as amended, supplemented
or restated from time to time, and any successor to such statute.

 

“Depreciation”
means, for each taxable year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for
U.S. federal income tax purposes with respect to property for such taxable year, except that with respect to any property the Book
Value of which differs from its adjusted tax basis for U.S. federal income tax purposes, Depreciation for such taxable year shall
be the amount of book basis recovered for such taxable year under the rules prescribed by Treasury Regulation Section 1.704-3(d)(2).

 

“Eastern Access
154-B Model” means the FERC Opinion No. 154-B model estimate for the applicable phase of the Eastern Access Project on
file with the FERC from time to time.

  

“Eastern Access
Final In-Service Date” means the “In-Service Date” (as such term is used in the applicable Series EA Tariff
Term Sheet) of the final phase of the Eastern Access Project to be completed and placed into service.

  

“Eastern Access
First In-Service Date” means the “In-Service Date” (as such term is used in the applicable Series EA Tariff
Term Sheet) of the phase of the Eastern Access Project that is first completed and placed into service.

  

“Eastern Access
Phase I Capital Threshold” means the cost level as described in paragraph 6 of the Eastern Access Phase I Term Sheet
($1.3 Billion).

 

    	5

    	 

    

 

“Eastern Access
Phase II Capital Threshold” means the cost level as described in paragraph 6 of the Eastern Access Phase II Term Sheet
($550 Million).

 

“Eastern Access
Phase I Qualifying Volumes” means the Qualifying Volumes less the Baseline Qualifying Volumes.

 

“Eastern Access
Phase I Revenue Requirement” means the revenue requirement calculated pursuant to the Eastern Access Phase I Term Sheet
utilizing the FERC’s Opinion No. 154-B methodology and using the FERC PLO7-2 methodology. If prior to the expiration of the
Eastern Access Phase I Term Sheet, there is a change in the FERC’s regulatory requirements or otherwise, that would eliminate
the filing of the applicable Eastern Access 154-B Model, then the Eastern Access Phase I Revenue Requirement shall be estimated
in accordance with a model prepared as if an Eastern Access 154-B Model were required to be filed with respect to Eastern Access
Phase 1.

 

“Eastern Access
Phase II Revenue Requirement” means the revenue requirement calculated pursuant to the Eastern Access Phase II Term Sheet
excluding the credit for the Line 6B integrity costs as described in the Eastern Access Phase II Term Sheet, utilizing the FERC’s
Opinion No. 154-B methodology and using the FERC PLO7-2 methodology. If prior to the expiration of the Eastern Access Phase I Term
Sheet, there is a change in the FERC’s regulatory requirements or otherwise, that would eliminate the filing of the applicable
Eastern Access 154-B Model, then the Eastern Access Phase II Revenue Requirement shall be estimated in accordance with a model
prepared as if an Eastern Access 154-B Model were required to be filed with respect to Eastern Access Phase II.

 

“Eastern Access
Phase III Revenue Requirement” means the revenue requirement calculated pursuant to the Eastern Access Phase III Term
Sheet utilizing the FERC’s Opinion No. 154-B methodology and using the FERC PLO7-2 methodology. If prior to the expiration
of the Eastern Access Phase III Term Sheet, there is a change in the FERC’s regulatory requirements or otherwise, that would
eliminate the filing of the applicable Eastern Access 154-B Model, then the Eastern Access Phase III Revenue Requirement shall
be estimated in accordance with a model prepared as if an Eastern Access 154-B Model were required to be filed with respect to
Eastern Access Phase III.

 

“Eastern Access
Phase I Surcharge” means the tariff surcharge component for the first phase of the Eastern Access Project, as described
in the Eastern Access Phase I Term Sheet and agreed to by CAPP. Such Eastern Access Phase I Surcharge shall reflect adjustments
for (i) capital costs above the Eastern Access Phase I Capital Threshold, with a further adjustment to the extent that Eastern
Access Phase II capital costs are less than the Eastern Access Phase II Capital Threshold and (ii) Line 6B avoided integrity
costs, all as described in the Eastern Access Phase I Term Sheet.

 

“Eastern Access
Phase II Surcharge” means the tariff surcharge component for the second phase of the Eastern Access Project, as described
in the Eastern Access Phase II Term Sheet and agreed to by CAPP. Such Eastern Access Phase II Surcharge shall reflect adjustments
for capital costs above the Eastern Access Phase II Capital Threshold with a further adjustment to the extent that Eastern Access
Phase I capital costs are less than the Eastern Access Phase I Capital Threshold, and no adjustment for the Line 6B avoided integrity
cost credit, all as described in the Eastern Access Phase II Term Sheet.

 

    	6

    	 

    

  

“Eastern Access
Phase III Surcharge” means the tariff surcharge component for the third phase of the Eastern Access Project, as described
in the Eastern Access Phase III Term Sheet and agreed to by CAPP.

 

“Eastern Access
Phase I Term Sheet” means the Commercial Term Sheet dated November 15, 2011 relating to Eastern Access Phase I and agreed
to by CAPP, as the same may be amended from time to time.

 

“Eastern Access
Phase II Term Sheet” means the Commercial Term Sheet dated July 17, 2012 relating to Eastern Access Phase II and agreed
to by CAPP, as the same may be amended from time to time.

 

“Eastern Access
Phase III Term Sheet” means the Commercial Term Sheet dated October 24, 2012 relating to Eastern Access Phase III and
agreed to by CAPP, as the same may be amended from time to time.

 

“Eastern Access
Project” means a project to expand pipeline system capacity of the Lakehead System to alleviate bottlenecks and meet
increased demand for pipeline capacity and is comprised of the following three phases:

 

(a)        “Eastern
Access Phase I”: (i) Line 62 expansion through pump station additions and upgrades, (ii) a 36-inch replacement of Line
6B from Griffith, Indiana to Stockbridge, Michigan (excluding a 25-mile portion of such line scheduled for replacement under a
separate project) and (iii) terminal upgrades, including tankage, located in Superior, Wisconsin; Flanagan, Illinois; Hartsdale,
Indiana and Stockbridge, Michigan.

 

(b)       “Eastern
Access Phase II”: (i) a 30-inch replacement of Line 6B from Ortonville, Michigan to the United States/Canada border,
(ii) an expansion of Line 6B downstream of Stockbridge, Michigan through pump station additions and upgrades, (iii) an additional
333,000 barrel tank in Griffith, Indiana and (iv) terminal upgrades at Superior, Wisconsin.

 

(c)       “Eastern
Access Phase III”: (i) Line 6B expansion between Griffith, Indiana and Stockbridge, Michigan through the addition of
new pumps and modifications, (ii) five additional 333,000 barrel tanks and certain terminal upgrades at the Stockbridge, Michigan
terminal and (iii) an additional 333,000 barrel tank and terminal upgrades at Hartsdale, Indiana.

 

“Eastern Access
Surcharge” means the combined Eastern Access Phase I Surcharge, the Eastern Access Phase II Surcharge and the Eastern
Access Phase III Surcharge, as described in the Series EA Tariff Term Sheets.

 

“Eastern Access
Surcharge Term” means the primary term of the Eastern Access Surcharge, and any extension thereof.

 

    	7

    	 

    

  

“Economic Risk
of Loss” has the meaning assigned to such term in Treasury Regulation Section 1.752-2(a).

 

“EECI AC Sub”
means Enbridge Pipelines (Alberta Clipper) L.L.C.

 

“Enbridge Inc.”
means Enbridge Inc., a Canadian corporation.

 

“Enbridge Mainline”
means the combined liquids pipeline system made up of the Canadian Mainline and the Lakehead System.

 

“Enbridge Partners
Options” means the EA Call Option and the ME Call Option, collectively.

 

“Enbridge Pipelines
Inc.” means Enbridge Pipelines Inc., a Canadian corporation.

 

“Entity”
means a corporation, firm, limited liability company, partnership (general or limited), joint venture, trust, business trust, unincorporated
organization, cooperative, association or other legal entity.

 

“Exclusive Series AC
Assets” means all assets and rights related exclusively to the Alberta Clipper System, including the assets and rights
set forth as “Exclusive Series AC Assets” on Exhibit B hereto.

 

“Exclusive Series EA
Assets” means all assets and rights related exclusively to the Eastern Access Project, including the assets and rights
set forth as “Exclusive Series EA Assets” on Exhibit C hereto.

 

“Exclusive Series ME
Assets” means all assets and rights related exclusively to the Mainline Expansion Project, including the assets and rights
set forth as “Exclusive Series EA Assets” on Exhibit D hereto.

 

“Existing Indebtedness”
means Indebtedness of the Partnership or Enbridge Partners or both existing on the Series AC Closing Date.

 

“Facility B1”
means the credit facility designated as the B1 Credit Agreement, dated July 31, 2009, by and between Enbridge Partners and the
Partnership, on behalf of the Series AC, which was refinanced with the proceeds of the B1 Promissory Note.

 

“Facility C1”
means the credit facility designated as the C1 Credit Agreement, dated July 31, 2009, by and between Enbridge Partners and the
Partnership, on behalf of Series AC, which was refinanced with the proceeds of the C1 Promissory Note.

 

“FERC”
means the U.S. Federal Energy Regulatory Commission.

 

“FERC Settlement
Offer” means the Offer of Settlement of the Partnership filed with the FERC, on June 27, 2008 in Docket No. OR08-12-000.

 

    	8

    	 

    

  

“Fifth A&R
Agreement” means that certain Fifth Amended and Restated Agreement of Limited Partnership of Enbridge Energy, Limited
Partnership, dated as of December 6, 2012.

 

“Flanagan Terminal”
means that certain terminal operated by the Partnership located in Flanagan, Illinois.

 

“General Partner”
means a general partner of the Partnership generally or any Series, as applicable.

 

“General Partner
Interest” means the Partnership Interest of a General Partner in the Partnership generally or with respect to a Series
(in its capacity as a General Partner without reference to any Limited Partner Interest held by it).

 

“Hartsdale Terminal”
means the terminal in Hartsdale, Indiana receiving crude oil from Line 62 and the Griffith, Indiana terminal.

 

“hp”
means horsepower.

 

“HSR Act”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 

“Indebtedness”
means (a) debt for money borrowed and similar monetary obligations evidenced by bonds (excluding surety and performance bonds),
notes, debentures or other similar instruments, (b) reimbursement obligations with respect to letters of credit and (c) guaranties,
endorsements and other contingent obligations whether direct or indirect in respect of liabilities of others of any of the types
described in clauses (a) and (b) above (other than endorsements for collection or deposit in the ordinary course of business).
For the avoidance of doubt, the term “Indebtedness” excludes trade accounts payable in the ordinary course of business.

 

“Indemnitee”
means, with respect to a Series, (a) any Person who is or was a General Partner of such Series or a General Partner of the
Partnership generally, (b) any Person who is or was a delegate of any such General Partner, (c) any Person who is or
was an Affiliate of any such General Partner or delegate, (d) any Person who is or was a member, partner, director, officer,
fiduciary or trustee of any such General Partner or delegate and (e) any Person who is or was serving at the request of any
such General Partner or delegate or any Affiliate of any such General Partner or delegate as an officer, director, member, partner,
fiduciary or trustee of another Person; provided that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services
basis, trustee, fiduciary or custodial services.

 

“Initial AC Debt
Financing” means the borrowings incurred under Facility B1 and Facility C1 on the Series AC Closing Date as described
in Section 5.2(b).

 

“Intercompany
Obligations” means the Liabilities incurred, assumed or otherwise contracted for between Enbridge Partners or any Material
Subsidiary of Enbridge Partners, on the one hand, and the Partnership generally or any Series, on the other hand.

  

“Intercompany
Preliminary AC Construction Cost Payable” means outstanding Indebtedness of the Partnership arising from intercompany
borrowings by the Partnership from Enbridge Partners in an aggregate principal amount equal to the Preliminary Alberta Clipper
Construction Costs.

 

    	9

    	 

    

 

“Intercompany
Preliminary EA Construction Cost Payable” means outstanding Indebtedness of the Partnership arising from intercompany
borrowings by the Partnership from Enbridge Partners in an aggregate principal amount equal to the Preliminary Eastern Access Construction
Costs.

 

“Intercompany
Preliminary ME Construction Cost Payable” means outstanding Indebtedness of the Partnership arising from intercompany
borrowings by the Partnership from Enbridge Partners in an aggregate principal amount equal to the Preliminary Mainline Expansion
Construction Costs.

 

“International
Joint Tariff or “IJT” means the International Joint Tariff as defined in that certain Competitive Toll Settlement
Dated July 1, 2011.

 

“Lakehead System”
means the crude oil and liquid petroleum pipeline, owned by the Partnership (and associated with one or more Series) and regulated
by the FERC, that extends from the United States/Canada border near Neche, North Dakota extending through the upper and lower Great
Lakes region of the U.S. and re-entering Canada near Marysville, Michigan with an extension across the Niagara River into the Buffalo,
New York area, as such pipeline may be extended or modified from time to time, including by the Alberta Clipper System and the
Eastern Access Project.

 

“Liability”
means any debt, liability, expense or other obligation.

 

“Limited Partner”
means any limited partner of the Partnership generally or of any Series, as applicable.

 

“Limited Partner
Interest” means the Partnership Interest of a Limited Partner in the Partnership generally or with respect to a Series
(in its capacity as a limited partner without reference to any General Partner Interest held by it).

 

“Line 3”
means the 34-inch liquids pipeline between Edmonton, Alberta and Superior, Wisconsin.

 

“Line 5”
means the 30-inch liquids pipeline from Superior, Wisconsin to Sarina, Ontario.

 

“Line 6A”
means the 34-inch liquids pipeline between Superior, Wisconsin and Griffith, Indiana.

 

“Line 6B”
means the 30-inch liquids pipeline from Griffith, Indiana to Stockbridge, Michigan to Sarina, Ontario.

 

“Line 17”
means the 16-inch liquids pipeline from Stockbridge, Michigan to Freedom Junction, Michigan.

 

    	10

    	 

    

  

“Line 17 IJT Discount”
means the tariff discount described in that certain Tariff Discount Sharing Agreement dated as of the Series EA Closing Date by
and between the Series EA and Enbridge Pipelines (Toledo) Inc., a Delaware corporation, associated with Line 17.

 

“Line 62”
means the 22-inch liquids pipeline from Flanagan, Illinois to Hartsdale, Indiana.

 

“Line 65”
means the 20-inch liquids pipeline from Cromer, Manitoba to Clearbrook, Minnesota.

 

“Line 79”
means the 20-inch liquids pipeline between Stockbridge, Michigan and Freedom Junction, Michigan and the leased 16-inch pipeline
between Freedom Junction, Michigan and Van Buren Station, Michigan.

 

“Liquidation Date”
means (a) in the case of an event giving rise to the dissolution of the Partnership or termination of a Series of the type
described in Sections 11.1(a)(iv), 11.1(a)(v) or 11.2(a)(iv), the date on which the applicable time period during which the Partners
have the right to elect to continue the business of the Partnership or Series, as applicable, has expired without such an election
being made and (b) in the case of any other event giving rise to the dissolution of the Partnership or termination of a Series,
the date on which such event occurs.

 

“Mainline Expansion
154-B Model” means the FERC Opinion No. 154-B model estimate for the applicable phase of the Mainline Expansion Project
on file with the FERC from time to time.

 

“Mainline Expansion
Final In-Service Date” means the “In-Service Date” (as such term is used in the applicable Series ME Tariff
Term Sheet) of the final component of the Mainline Expansion Project to be completed and placed into service.

 

“Mainline Expansion
First In-Service Date” means the “In-Service Date” (as such term is used in the applicable Series ME Tariff
Term Sheet) of the component of the Mainline Expansion Project that is first completed and placed into service.

 

“Mainline Expansion
Phase I Revenue Requirement” means the revenue requirement calculated pursuant to the Mainline Expansion Phase I Term
Sheet utilizing the FERC’s Opinion No. 154-B methodology and using the FERC PLO7-2 methodology. If prior to the expiration
of the Mainline Expansion Phase I Term Sheet, there is a change in the FERC’s regulatory requirements or otherwise, that
would eliminate the filing of the applicable Mainline Expansion 154-B Model, then the Mainline Expansion Phase I Revenue Requirement
shall be estimated in accordance with a model prepared as if a Mainline Expansion 154-B Model were required to be filed with respect
to Mainline Expansion Phase 1.

  

“Mainline Expansion
Phase I Surcharge” means the tariff surcharge component for the first phase of the Mainline Expansion Project, as described
in the Mainline Expansion Phase I Term Sheet and agreed to by CAPP.

 

    	11

    	 

    

 

“Mainline Expansion
Phase I Term Sheet” means the Commercial Term Sheet dated May 28, 2012 relating to Mainline Expansion Phase I and agreed
to by CAPP, as the same may be amended from time to time.

 

“Mainline Expansion
Phase II Revenue Requirement” means the revenue requirement calculated pursuant to the Mainline Expansion Phase II Term
Sheet utilizing the FERC’s Opinion No. 154-B methodology and using the FERC PLO7-2 methodology. If prior to the expiration
of the Mainline Expansion Phase II Term Sheet, there is a change in the FERC’s regulatory requirements or otherwise, that
would eliminate the filing of the applicable Mainline Expansion 154-B Model, then the Mainline Expansion Phase II Revenue Requirement
shall be estimated in accordance with a model prepared as if a Mainline Expansion 154-B Model were required to be filed with respect
to Mainline Expansion Phase II.

 

“Mainline Expansion
Phase II Surcharge” means the tariff surcharge component for the second phase of the Mainline Expansion Project, as described
in the Mainline Expansion Phase II Term Sheet and agreed to by CAPP. Such Mainline Expansion Phase II Surcharge shall be
exclusive of the surcharge applicable to $247 million of capital previously invested by the Partnership in 2007 for upsizing Southern
Access from 36 inches to 42 inches.

 

“Mainline Expansion
Phase II Term Sheet” means the Commercial Term Sheet dated October 24, 2012 relating to Mainline Expansion Phase II and
agreed to by CAPP, as the same may be amended from time to time.

 

“Mainline Expansion
Phase III In-Service Date” means the “In-Service Date” (as such term is used in the Mainline Expansion Phase
III Term Sheet) of Mainline Expansion Phase III.

 

“Mainline Expansion
Phase III Revenue Requirement” means the revenue requirement calculated pursuant to the Mainline Expansion Phase III
Term Sheet utilizing the FERC’s Opinion No. 154-B methodology and using the FERC PLO7-2 methodology. If prior to the expiration
of the Mainline Expansion Phase III Term Sheet, there is a change in the FERC’s regulatory requirements or otherwise, that
would eliminate the filing of the applicable Mainline Expansion 154-B Model, then the Mainline Expansion Phase III Revenue Requirement
shall be estimated in accordance with a model prepared as if a Mainline Expansion 154-B Model were required to be filed with respect
to Mainline Expansion Phase III.

  

“Mainline Expansion
Phase III Surcharge” means the tariff surcharge component for the third phase of the Mainline Expansion Project, as described
in the Mainline Expansion Phase III Term Sheet and agreed to by CAPP.

 

“Mainline Expansion
Phase III Term Sheet” means the Commercial Term Sheet dated October 24, 2012 relating to Mainline Expansion Phase III
and agreed to by CAPP, as the same may be amended from time to time.

 

“Mainline Expansion
Phase IV Revenue Requirement” means the revenue requirement calculated pursuant to the Mainline Expansion Phase IV Term
Sheet utilizing the FERC’s Opinion No. 154-B methodology and using the FERC PLO7-2 methodology. If prior to the expiration
of the Mainline Expansion Phase IV Term Sheet, there is a change in the FERC’s regulatory requirements or otherwise, that
would eliminate the filing of the applicable Mainline Expansion 154-B Model, then the Mainline Expansion Phase IV Revenue Requirement
shall be estimated in accordance with a model prepared as if a Mainline Expansion 154-B Model were required to be filed with respect
to Mainline Expansion Phase IV.

 

    	12

    	 

    

 

“Mainline Expansion
Phase IV Surcharge” means the tariff surcharge component for the fourth phase of the Mainline Expansion Project, as described
in the Mainline Expansion Phase IV Term Sheet and to be agreed to by CAPP.

 

“Mainline Expansion
Phase IV Term Sheet” means the Commercial Term Sheet relating to the Mainline Expansion Phase IV to be agreed to by CAPP,
as the same may be amended from time to time.

 

“Mainline Expansion
Project” means a project to expand pipeline system capacity on the Lakehead System to alleviate bottlenecks and meet
increased demand for pipeline capacity and is comprised of the following five components:

 

(a)        the Chicago
Connectivity Project;

 

(b)       “Mainline
Expansion Phase I”: (i) the expansion of Alberta Clipper System capacity from 450,000 bpd to 570,000 bpd, (ii) two additional
333,0000 barrel tanks and terminal upgrades at Superior, Wisconsin, (iii) the expansion of Southern Access capacity from 400,000
bpd to 560,000 bpd and (iv) three additional 333,000 barrel tanks in Flanagan, Illinois;

 

(c)       “Mainline
Expansion Phase II”: (i) the further expansion of Southern Access capacity from 560,000 bpd to 1,200,000 bpd through
the addition of 12 new pump stations and modifications at four existing stations, (ii) two additional 333,000 barrel tanks in Flanagan,
Illinois and (iii) four additional 333,000 barrel tanks and terminal upgrades in Superior Wisconsin;

 

(d)       “Mainline
Expansion Phase III”: (i) the further expansion of Alberta Clipper System capacity from 570,000 bpd to 800,000 bpd and
(ii) terminal upgrades at Clearbrook, Minnesota; and

 

(e)       “Mainline
Expansion Phase IV”: upon the approval of CAPP, (i) the expansion of Line 65 and (ii) the conversion of Line 3 from light
crude oil service to heavy crude oil service between the United States/Canada border and Clearbrook, Minnesota.

 

“Mainline Expansion
Surcharge” means the combined Chicago Connectivity Surcharge, the Mainline Expansion Phase I Surcharge, the Mainline
Expansion Phase II Surcharge, the Mainline Expansion Phase III Surcharge and the Mainline Expansion Phase IV Surcharge, as described
in the Series ME Tariff Term Sheets.

 

“Mainline Expansion
Surcharge Term” means the primary term of the Mainline Expansion Surcharge, and any extension thereof.

 

    	13

    	 

    

  

“Majority in Interest”
means, with respect to a Series, one or more Partners of such Series holding Partnership Interests in such Series that in the aggregate
exceed fifty percent (50%) of all Percentage Interests owned by Partners of such Series.

 

“Material Subsidiary
of Enbridge Partners” means any Subsidiary of Enbridge Partners that directly or through one or more of its Subsidiaries
(i) owns assets with a book value equal to 10% or more of the book value of the consolidated assets of Enbridge Partners and
its consolidated Subsidiaries, (ii) contributed 10% or more of consolidated operating income for any fiscal quarter during
the four fiscal quarters most recently ended of Enbridge Partners and its Consolidated Unrestricted Subsidiaries (as defined in
Enbridge Partners’ Credit Agreement dated as of September 26, 2011, as amended), or (iii) is a “significant subsidiary”
as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act as such Regulation is
in effect on any date of determination.

 

“Maximum Commitment”
means, with respect to a Series EA Partner or a Series ME Partner the amount set forth opposite such Partner’s name on Exhibit A
in the column entitled “Maximum Commitment.”

 

“Minimum Gain”
has the meaning assigned to the term “partnership minimum gain” in Treasury Regulation Section 1.704-2(d).

 

“Net Agreed Value”
means, (a) in the case of any property contributed by a Partner to the Partnership with respect to a Series, the Agreed Value
of such property reduced by any liabilities either assumed by such Series upon such contribution or to which such property is subject
when contributed and (b) in the case of any property of a Series distributed to a Partner, the Book Value of such property
at the time such property is distributed, reduced by any indebtedness either assumed by such Partner upon such distribution or
to which such property is subject at the time of distribution, in either case, as determined under Section 752 of the Code.

 

“Nonrecourse Deductions”
has the meaning assigned to such term in Treasury Regulation Section 1.704-2(b).

 

“Omnibus Agreement”
means the Omnibus Agreement, dated October 17, 2002, by and among EECI, Enbridge Partners and Enbridge Pipelines Inc.

 

“Partner Nonrecourse
Debt” has the meaning assigned to such term in Treasury Regulation Section 1.704-2(b)(4).

 

“Partner Nonrecourse
Debt Minimum Gain” has the meaning assigned to such term in Treasury Regulation Section 1.704-2(i)(2).

 

“Partner Nonrecourse
Deductions” has the meaning assigned to such term in Treasury Regulation Section 1.704-2(i)(1).

 

“Partners”
means the General Partners and the Limited Partners.

 

“Partnership”
means Enbridge Energy, Limited Partnership, a Delaware limited partnership, formed on October 9, 1991 pursuant to the Delaware
Act upon the filing of the Certificate of Limited Partnership in the office of the Secretary of State of the State of Delaware
and the entry into the Agreement of Limited Partnership of the Partnership dated October 9, 1991.

 

    	14

    	 

    

  

“Partnership generally”
means, with respect to the Partnership, the “limited partnership generally” as such phrase is used in Section 17-218
of the Delaware Act.

 

“Partnership Interest”
means a partnership interest in the Partnership generally or with respect to a Series, which shall include General Partner Interests
and Limited Partner Interests.

 

“Percentage Interest”
means, with respect to any Partner of a Series, the percentage of the Partnership Interests of the applicable Series held by such
Partner relative to the total outstanding Partnership Interests of such Series. The Percentage Interest of each Partner with respect
to each Series as of the date of this Agreement is as set forth opposite such Partner’s name on Exhibit A. The Percentage
Interests of the Partners of any Series shall be adjusted as follows:

 

(a)       in connection with
the exercise of the Enbridge Partners Options as set forth in Sections 4.9 and 4.11;

 

(b)       from time to time
pursuant to Sections 5.6(e) or 5.8(e); and

 

(c)       immediately following
(i) the admission of any Person as a new Partner of such Series or (ii) any Capital Contribution to such Series that is not Pro
Rata among the Partners of such Series (other than a Capital Contribution pursuant to Sections 5.6(a)(ii), 5.6(e), 5.8(a)(ii) or
5.8(e)), to reflect the quotient, expressed as a percentage, obtained by dividing (A) such Partner’s Series Capital Account
balance with respect to such Series by (B) the sum of all Partners’ Series Capital Account balances with respect to such
Series, in each case, taking into account any prior adjustments pursuant to clause (a) of this definition.

 

Upon the adjustment of
the Percentage Interests in the manner set forth in this definition, Exhibit A will be amended to reflect such adjusted
Percentage Interests. The Percentage Interest of any Partner of the Partnership generally shall at all times be zero.

 

“Permitted Transferee”
means, with respect to any Person, an Affiliate of such Person; provided that the term “Permitted Transferee” shall
not include any Affiliate that, at the date of determination, such Person or any of its Affiliates intends or expects to sell,
assign, exchange or otherwise cease to own or control.

 

“Person”
means an individual, Entity or government agency or political subdivision thereof.

 

“Preliminary Alberta
Clipper Construction Costs” means $425,142,514.25, which amount represents the sum of (1) all cash costs, expenses
and liabilities actually paid by the Partnership prior to the Series AC Closing Date that are directly attributable to or properly
allocable to the Series AC Assets and (2) all AFUDC that are directly attributable to or properly allocable to the Series AC
Assets prior to the Series AC Closing Date.

 

    	15

    	 

    

  

“Preliminary Eastern
Access Construction Costs” means $7,900,000.00, which amount represents the sum of (1) all cash costs, expenses
and liabilities actually paid by the Partnership prior to the Series EA Closing Date that are directly attributable to or properly
allocable to the Series EA Assets and (2) all AFUDC that are directly attributable to or properly allocable to the Series EA
Assets prior to the Series EA Closing Date.

 

“Preliminary Mainline
Expansion Construction Costs” means $5,000,000, which amount represents the sum of (1) all cash costs, expenses
and liabilities actually paid by the Partnership prior to the Series ME Closing Date that are directly attributable to or properly
allocable to the Series ME Assets and (2) all AFUDC that are directly attributable to or properly allocable to the Series ME
Assets prior to the Series ME Closing Date.

 

“Pro Rata”
means apportioned among all Partners of a particular Series in accordance with their relative Percentage Interests in such Series.

 

“Profits”
or “Losses” means, for each taxable year with respect to any Series, an amount equal to such Series’ taxable
income or loss for such taxable year, determined in accordance with Code Section 703(a) (for this purpose, all items of income,
gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income
or loss), with the following adjustments (without duplication):

 

(a)       any income
of such Series that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits and Losses
pursuant to this definition of “Profits” and “Losses” shall be added to such taxable income or loss;

 

(b)       any expenditures
of such Series described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to
Treasury Regulation Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Profits or Losses pursuant
to this definition of “Profits” and “Losses” shall be subtracted from such taxable income or loss;

 

(c)       in the
event the Book Value of any asset is adjusted pursuant to clause (b) or clause (c) of the definition of Book Value, the amount
of such adjustment shall be treated as an item of gain (if the adjustment increases the Book Value of the asset) or an item of
loss (if the adjustment decreases the Book Value of the asset) from the disposition of such asset and shall be taken into account
for purposes of computing Profits or Losses;

 

(d)       gain or
loss resulting from any disposition of property with respect to which gain or loss is recognized for U.S. federal income tax purposes
shall be computed by reference to the Book Value of the property disposed of, notwithstanding that the adjusted tax basis of such
property differs from its Book Value;

 

(e)       in lieu
of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation for such taxable year;

 

(f)       to the
extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant to Treasury
Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances for such Series
as a result of a distribution other than in liquidation of a Partner’s Partnership Interest with respect to such Series,
the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item
of loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes
of computing Profits or Losses; and

 

    	16

    	 

    

  

(g)       any items
that are allocated pursuant to Sections 6.1(b) and 6.1(c) shall be determined by applying rules analogous to those set forth in
clauses (a) through (g) hereof but shall not be taken into account in computing Profits and Losses.

 

“Qualifying Volume
Adjustment” means the product of (i) the Eastern Access Phase I Qualifying Volumes, (ii) the United States/Canada border
to Chicago, Illinois toll as set forth in FERC Tariff No. 43.9.0 filed on March 1, 2012 and as updated on an annual basis through
filings with the FERC and (iii) 50%.

 

“Qualifying Volumes”
has the meaning assigned to such term in paragraph 5(d)(2) of Exhibit III of that certain Southern Access Offer of Settlement dated
December 21, 2005, provided, however, that such Qualifying Volumes shall be limited to a maximum of 394,000 bpd.

 

“Quarter”
means, unless the context requires otherwise, a fiscal quarter of the Partnership.

 

“Regulatory Allocations”
means the allocations set forth in Sections 6.1(b)(i)-(iii) and 6.1(b)(v)-(vii).

 

“Securities Act”
means the Securities Act of 1933, as amended, supplemented or restated from time to time and any successor to such statute.

 

“Series”
means the Series AC, the Series EA, the Series ME and the Series LH.

 

“Series AC
Assets” means the assets identified as Series AC Assets in Section 3.2(a).

 

“Series AC
Closing Date” means July 31, 2009.

 

“Series AC
Distribution Amount” means, with respect to any Quarter (including any Quarter in which the liquidation of the Series AC
is completed), an amount equal to (a) the sum of (i) the portion of the Series AC Revenue Entitlement that has been
collected during such Quarter through the system-wide rates of the Lakehead System as either the facilities surcharge or the base
rates as provided in Section 7.9 (prior to the expiration of the Alberta Clipper Surcharge Term) or as determined pursuant
to Section 10.2 (following the expiration of the Alberta Clipper Surcharge Term), (ii) any other cash receipts attributable
to or arising out of the ownership, operation, sale or other disposition of the Series AC Assets collected during such Quarter
and (iii) any net decrease in Series AC Reserves as shall be established by the Managing General Partner of the Series
AC in respect of such Quarter, less (b) the sum of (i) all Series AC Expenses for such Quarter, (ii) all
cash interest expenses (and principal reductions net of borrowings) of the Partnership for such Quarter attributable to Series AC
Liabilities (other than any Intercompany Obligation for which the Series AC is not the Primary Obligor), (iii) any cash maintenance
and pipeline integrity capital expenditures for such Quarter properly allocable to the Series AC, (iv) any other cash
expenses for such Quarter constituting or attributable to or arising out of a Series AC Liability (other than any Intercompany
Obligation for which the Series AC is not the Primary Obligor) or otherwise attributable to or arising out of the ownership or
operation of the Series AC Assets and (v) any increase in Series AC Reserves as shall be established by the Managing
General Partner of the Series AC in respect of such Quarter in accordance with Section 7.3.

 

    	17

    	 

    

  

“Series AC Expansion
Capital Expenditures” means cash expenditures by the Series AC for:

 

(a)       any transaction
in which the Series AC acquires (through an asset acquisition, merger, stock acquisition or other form of investment) control
over all or a portion of the assets, properties or business of another Person for the purpose of increasing for a period longer
than the short term the operating capacity of the Series AC Assets or operating income of the Series AC from the operating
capacity of the Series AC Assets or operating income of the Series AC existing immediately prior to such transaction, or

 

(b)       any (i) additions
or improvements to the capital assets of the Series AC or (ii) acquisitions of existing, or the construction of new or
the improvement or replacement of existing, capital assets, in each case if such additions, improvements, acquisitions, replacements
or construction is made to increase for a period longer than the short term the operating capacity of the Series AC Assets or operating
income of the Series AC from the operating capacity of the Series AC Assets or operating income of the Series AC existing
immediately prior to such addition, improvement, replacement, acquisition or construction.

 

The term “Series
AC Expansion Capital Expenditures” shall not include Series AC Maintenance Capital Expenditures. For purposes of this definition,
the term “short term” generally refers to a period not exceeding 12 months.

 

“Series AC
Expenses” means, for any period prior to the expiration of the Alberta Clipper Surcharge Term, the aggregate Series AC
General and Administrative Expenses, Series AC Non-Mandatory Health and Safety Expenses, Series AC Operating Expenses,
Series AC Pipeline Integrity Operating Expenses, Series AC Power Expenses and Series AC Property Taxes for such
period. Following the expiration of the Alberta Clipper Surcharge Term, the Series AC Expenses will be determined pursuant
to Section 10.2.

 

“Series AC
General and Administrative Expenses” means, for any period, the cash general and administrative expenses attributable
to the Series AC Assets determined by applying the allocation methodology used to determine the estimate of such expenses
pursuant to Section 3(f)(i) of the Series AC Tariff Term Sheet to the actual general and administrative expenses of the Partnership
for such period.

 

“Series AC
General Partner” means any General Partner of the Series AC.

 

    	18

    	 

    

  

“Series AC
Liabilities” means the Liabilities identified as Series AC Liabilities on the Series AC Records from time to
time in accordance with this Agreement.

 

“Series AC
Limited Partner” means any Limited Partner of the Series AC.

 

“Series AC Long-Term
Debt Financing” means the Indebtedness of the Series AC to Enbridge Partners evidenced by the B1 Promissory Note
and the C1 Promissory Note.

 

“Series AC Maintenance
Capital Expenditures” means cash expenditures by the Series AC (including expenditures for the addition or improvement
to or replacement of the capital assets of the Series AC or for the acquisition of existing, or the construction or development
of, new capital assets) if such expenditures are made to maintain, including for a period longer than the short term, the operating
capacity of the Series AC Assets or operating income of the Series AC. The term “Series AC Maintenance Capital Expenditures”
shall not include Series AC Expansion Capital Expenditures. For purposes of this definition, the term “short term”
generally refers to a period not exceeding 12 months.

 

“Series AC
Non-Mandatory Health and Safety Expenses” means, for any period, the non-mandatory health and safety cash expenses related
to the Series AC Assets for such period.

 

“Series AC
Operating Expenses” means, for any period, the cash operating expenses (excluding any cash expenses related to property
taxes, power, pipeline integrity operating expenditures and non-mandatory health and safety expenditures) attributable to the Series AC
Assets determined by applying the allocation methodology used to determine the estimate of such expenses pursuant to Section 3(f)(i)
of the Series AC Tariff Term Sheet to the actual cash operating expenses (excluding any cash expenses related to property taxes,
power, pipeline integrity operating expenditures and non-mandatory health and safety expenditures) of the Partnership for such
period without regard to the estimated expenses included in the Alberta Clipper 154-B Model for such period.

 

“Series AC
Partners” means the Series AC General Partners and the Series AC Limited Partners.

 

“Series AC
Pipeline Integrity Operating Expenses” means, for any period, the cash pipeline integrity operating expenses related
to the Series AC Assets for such period without regard to the allocation of such expenses pursuant to Section 3(f)(iii)(1)
of the Series AC Tariff Term Sheet.

 

“Series AC
Power Expenses” means, for any period, the cash expenses for power attributable to the Series AC Assets pursuant
to Section 3(f)(ii) of the Series AC Tariff Term Sheet for such period.

 

“Series AC
Property Taxes” means, for any period, the cash property tax payments attributable to the Series AC Assets determined
by applying the allocation methodology used to determine the estimate of such payments pursuant to Section 3(f)(i) of the
Series AC Tariff Term Sheet to the actual cash property tax payments of the Partnership for such period, without regard to the
risk sharing provisions set forth in the second sentence of Section 3(f)(i)(4) of the Series AC Tariff Term Sheet.

 

    	19

    	 

    

  

“Series AC
Records” means the records maintained for the Series AC in accordance with Section 3.1(b).

 

“Series AC
Reserves” means any cash reserves established by the Managing General Partner of the Series AC with respect to the
Series AC to provide for the proper conduct of the business of the Series AC, including reserves for future capital expenditures
and anticipated credit needs of the Series AC, or otherwise comply with applicable law or any agreement or other obligation
of the Series AC or to which any Series AC Assets are subject.

 

“Series AC
Revenue Entitlement” means, prior to the expiration of the Alberta Clipper Surcharge Term, the Series AC Revenue Requirement
(excluding any reduction attributable to the “Revenue Credit” provided for in Section 13 of the Series AC Tariff
Term Sheet). The Series AC Revenue Entitlement will be calculated in accordance with the Alberta Clipper 154-B Model on file
at such time. If the Partnership does not file an Alberta Clipper 154-B Model during any year prior to the expiration of the Alberta
Clipper Surcharge Term, due to a change in the FERC’s regulatory requirements or otherwise, then the Series AC Revenue
Entitlement shall be estimated in accordance with a model prepared as if an Alberta Clipper 154-B Model was required to be filed.
Following the expiration of the Alberta Clipper Surcharge Term, the Series AC Revenue Entitlement will be determined pursuant
to Section 10.2.

 

“Series AC
Revenue Requirement” means the revenue requirement as set forth in Section 3 “Revenue Requirement”
of the Series AC Tariff Term Sheet.

 

“Series AC Tariff
Term Sheet” means the Alberta Clipper U.S. Term Sheet dated June 28, 2007 and approved by the FERC by the letter dated
August 28, 2008 (124 FERC ¶ 61,200 (2008)), as the same may be amended from time to time.

 

“Series Capital
Account” means the capital account maintained for a Partner with respect to a Series pursuant to Section 5.10.

 

“Series EA Abatement
Amount” means, as of any date of determination, an amount equal to the sum of all incremental Series EA Distributions
received by Enbridge Partners at or prior to such date pursuant to Section 6.3(a)(i) in excess of its Pro Rata portion.

 

“Series EA
Assets” means the assets identified as Series EA Assets in Section 3.3(a).

 

“Series EA Closing
Date” means May 17, 2012.

 

“Series EA Contribution
Offset Amount” means, as of any date of determination, an amount equal to the difference between (a) the Series EA Abatement
Amount and (b) the sum of all Additional Series EA Capital Contributions made by Enbridge Partners pursuant to Section 5.6(a)(ii)
in excess of its Pro Rata portion.

 

    	20

    	 

    

  

“Series EA
Distribution Amount” means, with respect to any Quarter (including any Quarter in which the liquidation of the Series EA
is completed), an amount equal to (a) the sum of (i) the portion of the Series EA Revenue Entitlement that has been
collected during such Quarter through the system-wide rates of the Lakehead System as either the facilities surcharge or the base
rates as provided in Section 7.10 (prior to the expiration of one or more of the Series EA Tariff Term Sheets) or as determined
pursuant to Section 10.3 (following the expiration of one or more of the Series EA Tariff Term Sheets), (ii) any other cash
receipts attributable to or arising out of the ownership, operation, sale or other disposition of the Series EA Assets collected
during such Quarter and (iii) any net decrease in Series EA Reserves as shall be established by the Managing General
Partner of the Series EA in respect of such Quarter in accordance with Section 7.4, less (b) the sum of (i) all
Series EA Expenses for such Quarter, (ii) all cash interest expenses (and principal reductions net of borrowings) of
the Partnership for such Quarter attributable to Series EA Liabilities (other than any Intercompany Obligation for which the
Series EA is not the Primary Obligor), (iii) any cash maintenance and pipeline integrity capital expenditures for such Quarter
properly allocable to the Series EA, (iv) any other cash expenses for such Quarter constituting or attributable to or
arising out of a Series EA Liability (other than any Intercompany Obligation for which the Series EA is not the Primary Obligor)
or otherwise attributable to or arising out of the ownership or operation of the Series EA Assets and (v) any net increase
in Series EA Reserves as shall be established by the Managing General Partner of the Series EA in respect of such Quarter
in accordance with Section 7.4.

 

“Series EA
Expenses” means, for any period prior to the expiration of one or more of the Series EA Tariff Term Sheets, the aggregate
Series EA General and Administrative Expenses, Series EA Non-Mandatory Health and Safety Expenses, Series EA Operating
Expenses, Series EA Pipeline Integrity Operating Expenses, Series EA Power Expenses and Series EA Property Taxes
for such period. Following the expiration of one or more of the Series EA Tariff Term Sheets, the Series EA Expenses will
be determined pursuant to Section 10.3.

 

“Series EA
General and Administrative Expenses” means, for any period, the cash general and administrative expenses attributable
to the Series EA Assets determined by applying the allocation methodology used to determine the estimate of such expenses
pursuant to the Series EA Tariff Term Sheets to the actual general and administrative expenses of the Partnership for such period.

 

“Series EA
General Partner” means any General Partner of the Series EA.

 

“Series EA
Liabilities” means the Liabilities identified as Series EA Liabilities on the Series EA Records from time to
time in accordance with this Agreement.

 

“Series EA
Limited Partner” means any Limited Partner of the Series EA.

 

“Series EA Maintenance
Capital Expenditures” means cash expenditures by the Series EA (including expenditures for the addition or improvement
to or replacement of the capital assets of the Series EA or for the acquisition of existing, or the construction or development
of new capital assets) if such expenditures are made to maintain, including for a period longer than the short term, the operating
capacity of the Series EA Assets or operating income of the Series EA. For purposes of this definition, the term “short term”
generally refers to a period not exceeding 12 months.

 

“Series EA
Non-Mandatory Health and Safety Expenses” means, for any period, the non-mandatory health and safety cash expenses related
to the Series EA Assets for such period.

 

    	21

    	 

    

  

“Series EA
Operating Expenses” means, for any period, the cash operating expenses (including realized oil losses and excluding cash
expenses related to property taxes, power, pipeline integrity operating expenditures and non-mandatory health and safety expenditures)
attributable to the Series EA Assets determined by applying the allocation methodology used to determine the estimate of such
expenses pursuant to the Series EA Tariff Term Sheets to the actual cash operating expenses (including realized oil losses and
excluding cash expenses related to property taxes, power, pipeline integrity operating expenditures and non-mandatory health and
safety expenditures) of the Partnership for such period without regard to the estimated expenses included in the applicable Eastern
Access 154-B Model(s) for such period.

 

“Series EA
Partners” means the Series EA General Partners and the Series EA Limited Partners.

 

“Series EA
Phase I Revenue Entitlement” means, prior to the expiration of the Eastern Access Phase I Term Sheet, the Eastern Access
Phase I Revenue Requirement, Allowance Oil Revenue applicable to Eastern Access Phase I and the Qualifying Volume Adjustment, all
net of the Line 17 IJT Discount. Following the expiration or suspension of the Eastern Access Phase I Term Sheet, the Series EA
Phase I Revenue Entitlement will be determined pursuant to Section 10.3.

 

“Series EA
Phase II Revenue Entitlement” means, prior to the expiration of the Eastern Access Phase II Term Sheet, the Eastern Access
Phase II Revenue Requirement and Allowance Oil Revenue applicable to Eastern Access Phase II. Following the expiration or suspension
of the Eastern Access Phase II Term Sheet, the Series EA Phase II Revenue Entitlement will be determined pursuant to Section 10.3.

 

“Series EA
Phase III Revenue Entitlement” means, prior to the expiration of the Eastern Access Phase III Term Sheet, the Eastern
Access Phase III Revenue Requirement and Allowance Oil Revenue applicable to Eastern Access Phase III. Following the expiration
or suspension of the Eastern Access Phase III Term Sheet, the Series EA Phase III Revenue Entitlement will be determined pursuant
to Section 10.3.

 

“Series EA
Pipeline Integrity Operating Expenses” means, for any period, the cash pipeline integrity operating expenses related
to the Series EA Assets for such period without regard to the allocation of such expenses pursuant to the Series EA Tariff
Term Sheets.

 

“Series EA
Power Expenses” means, for any period, the cash expenses for power attributable to the Series EA Assets pursuant
to the Series EA Tariff Term Sheets for such period.

 

“Series EA
Property Taxes” means, for any period, the cash property tax payments attributable to the Series EA Assets determined
by applying the allocation methodology used to determine the estimate of such payments pursuant to the Series EA Tariff Term Sheets
to the actual cash property tax payments of the Partnership for such period, without regard to the risk sharing provisions set
forth in the Series EA Tariff Term Sheets.

 

“Series EA
Records” means the records maintained for the Series EA in accordance with Section 3.1(b).

 

    	22

    	 

    

  

“Series EA
Reserves” means any cash reserves established by the Managing General Partner of the Series EA with respect to the
Series EA to provide for the proper conduct of the business of the Series EA, including reserves for future capital expenditures
and anticipated credit needs of the Series EA, or otherwise comply with applicable law or any agreement or other obligation
of the Series EA or to which any Series EA Assets are subject.

 

“Series EA
Revenue Entitlement” means the Series EA Phase I Revenue Entitlement, the Series EA Phase II Revenue Entitlement and
the Series EA Phase III Revenue Entitlement, collectively.

 

“Series EA Tariff
Term Sheets” means the Eastern Access Phase I Term Sheet, the Eastern Access Phase II Term Sheet and the Eastern Access
Phase III Term Sheet, collectively.

 

“Series LH
Assets” means the assets identified as Series LH Assets in Section 3.5(a).

 

“Series LH
General Partner” means any General Partner of the Series LH.

 

“Series LH
Liabilities” means the Liabilities identified as Series LH Liabilities on the Series LH Records from time to
time in accordance with this Agreement.

 

“Series LH
Limited Partner” means any Limited Partner of the Series LH.

 

“Series LH
Partners” means the Series LH General Partners and the Series LH Limited Partners.

 

“Series LH
Records” means the records maintained for the Series LH in accordance with Section 3.1(b).

 

“Series ME Abatement
Amount” means, as of any date of determination, an amount equal to the sum of all incremental Series ME Distributions
received by Enbridge Partners at or prior to such date pursuant to Section 6.4(a)(i) in excess of its Pro Rata portion.

 

“Series ME
Assets” means the assets identified as Series ME Assets in Section 3.4(a).

 

“Series ME Closing
Date” means December 6, 2012.

 

“Series ME Contribution
Offset Amount” means, as of any date of determination, an amount equal to the difference between (a) the Series ME Abatement
Amount and (b) the sum of all Additional Series ME Capital Contributions made by Enbridge Partners pursuant to Section 5.8(a)(ii)
in excess of its Pro Rata portion.

 

    	23

    	 

    

  

“Series ME
Distribution Amount” means, with respect to any Quarter (including any Quarter in which the liquidation of the Series ME
is completed), an amount equal to (a) the sum of (i) the portion of the Series ME Revenue Entitlement that has been
collected during such Quarter through the system-wide rates of the Lakehead System as either the facilities surcharge or the base
rates as provided in Section 7.11 (prior to the expiration of one or more of the Series ME Tariff Term Sheets) or as determined
pursuant to Section 10.4 (following the expiration of one or more of the Series ME Tariff Term Sheets), (ii) any other cash
receipts attributable to or arising out of the ownership, operation, sale or other disposition of the Series ME Assets collected
during such Quarter and (iii) any net decrease in Series ME Reserves as shall be established by the Managing General
Partner of the Series ME in respect of such Quarter in accordance with Section 7.5, less (b) the sum of (i) all
Series ME Expenses for such Quarter, (ii) all cash interest expenses (and principal reductions net of borrowings) of
the Partnership for such Quarter attributable to Series ME Liabilities (other than any Intercompany Obligation for which the
Series ME is not the Primary Obligor), (iii) any cash maintenance and pipeline integrity capital expenditures for such Quarter
properly allocable to the Series ME, (iv) any other cash expenses for such Quarter constituting or attributable to or
arising out of a Series ME Liability (other than any Intercompany Obligation for which the Series ME is not the Primary Obligor)
or otherwise attributable to or arising out of the ownership or operation of the Series ME Assets and (v) any net increase
in Series ME Reserves as shall be established by the Managing General Partner of the Series ME in respect of such Quarter
in accordance with Section 7.5.

 

“Series ME
Expenses” means, for any period prior to the expiration of one or more of the Series ME Tariff Term Sheets, the aggregate
Series ME General and Administrative Expenses, Series ME Non-Mandatory Health and Safety Expenses, Series ME Operating
Expenses, Series ME Pipeline Integrity Operating Expenses, Series ME Power Expenses and Series ME Property Taxes
for such period. Following the expiration of one or more of the Series ME Tariff Term Sheets, the Series ME Expenses will
be determined pursuant to Section 10.4.

 

“Series ME
General and Administrative Expenses” means, for any period, the cash general and administrative expenses attributable
to the Series ME Assets determined by applying the allocation methodology used to determine the estimate of such expenses
pursuant to the Series ME Tariff Term Sheets to the actual general and administrative expenses of the Partnership for such period.

 

“Series ME
General Partner” means any General Partner of the Series ME.

 

“Series ME
Liabilities” means the Liabilities identified as Series ME Liabilities on the Series ME Records from time to
time in accordance with this Agreement.

 

“Series ME
Limited Partner” means any Limited Partner of the Series ME.

 

“Series ME Maintenance
Capital Expenditures” means cash expenditures by the Series ME (including expenditures for the addition or improvement
to or replacement of the capital assets of the Series ME or for the acquisition of existing, or the construction or development
of new capital assets) if such expenditures are made to maintain, including for a period longer than the short term, the operating
capacity of the Series ME Assets or operating income of the Series ME. For purposes of this definition, the term “short term”
generally refers to a period not exceeding 12 months.

 

“Series ME
Non-Mandatory Health and Safety Expenses” means, for any period, the non-mandatory health and safety cash expenses related
to the Series ME Assets for such period.

 

    	24

    	 

    

  

“Series ME
Operating Expenses” means, for any period, the cash operating expenses (including realized oil losses and excluding cash
expenses related to property taxes, power, pipeline integrity operating expenditures and non-mandatory health and safety expenditures)
attributable to the Series ME Assets determined by applying the allocation methodology used to determine the estimate of such
expenses pursuant to the Series ME Tariff Term Sheets to the actual cash operating expenses (including realized oil losses and
excluding cash expenses related to property taxes, power, pipeline integrity operating expenditures and non-mandatory health and
safety expenditures) of the Partnership for such period without regard to the estimated expenses included in the applicable Mainline
Expansion 154-B Model(s) for such period.

 

“Series ME
Partners” means the Series ME General Partners and the Series ME Limited Partners.

 

“Series ME
Phase I Revenue Entitlement” means, prior to the expiration of the Mainline Expansion Phase I Term Sheet, the Mainline
Expansion Phase I Revenue Requirement and Allowance Oil Revenue applicable to Mainline Expansion Phase I. Following the expiration
or suspension of the Mainline Expansion Phase I Term Sheet, the Series ME Phase I Revenue Entitlement will be determined pursuant
to Section 10.4.

 

“Series ME
Phase II Revenue Entitlement” means, prior to the expiration of the Mainline Expansion Phase II Term Sheet, the Mainline
Expansion Phase II Revenue Requirement and Allowance Oil Revenue applicable to Mainline Expansion Phase II. Following the expiration
or suspension of the Mainline Expansion Phase II Term Sheet, the Series ME Phase II Revenue Entitlement will be determined pursuant
to Section 10.4.

 

“Series ME
Phase III Revenue Entitlement” means, prior to the expiration of the Mainline Expansion Phase III Term Sheet, the Mainline
Expansion Phase III Revenue Requirement and Allowance Oil Revenue applicable to Mainline Expansion Phase III. Following the expiration
or suspension of the Mainline Expansion Phase III Term Sheet, the Series ME Phase III Revenue Entitlement will be determined pursuant
to Section 10.4.

 

“Series ME
Phase IV Revenue Entitlement” means, prior to the expiration of the Mainline Expansion Phase IV Term Sheet, the Mainline
Expansion Phase IV Revenue Requirement and Allowance Oil Revenue applicable to Mainline Expansion Phase IV. Following the expiration
or suspension of the Mainline Expansion Phase IV Term Sheet, the Series ME Phase IV Revenue Entitlement will be determined pursuant
to Section 10.4.

 

“Series ME
Pipeline Integrity Operating Expenses” means, for any period, the cash pipeline integrity operating expenses related
to the Series ME Assets for such period without regard to the allocation of such expenses pursuant to the Series ME Tariff
Term Sheets.

 

“Series ME
Power Expenses” means, for any period, the cash expenses for power attributable to the Series ME Assets pursuant
to the Series ME Tariff Term Sheets for such period.

 

“Series ME
Property Taxes” means, for any period, the cash property tax payments attributable to the Series ME Assets determined
by applying the allocation methodology used to determine the estimate of such payments pursuant to the Series ME Tariff Term Sheets
to the actual cash property tax payments of the Partnership for such period, without regard to the risk sharing provisions set
forth in the Series ME Tariff Term Sheets.

 

    	25

    	 

    

 

“Series ME
Records” means the records maintained for the Series ME in accordance with Section 3.1(b).

 

“Series ME
Reserves” means any cash reserves established by the Managing General Partner of the Series ME with respect to the
Series ME to provide for the proper conduct of the business of the Series ME, including reserves for future capital expenditures
and anticipated credit needs of the Series ME, or otherwise comply with applicable law or any agreement or other obligation
of the Series ME or to which any Series ME Assets are subject.

 

“Series ME
Revenue Entitlement” means the Chicago Connectivity Revenue Entitlement, the Series ME Phase I Revenue Entitlement, the
Series ME Phase II Revenue Entitlement, the Series ME Phase III Revenue Entitlement and the Series ME Phase IV Revenue Entitlement,
collectively.

 

“Series ME
Tariff Term Sheets” means the Chicago Connectivity Term Sheet, the Mainline Expansion Phase I Term Sheet, the Mainline
Expansion Phase II Term Sheet, the Mainline Expansion Phase III Term Sheet and the Mainline Expansion Phase IV Term Sheet, collectively.

 

“Southern
Access” means a 42-inch liquids pipeline from Superior, Wisconsin to Flanagan, Illinois.

 

“Stockbridge
Terminal” means that certain terminal operated by the Partnership located in Stockbridge, Michigan.

 

“Subsidiary”
means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without
regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is
owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person or a combination
thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person is, at the date
of determination, a general or limited partner of such partnership, but only if more than 50% of the partnership interests of such
partnership (considering all of the partnership interests of the partnership as a single class) is owned, directly or indirectly,
at the date of determination, by such Person, by one or more Subsidiaries of such Person, or a combination thereof or (c) any
other Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a combination
thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the
power to elect or direct the election of a majority of the directors or other governing body of such Person.

 

“Supermajority
Interest” means, with respect to a Series, one or more Partners of such Series holding Partnership Interests in such
Series that in the aggregate exceed seventy-five percent (75%) of all Percentage Interests owned by Partners of such Series.

 

“Tag Pro Rata
Share” means with respect to any Partner that holds Series EA or Series ME Partnership Interests, a fraction (expressed
as a percentage), the numerator of which equals such Partner’s Series EA or Series ME Percentage Interest, as applicable,
and the denominator of which equals (i) in a situation where the Tag Pro Rata Share is being calculated with respect to all
Partners that hold Series EA or Series ME Partnership Interests, 100% and (ii) in a situation where the Tag Pro Rata Share
is being calculated with respect to a particular group of Partners that hold less than 100% of the Series EA or Series ME Partnership
Interests, the total Series EA or Series ME Percentage Interests held by all the Partners of such group.

 

    	26

    	 

    

 

“Third Party”
means, with respect to any Partner, any Person that is not a Permitted Transferee with respect to such Partner.

 

“Transfer”
means, with respect to any Partnership Interest, a transaction (i) by which a General Partner assigns its General Partner
Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any
other disposition by law or merger or otherwise or (ii) by which the holder of a Limited Partner Interest assigns such Limited
Partner Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange
or any other disposition by law or merger or otherwise.

 

Section
1.2           Additional Defined Terms.

 

Each of the terms set
forth below has the meaning set forth in the section of this Agreement set forth opposite such term in the following table:

 

	Term	 	Section
	Additional Series AC Capital Contributions	 	Section 5.2(f)
	Additional Series EA Capital Contributions	 	Section 5.6(a)
	Additional Series ME Capital Contributions	 	Section 5.8(a)
	Alberta Clipper Revised Tariff Structure	 	Section 10.2(a)
	Claims	 	Section 7.13(a)
	Control Option	 	Section 10.1(b)
	Damages	 	Section 7.13(a)
	Default Series EA Capital Contribution	 	Section 5.6(e)
	Default Series ME Capital Contribution	 	Section 5.8(e)
	Defaulting Series EA Partner	 	Section 5.6(e)
	Defaulting Series EA Partner Obligation	 	Section 5.6(e)(ii)(B)
	Defaulting Series ME Partner	 	Section 5.8(e)
	Defaulting Series ME Partner Obligation	 	Section 5.8(e)(ii)(B)
	EA Call Option	 	Section 4.9(a)
	EA Call Option Closing Date	 	Section 4.9(b)
	EA Call Option Deadline	 	Section 4.9(a)
	EA Call Option Interest	 	Section 4.9(b)
	EA Call Option Notice	 	Section 4.9(b)
	EA Offered Interests	 	Section 4.5(a)
	EA Offering Partner	 	Section 4.5(a)
	EA ROFR Closing Period	 	Section 4.5(d)
	EA ROFR Expiration Date	 	Section 4.5(b)
	EA ROFR Notice	 	Section 4.5(a)
	EA ROFR Notice Date	 	Section 4.5(a)
	EA ROFR Offer Price	 	Section 4.5(a)

 

    	27

    	 

    

 

	EA ROFR Proportionate Share	 	Section 4.5(b)
	Eastern Access Revised Tariff Structure	 	Section 10.3(a)
	EECI	 	Preamble
	EECI EA Sub	 	Preamble
	EECI ME Sub	 	Preamble
	EEM Board	 	Section 4.9(a)
	Enbridge Partners	 	Preamble
	Fundamental Change	 	Section 10.1(a)
	Indemnified Series	 	Section 7.14
	Indemnifying Series	 	Section 7.14
	Initial Series AC Capital Contribution	 	Section 5.2(a)
	Initial Series EA Capital Contribution	 	Section 5.5(a)
	Initial Series ME Capital Contribution	 	Section 5.7(a)
	Lakehead GP	 	Preamble
	Lending Series EA Partner	 	Section 5.6(e)(ii)
	Lending Series ME Partner	 	Section 5.8(e)(ii)
	Mainline Expansion Revised Tariff Structure	 	Section 10.4(a)
	Managing General Partner	 	Section 7.20
	Maximum Permitted Delegation	 	Section 10.1(a)
	ME Call Option	 	Section 4.11(a)
	ME Call Option Closing Date	 	Section 4.11(b)
	ME Call Option Deadline	 	Section 4.11(a)
	ME Call Option Interest	 	Section 4.11(b)
	ME Call Option Notice	 	Section 4.11(b)
	ME Offered Interests	 	Section 4.6(a)
	ME Offering Partner	 	Section 4.6(a)
	ME ROFR Closing Period	 	Section 4.6(d)
	ME ROFR Expiration Date	 	Section 4.6(b)
	ME ROFR Notice	 	Section 4.6(a)
	ME ROFR Notice Date	 	Section 4.6(a)
	ME ROFR Offer Price	 	Section 4.6(a)
	ME ROFR Proportionate Share	 	Section 4.6(b)
	Non-Defaulting Series EA Partner	 	Section 5.6(e)
	Non-Defaulting Series ME Partner	 	Section 5.8(e)
	Option Purchase Agreement	 	Section 5.5(c)
	Option Committee	 	Section 4.9(a)
	Primary Obligor	 	Section 3.6(c)
	Prior Agreement	 	Preamble
	Proportionate Share of Shared Liabilities	 	Section 3.6(d)
	ROFR Asset Closing Period	 	Section 4.8(d)
	ROFR Asset Expiration Date	 	Section 4.8(b)
	ROFR Asset Notice	 	Section 4.8(a)
	ROFR Asset Notice Date	 	Section 4.8(a)
	ROFR Asset Offer Price	 	Section 4.8(a)
	ROFR Holder	 	Section 4.5(a)
	ROFR Offered Asset	 	Section 4.8(a)

 

    	28

    	 

    

 

	Series AC	 	Section 3.1(a)
	Series AC Distribution	 	Section 6.2(a)
	Series EA	 	Section 3.1(a)
	Series EA Annual Budget	 	Section 7.7(a)
	Series EA Capital Contribution Notice	 	Section 5.6(a)
	Series EA Distribution	 	Section 6.3(a)
	Series EA Monthly Capital Requirement 	 	Section 5.6(b)
	Series EA Prior Budget	 	Section 7.7(c)
	Series EA Remainder Amount	 	Section 6.3(a)(ii)
	Series Indemnified Damages	 	Section 7.14
	Series LH	 	Section 3.1(a)
	Series LH Distribution	 	Section 6.5(a)
	Series ME	 	Section 3.1(a)
	Series ME Annual Budget	 	Section 7.8(a)
	Series ME Capital Contribution Notice	 	Section 5.8(a)
	Series ME Distribution	 	Section 6.4(a)
	Series ME Monthly Capital Requirement	 	Section 5.8(b)
	Series ME Prior Budget	 	Section 7.8(c)
	Series ME Remainder Amount	 	Section 6.4(a)(ii)
	Shared Assets	 	Exhibit E
	Springing Guarantee	 	Section 7.3(g)
	Tag-Along Notice	 	Section 4.7(a)
	Tag-Along Right 	 	Section 4.7(a)
	Tag-Along Transferee	 	Section 4.7(a)
	Tag Offerees	 	Section 4.7(a)
	Third Party Asset Offer	 	Section 4.8(a)
	Third Party Offer	 	Section 4.5(a)
	Transferor	 	Section 4.7(a)
	Wisconsin GP	 	Preamble

 

Section
1.3           Construction.

 

Unless the context
requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and
Sections refer to Articles and Sections of this Agreement; (c) the terms “include,” “includes,” “including”
or words of like import shall be deemed to be followed by the words “without limitation”; and (d) the terms “hereof,”
“herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this
Agreement. The headings contained in this Agreement are for reference purposes only, and shall not affect in any way the meaning
or interpretation of this Agreement.

 

    	29

    	 

    

 

ARTICLE II

ORGANIZATION

 

Section
2.1           Continuation.

 

Lakehead GP, Wisconsin
GP, EECI, EECI EA Sub, EECI ME Sub and Enbridge Partners hereby continue the Partnership as a limited partnership under the Delaware
Act and enter into this Agreement, which amends and restates the Prior Agreement in its entirety. This Agreement shall be effective
as of the date set forth in the introductory paragraph of this Agreement. Except as modified in this Agreement, the rights, duties
(including fiduciary duties), liabilities and obligations of the Partners and the administration, dissolution and termination of
the Partnership or any Series shall be governed by the Delaware Act.

 

Section
2.2           Name.

 

The name of the Partnership
shall continue to be “Enbridge Energy, Limited Partnership.” Subject to applicable law, the Partnership’s business
may be conducted under any other name or names as determined by the Managing General Partner of the Partnership generally, including
the name of such Managing General Partner. Each Series’ business shall be conducted under the name of the Partnership on
behalf of such Series, the name of such Series or, subject to applicable law, any other name or names as determined by the Managing
General Partner of such Series, including the name of such Managing General Partner. The words “Limited Partnership,”
“LP” or similar words or letters shall be included in the Partnership’s or any Series’ name where necessary
for the purpose of complying with the laws of any jurisdiction that so requires. Without the consent of any Partner being required,
the Managing General Partner of the Partnership generally may amend this Agreement and the Certificate of Limited Partnership to
change the name of the Partnership at any time and from time to time and shall promptly notify the Partners of such change.

 

Section
2.3           Principal Office; Registered Office.

 

(a)          The
principal office of the Partnership and each Series shall be at 1100 Louisiana, Suite 3300, Houston, Texas 77002 or such other
place as the Managing General Partner of the Partnership generally may from time to time designate. The Partnership and each Series
may maintain offices at such other places as the Managing General Partner of the Partnership generally or such Series, as applicable,
deems advisable.

 

(b)          The
address of the Partnership’s registered office in the State of Delaware shall be 1209 Orange Street, Wilmington, Delaware
19801, and the Partnership’s registered agent for service of process on the Partnership in the State of Delaware shall be
The Corporation Trust Company. Without the consent of any Partner being required, the Managing General Partner of the Partnership
generally may amend this Agreement and the Certificate of Limited Partnership to change the address of the Partnership’s
registered office or the Partnership’s registered agent for service of process at any time and from time to time and shall
promptly notify the Partners of such change.

 

    	30

    	 

    

 

Section
2.4           Purpose and Business.

 

The purpose and nature
of the business to be conducted by the Partnership and each Series shall be to engage in any lawful activity for which limited
partnerships may be organized under the Delaware Act.

 

Section
2.5           Powers.

 

The Partnership and
each Series shall be empowered to do any and all acts and things necessary or appropriate for the furtherance and accomplishment
of the purposes and business described in Section 2.4 and for the protection and benefit of the Partnership or any Series.

 

Section
2.6           Term.

 

The term of the Partnership
shall continue in existence until the dissolution of the Partnership in accordance with the provisions of Article XI. The
existence of the Partnership as a separate legal entity shall continue until the cancellation of the Certificate of Limited Partnership
as provided in the Delaware Act. Each Series shall have a perpetual existence until the earlier of the dissolution of the Partnership
or the termination of such Series in accordance with the provisions of Article XI.

 

Section
2.7           Title to Partnership Assets.

 

Subject to applicable
law, record title to any or all of the assets of any Series may be held in the name of the Partnership, such Series, the Managing
General Partner of such Series or one or more nominees, as the Managing General Partner of such Series may determine. Each Managing
General Partner hereby declares and warrants that the assets of any Series for which record title is held in the name of such Managing
General Partner or one or more nominees shall be held in trust by such Managing General Partner or such nominee for the use and
benefit of the applicable Series in accordance with the provisions of this Agreement.

 

ARTICLE III

ESTABLISHMENT AND DESIGNATION
OF SERIES

 

Section
3.1           Establishment and Designation of Series.

 

(a)          The
partnership interests in the Partnership are divided into four series referred to as the “Series AC,” the “Series
EA,” the “Series ME” and the “Series LH.” Each Series shall constitute a separate series of partnership
interests in accordance with Section 17-218 of the Delaware Act, having separate rights, powers, duties and obligations as
set forth herein, with each such Series comprised of both General Partner Interests and Limited Partner Interests, as set forth
in Article V.

 

    	31

    	 

    

 

(b)          Each
Series shall be separate and distinct from each other Series, and separate and distinct records shall be maintained for each Series.
The records maintained for each Series shall account for the assets and Liabilities associated with such Series separately from
the assets and Liabilities associated with any other Series or the Partnership generally. Records maintained for a Series that
reasonably identify its assets, including by specific listing, category, type, quantity, computational or allocational formula
or procedure (including a percentage or share of any asset or assets) or by any other method where the identity of such assets
is objectively determinable, will be deemed to account for the assets associated with such Series separately from the assets associated
with any other Series. Except for the Intercompany Obligations and the Springing Guarantees or as may be expressly agreed to by
a Series or the Partnership generally, no Liability of a Series shall be a Liability of any other Series or the Partnership generally.
To the fullest extent permitted by applicable law, except for the Intercompany Obligations and the Springing Guarantees or as may
be expressly agreed to by a Series or the Partnership generally, all of the Liabilities incurred, contracted for or otherwise now
or hereafter existing with respect to a particular Series shall be enforceable against the assets of such Series only or a General
Partner associated with such Series and not against the assets of any other Series or of the Partnership generally or any General
Partner not associated with such Series, and, except for the Intercompany Obligations and the Springing Guarantees or as may be
expressly agreed to by a Series or the Partnership generally, none of the Liabilities incurred, contracted for or otherwise existing
with respect to any other Series shall be enforceable against the assets of such Series. The Certificate of Limited Partnership
shall contain a notice of the limitation of liabilities of the Series and of the Partnership generally in conformity with Section 17-218
of the Delaware Act.

 

(c)          Each
Series shall have the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible
property), grant liens and security interests and sue and be sued.

 

Section
3.2           Series AC.

 

(a)          The
following shall constitute the Series AC Assets:

 

(i)          the
Exclusive Series AC Assets;

 

(ii)         all
rights and interests of the Series AC set forth in Exhibit E with respect to the Shared Assets; and

 

(iii)        all
other assets identified as Series AC Assets on the Series AC Records.

 

(b)          The
following shall constitute the Series AC Liabilities (without duplication):

 

(i)          all
Liabilities associated with or arising from the ownership or operation of the Exclusive Series AC Assets, including the B1
Promissory Note and the C1 Promissory Note;

 

(ii)         the
Series AC’s Proportionate Share of Shared Liabilities;

 

(iii)        the
Intercompany Preliminary AC Construction Cost Payable;

 

(iv)        the
Intercompany Obligations;

 

(v)         the
Springing Guarantees; and

 

    	32

    	 

    

 

(vi)        all
other Liabilities identified as Series AC Liabilities on the Series AC Records.

 

(c)          The
Partners hereby acknowledge and agree that all Series AC Assets are available to satisfy the claims of all creditors in respect
of any Series AC Liability, in each case, without priority of claims among such creditors, except as may be expressly set
forth in the documents evidencing the obligations owed to any such creditor.

 

Section
3.3           Series EA.

 

(a)          The
following shall constitute the Series EA Assets:

 

(i)          the
Exclusive Series EA Assets;

 

(ii)         all
rights and interests of the Series EA set forth in Exhibit E with respect to the Shared Assets; and

 

(iii)        all
other assets identified as Series EA Assets on the Series EA Records.

 

(b)          The
following shall constitute the Series EA Liabilities (without duplication):

 

(i)          all
Liabilities associated with or arising from the ownership or operation of the Exclusive Series EA Assets;

 

(ii)         the
Series EA’s Proportionate Share of Shared Liabilities;

 

(iii)        the
Intercompany Obligations;

 

(iv)        the
Intercompany Preliminary EA Construction Cost Payable;

 

(v)         the
Springing Guarantees; and

 

(vi)        all
other Liabilities identified as Series EA Liabilities on the Series EA Records.

 

(c)          The
Partners hereby acknowledge and agree that all Series EA Assets are available to satisfy the claims of all creditors in respect
of any Series EA Liability, in each case, without priority of claims among such creditors, except as may be expressly set
forth in the documents evidencing the obligations owed to any such creditor.

 

Section
3.4           Series ME.

 

(a)          The
following shall constitute the Series ME Assets:

 

(i)          the
Exclusive Series ME Assets;

 

(ii)         all
rights and interests of the Series ME set forth in Exhibit E with respect to the Shared Assets; and

 

    	33

    	 

    

 

(iii)        all
other assets identified as Series ME Assets on the Series ME Records.

 

(b)          The
following shall constitute the Series ME Liabilities (without duplication):

 

(i)          all
Liabilities associated with or arising from the ownership or operation of the Exclusive Series ME Assets;

 

(ii)         the
Series ME’s Proportionate Share of Shared Liabilities;

 

(iii)        the
Intercompany Obligations;

 

(iv)        the
Intercompany Preliminary ME Construction Cost Payable;

 

(v)         the
Springing Guarantees; and

 

(vi)        all
other Liabilities identified as Series ME Liabilities on the Series ME Records.

 

(c)          The
Partners hereby acknowledge and agree that all Series ME Assets are available to satisfy the claims of all creditors in respect
of any Series ME Liability, in each case, without priority of claims among such creditors, except as may be expressly set
forth in the documents evidencing the obligations owed to any such creditor.

 

Section
3.5           Series LH.

 

(a)          The
following shall constitute the Series LH Assets:

 

(i)          all
assets and rights of the Partnership that are not associated with any other Series;

 

(ii)         all
rights and interests of the Series LH set forth in Exhibit E with respect to the Shared Assets; and

 

(iii)        all
other assets identified as Series LH Assets on the Series LH Records.

 

(b)          The
following shall constitute the Series LH Liabilities (without duplication):

 

(i)          all
Liabilities of the Partnership that are not associated with any other Series;

 

(ii)         the
Series LH’s Proportionate Share of Shared Liabilities;

 

(iii)        the
Intercompany Obligations;

 

(iv)        the
Springing Guarantees; and

 

(v)         all
other Liabilities identified as Series LH Liabilities on the Series LH Records.

 

    	34

    	 

    

 

(c)          The
Partners hereby acknowledge and agree that all Series LH Assets are available to satisfy the claims of all creditors in respect
of any Series LH Liability, in each case, without priority of claims among such creditors, except as may be expressly set
forth in the documents evidencing the obligations owed to any such creditor.

 

Section
3.6           Allocation Among Series.

 

(a)          The
Partnership may acquire assets only to the extent that they are acquired by the Partnership with respect to one or more particular
Series and not with respect to the Partnership generally. To the extent commercially feasible, all Liabilities (other than any
Intercompany Obligations or Springing Guarantees) contractually created or incurred or amended by any Series following the Series
AC Closing Date shall be made expressly non-recourse to (i) the Partnership generally and any other Series and (ii) the
Partners of the Partnership generally or any Series (in their respective capacities as such).

 

(b)          The
Managing General Partner of the Partnership generally shall establish procedures designed to ensure that, to the extent commercially
feasible, all contracts of a Series (other than contracts relating to any Intercompany Obligations or Springing Guarantees) entered
into or amended after the Series AC Closing Date, (i) expressly acknowledge the separateness of the Partnership generally
and each Series, (ii) notify the contract counterparty of the identity of the obligor or obligors thereunder (and if more
than one obligor, the obligation of each obligor, which obligation may be joint and several or may be several depending on the
facts and circumstances) and (iii) are properly executed and delivered by a duly authorized Person on behalf of the Partnership
generally and/or such Series, as applicable.

 

(c)          The
Partners (in their respective capacities as such) on the one hand, and Enbridge Partners (on behalf of itself and each Material
Subsidiary of Enbridge Partners) on the other hand, acknowledge and agree that, for so long as any Existing Indebtedness (or refinancing
thereof) requires, all Intercompany Obligations currently or hereafter existing are expressly recourse to the Partnership generally
and to each Series, and expressly non-recourse to the Partners of the Partnership generally and to the Partners of each Series
(in the case of Partners, in their respective capacities as such). The Managing General Partner of the Partnership generally shall
designate each Intercompany Obligation as the primary obligation of the applicable Series (the “Primary Obligor”)
with respect to which the Intercompany Obligation was incurred. The Series AC will be the Primary Obligor with respect to
the Intercompany Preliminary AC Construction Cost Payable and Facility B1 and Facility C1 and any refinancing thereof,
including the Series AC Long-Term Debt Financing; the Series EA will be the Primary Obligor with respect to the Intercompany
Preliminary EA Construction Cost Payable; the Series ME will be the Primary Obligor with respect to the Intercompany Preliminary
ME Construction Cost Payable; and the Series LH will be the Primary Obligor with respect to all other Intercompany Obligations.
As among each Series of the Partnership and the Partnership generally, the Primary Obligor with respect to an Intercompany Obligation
shall have the primary responsibility for administering and discharging such obligation and shall have primary liability to the
creditors or other obligees associated with such obligation.

 

    	35

    	 

    

 

(d)          The
Managing General Partner of the Partnership generally shall determine the portion of the Liabilities associated with or arising
from the use, ownership or operation of the Shared Assets to be designated as Series AC Liabilities, Series EA Liabilities, Series
ME Liabilities or Series LH Liabilities (with respect to each Series, its “Proportionate Share of Shared Liabilities”)
based on the following criteria (and the Managing General Partners of the Series AC, Series EA, Series ME and the Series LH
shall maintain the Series AC Records, the Series EA Records, the Series ME Records and the Series LH Records, respectively,
in a manner consistent with such determination):

 

(i)          the
relative use by the Series AC, Series EA, Series ME and Series LH of the Shared Asset to which the Liability relates;

 

(ii)         the
relative benefit to the Series AC, Series EA, Series ME and Series LH of the Shared Asset to which the Liability relates;
and

 

(iii)        if
applicable, the relative fault of the Series AC, Series EA, Series ME and Series LH with respect to the activities or
events giving rise to the Liability related to such Shared Asset.

 

Section
3.7           No Transfer or Sale.

 

The Partners acknowledge
and agree that neither the establishment of the Series AC, Series EA, Series ME and Series LH, nor the designation of their respective
assets as set forth in this Article III shall constitute a sale, transfer or other disposition of any asset of the Partnership.

 

ARTICLE IV

TRANSFER OF PARTNERSHIP
INTERESTS;

RIGHT OF FIRST REFUSAL;
TAG-ALONG RIGHTS

 

Section
4.1           Transfers Generally.

 

(a)          Transfers
of Partnership Interests may only be made in strict compliance with all applicable terms of this Agreement, and any purported Transfer
of Partnership Interests that does not so comply with all applicable provisions of this Agreement shall, to the fullest extent
permitted by law, be null and void and of no force or effect, and no Managing General Partner acting on behalf of the Partnership
generally or any Series shall recognize or be bound by any such purported Transfer or effect any such purported Transfer on the
transfer books of the Partnership generally or any Series. The Partners agree that the restrictions contained in this Article IV
are fair and reasonable and in the best interests of the Partnership, each Series and the Partners.

 

(b)          Notwithstanding
anything herein to the contrary, no Transfer by a Partner of all or any part of its Partnership Interest to another Person shall
be permitted unless (i) the transferee agrees in writing to assume the rights and duties of such Partner under this Agreement
and to be bound by the provisions of this Agreement and (ii) such transferee shall be admitted to the Partnership as a Partner
with respect to the Partnership generally or a Series, as applicable, pursuant to Section 4.1(c) immediately prior to the
transferor ceasing to be a Partner with respect to the transferred portion of the Partnership Interest, and the business of the
Partnership and each Series shall continue without dissolution or termination, respectively.

 

    	36

    	 

    

 

(c)          To
effect the admission of any Partner to the Partnership generally or any Series, the Managing General Partner of the Partnership
generally and each applicable Series shall take all steps necessary or appropriate under the Delaware Act to amend the records
of the Partnership and the applicable Series to reflect such admission and, if necessary, notwithstanding Sections 12.1 or 12.2,
to prepare and adopt as soon as practicable an amendment to this Agreement and, if required by law, the Managing General Partner
of the Partnership generally shall prepare and file an amendment to the Certificate of Limited Partnership. The transferee shall
be admitted to the Partnership with respect to the Partnership generally or the applicable Series, as the case may be, as a general
partner or limited partner, as applicable, upon satisfaction of the requirements of Section 4.1(b) and this Section 4.1(c),
without the consent of any other Partner being required.

 

(d)          No
Partner shall have any right to withdraw from the Partnership or any Series; provided, however, that when a transferee
of a Partner’s Partnership Interest is admitted to the Partnership or any Series in accordance with Section 4.1(c) with
respect to the Partnership Interest so transferred, the transferring Partner shall cease to be a Partner with respect to the Partnership
Interest so transferred.

 

Section
4.2           General Restrictions on Transfers of Partnership Interests.

 

(a)          Notwithstanding
the other provisions of this Article IV, no Transfer of any Partnership Interests shall be made if such Transfer would (i) violate
the then applicable federal or state securities laws or rules and regulations of the Commission, any state securities commission
or any other governmental authority with jurisdiction over such Transfer, (ii) terminate the existence or qualification of
the Partnership or any Series under the laws of the State of Delaware or (iii) cause the Partnership or any Series to be treated
as an association taxable as a corporation or otherwise to be taxed as an entity for U.S. federal income tax purposes (to the extent
not already so treated or taxed).

 

(b)          The
Managing General Partner of the Partnership generally may impose restrictions on the Transfer of Partnership Interests if it receives
an opinion of counsel that such restrictions are necessary to avoid a significant risk of the Partnership or any Series becoming
taxable as a corporation or otherwise becoming taxable as an entity for U.S. federal income tax purposes. Notwithstanding Sections
12.1 and 12.2, the Managing General Partner of the Partnership generally may impose such restrictions by amending this Agreement.

 

(c)          For
so long as the Partnership is a partnership for U.S. federal income tax purposes, in no event may any Transfer of any Partnership
Interests by any Partner be made if such Transfer is effectuated through an “established securities market” or a “secondary
market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code or if such Transfer would
otherwise result in the Partnership or any Series being treated as a “publicly traded partnership,” as such term is
defined in Section 7704(b) of the Code and the regulations promulgated thereunder.

 

    	37

    	 

    

 

Section
4.3           Additional Restrictions on Transfers of Partnership
Interests.

 

(a)          Series
EA and Series ME Partnership Interests. No Transfer of a Series EA or Series ME Partnership Interest may be made unless (i) such
Transfer complies with the provisions of Section 4.1 and Section 4.2 and (ii) unless such Transfer is to a Permitted
Transferee of the transferring Partner, such Transfer is made in accordance with Sections 4.5, 4.6 or 4.7, as applicable.

 

(b)          Series LH
Partnership Interests. No Transfer of a Series LH or Series AC Partnership Interest may be made unless such Transfer complies
with the provisions of Section 4.1 and Section 4.2.

 

Section
4.4           Reserved.

 

Section
4.5           Series EA Right of First Refusal.

 

(a)          If
any Partner receives a bona fide written offer from a Third Party (a “Third Party Offer”) for the Transfer of
all or a part of such Partner’s (and its respective Permitted Transferees) Partnership Interests in Series EA and such Partner
(the “EA Offering Partner”) desires to accept and is otherwise permitted to effect such proposed Transfer
pursuant to this Article IV, such EA Offering Partner shall deliver written notice of such Third Party Offer (the “EA
ROFR Notice”) to the Managing General Partner of the Partnership generally as soon as reasonably practicable, but
in no event less than 35 days prior to the date of the proposed Transfer. The date that the EA ROFR Notice is received by the Managing
General Partner of the Partnership generally shall constitute the “EA ROFR Notice Date.” Within five Business
Days following the EA ROFR Notice Date, the Managing General Partner of the Partnership generally shall send a copy of the EA ROFR
Notice along with a letter indicating the EA ROFR Notice Date to EECI and Enbridge Partners (each, a “ROFR Holder”
and collectively, the “ROFR Holders”). The EA ROFR Notice shall set forth the identity of the Third Party (including,
(x) if such information is not publicly available, information about the identity of the Third Party, (y) the identity
of Affiliates of the Third Party and (z) if the Third Party is making the Third Party Offer as a nominee of another Person, the
identity of such other Person and its Affiliates), the amount and the Partnership Interests to be sold (the “EA Offered
Interests”), the proposed purchase price for the EA Offered Interests (the “EA ROFR Offer Price”),
all details of the payment terms and all other material terms and conditions, including the nature of the representations and warranties
to be made and the indemnities to be given, in connection with the proposed Transfer. The EA ROFR Offer Price shall be expressed
in U.S. dollars, whether or not the form of consideration in the Third Party Offer is wholly or partially cash or cash equivalents.

 

    	38

    	 

    

 

(b)          Each
ROFR Holder shall have the right, but not the obligation, to purchase up to that amount of the EA Offered Interests equal to the
product of (i) the amount of the EA Offered Interests and (ii) a fraction (the “EA ROFR Proportionate
Share”), the numerator of which shall be the Series EA Percentage Interest of such ROFR Holder and the denominator of
which shall be the sum of the Series EA Percentage Interests held by the ROFR Holders. Within 25 days after the EA ROFR Notice
Date, each ROFR Holder may deliver a written notice to the EA Offering Partner, the Managing General Partner of the Partnership
generally and the other EA ROFR Holder of its election to purchase such EA Offered Interests. Any ROFR Holder whose written notice
has not been received by the Managing General Partner of the Partnership generally within such 25-day period shall be deemed to
have elected not to exercise its right of first refusal in connection with such Transfer. To the extent a ROFR Holder does not
elect to purchase its full EA ROFR Proportionate Share of such EA Offered Interests, the other ROFR Holder, if it has elected to
purchase its full EA ROFR Proportionate Share, shall be entitled, by delivering written notice to the EA Offering Partner and the
Managing General Partner of the Partnership generally within five Business Days following the end of such 25-day period (such fifth
Business Day, the “EA ROFR Expiration Date”), to purchase up to all of the remaining EA Offered Interests.
The delivery of a notice of election under this Section 4.5(b) shall constitute an irrevocable commitment to purchase such
EA Offered Interests. If the ROFR Holders shall have elected to purchase all but not less than all of the EA Offered Interests,
the Managing General Partner of the Partnership generally shall thereafter set a reasonable place and time for the closing of the
purchase and sale of the EA Offered Interests, which shall be not less than 10 days nor more than 60 days after the EA ROFR Expiration
Date (subject to extension to the extent necessary to pursue any required regulatory or Partner approvals, including to allow for
the expiration or termination of all waiting periods under the HSR Act) unless otherwise agreed by all of the parties to such transaction.

 

(c)          The
purchase price and terms and conditions for the purchase of the EA Offered Interests pursuant to this Section 4.5 shall be
the purchase price and terms and conditions set forth in the applicable Third Party Offer (or the cash equivalent thereof); provided
that the purchase price shall be the EA ROFR Offer Price and shall be payable in immediately available U.S. dollars; and provided
further that the EA Offering Partner shall at a minimum make customary representations and warranties concerning (i) such
EA Offering Partner’s valid title to and ownership of the EA Offered Interests, free and clear of all liens, claims and encumbrances
(excluding those arising hereunder and under applicable securities laws), (ii) such EA Offering Partner’s authority,
power and right to enter into and consummate the sale of the EA Offered Interests, (iii) the absence of any violation, default
or acceleration of any agreement or obligation to which such EA Offering Partner is subject or by which its assets are bound as
a result of the sale of the EA Offered Interests and (iv) the absence of, or compliance with, any governmental or third party
consents, approvals, filings or notifications required to be obtained or made by such EA Offering Partner in connection with the
sale of the EA Offered Interests. The EA Offering Partner and participating ROFR Holders shall use commercially reasonable efforts
to close the purchase of the EA Offered Interests as soon as reasonably practicable following the EA ROFR Expiration Date and shall
each execute and deliver such instruments and documents and take such actions, including obtaining all applicable approvals and
consents and making all applicable notifications and filings, as the other parties may reasonably request in order more effectively
to implement the purchase and sale of the EA Offered Interests hereunder.

 

    	39

    	 

    

 

(d)          Notwithstanding
the foregoing, if (i) the ROFR Holders (A) shall have elected to purchase less than all of the EA Offered Interests or
(B) shall not have elected to purchase any of the EA Offered Interests on or prior to the EA ROFR Expiration Date, and the
EA Offering Partner has fully complied with the provisions of this Section 4.5, then the EA Offering Partner may sell all,
but not less than all, of the EA Offered Interests within 90 days after the EA ROFR Expiration Date (subject to extension for a
reasonable amount of time to the extent necessary to obtain any required regulatory or Partner approvals, including to allow for
the expiration of all waiting periods under the HSR Act) or (ii) if the ROFR Holders fail to consummate the closing of the
purchase and sale of the Offered Interests within the time period provided in the last sentence of Section 4.5(b) (such period,
the “EA ROFR Closing Period”) and the EA Offering Partner has fully complied with the provisions of this
Section 4.5, then the EA Offering Partner may sell all, but not less than all, of the EA Offered Interests within 90 days
after the expiration of the EA ROFR Closing Period to the Third Party, in each case subject to the provisions of Section 4.2.
Any such sale shall not be at less than the purchase price or upon terms and conditions more favorable in any material respect,
individually or in the aggregate, to the purchaser than those specified in the Third Party Offer. If the EA Offered Interests are
not so transferred within the applicable time periods specified in this Section 4.5(d), the EA Offering Partner may not sell
any of the EA Offered Interests without again complying in full with the provisions of this Article IV.

 

(e)          Each
of EECI and Enbridge Partners shall be entitled to assign any rights it has to purchase EA Offered Interests pursuant to this Section 4.5
to any of its Permitted Transferees.

 

(f)          This
Section 4.5 shall not apply to any Transfer or proposed Transfer of Partnership Interests to a Permitted Transferee.

 

Section
4.6           Series ME Right of First Refusal.

 

(a)          If
any Partner receives a Third Party Offer for the Transfer of all or a part of such Partner’s (and its respective Permitted
Transferees) Partnership Interests in Series ME and such Partner (the “ME Offering Partner”) desires
to accept and is otherwise permitted to effect such proposed Transfer pursuant to this Article IV, such ME Offering Partner
shall deliver written notice of such Third Party Offer (the “ME ROFR Notice”) to the Managing General
Partner of the Partnership generally as soon as reasonably practicable, but in no event less than 35 days prior to the date of
the proposed Transfer. The date that the ME ROFR Notice is received by the Managing General Partner of the Partnership generally
shall constitute the “ME ROFR Notice Date.” Within five Business Days following the ME ROFR Notice Date, the
Managing General Partner of the Partnership generally shall send a copy of the ME ROFR Notice along with a letter indicating the
ME ROFR Notice Date to the ROFR Holders. The ME ROFR Notice shall set forth the identity of the Third Party (including, (x) if
such information is not publicly available, information about the identity of the Third Party, (y) the identity of Affiliates
of the Third Party and (z) if the Third Party is making the Third Party Offer as a nominee of another Person, the identity of such
other Person and its Affiliates), the amount and the Partnership Interests to be sold (the “ME Offered Interests”),
the proposed purchase price for the ME Offered Interests (the “ME ROFR Offer Price”), all details of the payment
terms and all other material terms and conditions, including the nature of the representations and warranties to be made and the
indemnities to be given, in connection with the proposed Transfer. The ME ROFR Offer Price shall be expressed in U.S. dollars,
whether or not the form of consideration in the Third Party Offer is wholly or partially cash or cash equivalents.

 

    	40

    	 

    

 

(b)          Each
ROFR Holder shall have the right, but not the obligation, to purchase up to that amount of the ME Offered Interests equal to the
product of (i) the amount of the ME Offered Interests and (ii) a fraction (the “ME ROFR Proportionate Share”),
the numerator of which shall be the Series ME Percentage Interest of such ROFR Holder and the denominator of which shall be the
sum of the Series ME Percentage Interests held by the ROFR Holders. Within 25 days after the ME ROFR Notice Date, each ROFR Holder
may deliver a written notice to the ME Offering Partner, the Managing General Partner of the Partnership generally and the other
ME ROFR Holder of its election to purchase such ME Offered Interests. Any ROFR Holder whose written notice has not been received
by the Managing General Partner of the Partnership generally within such 25-day period shall be deemed to have elected not to exercise
its right of first refusal in connection with such Transfer. To the extent a ROFR Holder does not elect to purchase its full ME
ROFR Proportionate Share of such ME Offered Interests, the other ROFR Holder, if it has elected to purchase its full ME ROFR Proportionate
Share, shall be entitled, by delivering written notice to the ME Offering Partner and the Managing General Partner of the Partnership
generally within five Business Days following the end of such 25-day period (such fifth Business Day, the “ME ROFR Expiration
Date”), to purchase up to all of the remaining ME Offered Interests. The delivery of a notice of election under this
Section 4.6(b) shall constitute an irrevocable commitment to purchase such ME Offered Interests. If the ROFR Holders shall
have elected to purchase all but not less than all of the ME Offered Interests, the Managing General Partner of the Partnership
generally shall thereafter set a reasonable place and time for the closing of the purchase and sale of the ME Offered Interests,
which shall be not less than 10 days nor more than 60 days after the ME ROFR Expiration Date (subject to extension to the extent
necessary to pursue any required regulatory or Partner approvals, including to allow for the expiration or termination of all waiting
periods under the HSR Act) unless otherwise agreed by all of the parties to such transaction.

 

(c)          The
purchase price and terms and conditions for the purchase of the ME Offered Interests pursuant to this Section 4.6 shall be
the purchase price and terms and conditions set forth in the applicable Third Party Offer (or the cash equivalent thereof); provided
that the purchase price shall be the ME ROFR Offer Price and shall be payable in immediately available U.S. dollars; and provided
further that the ME Offering Partner shall at a minimum make customary representations and warranties concerning (i) such
ME Offering Partner’s valid title to and ownership of the ME Offered Interests, free and clear of all liens, claims and encumbrances
(excluding those arising hereunder and under applicable securities laws), (ii) such ME Offering Partner’s authority,
power and right to enter into and consummate the sale of the ME Offered Interests, (iii) the absence of any violation, default
or acceleration of any agreement or obligation to which such ME Offering Partner is subject or by which its assets are bound as
a result of the sale of the ME Offered Interests and (iv) the absence of, or compliance with, any governmental or third party
consents, approvals, filings or notifications required to be obtained or made by such ME Offering Partner in connection with the
sale of the ME Offered Interests. The ME Offering Partner and participating ROFR Holders shall use commercially reasonable efforts
to close the purchase of the ME Offered Interests as soon as reasonably practicable following the ME ROFR Expiration Date and shall
each execute and deliver such instruments and documents and take such actions, including obtaining all applicable approvals and
consents and making all applicable notifications and filings, as the other parties may reasonably request in order more effectively
to implement the purchase and sale of the ME Offered Interests hereunder.

 

    	41

    	 

    

 

(d)          Notwithstanding
the foregoing, if (i) the ROFR Holders (A) shall have elected to purchase less than all of the ME Offered Interests or
(B) shall not have elected to purchase any of the ME Offered Interests on or prior to the ME ROFR Expiration Date, and the
ME Offering Partner has fully complied with the provisions of this Section 4.6, then the ME Offering Partner may sell all,
but not less than all, of the ME Offered Interests within 90 days after the ME ROFR Expiration Date (subject to extension for a
reasonable amount of time to the extent necessary to obtain any required regulatory or Partner approvals, including to allow for
the expiration of all waiting periods under the HSR Act) or (ii) if the ROFR Holders fail to consummate the closing of the
purchase and sale of the Offered Interests within the time period provided in the last sentence of Section 4.6(b) (such period,
the “ME ROFR Closing Period”) and the ME Offering Partner has fully complied with the provisions of this
Section 4.6, then the ME Offering Partner may sell all, but not less than all, of the ME Offered Interests within 90 days
after the expiration of the ME ROFR Closing Period to the Third Party, in each case subject to the provisions of Section 4.2.
Any such sale shall not be at less than the purchase price or upon terms and conditions more favorable in any material respect,
individually or in the aggregate, to the purchaser than those specified in the Third Party Offer. If the ME Offered Interests are
not so transferred within the applicable time periods specified in this Section 4.6(d), the ME Offering Partner may not sell
any of the ME Offered Interests without again complying in full with the provisions of this Article IV.

 

(e)          Each
of EECI and Enbridge Partners shall be entitled to assign any rights it has to purchase ME Offered Interests pursuant to this Section 4.6
to any of its Permitted Transferees.

 

(f)          This
Section 4.6 shall not apply to any Transfer or proposed Transfer of Partnership Interests to a Permitted Transferee.

 

Section
4.7           Tag-Along Rights.

 

(a)          If
a Series EA Partner or Series ME Partner (the “Transferor”) proposes to Transfer all or a part of its Partnership
Interests in Series EA or Series ME to a Third Party (the “Tag-Along Transferee”), then such Transferor shall
send written notice of such proposed Transfer (the “Tag-Along Notice”) to the other Partners of the Series of
Partnership Interests which such Transferor proposes to Transfer (the “Tag Offerees”) at least 30 days prior
to effecting such Transfer. Such Tag-Along Notice may be combined with an EA ROFR Notice or ME ROFR Notice and may be conditioned
upon the ROFR Holders not exercising the right of first refusal contained in Section 4.5 or Section 4.6. The Tag-Along Notice shall
set forth the identity of the Tag-Along Transferee (including, if such information is not publicly available, information about
the identity of the Tag-Along Transferee and its Affiliates), the amount and the Partnership Interests to be Transferred, the proposed
purchase price expressed in U.S. dollars (whether or not the form of consideration is wholly or partially cash or cash equivalents),
all details of the payment terms, the time and place for the closing and all other material terms and conditions, including the
nature of the representations and warranties to be made and the indemnities to be given, in connection with the proposed Transfer.
Each of the Tag Offerees shall then have the irrevocable right (a “Tag-Along Right”), exercisable by delivery
of an irrevocable notice to the Transferor at any time within 20 days after receipt of the Tag-Along Notice, to participate in
such Transfer by selling to the Tag-Along Transferee a pro rata portion of such Tag Offeree’s Partnership Interests in Series
EA or Series ME, as applicable, based on the respective Tag Pro Rata Share of the Transferor and the other Tag Offerees that exercise
their Tag-Along Right, on the same terms (including with respect to representations, warranties and indemnification) as the Transferor;
provided, however, that (i) any representations and warranties relating specifically to any such Tag Offeree
shall only be made by such Tag Offeree; (ii) any indemnification provided by the Transferor and any such Tag Offeree (other
than with respect to the representations referenced in the foregoing subsection (i)) shall be based on the Percentage Interest
being sold by each party in the proposed sale, either on a several, not joint, basis or solely with recourse to an escrow (such
escrow not to exceed 25% of the proceeds received by the Tag Offerees that exercise their Tag-Along Right without the consent of
such Tag Offerees) established for the benefit of the proposed purchaser (each party’s contributions to such escrow to be
on a pro rata basis in accordance with the proceeds received from such sale), it being understood and agreed that any such indemnification
obligation of any such Tag Offeree shall in no event exceed the net proceeds to such Tag Offeree from such proposed Transfer; and
(iii) the form of consideration to be received by the Transferor in connection with the proposed sale shall be the same as
that received by such Tag Offeree.

 

    	42

    	 

    

 

(b)          If
any Tag Offeree has exercised its Tag-Along Rights and the Tag-Along Transferee is unwilling to purchase all of the Partnership
Interests proposed to be Transferred by the Transferor and each exercising Tag Offeree, then the Transferor and the exercising
Tag Offerees shall reduce, on a pro rata basis, based on their respective Tag Pro Rata Share, the amount of such Partnership Interests
that each otherwise would have sold so as to permit the Transferor and the exercising Tag Offerees to sell the portion of Partnership
Interests (determined in accordance with such Tag Pro Rata Share) that the proposed Tag-Along Transferee is willing to purchase.

 

(c)          Each
Tag Offeree and the Transferor shall sell to the Tag-Along Transferee all of the Partnership Interests proposed to be Transferred
by them, at not less than the purchase price payable in immediately available U.S. dollars and upon terms and conditions, if any,
not more favorable in any material respect, individually and in the aggregate, to the Tag-Along Transferee than those in the Tag-Along
Notice at the time and place provided for the closing in the Tag-Along Notice, or at such other time and place as the Tag Offerees,
the Transferor and the Tag-Along Transferees shall agree.

 

(d)          The
Transferor shall have the right to require the Managing General Partner of the applicable Series and the Managing General Partner
of the Partnership generally to cooperate fully with potential acquirors of its Partnership Interests by taking all customary and
other actions reasonably required by the Transferor or such potential acquirors, including making the records and assets of each
Series and the Partnership generally reasonably available for inspection by such potential acquirors and making the officers and
employees who manage the business of the Partnership and the Series reasonably available for interviews; provided that the
potential acquirer has entered into a customary confidentiality agreement with the Partnership and the applicable Series. Neither
the Managing General Partner of any Series nor the Managing General Partner of the Partnership generally shall be required to disclose
to any potential acquirer (i) any information that such Managing General Partner reasonably believes to be in the nature of
trade secrets or (ii) other information the disclosure of which such Managing General Partner reasonably believes (A) could
damage the Partnership or any Series or their respective businesses or (B) that the Partnership or any Series is required
by law or by agreement to keep confidential.

 

    	43

    	 

    

 

Section
4.8           Transfers of Certain Partnership Assets—ROFR.

 

(a)          If
the Partnership or any Series receives a bona fide written offer from a Third Party (a “Third Party Asset Offer”)
for the transfer of any Series asset or group of related assets with a fair market value in excess of $5.0 million, and the Managing
General Partner of the Series associated with such assets desires to accept and is otherwise permitted to effect such proposed
transfer pursuant to this Section 4.8, such Managing General Partner shall deliver written notice of such Third Party Asset
Offer (the “ROFR Asset Notice”) to EECI no less than 30 days prior to the date of the proposed transfer. The
date that the ROFR Asset Notice is received by EECI shall constitute the “ROFR Asset Notice Date.” The ROFR
Asset Notice shall set forth the identity of the Third Party (including, if such information is not publicly available, information
about the identity of the Third Party and its Affiliates), a description of the Series asset or group of related assets to be transferred
(the “ROFR Offered Asset”), the proposed purchase price for the ROFR Offered Asset (the “ROFR Asset
Offer Price”), all details of the payment terms and all other material terms and conditions, including the nature of
the representations and warranties to be made and the indemnities to be given, in connection with the proposed transfer. The ROFR
Asset Offer Price shall be expressed in U.S. dollars, whether or not the form of consideration in the Third Party Asset Offer is
wholly or partially cash or cash equivalents.

 

(b)          For
so long as EECI or any of its Affiliates is a holder of a Partnership Interest, EECI shall have the right, but not the obligation,
to purchase the ROFR Offered Asset. Within 25 days after the ROFR Asset Notice Date (such 25th day, the “ROFR Asset Expiration
Date”), EECI may deliver a written notice to the Managing General Partner of the applicable Series of its election to
purchase such ROFR Offered Asset. The delivery of a notice of election under this Section 4.8 shall constitute an irrevocable
commitment to purchase such ROFR Offered Asset. Such Managing General Partner shall thereafter set a reasonable place and time
for the closing of the purchase and sale of the ROFR Offered Asset, which shall be not less than 10 days nor more than 60 days
after the ROFR Asset Expiration Date (subject to extension to the extent necessary to pursue any required regulatory or Partner
approvals, including to allow for the expiration or termination of all waiting periods under the HSR Act) unless otherwise agreed
by all of the parties to such transaction.

 

(c)          The
purchase price and terms and conditions for the purchase of the ROFR Offered Asset pursuant to this Section 4.8 shall be the
purchase price and terms and conditions set forth in the applicable Third Party Asset Offer; provided that the purchase
price shall be the ROFR Asset Offer Price and shall be payable in immediately available U.S. dollars; and provided further
that the applicable Series shall at a minimum make customary representations and warranties concerning (i) the Series’
valid title to and ownership of the ROFR Offered Asset, free and clear of all liens, claims and encumbrances (excluding those arising
hereunder and under applicable securities laws), (ii) the Series’ authority, power and right to enter into and consummate
the sale of the ROFR Offered Asset, (iii) the absence of any violation, default or acceleration of any agreement to which
the Series is subject or by which its assets are bound as a result of the agreement to sell and the sale of the ROFR Offered Asset
and (iv) the absence of, or compliance with, any governmental or third party consents, approvals, filings or notifications
required to be obtained or made by the Series in connection with the sale of the ROFR Offered Asset. The Managing General Partner
of such Series and EECI shall use commercially reasonable efforts to close the purchase of the ROFR Offered Asset as soon as reasonably
practicable following the giving of the ROFR Asset Notice and shall execute and deliver such instruments and documents and take
such actions, including obtaining all applicable approvals and consents and making all applicable notifications and filings, as
the other party may reasonably request in order more effectively to implement the purchase and sale of the ROFR Offered Asset hereunder.

 

    	44

    	 

    

 

(d)          If
(i) EECI shall not have elected to purchase the ROFR Offered Asset on or prior to the ROFR Asset Expiration Date and the Series
has fully complied with the provisions of this Section 4.8, then the Series may sell the ROFR Offered Asset within 90 days
after the ROFR Asset Expiration Date (subject to extension for a reasonable amount of time to the extent necessary to obtain any
required regulatory or Partner approvals, including to allow for the expiration of all waiting periods under the HSR Act) or (ii) EECI
fails to consummate the closing of the purchase and sale of the ROFR Offered Asset within the time period provided in the last
sentence of Section 4.8(b) (such period, the “ROFR Asset Closing Period”) and the Series has fully complied
with the provisions of this Section 4.8, then EECI shall not have the right to purchase the ROFR Offered Asset, and the Series
may sell the ROFR Offered Asset within 90 days after the expiration of the ROFR Asset Closing Period, in each case subject to the
provisions of Section 7.3, Section 7.4 and Section 7.5, as applicable. Any such sale shall not be at less than the purchase
price or upon terms and conditions more favorable in any material respect, individually or in the aggregate, to the purchaser than
those specified in the Third Party Asset Offer. If the ROFR Offered Asset is not so transferred within the applicable time periods
specified in this Section 4.8(d), the Series may not sell the ROFR Offered Asset without again complying in full with the
provisions of this Section 4.8.

 

(e)          EECI
shall be entitled to assign any rights it has to purchase a ROFR Offered Asset pursuant to this Section 4.8 to any of its
Permitted Transferees.

 

(f)          This
Section 4.8 shall not apply to any transfer or proposed transfer of assets to a Permitted Transferee.

 

Section
4.9           EA Call Option.

 

(a)          From
time to time prior to the twelve-month anniversary of the Eastern Access Final In-Service Date (the “EA Call
Option Deadline”), Enbridge Partners shall have the right to purchase, and EECI shall have the obligation to sell
(the “EA Call Option”), a portion of the Series EA Limited Partner Interests held by EECI that represents, in
the aggregate, up to fifteen percent (15%) of the total outstanding Series EA Partnership Interests in accordance with this Section
4.9. In considering whether to exercise the EA Call Option, the Board of Directors of Enbridge Energy Management, L.L.C. (the “EEM
Board”) shall establish a committee of independent directors (an “Option Committee”) to make a recommendation
to the EEM Board, on behalf of Enbridge Partners, whether to exercise the EA Call Option and the portion of Series EA Limited Partner
Interests held by EECI that Enbridge Partners will purchase if the EA Call Option is exercised (not to exceed, in the aggregate,
fifteen (15%) of the total outstanding Series EA Partnership Interests). The general partner of Enbridge Partners and the Managing
General Partner of the Partnership and of each Series shall provide the Option Committee with all of the information that the Option
Committee may reasonably request that is relevant to its determination.

 

    	45

    	 

    

 

(b)         
If the EEM Board determines to exercise all or a portion of the EA Call Option following receipt of the Option Committee’s
recommendation, Enbridge Partners shall deliver to the Partnership and to EECI, prior to the EA Call Option Deadline, written notice
(each, an “EA Call Option Notice”) of such determination. Each EA Call Option Notice shall state
(i) the portion of the Series EA Limited Partner Interests held by EECI proposed to be purchased (not to exceed, in the aggregate,
fifteen percent (15%) of the total outstanding Series EA Partnership Interests) (an “EA Call Option Interest”)
and the corresponding amount of consideration to be paid, calculated in accordance with Section 4.9(c), (ii) the proposed date
of purchase and (iii) other proposed material terms and conditions of such sale. Upon receipt of each EA Call Option Notice,
EECI agrees to promptly take all necessary and desirable actions in connection with the exercise of the EA Call Option reasonably
requested by Enbridge Partners, including the execution of such agreements and such instruments and other actions reasonably necessary
to consummate the purchase and sale of the EA Call Option Interest hereunder. Each date on which the purchase and sale of an EA
Call Option Interest is consummated is referred to as an “EA Call Option Closing Date.” Such agreements and
instruments shall contain customary representations and warranties concerning (i) EECI’s valid title to and ownership of
the EA Call Option Interest, free and clear of all liens, claims and encumbrances (excluding those arising under this Agreement
and applicable securities laws), (ii) EECI’s authority, power and right to enter into and consummate the sale of the EA Call
Option Interest, (iii) the absence of any violation, default or acceleration of any agreement to which EECI is subject or by which
its Partnership Interests are bound as a result of the agreement to sell and the sale of the EA Call Option Interest, and (iv)
the absence of, or compliance with, any governmental or third party consents, approvals, filings or notifications required to be
obtained or made by EECI in connection with the sale of the EA Call Option Interest. EECI shall execute and deliver such instruments
and documents and take such actions, including obtaining all applicable approvals and consents and making all applicable notifications
and filings, as Enbridge Partners may reasonably request, but neither the failure of EECI to execute or deliver any such documentation
nor the failure of EECI to comply with all required actions shall affect the validity of a purchase and sale pursuant to this Section
4.9.

 

(c)          The
purchase price to be paid by Enbridge Partners to EECI for the purchase of an EA Call Option Interest shall equal the capital contributed
by EECI in respect of such EA Call Option Interest, plus the product of (i) the AFUDC attributable to the Eastern Access Project,
less depreciation attributable to the Eastern Access Project, in each case, for the period from the Series EA Closing Date through
the applicable EA Call Option Closing Date, and (ii) the quotient, expressed as a percentage, obtained by dividing the EA Call
Option Interest by the total outstanding Series EA Partnership Interests. For illustrative purposes, an example of this calculation
methodology is attached hereto as Exhibit F.

 

    	46

    	 

    

 

(d)          If
and to the extent that any distributions accruing on an EA Call Option Interest that are attributable to the operations of the
Series EA prior to the applicable EA Call Option Closing Date are declared or paid on or after such EA Call Option Closing Date,
EECI shall be entitled to receive, and the Partnership shall pay to EECI, subject to the Delaware Act, (i) with respect to a Quarter
ending prior to the Quarter in which the EA Call Option Closing Date occurs for which distributions on the Series EA Partnership
Interests have not been declared and/or paid as of the EA Call Option Closing Date, an amount equal to the distributions attributable
to the EA Call Option Interest with respect to such Quarter and (ii) with respect to a Quarter in which the EA Call Option Closing
Date occurs, an amount equal to the product of (x) the distributions attributable to the EA Call Option Interest with respect to
such Quarter and (y) the quotient obtained by dividing the number of days the EA Call Option Interest was held by EECI during such
Quarter by the total number of days in such Quarter.

 

Section
4.10         Reserved.

 

Section
4.11         ME Call Option.

 

(a)          From
time to time prior to the twelve-month anniversary of (i) the Mainline Expansion Final In-Service Date, if Mainline Expansion Phase
IV has been approved by CAPP as of the Mainline Expansion Phase III In-Service Date, or (ii) the Mainline Expansion Phase III In-Service
Date, if Mainline Expansion Phase IV has been not been approved by CAPP as of the Mainline Expansion Phase III In-Service Date
(the “ME Call Option Deadline”), Enbridge Partners shall have the right to purchase, and EECI
shall have the obligation to sell (the “ME Call Option”), a portion of the Series ME Limited Partner Interests
held by EECI that represents, in the aggregate, up to fifteen percent (15%) of the total outstanding Series ME Partnership Interests
in accordance with this Section 4.11. In considering whether to exercise the ME Call Option, the EEM Board shall establish an Option
Committee to make a recommendation to the EEM Board, on behalf of Enbridge Partners, whether to exercise the ME Call Option and
the portion of Series ME Limited Partner Interests held by EECI that Enbridge Partners will purchase if the ME Call Option is exercised
(not to exceed, in the aggregate, fifteen (15%) of the total outstanding Series ME Partnership Interests). The general partner
of Enbridge Partners and the Managing General Partner of the Partnership generally and of each Series shall provide the Option
Committee with all of the information that the Option Committee may reasonably request that is relevant to its determination.

 

(b)         
If the EEM Board determines to exercise all or a portion of the ME Call Option following receipt of the Option Committee’s
recommendation, Enbridge Partners shall deliver to the Partnership and to EECI, prior to the ME Call Option Deadline, written notice
(each, a “ME Call Option Notice”) of such determination. Each ME Call Option Notice shall state
(i) the portion of the Series ME Limited Partner Interests held by EECI proposed to be purchased (not to exceed, in the aggregate,
fifteen percent (15%) of the total outstanding Series ME Partnership Interests) (a “ME Call Option Interest”)
and the corresponding amount of consideration to be paid, calculated in accordance with Section 4.11(c), (ii) the proposed date
of purchase and (iii) other proposed material terms and conditions of such sale. Upon receipt of each ME Call Option Notice,
EECI agrees to promptly take all necessary and desirable actions in connection with the exercise of the ME Call Option reasonably
requested by Enbridge Partners, including the execution of such agreements and such instruments and other actions reasonably necessary
to consummate the purchase and sale of the ME Call Option Interest hereunder. Each date on which the purchase and sale of a ME
Call Option Interest is consummated is referred to as a “ME Call Option Closing Date.” Such agreements and instruments
shall contain customary representations and warranties concerning (i) EECI’s valid title to and ownership of the ME Call
Option Interest, free and clear of all liens, claims and encumbrances (excluding those arising under this Agreement and applicable
securities laws), (ii) EECI’s authority, power and right to enter into and consummate the sale of the ME Call Option Interest,
(iii) the absence of any violation, default or acceleration of any agreement to which EECI is subject or by which its Partnership
Interests are bound as a result of the agreement to sell and the sale of the ME Call Option Interest, and (iv) the absence of,
or compliance with, any governmental or third party consents, approvals, filings or notifications required to be obtained or made
by EECI in connection with the sale of the ME Call Option Interest. EECI shall execute and deliver such instruments and documents
and take such actions, including obtaining all applicable approvals and consents and making all applicable notifications and filings,
as Enbridge Partners may reasonably request, but neither the failure of EECI to execute or deliver any such documentation nor the
failure of EECI to comply with all required actions shall affect the validity of a purchase and sale pursuant to this Section 4.11.

 

    	47

    	 

    

 

(c)          The
purchase price to be paid by Enbridge Partners to EECI for the purchase of a ME Call Option Interest shall equal the capital contributed
by EECI in respect of such ME Call Option Interest, plus the product of (i) the AFUDC attributable to the Mainline Expansion Project,
less depreciation attributable to the Mainline Expansion Project, in each case, for the period from the Series ME Closing Date
through the applicable ME Call Option Closing Date, and (ii) the quotient, expressed as a percentage, obtained by dividing the
ME Call Option Interest by the total outstanding Series ME Partnership Interests. For illustrative purposes, an example of this
calculation methodology is attached hereto as Exhibit F.

 

(d)          If
and to the extent that any distributions accruing on a ME Call Option Interest that are attributable to the operations of the Series
ME prior to the applicable ME Call Option Closing Date are declared or paid on or after such ME Call Option Closing Date, EECI
shall be entitled to receive, and the Partnership shall pay to EECI, subject to the Delaware Act, (i) with respect to a Quarter
ending prior to the Quarter in which the ME Call Option Closing Date occurs for which distributions on the Series ME Partnership
Interests have not been declared and/or paid as of the ME Call Option Closing Date, an amount equal to the distributions attributable
to the ME Call Option Interest with respect to such Quarter and (ii) with respect to a Quarter in which the ME Call Option Closing
Date occurs, an amount equal to the product of (x) the distributions attributable to the ME Call Option Interest with respect to
such Quarter and (y) the quotient obtained by dividing the number of days the ME Call Option Interest was held by EECI during such
Quarter by the total number of days in such Quarter.

 

Section
4.12         Reserved.

 

Section
4.13         Specific Performance.

 

Each Partner acknowledges
that it shall be inadequate or impossible, or both, to measure in money the damage to the Partnership, any Series or the Partners,
if any of them or any transferee or any legal representative of any party hereto fails to comply with any of the restrictions or
obligations imposed by this Article IV, that every such restriction and obligation is material, and that in the event of any
such failure, the Partnership, the Series and the Partners shall not have an adequate remedy at law or in damages. Therefore, each
Partner consents to the issuance of an injunction or the enforcement of other equitable remedies against such Partner at the suit
of an aggrieved party without the posting of any bond or other security, to compel specific performance of all of the terms of
this Article IV and to prevent any transfer of Partnership Interests or ROFR Offered Assets in contravention of any terms
of this Article IV, and waives any defenses thereto, including the defenses of: (i) failure of consideration; (ii) breach
of any other provision of this Agreement and (iii) availability of relief in damages.

 

    	48

    	 

    

 

ARTICLE V

CAPITAL CONTRIBUTIONS;
PARTNERSHIP INTERESTS; 

FUTURE CAPITAL REQUIREMENTS

 

Section
5.1           Series LH Partnership Interests and Capital Contributions.

 

The Percentage Interests
of each Series LH General Partner and Series LH Limited Partner as of the date of this Agreement are as set forth on Exhibit
A. Any Series LH Limited Partner, with the consent of the Managing General Partner of the Series LH, may, but shall
not be obligated to, make additional Capital Contributions to the Series LH. Upon any such additional Capital Contribution,
each Series LH General Partner and any other Series LH Limited Partner shall be obligated to make an additional Capital
Contribution to the Series LH in an amount necessary to maintain its Series LH Percentage Interest.

 

Section
5.2           Series AC Capital Contributions, AC Debt Financing
and Partnership Interests.

 

(a)          On
the Series AC Closing Date, each of the Series AC Partners made its respective Capital Contribution (each, an “Initial
Series AC Capital Contribution”) to the Series AC in immediately available U.S. dollars in the amounts set
forth opposite its name on Exhibit A to the Fifth A&R Agreement in return for the Series AC Percentage Interest
and type of Series AC Partnership Interest set forth opposite its name on Exhibit A to the Fifth A&R Agreement,
and each such Series AC Partner was admitted as a Partner of the Series AC in the capacity set forth opposite its name
on Exhibit A to the Fifth A&R Agreement.

 

(b)          On
the Series AC Closing Date, the Series AC (i) borrowed under Facility B1 an amount equal to 66.67% of 45% of the
Preliminary Alberta Clipper Construction Costs and (ii) borrowed under Facility C1 an amount equal to 33.33% of 45% of
the Preliminary Alberta Clipper Construction Costs.

 

(c)          On
the Series AC Closing Date, the Managing General Partner of Series AC applied the proceeds of the Initial Series AC Capital
Contributions and the Initial AC Debt Financing to repay the Intercompany Preliminary AC Construction Cost Payable.

 

(d)          On
March 15, 2010, the B1 Facility and C1 Facility were refinanced with the proceeds of the B1 Promissory Note and the C1 Promissory
Note.

 

(e)          On
January 2, 2015, EECI and EECI AC Sub contributed to Enbridge Partners all of the Series AC Partnership Interests owned by EECI
and EECI AC Sub.

 

(f)          Any
Series AC Limited Partner, with the consent of the Managing General Partner of the Series AC, may, but shall not be obligated to,
make additional Capital Contributions to the Series AC (“Additional Series AC Capital Contributions”). Upon
any such Additional Series AC Capital Contribution, each Series AC General Partner and any other Series AC Limited Partner shall
be obligated to make an additional Capital Contribution to the Series AC in an amount necessary to maintain its Series AC Percentage
Interest. The Percentage Interests of each Series AC General Partner and Series AC Limited Partner as of the date of this Agreement
are as set forth on Exhibit A.

 

    	49

    	 

    

 

Section
5.3           Reserved.

 

Section
5.4           Reserved.

 

Section
5.5           Initial Series EA Capital Contributions.

 

(a)          On
the Series EA Closing Date, each of the Series EA Partners made its respective Capital Contribution (each, an “Initial
Series EA Capital Contribution”) to the Series EA in immediately available U.S. dollars in the amounts set
forth opposite its name on Exhibit A to the Fifth A&R Agreement in return for the Series EA Percentage Interest
and type of Series EA Partnership Interest set forth opposite its name on Exhibit A to the Fifth A&R Agreement
and each such Series EA Partner was admitted as a Partner of the Series EA in the capacity set forth opposite its name
on Exhibit A to the Fifth A&R Agreement.

 

(b)          On
the Series EA Closing Date, the Managing General Partner of Series EA applied the proceeds of the Initial Series EA Capital
Contributions to repay the Intercompany Preliminary EA Construction Cost Payable.

 

(c)          On
June 28, 2013, EECI and Enbridge Partners entered into that certain Option Interests Purchase Agreement (the “Option Purchase
Agreement”), whereby Enbridge Partners sold to EECI a portion of the Series EA Limited Partner Interests owned by Enbridge
Partners representing, in the aggregate, 15% of the total outstanding Series EA Limited Partner Interests in accordance with Section
4.10 of the Fifth A&R Agreement. The Percentage Interests of each Series EA General Partner and Series EA Limited Partner as
of the date of this Agreement are as set forth on Exhibit A.

 

Section
5.6           Additional Series EA Capital Contributions.

 

(a)          (i)
Except as otherwise provided in Section 5.6(a)(ii), each Series EA Partner hereby agrees to make additional Capital
Contributions to the Series EA (the “Additional Series EA Capital Contributions”) in proportion
to such Series EA Partner’s Series EA Percentage Interest at such times and in such amounts as the Managing
General Partner of the Series EA shall specify in a notice delivered to the Series EA Partners pursuant to
Section 5.6(b) or Section 5.6(c) (“Series EA Capital Contribution Notice”); provided
that, except as a result of the operation of Section 5.6(a)(ii), in no event shall any Series EA Partner be required to
make, in the aggregate, Capital Contributions in excess of such Series EA Partner’s respective Maximum Commitment
with respect to Series EA set forth on Exhibit A. All Additional Series EA Capital Contributions shall
be contributed to the Series EA in immediately available U.S. dollars on the date specified in the
applicable Series EA Capital Contribution Notice. No Series EA Partner shall be required to make any Additional
Series EA Capital Contribution, or to otherwise contribute any amount, to the Series EA unless such Additional
Series EA Capital Contribution is reflected on the Series EA Annual Budget for such fiscal year or is otherwise
approved by the Managing General Partner of the Series EA and a Supermajority Interest of Series EA Partnership
Interests.

 

    	50

    	 

    

 

(ii)
Commencing with and including the date on which the Series EA Capital Contribution Notice is delivered to the Series EA
Partners in August 2015 and continuing through the earlier of (A) the first date after the date on which the Series EA
Distribution is paid with respect to the Quarter ending March 31, 2016 on which Enbridge Partners has made Additional Series
EA Capital Contributions pursuant to this Section 5.6(a)(ii) in excess of its Pro Rata portion in an amount equal to the
Series EA Abatement Amount determined as of the date immediately following the date on which the Series  EA Distribution for
the Quarter ending March 31, 2016 is paid and (B) December 31, 2016, with respect to each Series EA Capital Contribution
Notice, Enbridge Partners shall contribute an amount equal to its Pro Rata portion of any Additional Series EA Capital
Contribution set forth in a Series EA Capital Contribution Notice plus the Series EA Contribution Offset Amount, and EECI
shall contribute an amount equal to its Pro Rata portion of such Additional Series EA Capital Contribution less the Series EA
Contribution Offset Amount; provided that (1) Enbridge Partners’ contribution with respect to any such Series EA
Capital Contribution Notice shall in no event exceed 100.0% of the Additional Series EA Capital Contributions specified in
such Series EA Capital Contribution Notice and (2) EECI’s contribution with respect to any such Series EA
Capital Contribution Notice shall in no event be less than zero.

 

(b)          On
the 12th day of each month beginning prior to the Eastern Access Final In-Service Date, the Managing General Partner of the Series EA
shall deliver a Series EA Capital Contribution Notice to each of the Series EA Partners setting forth (i) the estimated
cash construction costs related to the Eastern Access Project for such month, adjusted for the difference between (A) the
actual construction costs related to the Eastern Access Project for the immediately preceding month and (B) the estimated
construction costs set forth in the Series EA Capital Contribution Notice for the immediately preceding month (the “Series
EA Monthly Capital Requirement”), (ii) the amount of the required Additional Series EA Capital Contribution
to be made by such Series EA Partner, which, except as provided in Section 5.6(a)(ii), shall be an amount equal to such Series EA
Partner’s Pro Rata portion of the Series EA Monthly Capital Requirement, (iii) that such Additional Series EA Capital
Contribution is due on the 15th day of such month and (iv) the Person or the account to which such Additional Series EA
Capital Contribution is to be made.

 

(c)          From
time to time following the Eastern Access Final In-Service Date, the Managing General Partner of the Series EA may deliver
to the Series EA Partners a Series EA Capital Contribution Notice related to amounts that the Managing General Partner
of the Series EA determines are necessary to fund the Series EA’s operations and establish reasonable reserves
in respect of the Series EA’s expenses. Such notice shall set forth (i) the manner in which, and the expected date
on which, such Additional Series EA Capital Contribution is to be applied, (ii) the amount of the required Additional
Series EA Capital Contribution to be made by such Series EA Partner, which, except as provided in Section 5.6(a)(ii),
shall be an amount equal to such Series EA Partner’s Pro Rata portion of the total amount of such Additional Series EA
Capital Contribution, (iii) the date on which such Additional Series EA Capital Contribution is due, which shall not
be less than 10 Business Days from the date such notice is delivered and (iv) the Person or the account to which such Additional
Series EA Capital Contribution is to be made.

 

(d)          Each
Series EA Partner agrees that payment of its required Additional Series EA Capital Contributions under this Agreement
is an obligation of such Series EA Partner, that any default by any Series EA Partner would cause injury to the Series EA
and to the other Series EA Partners and that the amount of damages caused by any such default would be difficult to calculate.

 

    	51

    	 

    

 

(e)          If
a Series EA Partner fails to fund all or any portion of its required Additional Series EA Capital Contribution set forth
in a Series EA Capital Contribution Notice and fails to cure such default within five Business Days after the due date set
forth in such Series EA Capital Contribution Notice (the “Default Series EA Capital Contribution”), the
Series EA Partner failing to make such contribution (the “Defaulting Series EA Partner”) will
be in default. Upon the occurrence of any such default, the Managing General Partner of Series EA shall promptly notify the
Defaulting Series EA Partner and the other Series EA Partners not in default (each a “Non-Defaulting Series
EA Partner”) of the occurrence of such default. As long as a Default Series EA Capital Contribution remains unpaid or
arrangements for the payment thereof have not been agreed to by the Series EA Partners, any Non-Defaulting Series EA Partner
may advance to the Series EA the entire amount of the Defaulting Series EA Partner’s Capital Contribution that has not been
contributed, with each Non-Defaulting Series EA Partner electing to participate in such advance making its share of such advance
in proportion to its Series EA Percentage Interest (without taking into account the Series EA Percentage Interest of the Defaulting
Series EA Partner). Each Non-Defaulting Series EA Partner who makes such an advance on behalf of a Defaulting Series EA Partner
will have the right to elect the extent to which such advance will (x) constitute a loan to the Defaulting Series EA Partner and/or
(y) be treated as a Capital Contribution by such Non-Defaulting Series EA Partner and result in an immediate adjustment of the
Series EA Percentage Interests of the Defaulting Series EA Partner and the Non-Defaulting Series EA Partner making such election
in accordance with Section 5.6(e)(i); provided, however, that if the advancing Non-Defaulting Series EA Partner does not
notify the Managing General Partner of the Series EA of its election to have all, or any portion of, such advance treated as a
loan to the Defaulting Series EA Partner, in writing, at the time the advance is made, then such advance shall be deemed a Capital
Contribution and will automatically result in an immediate adjustment of the Series EA Percentage Interests.

 

(i)          To
the extent that one or more Non-Defaulting Series EA Partners do not elect to have an advance made pursuant to this Section 5.6(e)
treated as a loan to the Defaulting Series EA Partner, or affirmatively elects to have such advance treated as a Capital Contribution,
the Managing General Partner of the Series EA will automatically adjust the Series EA Percentage Interest of (A) each such
Non-Defaulting Series EA Partner to equal the percentage obtained by dividing (x) the Series EA Capital Account of each such
Non-Defaulting Series EA Partner (including any Capital Contribution made by such Non-Defaulting Series EA Partner under this
Section 5.6(e) multiplied by three) by (y) the sum of the Series EA Capital Accounts of all Series EA Partners (including
all Capital Contributions made under this Section 5.6(e) multiplied by three) and (B) such Defaulting Series EA Partner to equal
the amount of (x) such Defaulting Series EA Partner’s Series EA Percentage Interest immediately prior to the occurrence of
such default less (y) the aggregate increases to the Series EA Percentage Interests of Non-Defaulting Series EA Partners pursuant
to clause (A). Notwithstanding the foregoing, the Defaulting Series EA Partner will have the right to re-acquire the interest in
question from any advancing Non-Defaulting Series EA Partner within 30 days following the date on which such Series EA Percentage
Interest adjustment is made by paying the entire amount advanced by such Non-Defaulting Series EA Partner in return for such adjustment,
plus interest thereon at a rate equal to the lesser of (A) the maximum, lawful interest rate, compounded monthly, that is
then-currently permitted under applicable law, (B) 12% per annum or (C) in the case of an advance from EECI or its Affiliates
to Enbridge Partners or its Subsidiaries, the rate that would be charged Enbridge Partners by unrelated lenders on a comparable
loan, whereupon the Series EA Percentage Interests of each Series EA Partner shall be adjusted to equal the Percentage Interest
such Series EA Partner would have had in the absence of a default by such Defaulting Series EA Partner.

 

    	52

    	 

    

 

(ii)         To
the extent one or more Non-Defaulting Series EA Partners (each, a “Lending Series EA Partner”) elects to have
an advance made pursuant to this Section 5.6(e) constitute a loan to the Defaulting Series EA Partner, such advance will have the
following results (except to the extent otherwise agreed by the Lending Series EA Partner and the Defaulting Series EA Partner,
each in their sole discretion):

 

(A)         the
sum advanced will constitute a loan from the Lending Series EA Partner to the Defaulting Series EA Partner and an Additional Series
EA Capital Contribution of that sum to the Series EA by the Defaulting Series EA Partner pursuant to the applicable provisions
of this Agreement;

 

(B)         the
principal balance of the loan together with all accrued unpaid interest thereon and all costs and expenses associated therewith
(collectively, the “Defaulting Series EA Partner Obligation”) will be due and payable in whole no later than
the tenth Business Day after the day written demand requesting payment of the Defaulting Series EA Partner Obligation is made by
the Lending Series EA Partner to the Defaulting Series EA Partner; provided, however, that the Defaulting Series EA Partner
may prepay the Defaulting Series EA Partner Obligation in whole or in part at any time prior to the date due;

 

(C)         the
amount lent will bear interest at the rate that is the lesser of (A) the maximum, lawful interest rate, compounded monthly,
that is then-currently permitted under applicable law, (B) 12% per annum or (C) in the case of an advance from EECI or its
Affiliates to Enbridge Partners or its Subsidiaries, the rate that would be charged Enbridge Partners by unrelated lenders on a
comparable loan;

 

(D)         the
Lending Series EA Partner will have the right, in addition to the other rights and remedies granted to it pursuant to this Agreement,
to take any action available to it at law or in equity that the Lending Series EA Partner may deem appropriate to obtain payment
from the Defaulting Series EA Partner of the Defaulting Series EA Partner Obligation; and

 

    	53

    	 

    

 

(E)         initially,
a loan by a Lending Series EA Partner to a Defaulting Series EA Partner as contemplated by this Section 5.6(e)(ii) will not be
considered a Capital Contribution by such Lending Series EA Partner and will not increase the Capital Account balance of such Lending
Series EA Partner. Notwithstanding the foregoing, if the principal and interest of any such loan have not been repaid within one
year from the date of the loan, a Lending Series EA Partner, at any time thereafter by giving written notice to the Managing General
Partner of the Series EA and the Defaulting Series EA Partner, may elect to have an amount equal to the unpaid principal and interest
balance of such loan transferred from such Defaulting Series EA Partner’s Capital Account to such Lending Series EA Partner’s
Capital Account and increase such Lending Series EA Partner’s Capital Account with a corresponding decrease in such Defaulting
Series EA Partner’s Capital Account. Upon such transfer, the loan will be treated as a Capital Contribution and the Series
EA Percentage Interest for (A) such Lending Series EA Partner will be automatically adjusted to equal the percentage obtained
by dividing (x) the Capital Account of such Lending Series EA Partner (including any Capital Contribution made by such Lending
Series EA Partner under this Section 5.6(e)(ii)(E) on behalf of the Defaulting Series EA Partner multiplied by three) by (y) the
sum of the Series EA Capital Accounts of all Series EA Partners (including all Capital Contributions made under this Section 5.6(e)(ii)(E)
on behalf of the Defaulting Series EA Partner multiplied by three) and (B) such Defaulting Series EA Partner will be automatically
adjusted to equal the amount of (x) such Defaulting Series EA Partner’s Series EA Percentage Interest immediately prior to
such election by the Lending Series EA Partner less (y) the increase to the Series EA Percentage Interest of Lending Series EA
Partner pursuant to clause (A).

 

(f)          Notwithstanding
the rights of Non-Defaulting Series EA Partners described in Section 5.6(e), the Managing General Partner of the Series EA, by
a vote of a Supermajority Interest of Series EA Partnership Interests (without taking into account the Series EA Partnership Interests
of the Defaulting Series EA Partner), will have the right to exercise any rights and remedies available at law or in equity.

 

Section
5.7           Initial Series ME Capital Contributions.

 

(a)          On
the Series ME Closing Date, each of the Series ME Partners made its respective Capital Contribution (each, an “Initial
Series ME Capital Contribution”) to the Series ME in immediately available U.S. dollars in the amounts set
forth opposite its name on Exhibit A to the Fifth A&R Agreement in return for the Series ME Percentage Interest
and type of Series ME Partnership Interest set forth opposite its name on Exhibit A to the Fifth A&R Agreement,
and each such Series ME Partner was admitted as a Partner of the Series ME in the capacity set forth opposite its name
on Exhibit A to the Fifth A&R Agreement.

 

(b)          On
the Series ME Closing Date, the Managing General Partner of Series ME applied the proceeds of the Initial Series ME Capital
Contributions to repay the Intercompany Preliminary ME Construction Cost Payable.

 

(c)          On
June 28, 2013, EECI and Enbridge Partners entered into the Option Purchase Agreement whereby Enbridge Partners sold to EECI a portion
of the Series ME Limited Partner Interests owned by Enbridge Partners representing, in the aggregate, 15% of the total outstanding
Series ME Limited Partner Interests in accordance with Section 4.12 of the Fifth A&R Agreement. The Percentage Interests of
each Series ME General Partner and Series ME Limited Partner as of the date of this Agreement are as set forth on Exhibit A.

 

    	54

    	 

    

 

Section
5.8           Additional Series ME Capital Contributions.

 

(a)          (i)
Except as otherwise provided in Section 5.8(a)(ii), each Series ME Partner hereby agrees to make additional Capital
Contributions to the Series ME (the “Additional Series ME Capital Contributions”) in proportion
to such Series ME Partner’s Series ME Percentage Interest at such times and in such amounts as the Managing
General Partner of the Series ME shall specify in a notice delivered to the Series ME Partners pursuant to
Section 5.8(b) or Section 5.8(c) (“Series ME Capital Contribution Notice”); provided
that, except as a result of the operation of Section 5.8(a)(ii), in no event shall any Series ME Partner be required to
make, in the aggregate, Capital Contributions in excess of such Series ME Partner’s respective Maximum Commitment
with respect to Series ME set forth on Exhibit A. All Additional Series ME Capital Contributions shall
be contributed to the Series ME in immediately available U.S. dollars on the date specified in the
applicable Series ME Capital Contribution Notice. No Series ME Partner shall be required to make any Additional
Series ME Capital Contribution, or to otherwise contribute any amount, to the Series ME unless such Additional
Series ME Capital Contribution is reflected on the Series ME Annual Budget for such fiscal year or is otherwise
approved by the Managing General Partner of the Series ME and a Supermajority Interest of Series ME Partnership
Interests.

 

(ii) Commencing
with and including the date on which the Series ME Capital Contribution Notice is delivered to the Series ME Partners in
August 2015 and continuing through the earlier of (A) the first date after the date on which the Series ME Distribution is
paid with respect to the Quarter ending March 31, 2016 on which Enbridge Partners has made Additional Series ME Capital
Contributions pursuant to this Section 5.8(a)(ii) in excess of its Pro Rata portion in an amount equal to the Series ME
Abatement Amount determined as of the date immediately following the date on which the Series ME Distribution for the Quarter
ending March 31, 2016 is paid and (B) December 31, 2016, with respect to each Series ME Capital Contribution Notice, Enbridge
Partners shall contribute its Pro Rata portion of any Additional Series ME Capital Contribution set forth in a Series ME
Capital Contribution Notice plus the Series ME Contribution Offset Amount, and EECI shall contribute an amount equal to its
Pro Rata portion of such Additional Series ME Capital Contribution less the Series ME Contribution Offset Amount;
provided, that (1) Enbridge Partners’ contribution with respect to any such Series ME Capital Contribution Notice
shall in no event exceed 100.0% of the Additional Series ME Capital Contributions specified in such Series ME Capital
Contribution Notice and (2) EECI’s contribution with respect to any such Series ME Capital Contribution Notice shall in
no event be less than zero.

 

(b)          On
the 12th day of each month beginning prior to the Mainline Expansion Final In-Service Date, the Managing General Partner of the
Series ME shall deliver a Series ME Capital Contribution Notice to each of the Series ME Partners setting forth
(i) the estimated cash construction costs related to the Mainline Expansion Project for such month, adjusted for the difference
between (A) the actual construction costs related to the Mainline Expansion Project for the immediately preceding month and
(B) the estimated construction costs set forth in the Series ME Capital Contribution Notice for the immediately preceding
month (the “Series ME Monthly Capital Requirement”), (ii) the amount of the required Additional
Series ME Capital Contribution to be made by such Series ME Partner, which, except as provided in Section 5.8(a)(ii),
shall be an amount equal to such Series ME Partner’s Pro Rata portion of the Series ME Monthly Capital Requirement,
(iii) that such Additional Series ME Capital Contribution is due on the 15th day of such month and (iv) the Person
or the account to which such Additional Series ME Capital Contribution is to be made.

 

    	55

    	 

    

 

(c)          From
time to time following the Mainline Expansion Final In-Service Date, the Managing General Partner of the Series ME may deliver
to the Series ME Partners a Series ME Capital Contribution Notice related to amounts that the Managing General Partner
of the Series ME determines are necessary to fund the Series ME’s operations and establish reasonable reserves
in respect of the Series ME’s expenses. Such notice shall set forth (i) the manner in which, and the expected date
on which, such Additional Series ME Capital Contribution is to be applied, (ii) the amount of the required Additional
Series ME Capital Contribution to be made by such Series ME Partner, which, except as provided in Section 5.8(a)(ii),
shall be an amount equal to such Series ME Partner’s Pro Rata portion of the total amount of such Additional Series ME
Capital Contribution, (iii) the date on which such Additional Series ME Capital Contribution is due, which shall not
be less than 10 Business Days from the date such notice is delivered and (iv) the Person or the account to which such Additional
Series ME Capital Contribution is to be made.

  

(d)          Each
Series ME Partner agrees that payment of its required Additional Series ME Capital Contributions under this Agreement
is an obligation of such Series ME Partner, that any default by any Series ME Partner would cause injury to the Series ME
and to the other Series ME Partners and that the amount of damages caused by any such default would be difficult to calculate.

 

(e)          If
a Series ME Partner fails to fund all or any portion of its required Additional Series ME Capital Contribution set forth
in a Series ME Capital Contribution Notice and fails to cure such default within five Business Days after the due date set
forth in such Series ME Capital Contribution Notice (the “Default Series ME Capital Contribution”), the
Series ME Partner failing to make such contribution (the “Defaulting Series ME Partner”) will
be in default. Upon the occurrence of any such default, the Managing General Partner of Series ME shall promptly notify the
Defaulting Series ME Partner and the other Series ME Partners not in default (each a “Non-Defaulting Series ME Partner”)
of the occurrence of such default. As long as a Default Series ME Capital Contribution remains unpaid or arrangements for the payment
thereof have not been agreed to by the Series ME Partners, any Non-Defaulting Series ME Partner may advance to the Series
ME the entire amount of the Defaulting Series ME Partner’s Capital Contribution that has not been contributed, with each
Non-Defaulting Series ME Partner electing to participate in such advance making its share of such advance in proportion to its
Series ME Percentage Interest (without taking into account the Series ME Percentage Interest of the Defaulting Series ME Partner).
Each Non-Defaulting Series ME Partner who makes such an advance on behalf of a Defaulting Series ME Partner will have the right
to elect the extent to which such advance will (x) constitute a loan to the Defaulting Series ME Partner and/or (y) be treated
as a Capital Contribution by such Non-Defaulting Series ME Partner and result in an immediate adjustment of the Series ME Percentage
Interests of the Defaulting Series ME Partner and the Non-Defaulting Series ME Partner making such election in accordance with
Section 5.8(e)(i); provided, however, that if the advancing Non-Defaulting Series ME Partner does not notify the Managing
General Partner of the Series ME of its election to have all, or any portion of, such advance treated as a loan to the Defaulting
Series ME Partner, in writing, at the time the advance is made, then such advance shall be deemed a Capital Contribution and will
automatically result in an immediate adjustment of the Series ME Percentage Interests.

 

    	56

    	 

    

 

(i)            To
the extent that one or more Non-Defaulting Series ME Partners do not elect to have an advance made pursuant to this Section 5.8(e)
treated as a loan to the Defaulting Series ME Partner, or affirmatively elects to have such advance treated as a Capital Contribution,
the Managing General Partner of the Series ME will automatically adjust the Series ME Percentage Interest of (A) each such
Non-Defaulting Series ME Partner to equal the percentage obtained by dividing (x) the Series ME Capital Account of each such
Non-Defaulting Series ME Partner (including any Capital Contribution made by such Non-Defaulting Series ME Partner under this Section
5.8(e) multiplied by three) by (y) the sum of the Series ME Capital Accounts of all Series ME Partners (including all Capital
Contributions made under this Section 5.8(e) multiplied by three) and (B) such Defaulting Series ME Partner to equal the amount
of (x) such Defaulting Series ME Partner’s Series ME Percentage Interest immediately prior to the occurrence of such default
less (y) the aggregate increases to the Series ME Percentage Interests of Non-Defaulting Series ME Partners pursuant to clause
(A). Notwithstanding the foregoing, the Defaulting Series ME Partner will have the right to re-acquire the interest in question
from any advancing Non-Defaulting Series ME Partner within 30 days following the date on which such Series ME Percentage Interest
adjustment is made by paying the entire amount advanced by such Non-Defaulting Series ME Partner in return for such adjustment,
plus interest thereon at a rate equal to the lesser of (A) the maximum, lawful interest rate, compounded monthly, that is
then-currently permitted under applicable law, (B) 12% per annum or (C) in the case of an advance from EECI or its Affiliates
to Enbridge Partners or its Subsidiaries, the rate that would be charged Enbridge Partners by unrelated lenders on a comparable
loan, whereupon the Series ME Percentage Interests of each Series ME Partner shall be adjusted to equal the Percentage Interest
such Series ME Partner would have had in the absence of a default by such Defaulting Series ME Partner.

 

(ii)          To
the extent one or more Non-Defaulting Series ME Partners (each, a “Lending Series ME Partner”) elects to have
an advance made pursuant to this Section 5.8(e) constitute a loan to the Defaulting Series ME Partner, such advance will have the
following results (except to the extent otherwise agreed by the Lending Series ME Partner and the Defaulting Series ME Partner,
each in their sole discretion):

 

(A)         the
sum advanced will constitute a loan from the Lending Series ME Partner to the Defaulting Series ME Partner and an Additional Series
ME Capital Contribution of that sum to the Series ME by the Defaulting Series ME Partner pursuant to the applicable provisions
of this Agreement;

 

(B)         the
principal balance of the loan together with all accrued unpaid interest thereon and all costs and expenses associated therewith
(collectively, the “Defaulting Series ME Partner Obligation”) will be due and payable in whole no later than
the tenth Business Day after the day written demand requesting payment of the Defaulting Series ME Partner Obligation is made by
the Lending Series ME Partner to the Defaulting Series ME Partner; provided, however, that the Defaulting Series ME Partner
may prepay the Defaulting Series ME Partner Obligation in whole or in part at any time prior to the date due;

 

(C)         the
amount lent will bear interest at the rate that is the lesser of (A) the maximum, lawful interest rate, compounded monthly,
that is then-currently permitted under applicable law, (B) 12% per annum or (C) in the case of an advance from EECI or its
Affiliates to Enbridge Partners or its Subsidiaries, the rate that would be charged Enbridge Partners by unrelated lenders on a
comparable loan;

 

(D)         the
Lending Series ME Partner will have the right, in addition to the other rights and remedies granted to it pursuant to this Agreement,
to take any action available to it at law or in equity that the Lending Series ME Partner may deem appropriate to obtain payment
from the Defaulting Series ME Partner of the Defaulting Series ME Partner Obligation; and

 

    	57

    	 

    

 

(E)         initially,
a loan by a Lending Series ME Partner to a Defaulting Series ME Partner as contemplated by this Section 5.8(e)(ii) will not be
considered a Capital Contribution by such Lending Series ME Partner and will not increase the Capital Account balance of such Lending
Series ME Partner. Notwithstanding the foregoing, if the principal and interest of any such loan have not been repaid within one
year from the date of the loan, a Lending Series ME Partner, at any time thereafter by giving written notice to the Managing General
Partner of the Series ME and the Defaulting Series ME Partner, may elect to have an amount equal to the unpaid principal and interest
balance of such loan transferred from such Defaulting Series ME Partner’s Capital Account to such Lending Series ME Partner’s
Capital Account and increase such Lending Series ME Partner’s Capital Account with a corresponding decrease in such Defaulting
Series ME Partner’s Capital Account. Upon such transfer, the loan will be treated as a Capital Contribution and the Series
ME Percentage Interest for (A) such Lending Series ME Partner will be automatically adjusted to equal the percentage obtained
by dividing (x) the Capital Account of such Lending Series ME Partner (including any Capital Contribution made by such Lending
Series ME Partner under this Section 5.8(e)(ii)(E) on behalf of the Defaulting Series ME Partner multiplied by three) by (y) the
sum of the Series ME Capital Accounts of all Series ME Partners (including all Capital Contributions made under this Section 5.8(e)(ii)(E)
on behalf of the Defaulting Series ME Partner multiplied by three) and (B) such Defaulting Series ME Partner will be automatically
adjusted to equal the amount of (x) such Defaulting Series ME Partner’s Series ME Percentage Interest immediately prior to
such election by the Lending Series ME Partner less (y) the increase to the Series ME Percentage Interest of Lending Series ME
Partner pursuant to clause (A).

 

(f)          Notwithstanding
the rights of Non-Defaulting Series ME Partners described in Section 5.8(e), the Managing General Partner of the Series ME, by
a vote of a Supermajority Interest of Series ME Partnership Interests (without taking into account the Series ME Partnership Interests
of the Defaulting Series ME Partner), will have the right to exercise any rights and remedies available at law or in equity.

 

Section
5.9           Interest and Withdrawal of Capital Contributions.

 

No interest shall be
paid by the Partnership or any Series on Capital Contributions. No Partner shall be entitled to the withdrawal or return of its
Capital Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution of the
Partnership or the termination of any Series may be considered as such by law and then only to the extent expressly provided for
in this Agreement. Except to the extent expressly provided in this Agreement, no Partner shall have priority over any other Partner
either as to the return of Capital Contributions or as to Profits, Losses or distributions. Any such return shall be a compromise
to which all Partners agree within the meaning of Section 17-502(b) of the Delaware Act.

 

    	58

    	 

    

 

Section
5.10         Capital Accounts.

 

(a)          A
separate Capital Account shall be established and maintained for each Partner in accordance with the requirements of Treasury Regulation
Section 1.704-1(b)(2)(iv). A Partner that owns a Partnership Interest in more than one Series shall have a single Capital
Account that reflects all such Partnership Interests; provided, however, that Series Capital Accounts shall be maintained
for each Partner in accordance with the requirements of Treasury Regulation Section 1.704-1(b)(2)(iv). A Partner’s Capital
Account balance shall be the sum of the balances of each of such Partner’s Series Capital Accounts.

 

(b)          Each
Series Capital Account for each Partner shall be increased by (i) the amount of money contributed by that Partner to the Partnership
with respect to a Series, (ii) the Book Value of property contributed by that Partner to the Partnership with respect to a
Series (net of liabilities secured by such contributed property that the Partnership is considered to assume or take subject to
under Section 752 of the Code), and (iii) allocations to that Partner of Profits and any other items of income and gain
attributable to a Series, and shall be decreased by (iv) the amount of money of a Series distributed to that Partner, (v) the
Book Value of property of a Series distributed to that Partner (net of liabilities secured by such distributed property that such
Partner is considered to assume or take subject to under Section 752 of the Code), and (vi) allocations to that Partner
of Losses and any other items of loss and deduction attributable to a Series.

 

(c)          The
Partners’ Series Capital Accounts shall also be maintained and adjusted as permitted by the provisions of Treasury Regulation
§ 1.704-1(b)(2)(iv)(f) and as required by the other provisions of Treasury Regulation §§ 1.704-1(b)(2)(iv) and 1.704-1(b)(4).

 

(d)          Whenever
the fair market value of property of a Series is required to be determined pursuant to this Section 5.10, the Managing General
Partner of such Series shall establish the fair market value in a notice to the Partners of such Series.

 

(e)           On
a Transfer of all or part of a Partner’s Partnership Interest, each applicable Series Capital Account of the transferor that
is attributable to the transferred Partnership Interests shall carry over to the transferee Partner in accordance with the provisions
of Treasury Regulation § 1.704-1(b)(2)(iv)(1).

 

ARTICLE
VI

ALLOCATIONS AND DISTRIBUTIONS

 

Section
6.1           Allocations for Capital Account Purposes.

 

(a)          Allocations.
For purposes of maintaining the Series Capital Accounts pursuant to Section 5.10 and in determining the rights of the Partners
among themselves with respect to each Series, after making all of the allocations under Sections 6.1(b) and 6.1(c), Profits and
Losses and items thereof with respect to a Series shall be allocated among the Partners of such Series in each taxable year (or
portion thereof) as provided herein below.

 

    	59

    	 

    

 

(i)          Series AC.
Each item of income, gain, loss, deduction and credit attributable to Series AC Assets and Series AC Liabilities shall
be allocated to the Series AC Partners in accordance with their respective Series AC Percentage Interests.

 

(ii)         Series EA.
Each item of income, gain, loss, deduction and credit attributable to Series EA Assets and Series EA Liabilities shall
be allocated to the Series EA Partners in accordance with their respective Series EA Percentage Interests.

 

(iii)        Series ME.
Each item of income, gain, loss, deduction and credit attributable to Series ME Assets and Series ME Liabilities shall
be allocated to the Series ME Partners in accordance with their respective Series ME Percentage Interests.

 

(iv)        Series LH.
Each item of income, gain, loss, deduction and credit attributable to Series LH Assets and Series LH Liabilities shall
be allocated to the Series LH Partners in accordance with their respective Series LH Percentage Interests.

 

(v)         Notwithstanding
Sections 6.1(a)(i), 6.1(a)(ii), 6.1(a)(iii) and 6.1(a)(iv) in the event of the dissolution and liquidation of the Partnership or
the termination of a Series, allocations of Profit and Loss, and items thereof in connection with the liquidation shall be made
in accordance with Section 11.3(a).

 

Losses and other items of deduction and
loss specially allocated to a Partner with respect to a Series shall not exceed the maximum amount of Losses and items of deduction
and loss that can be allocated without causing such Partner to have a deficit in its Adjusted Capital Account for such Series at
the end of any taxable year or other period. In the event that some but not all of the Partners would have a deficit in their Adjusted
Capital Accounts for such Series as a consequence of an allocation pursuant to this Section 6.1, the limitation set forth
in the preceding sentence shall be applied on a Partner by Partner basis, and Losses or items of deduction and loss not allocable
to any Partner as a result of such limitation shall be allocated to the other Partners of such Series in accordance with and to
the extent of the relative positive balances in such Partners’ Adjusted Capital Accounts attributable to such Series. Any
excess Losses or other items of deduction and loss remaining shall be allocated, Pro Rata, to the Partners of any other Series
whose Adjusted Capital Accounts for such other Series have positive balances to the extent of such positive balances.

 

(b)          Special
Allocations. Notwithstanding any other provisions of this Section 6.1, the following special allocations shall be made
on a Series by Series basis in the following order for each taxable period:

 

(i)          Notwithstanding
any other provision of this Section 6.1, if there is a net decrease in Minimum Gain attributable to a Series during any taxable
year, each Partner of such Series shall be allocated items of income and gain attributable to such Series for such year (and, if
necessary, subsequent taxable years) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(f)(6), (g)(2) and
(j)(2)(i). For purposes of this Section 6.1(b), each Partner’s Adjusted Capital Account balance for such Series shall
be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any other
allocations pursuant to this Section 6.1 with respect to such taxable year. This Section 6.1(b)(i) is intended to comply
with the minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently
therewith.

 

    	60

    	 

    

 

(ii)          Notwithstanding
the other provisions of this Section 6.1 (other than Section 6.1(b)(i) above), if there is a net decrease in Partner
Nonrecourse Debt Minimum Gain attributable to a Series during any taxable year, any Partner with a share of such Partner Nonrecourse
Debt Minimum Gain at the beginning of such taxable year shall be allocated items of income and gain attributable to such Series
for such year (and, if necessary, subsequent taxable years) in the manner and amounts provided in Treasury Regulation Section 1.704-2(i)(4)
and (j)(2)(ii). For purposes of this Section 6.1(b), each Partner’s Adjusted Capital Account balance shall be determined,
and the allocation of income and gain required hereunder shall be effected, prior to the application of any other allocations pursuant
to this Section 6.1, other than Section 6.1(b)(i) above, with respect to such taxable year. This Section 6.1(b)(ii)
is intended to comply with the partner nonrecourse debt minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(i)(4)
and shall be interpreted consistently therewith.

 

(iii)         Except
as provided in Sections 6.1(b)(i) and 6.1(b)(ii) above, in the event any Partner unexpectedly receives an adjustment, allocation
or distribution described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6) attributable to a Series, items of
income and gain of such Series shall be allocated to such Partner in an amount and manner sufficient to eliminate, to the extent
required by such Treasury Regulation, the deficit balance, if any, in its Adjusted Capital Account attributable to such Series
created by such adjustment, allocation or distribution as quickly as possible unless such deficit balance is otherwise eliminated
pursuant to Sections 6.1(b)(i), 6.1(b)(ii), 6.1(b)(iv) or 6.1(b)(v). This Section 6.1(b)(iii) is intended to constitute a
qualified income offset described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

 

(iv)         After
giving effect to the allocations in Sections 6.1(b)(i), 6.1(b)(ii) and 6.1(b)(iii):

 

(A)         in
the event that the Series LH Partners become obligated to make payments to the Series AC Partners, Series EA Partners
or Series ME Partners pursuant to Section 6.2(c), Section 6.3(c) or Section 6.4(c), items of Partnership gross income and
gain shall be allocated to the Series LH Partners in accordance with their respective Series LH Percentage Interests
until the aggregate amounts of items allocated to the Series LH Partners pursuant to this Section 6.1(b)(iv) for such
taxable year and all prior taxable years equals the cumulative amount of payments made by the Series LH Partners to the Series AC
Partners, Series EA Partners or Series ME Partners, as applicable, pursuant to Section 6.2(c), Section 6.3(c) or Section 6.4(c)
for such taxable year and all prior taxable years;

 

(B)         in
the event that the Series AC Partners become obligated to make payments to the Series LH Partners pursuant to Section 6.5(c),
items of Partnership gross income and gain shall be allocated to the Series AC Partners in accordance with their respective
Series AC Percentage Interests until the aggregate amounts of items allocated to the Series AC Partners pursuant to this Section 6.1(b)(iv)
for such taxable year and all prior taxable years equals the cumulative amount of payments made by the Series AC Partners
to the Series LH Partners pursuant to Section 6.5(c) for such taxable year and all prior taxable years;

 

    	61

    	 

    

 

(C)         in
the event that the Series EA Partners become obligated to make payments to the Series LH Partners pursuant to Section 6.5(d), items
of Partnership gross income and gain shall be allocated to the Series EA Partners in accordance with their respective Series EA
Percentage Interests until the aggregate amounts of items allocated to the Series EA Partners pursuant to this Section 6.1(b)(iv)
for such taxable year and all prior taxable years equals the cumulative amount of payments made by the Series EA Partners to the
Series LH Partners pursuant to Section 6.5(d) for such taxable year and all prior taxable years; and

 

(D)         in
the event that the Series ME Partners become obligated to make payments to the Series LH Partners pursuant to Section 6.5(e), items
of Partnership gross income and gain shall be allocated to the Series ME Partners in accordance with their respective Series ME
Percentage Interests until the aggregate amounts of items allocated to the Series ME Partners pursuant to this Section 6.1(b)(iv)
for such taxable year and all prior taxable years equals the cumulative amount of payments made by the Series ME Partners to the
Series LH Partners pursuant to Section 6.5(e) for such taxable year and all prior taxable years.

 

(v)          In
the event any Partner has a deficit balance in its Adjusted Capital Account attributable to a Series at the end of any taxable
year, such Partner shall be allocated items of gross income and gain of such Series in the amount of such excess as quickly as
possible; provided, however, that an allocation pursuant to this Section 6.1(b)(v) shall be made only if and
to the extent that such Partner would have a deficit balance in its Adjusted Capital Account for such Series after all other allocations
provided in this Section 6.1(b) (other than Section 6.1(b)(iii)) have been tentatively made as if Section 6.1(b)(iii)
and this Section 6.1(b)(v) were not in this Agreement.

 

(vi)         Nonrecourse
Deductions attributable to a Series for any taxable year shall be allocated to the Partners of such Series in accordance with their
Percentage Interests for such Series.

 

(vii)        Partner
Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for any taxable year shall be allocated 100% to the Partner that
bears the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable
in accordance with Treasury Regulation Section 1.704-2(i). If more than one Partner bears the Economic Risk of Loss with respect
to a Partner Nonrecourse Debt, Partner Nonrecourse Deductions attributable thereto shall be allocated between or among such Partners
in accordance with the ratios in which they share such Economic Risk of Loss. This Section 6.1(b)(vii) is intended to comply
with the provisions of Treasury Regulation Section 1.704-2(i) and shall be interpreted consistently therewith.

 

(viii)       To
the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Sections 734(b) or 743(b) is required, pursuant
to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts as a result
of a distribution in liquidation of a Partner’s Partnership Interest in a Series, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases
such basis), and such item of gain or loss shall be allocated to the Partners in a manner consistent with the manner in which their
Series Capital Accounts are required to be adjusted pursuant to such provisions.

 

    	62

    	 

    

 

(c)          Curative
Allocation. The Regulatory Allocations are intended to comply with certain requirements of the Treasury Regulations. It is
the intent of the Partners that, to the extent possible, all Regulatory Allocations attributable to a Series shall be offset either
with other Regulatory Allocations attributable to such Series, or with special allocations of other items of income, gain, loss
or deduction attributable to such Series pursuant to this Section 6.1(c). Therefore, notwithstanding any other provision of
this Article VI (other than the Regulatory Allocations), but subject to the Code and the Treasury Regulations, the Managing
General Partner of the applicable Series shall make such offsetting special allocations of income, gain, loss or deduction in whatever
manner it determines appropriate so that, after such offsetting allocations are made, each Partner’s applicable Series Capital
Account balance is, to the extent possible, equal to the balance such Partner would have had if the Regulatory Allocations were
not part of this Agreement. In exercising its discretion under this Section 6.1(c), the Managing General Partner of the applicable
Series shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory
Allocations previously made.

 

(d)          Income
Tax Allocations.

 

(i)          Except
as otherwise provided in this Section 6.1, each item of income, gain, loss and deduction of a Series shall be allocated among
the Partners of such Series for U.S. federal income tax purposes in the same manner as such items are allocated under Sections
6.1(a), 6.1(b) and 6.1(c).

 

(ii)         For
U.S. federal income tax purposes, income, gain, loss and deduction with respect to property contributed to a Series by a Partner
or the Book Value of which is adjusted pursuant to clause (b) or (d) of the definition of Book Value shall be allocated among the
Partners of such Series in a manner that takes into account the variation between the adjusted tax basis of such property and its
Book Value, as required by Section 704(c) of the Code and Treasury Regulation Section 1.704-1(b)(4)(i), using the remedial
allocation method permitted by Treasury Regulation Section 1.704-3(d).

 

(iii)        All
items of income, gain, loss, deduction and credit allocated to the Partners in accordance with the provisions hereof and basis
allocations recognized by a Series for U.S. federal income tax purposes shall be determined without regard to any election under
Code Section 754 that may be made by the Series.

 

(iv)        If
any deductions for depreciation or cost recovery are recaptured as ordinary income upon the sale or other disposition of property
of a Series, the ordinary income character of the gain from such sale or disposition shall be allocated among the Partners of such
Series in the same ratio as the deductions giving rise to such ordinary income character were allocated.

 

Section
6.2           Requirement and Characterization of Series AC
Distributions; Distributions to Series AC Partners.

 

(a)          Within
45 days following the end of each Quarter, the Partnership in respect of the Series AC shall distribute Pro Rata to the Series AC
Partners as of the last day of such Quarter an amount in cash equal to the Series AC Distribution Amount (if such amount is
greater than zero) with respect to such Quarter (the “Series AC Distribution”). Notwithstanding any provision
to the contrary contained in this Agreement, neither the Partnership nor the Series AC shall make any distribution to any
Series AC Partner on account of its Series AC Partnership Interest if such distribution would violate the Delaware Act or
any other applicable law.

 

    	63

    	 

    

 

(b)          Notwithstanding
Section 6.2(a), in the event of the dissolution and liquidation of the Partnership or the termination of the Series AC,
all cash receipts received during or after the Quarter in which the Liquidation Date occurs shall be applied and distributed solely
in accordance with, and subject to the terms and conditions of, Section 11.3.

 

(c)          If,
for any Quarter (including the Quarter in which the liquidation of the Series AC is completed), the cash that is distributed
by the Partnership to the Series AC Partners is less than the Series AC Distribution Amount for such Quarter, then the
Series LH Partners shall promptly pay to the Series AC Partners Pro Rata in cash an amount equal to such shortfall. Such
payment obligation shall be allocated Pro Rata among the Series LH Partners.

 

Section
6.3           Requirement and Characterization of Series EA
Distributions; Distributions to Series EA Partners.

 

(a)          Within
45 days following the end of each Quarter commencing with the Quarter in which the Eastern Access First In-Service Date occurs,
the Partnership in respect of the Series EA shall distribute an amount in cash equal to the Series EA Distribution Amount
(if such amount is greater than zero) with respect to such Quarter (the “Series EA Distribution”) as follows:

 

(i)          so
long as Enbridge Partners is a Series EA Limited Partner, commencing with and including the Series EA Distribution made with respect
to the Quarter ending June 30, 2015 and continuing through and including the Series EA Distribution made with respect to the Quarter
ending March 31, 2016, to the Series EA General Partner Pro Rata and the remainder to Enbridge Partners;

 

(ii)         so
long as EECI is a Series EA Limited Partner, and if the Series EA Contribution Offset Amount is greater than zero
(such amount, as reduced by Series EA Distribution Amounts distributed to EECI in excess of its Pro Rata portion pursuant to
this Section 6.3(a)(ii), the “Series EA Remainder Amount”), commencing with and including the Series
EA Distribution made with respect to the Quarter ending March 31, 2017 and continuing each consecutive Quarter thereafter
until EECI has received aggregate Series EA Distribution Amounts in excess of its Pro Rata portion in an amount equal to the
Series EA Remainder Amount as of the date immediately preceding the date on which the Series EA Distribution for the Quarter
ending March 31, 2017 is made, to the Series EA General Partner Pro Rata, to Enbridge Partners Pro Rata less the Series EA
Remainder Amount, and to EECI Pro Rata plus the Series EA Remainder Amount; provided, however, that in no event shall
EECI be entitled to Series EA Distribution Amounts in excess of its Pro Rata portion pursuant to this Section 6.3(a)(ii) with
respect to any Quarter to the extent such excess would be greater than (A) 25.0% of the Series EA Contribution Offset Amount
determined as of the date immediately preceding the date on which the Series EA Distribution for the Quarter ending March 31,
2017 is made or (B) 50.0% of Enbridge Partners’ Pro Rata portion of  any Series EA Distribution Amount; and

 

    	64

    	 

    

 

(iii)        for
any Quarter during any period not described in clause (i) or (ii) of this Section 6.3(a), Pro Rata to the Series EA Partners as
of the last day of such Quarter.

 

(b)          Notwithstanding
Section 6.3(a), in the event of the dissolution and liquidation of the Partnership or the termination of the Series EA,
all cash receipts received during or after the Quarter in which the Liquidation Date occurs shall be applied and distributed solely
in accordance with, and subject to the terms and conditions of, Section 11.3.

 

(c)          If,
for any Quarter (including the Quarter in which the liquidation of the Series EA is completed), the cash that is distributed
by the Partnership to the Series EA Partners is less than the Series EA Distribution Amount for such Quarter, then the
Series LH Partners shall promptly pay to the Series EA Partners Pro Rata in cash an amount equal to such shortfall. Such
payment obligation shall be allocated Pro Rata among the Series LH Partners.

 

(d)          Notwithstanding
any provision to the contrary contained in this Agreement, neither the Partnership nor the Series EA shall make any distribution
to any Series EA Partner on account of its Series EA Partnership Interest if such distribution would violate the Delaware
Act or any other applicable law.

 

Section
6.4           Requirement and Characterization of Series ME
Distributions; Distributions to Series ME Partners.

 

(a)          Within
45 days following the end of each Quarter commencing with the Quarter in which the Mainline Expansion First In-Service Date occurs,
the Partnership in respect of the Series ME shall distribute an amount in cash equal to the Series ME Distribution Amount
(if such amount is greater than zero) with respect to such Quarter (the “Series ME Distribution”) as follows:

 

(i)          so
long as Enbridge Partners is a Series ME Limited Partner, commencing with and including the Series ME Distribution made with respect
to the Quarter ending June 30, 2015 and continuing through and including the Series ME Distribution made with respect to the Quarter
ending March 31, 2016, to the Series ME General Partner Pro Rata and the remainder to Enbridge Partners;

 

(ii)         so
long as EECI is a Series ME Limited Partner, and if the Series ME Contribution Offset Amount is greater than zero (such
amount, as reduced by Series ME Distribution Amounts distributed to EECI in excess of its Pro Rata portion pursuant to this
Section 6.4(a)(ii), the “Series ME Remainder Amount”), commencing with and including the Series ME
Distribution made with respect to the Quarter ending March 31, 2017 and continuing each consecutive Quarter thereafter until
EECI has received aggregate Series ME Distribution Amounts in excess of its Pro Rata portion in an amount equal to the Series
ME Remainder Amount as of the date immediately preceding the date on which the Series ME Distribution for the Quarter
ending March 31, 2017 is made, to the Series ME General Partner Pro Rata, to Enbridge Partners Pro Rata less the Series ME
Remainder Amount, and to EECI Pro Rata plus the Series ME Remainder Amount; provided, however, that in no event shall
EECI be entitled to Series ME Distribution Amounts in excess of its Pro Rata portion pursuant to this Section 6.4(a)(ii) with
respect to any Quarter to the extent such excess would be greater than (A) 25.0% of the Series ME Contribution Offset
Amount determined as of the date immediately preceding the date on which the Series ME Distribution for the Quarter ending
March 31, 2017 is made or (B) 50.0% of Enbridge Partners’ Pro Rata portion of any Series ME Distribution Amount;
and

 

    	65

    	 

    

 

(iii)        for
any Quarter during any period not described in clause (i) or (ii) of this Section 6.4(a), Pro Rata to the Series ME Partners as
of the last day of such Quarter.

 

(b)          Notwithstanding
Section 6.4(a), in the event of the dissolution and liquidation of the Partnership or the termination of the Series ME,
all cash receipts received during or after the Quarter in which the Liquidation Date occurs shall be applied and distributed solely
in accordance with, and subject to the terms and conditions of, Section 11.3.

 

(c)          If,
for any Quarter (including the Quarter in which the liquidation of the Series ME is completed), the cash that is distributed
by the Partnership to the Series ME Partners is less than the Series ME Distribution Amount for such Quarter, then the
Series LH Partners shall promptly pay to the Series ME Partners Pro Rata in cash an amount equal to such shortfall. Such
payment obligation shall be allocated Pro Rata among the Series LH Partners.

 

(d)          Notwithstanding
any provision to the contrary contained in this Agreement, neither the Partnership nor the Series ME shall make any distribution
to any Series ME Partner on account of its Series ME Partnership Interest if such distribution would violate the Delaware
Act or any other applicable law.

 

Section
6.5           Distributions to Series LH Partners.

 

(a)          On
the date that the Series AC Distribution, the Series EA Distribution and the Series ME Distribution is made pursuant to Section 6.2(a),
Section 6.3(a) and Section 6.4(a), as applicable, the Managing General Partner of the Series LH may, in its sole discretion,
cause the Partnership in respect of the Series LH to distribute Pro Rata to the Series LH Partners any cash that is not
otherwise required under this Agreement to be distributed to the Partners of any other Series or properly reserved by any other
Series in accordance with this Agreement (the “Series LH Distribution”). Notwithstanding any provision
to the contrary contained in this Agreement, neither the Partnership nor the Series LH shall make any distribution to any
Series LH Partner on account of its Series LH Partnership Interest if such distribution would violate the Delaware Act
or other applicable law.

 

(b)          Notwithstanding
Section 6.5(a), in the event of the dissolution and liquidation of the Partnership or the termination of the Series LH,
all cash receipts received during or after the Quarter in which the Liquidation Date occurs shall be applied and distributed solely
in accordance with, and subject to the terms and conditions of, Section 11.3.

 

(c)          If,
for any Quarter (including the Quarter in which the liquidation of the Series LH is completed), the Series AC Distribution
Amount is less than zero, then the Series AC Partners shall promptly pay to the Series LH Partners Pro Rata in cash an
amount equal to the aggregate amount by which the Series AC Distribution Amount was less than zero. Such payment obligation
shall be allocated Pro Rata among the Series AC Partners.

 

    	66

    	 

    

 

(d)          If,
for any Quarter (including the Quarter in which the liquidation of the Series LH is completed), the Series EA Distribution
Amount is less than zero, then the Series EA Partners shall promptly pay to the Series LH Partners Pro Rata in cash an
amount equal to the aggregate amount by which the Series EA Distribution Amount was less than zero. Such payment obligation
shall be allocated Pro Rata among the Series EA Partners.

 

(e)          If,
for any Quarter (including the Quarter in which the liquidation of the Series LH is completed), the Series ME Distribution
Amount is less than zero, then the Series ME Partners shall promptly pay to the Series LH Partners Pro Rata in cash an
amount equal to the aggregate amount by which the Series ME Distribution Amount was less than zero. Such payment obligation
shall be allocated Pro Rata among the Series ME Partners.

 

ARTICLE
VII

MANAGEMENT AND OPERATION OF BUSINESS; LIMITED PARTNERS

 

Section
7.1           Management.

 

(a)          The
Managing General Partner of the Partnership generally shall conduct, direct and manage all activities of the Partnership generally,
and the Managing General Partner of each Series shall conduct, direct and manage all activities of the Series for which it serves
as Managing General Partner. Except as otherwise expressly provided in this Agreement, (i) all management powers over the
business and affairs of the Partnership generally shall be exclusively vested in the Managing General Partner of the Partnership
generally, and no Limited Partner or other General Partner shall have any management power over the business and affairs of (or
authority to bind) the Partnership generally and (ii) all management powers over the business and affairs of each Series shall
be exclusively vested in the Managing General Partner of such Series, and no Limited Partner or other General Partner shall have
any management power over the business and affairs of (or authority to bind) such Series. In addition to the powers now or hereafter
granted a general partner of a limited partnership under applicable law or that are granted to a Managing General Partner under
any other provision of this Agreement, each Managing General Partner, subject to any approval required by Section 7.4, Section
7.5 or any other provision of this Agreement, shall have full power and authority to do all things and on such terms as it determines
to be necessary or appropriate to conduct the business of the Partnership generally or the applicable Series, as the case may be,
to exercise all powers set forth in Section 2.5 and to effectuate the purposes set forth in Section 2.4, including the
following:

 

(i)          the
making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness
and other liabilities, the issuance of evidences of indebtedness and the incurring of any other obligations;

 

(ii)         the
making of regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction
over the business or assets of the Partnership and each Series (other than in connection with the matters set forth in Section 9.3);

 

    	67

    	 

    

 

(iii)        the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the applicable
Series or the merger or other combination of the Partnership with or into another Person;

 

(iv)        the
use of the assets of the applicable Series (including cash on hand) for any purpose consistent with the terms of this Agreement;

 

(v)         the
negotiation, execution and performance of any contracts, conveyances or other instruments on behalf of the Partnership generally
or the applicable Series;

 

(vi)        the
distribution of cash or property of the applicable Series;

 

(vii)       the
maintenance of separate or joint insurance policies for the benefit of the Partnership, any Series, any Partners or any Indemnitees;

 

(viii)      the
formation of, or acquisition of an interest in, and the contribution of property and the making of loans to, any further limited
or general partnerships, joint ventures, corporations, limited liability companies or other relationships subject to the restrictions
set forth in Section 2.4;

 

(ix)         the
control of any matters affecting the rights and obligations of the Partnership or the applicable Series, including the bringing
and defending of actions at law or in equity and otherwise engaging in the conduct of litigation, arbitration or mediation and
the incurring of legal expense and the settlement of claims and litigation; and

 

(x)          the
indemnification of any Person against liabilities and contingencies to the extent permitted by law.

 

Section
7.2           Certificate of Limited Partnership.

 

The Managing General
Partner of the Partnership generally has caused an amendment to and restatement of the Certificate of Limited Partnership to be
filed with the Secretary of State of the State of Delaware as required by the Delaware Act, which contains a notice of the limitation
of liabilities of the Series in conformity with Section 17-218 of the Delaware Act. To the extent the Managing General Partner
of the Partnership generally determines such action to be necessary or appropriate, the Managing General Partner of the Partnership
generally shall file amendments to and restatements of the Certificate of Limited Partnership and do all necessary things to maintain
the Partnership as a limited partnership (or a partnership or other entity in which the limited partners have limited liability)
under the laws of the State of Delaware or of any other state in which the Partnership may elect to do business or own property.

 

Section
7.3           Reserved.

 

Section
7.4           Actions Requiring the Approval of the Series EA Partners.

 

Notwithstanding any
other provision of this Agreement to the contrary, and in addition to the requirements of Section 7.5, none of the Partnership,
any Series, any Managing General Partner nor any other Partner shall cause or commit the Partnership or any Series to take any
of the following actions without the prior written consent or vote of a Supermajority Interest of Series EA Partnership Interests:

 

    	68

    	 

    

 

(a)          approve
the Series EA Annual Budget as provided for in Section 7.7;

 

(b)          request
or otherwise require any additional Series EA Capital Contributions, pursuant to Section 5.6 or otherwise, that are not
reflected in the approved Series EA Annual Budget;

 

(c)          establish
any Series EA Reserves;

 

(d)          with
respect to the Series EA, make any expenditure or series of related expenditures in excess of $1,000,000 that are not (i) reflected
in the approved Series EA Annual Budget or (ii) required to address an emergency;

 

(e)          the
issuance, incurrence or assumption of any Indebtedness by the Series EA other than (i) Indebtedness reflected in the
approved Series EA Annual Budget, (ii) an Intercompany Obligation permitted by Section 7.4(f) or (iii) a Springing
Guarantee permitted by Section 7.4(g);

 

(f)          the
issuance, incurrence or assumption of any Indebtedness by the Partnership generally or any Series (other than the Series EA)
unless such Indebtedness is (i) (x) (A) by its terms, expressly non-recourse to any Series EA Assets and the Series EA
Partners or (B) an Intercompany Obligation and (y) after giving effect to the issuance, incurrence or assumption of such
Indebtedness, the aggregate principal amount of Indebtedness of the Partnership and all Series (excluding (A) short term Indebtedness
incurred in connection with the construction of projects that have not yet been placed into service and (B) Indebtedness of
the Series EA) does not exceed 45% of the total capitalization of the Partnership as a whole, (ii) incurred in connection
with the refinancing of Existing Indebtedness for which the Partnership is the direct obligor (other than Existing Indebtedness
that is an Intercompany Obligation), (iii) an Intercompany Obligation permitted by Section 7.4(e) or (iv) a Springing
Guarantee permitted by Section 7.4(g);

 

(g)          any
guarantee of Indebtedness of another Person by the Partnership generally or any Series other than a Springing Guarantee;

 

(h)          any
material modification of any material contract related to the Series EA Assets or to which the Series EA is a party (excluding
this Agreement);

 

(i)           any
material modification to the Series EA Tariff Term Sheets or the Eastern Access Surcharge;

 

(j)           any
merger, consolidation, conversion, business combination or reorganization of the Partnership or any Subsidiary of the Partnership
that owns any Series EA Assets (other than any conversion pursuant to Section 12.11(c));

 

(k)          any
direct or indirect sale, exchange or other transfer of (i) any Series EA Assets or (ii) any assets of the Partnership
generally or any Series (other than the Series EA) in excess of $25,000,000, in each case, other than sales, exchanges or
other transfers as a result of the exercise of remedies pursuant to Existing Indebtedness;

 

    	69

    	 

    

 

(l)           any
issuance of any additional Partnership Interests of the Partnership generally or any Series;

 

(m)         except
as otherwise provided in Section 4.1(c), the admission of any Person as a new Partner of the Partnership generally or of any
Series (whether by Transfer of existing Partnership Interests, merger or issuance of additional Partnership Interests);

 

(n)          except
as otherwise provided in Section 4.1(c), any withdrawal or removal of any General Partner or admission of any new General
Partner of the Partnership generally or any Series;

 

(o)          the
amendment of any provision of this Agreement relating to the Series EA or any other amendment of this Agreement that would
have an adverse effect on the Series EA, the Series EA Assets or the Series EA Partners;

 

(p)          the
entry into or termination of any activity or business, or the acquisition or divestiture of any asset or business, that would cause
the Partnership or any Series to be taxed as an association taxable as a corporation or otherwise taxable as an entity for U.S.
federal income tax purposes;

 

(q)          the
voluntary dissolution or liquidation of the Partnership or voluntary termination of any Series; or

 

(r)          the
commencement of a voluntary case with respect to, or the consent to the entry of an order for relief in an involuntary case against,
the Partnership or any Series under any bankruptcy laws.

 

Section
7.5           Actions Requiring the Approval of the Series ME Partners.

 

Notwithstanding any
other provision of this Agreement to the contrary, and in addition to the requirements of Section 7.4, none of the Partnership,
any Series, any Managing General Partner nor any other Partner shall cause or commit the Partnership or any Series to take any
of the following actions without the prior written consent or vote of a Supermajority Interest of Series ME Partnership Interests:

 

(a)          approve
the Series ME Annual Budget as provided for in Section 7.8;

 

(b)          request
or otherwise require any additional Series ME Capital Contributions, pursuant to Section 5.8 or otherwise, that are not
reflected in the approved Series ME Annual Budget;

 

(c)          establish
any Series ME Reserves;

 

    	70

    	 

    

 

(d)          with
respect to the Series ME, make any expenditure or series of related expenditures in excess of $1,000,000 that are not (i) reflected
in the approved Series ME Annual Budget or (ii) required to address an emergency;

 

(e)          the
issuance, incurrence or assumption of any Indebtedness by the Series ME other than (i) Indebtedness reflected in the
approved Series ME Annual Budget, (ii) an Intercompany Obligation permitted by Section 7.5(f) or (iii) a Springing
Guarantee permitted by Section 7.5(g);

 

(f)          the
issuance, incurrence or assumption of any Indebtedness by the Partnership generally or any Series (other than the Series ME)
unless such Indebtedness is (i) (x) (A) by its terms, expressly non-recourse to any Series ME Assets and the Series ME
Partners or (B) an Intercompany Obligation and (y) after giving effect to the issuance, incurrence or assumption of such
Indebtedness, the aggregate principal amount of Indebtedness of the Partnership and all Series (excluding (A) short term Indebtedness
incurred in connection with the construction of projects that have not yet been placed into service and (B) Indebtedness of
the Series ME) does not exceed 45% of the total capitalization of the Partnership as a whole, (ii) incurred in connection
with the refinancing of Existing Indebtedness for which the Partnership is the direct obligor (other than Existing Indebtedness
that is an Intercompany Obligation), (iii) an Intercompany Obligation permitted by Section 7.5(e) or (iv) a Springing
Guarantee permitted by Section 7.5(g);

 

(g)          any
guarantee of Indebtedness of another Person by the Partnership generally or any Series other than a Springing Guarantee;

 

(h)          any
material modification of any material contract related to the Series ME Assets or to which the Series ME is a party (excluding
this Agreement);

 

(i)          any
material modification to the Series ME Tariff Term Sheets or the Mainline Expansion Surcharge;

 

(j)          any
merger, consolidation, conversion, business combination or reorganization of the Partnership or any Subsidiary of the Partnership
that owns any Series ME Assets (other than any conversion pursuant to Section 12.11(c));

 

(k)          any
direct or indirect sale, exchange or other transfer of (i) any Series ME Assets or (ii) any assets of the Partnership
generally or any Series (other than the Series ME) in excess of $25,000,000, in each case, other than sales, exchanges or
other transfers as a result of the exercise of remedies pursuant to Existing Indebtedness;

 

(l)           any
issuance of any additional Partnership Interests of the Partnership generally or any Series;

 

(m)         except
as otherwise provided in Section 4.1(c), the admission of any Person as a new Partner of the Partnership generally or of any
Series (whether by Transfer of existing Partnership Interests, merger or issuance of additional Partnership Interests);

 

    	71

    	 

    

 

(n)          except
as otherwise provided in Section 4.1(c), any withdrawal or removal of any General Partner or admission of any new General
Partner of the Partnership generally or any Series;

 

(o)          the
amendment of any provision of this Agreement relating to the Series ME or any other amendment of this Agreement that would
have an adverse effect on the Series ME, the Series ME Assets or the Series ME Partners;

 

(p)          the
entry into or termination of any activity or business, or the acquisition or divestiture of any asset or business, that would cause
the Partnership or any Series to be taxed as an association taxable as a corporation or otherwise taxable as an entity for U.S.
federal income tax purposes;

 

(q)          the
voluntary dissolution or liquidation of the Partnership or voluntary termination of any Series; or

 

(r)           the
commencement of a voluntary case with respect to, or the consent to the entry of an order for relief in an involuntary case against,
the Partnership or any Series under any bankruptcy laws.

 

Section
7.6           Reserved.

 

Section
7.7           Series EA Annual Budget.

 

(a)          Fifteen
days prior to the beginning of each fiscal year beginning after December 31, 2012, the Managing General Partner of the Series EA
shall cause to be prepared and submitted to the Series EA Partners a budget and forecast setting forth the anticipated revenues
and expenses for the Series EA for the following fiscal year, including any anticipated Series EA Maintenance Capital Expenditures,
operating expenses, revenues, Capital Contributions and distributions (the “Series EA Annual Budget”).

 

(b)          After
the Series EA Annual Budget has been approved by a Supermajority Interest of Series EA Partnership Interests, the Managing
General Partner of the Series EA shall implement the Series EA Annual Budget and shall be authorized to make the expenditures
and incur the obligations provided for therein. The Series EA Annual Budget may be revised at any time during a fiscal year
subject to the approval of a Supermajority Interest of Series EA Partnership Interests.

 

(c)          If
a Supermajority Interest of Series EA Partnership Interests fails to adopt on or before December 31 of any year a Series EA
Annual Budget that has been properly submitted for approval by the Managing General Partner of the Series EA, then a Supermajority
Interest of Series EA Partnership Interests shall be deemed to have approved as the Series EA Annual Budget for the next
calendar year the last Series EA Annual Budget that was approved by a Supermajority Interest of Series EA Partnership
Interests (the “Series EA Prior Budget”) adjusted as follows: (i) all operating expense items (including
Series EA Maintenance Capital Expenditures) set forth in the Series EA Prior Budget shall be increased by 5% from the Series EA
Prior Budget and (ii) all expenditures related to the construction of the Eastern Access Project set forth in the Series EA
Prior Budget shall be replaced with the estimated expenditures related to the construction of the Eastern Access Project for the
next calendar year; provided, however, that if a Series EA Annual Budget subsequently is approved by a Supermajority
Interest of Series EA Partnership Interests, such subsequently approved Series EA Annual Budget shall be effective for
the remainder of the applicable fiscal year.

 

    	72

    	 

    

 

Section
7.8           Series ME Annual Budget.

 

(a)          Fifteen
days prior to the beginning of each fiscal year beginning after December 31, 2012, the Managing General Partner of the Series ME
shall cause to be prepared and submitted to the Series ME Partners a budget and forecast setting forth the anticipated revenues
and expenses for the Series ME for the following fiscal year, including any anticipated Series ME Maintenance Capital Expenditures,
operating expenses, revenues, Capital Contributions and distributions (the “Series ME Annual Budget”).

 

(b)          After
the Series ME Annual Budget has been approved by a Supermajority Interest of Series ME Partnership Interests, the Managing
General Partner of the Series ME shall implement the Series ME Annual Budget and shall be authorized to make the expenditures
and incur the obligations provided for therein. The Series ME Annual Budget may be revised at any time during a fiscal year
subject to the approval of a Supermajority Interest of Series ME Partnership Interests.

 

(c)          If
a Supermajority Interest of Series ME Partnership Interests fails to adopt on or before December 31 of any year a Series ME
Annual Budget that has been properly submitted for approval by the Managing General Partner of the Series ME, then a Supermajority
Interest of Series ME Partnership Interests shall be deemed to have approved as the Series ME Annual Budget for the next
calendar year the last Series ME Annual Budget that was approved by a Supermajority Interest of Series ME Partnership
Interests (the “Series ME Prior Budget”) adjusted as follows: (i) all operating expense items (including
Series ME Maintenance Capital Expenditures) set forth in the Series ME Prior Budget shall be increased by 5% from the Series ME
Prior Budget and (ii) all expenditures related to the construction of the Mainline Expansion Project set forth in the Series
ME Prior Budget shall be replaced with the estimated expenditures related to the construction of the Mainline Expansion Project
for the next calendar year; provided, however, that if a Series ME Annual Budget subsequently is approved by
a Supermajority Interest of Series ME Partnership Interests, such subsequently approved Series ME Annual Budget shall
be effective for the remainder of the applicable fiscal year.

 

Section
7.9           Collection of Series AC Revenue Entitlement.

 

(a)          The
Series AC Revenue Entitlement for each year will be collected on a monthly basis by the Partnership on behalf of the Series AC
through the surcharge provided for in Section 3 “Revenue Requirement” of the Series AC Tariff Term Sheet
(excluding any reduction attributable to the “Revenue Credit” provided for in Section 13 of the Series AC Tariff
Term Sheet that is collected through the base system tolls) that is levied during that year with respect to the projected level
of costs and throughput volumes, including the adjustment provided for in Section 4 “Revenue Requirement Adjustment”
of the Series AC Tariff Term Sheet for over or under collection that is included in the surcharge levied in the year following
the year of such over or under collection, inclusive of carrying charges.

 

    	73

    	 

    

 

(b)          The
Managing General Partner of the Series AC shall cause the Series AC Records to set forth the cumulative amount by which
the Series AC Revenue Entitlement exceeds or is less than amounts actually collected, inclusive of carrying charges.

 

(c)          Neither
the Series AC Revenue Entitlement, nor the amount of the Series AC Revenue Entitlement that is collected on behalf of
Series AC in any period, will be reduced by any part of the revenue credit to the Alberta Clipper Surcharge specified in Section 13
of the Series AC Tariff Term Sheet.

 

Section
7.10         Collection of Series EA Revenue Entitlement.

 

(a)          The
Series EA Revenue Entitlement for each year will be collected on a monthly basis by the Partnership on behalf of Series EA through
(i) the Eastern Access Surcharge, (ii) the collection of Allowance Oil Revenue applicable to Series EA Assets and (iii) the Qualifying
Volume Adjustment. The Series EA Revenue Entitlement will be reduced by the Line 17 IJT Discount.

 

(b)          The
Managing General Partner of the Series EA shall cause the Series EA Records to set forth the cumulative amount by which the Series
EA Revenue Entitlement exceeds or is less than amounts actually collected, inclusive of carrying charges.

 

(c)          Neither
the Series EA Revenue Entitlement, nor the amount of the Series EA Revenue Entitlement that is collected on behalf of Series EA
in any period, will be reduced by any part of the revenue credit to the Eastern Access Surcharge specified in such Series EA Tariff
Term Sheets.

 

Section
7.11         Collection of Series ME Revenue Entitlement.

 

(a)          The
Series ME Revenue Entitlement for each year will be collected on a monthly basis by the Partnership on behalf of Series ME through
(i) the Mainline Expansion Surcharge and (ii) the collection of Allowance Oil Revenue applicable to Series ME Assets.

 

(b)          The
Managing General Partner of the Series ME shall cause the Series ME Records to set forth the cumulative amount by which the Series
ME Revenue Entitlement exceeds or is less than amounts actually collected, inclusive of carrying charges.

 

(c)          Neither
the Series ME Revenue Entitlement, nor the amount of the Series ME Revenue Entitlement that is collected on behalf of Series ME
in any period, will be reduced by any part of the revenue credit to the Mainline Expansion Surcharge specified in such Series EA
Tariff Term Sheets.

 

Section
7.12         Compensation of General Partners.

 

No General Partner
shall be compensated for its services as a General Partner of the Partnership generally or any Series; provided, however,
this Section 7.12 shall not prohibit or restrict any reimbursement to which any General Partner is otherwise entitled for
expenses it incurs or payments it makes on behalf of the Partnership generally or any Series, including any general and administrative
expenses.

 

    	74

    	 

    

 

Section
7.13         Indemnification.

 

(a)          To
the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, each Series shall indemnify
and hold harmless all of such Series’ Indemnitees from and against any and all losses, claims, damages, liabilities, joint
or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts (“Damages”)
arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative
(“Claims”), in which any such Indemnitee may be involved, or is threatened to be involved, as a party or otherwise,
by reason of its management of the affairs of such Series or by reason of its status as an Indemnitee of such Series, that relates
to or arises out of such Series, its property, its business or its affairs; provided, that the Indemnitee shall not be indemnified
and held harmless if there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining
that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant to this Section 7.13, the Indemnitee
acted in bad faith or engaged in fraud, willful misconduct or, in the case of a criminal matter, acted with knowledge that the
Indemnitee’s conduct was unlawful. Any indemnification pursuant to this Section 7.13 shall be made only out of the assets
of the indemnifying Series, it being agreed that, except as provided in Section 11.7, no Partner shall be personally liable for
such indemnification nor shall any Partner have any obligation to contribute or loan any monies or property to such Series to enable
it to effectuate such indemnification.

 

(b)          To
the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an Indemnitee who is indemnified
pursuant to Section 7.13(a) in defending any Claim shall, from time to time, be advanced by the indemnifying Series prior
to a determination that the Indemnitee is not entitled to be indemnified upon receipt by such Series of an undertaking by or on
behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as
authorized in this Section 7.13.

 

(c)          The
indemnification provided by this Section 7.13 shall be in addition to any other rights to which an Indemnitee may be entitled
under any agreement, pursuant to any vote of a Majority in Interest of Partnership Interests, in the case of the Series AC and
the Series LH, or a Supermajority Interest of the Partnership Interests, in the case of the Series EA and the Series ME, as a matter
of law or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to actions in any other capacity,
and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors,
assigns and administrators of the Indemnitee.

 

(d)          Any
Series may purchase and maintain (or reimburse such Series’ General Partners or their Affiliates for the cost of) insurance,
on behalf of such Series’ General Partners, their Affiliates and such other Persons as such Series’ General Partners
shall determine, against any liability that may be asserted against, or expense that may be incurred by, such Person in connection
with such Series’ activities or such Person’s activities on behalf of such Series, regardless of whether such Series
would have the power to indemnify such Person against such liability under the provisions of this Agreement.

 

(e)          In
no event may an Indemnitee subject any Partner to personal liability by reason of the indemnification provisions set forth in this
Agreement.

 

    	75

    	 

    

 

(f)          An
Indemnitee shall not be denied indemnification in whole or in part under this Section 7.13 because the Indemnitee had an interest
in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of
this Agreement with respect to the indemnifying Series.

 

(g)          The
provisions of this Section 7.13 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators
and shall not be deemed to create any rights for the benefit of any other Persons.

 

(h)          No
amendment, modification or repeal of this Section 7.13 or any provision hereof shall in any manner terminate, reduce or impair
the right of any past, present or future Indemnitee to be indemnified by a Series, nor the obligations of such Series to indemnify
any such Indemnitee under and in accordance with the provisions of this Section 7.13 as in effect immediately prior to such
amendment, modification or repeal with respect to Claims arising from or relating to matters occurring, in whole or in part, prior
to such amendment, modification or repeal, regardless of when such Claims may arise or be asserted.

 

(i)          The
provisions of this Section 7.13 shall not be construed to limit the power of any Series to indemnify an Indemnitee of such
Series to the fullest extent permitted by law or to enter into specific agreements, commitments or arrangements for indemnification
permitted by law. The absence of any express provision for indemnification herein shall not limit any right of indemnification
existing independently of this Section 7.13.

 

Section
7.14         Interseries Indemnification.

 

Notwithstanding anything
to the contrary set forth in this Agreement, in the event that any Series (the “Indemnified Series”) (a) becomes
liable for any Liability of another Series (the “Indemnifying Series”), including any Claim for Damages by a
Third Party that relate to or arise out of the actions, obligation, assets, property, business or affairs of the Indemnifying Series
or (b) pays or discharges an Intercompany Obligation for which the Indemnifying Series is the Primary Obligor (collectively,
“Series Indemnified Damages”), to the fullest extent permitted by law, the Indemnifying Series shall indemnify
the Indemnified Series for the amount of the Series Indemnified Damages promptly following their incurrence or payment, as applicable.
Any indemnification pursuant to this Section 7.14 shall be made (i) only out of the assets of the Indemnifying Series, it
being agreed that, except as provided in Section 11.7, no Partner shall be personally liable for such indemnification nor shall
any Partner have any obligation to contribute or loan any monies or property to the Indemnifying Series to enable it to effectuate
such indemnification and (ii) only to the extent that the Partners of the Indemnified Series have not received a payment from the
Partners of the Indemnifying Series under Sections 6.2, 6.3, 6.4 or 6.5 with respect to a shortfall related to the Liability that
gave rise to the Series Indemnified Damages.

 

Section
7.15         Liability of Indemnitees.

 

(a)          Notwithstanding
anything to the contrary set forth in this Agreement, no Indemnitee shall be liable for monetary damages to any Series, any Partner
or any other Person who is bound by this Agreement, for losses sustained or liabilities incurred as a result of any act or omission
of an Indemnitee unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining
that, in respect of the matter in question, the Indemnitee acted in bad faith or engaged in fraud, willful misconduct or, in the
case of a criminal matter, acted with knowledge that the Indemnitee’s conduct was criminal.

 

    	76

    	 

    

 

(b)          Subject
to its obligations and duties as a Managing General Partner set forth in this Agreement, each Managing General Partner may exercise
any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by
or through its agents, and such Managing General Partner shall not be responsible for any misconduct or negligence on the part
of any such agent appointed by such Managing General Partner in good faith.

 

(c)          To
the extent that, at law or in equity, an Indemnitee has duties (including fiduciary duties) and liabilities relating thereto to
the Partnership, any Series or the Partners, the General Partners and any other Indemnitee acting in connection with the Partnership’s
or a Series’ business or affairs shall not be liable to the Partnership, such Series or any Partner for its good faith reliance
on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties
and liabilities of a Partner or other Person to the parties hereto otherwise existing at law or in equity, are agreed by the parties
hereto to replace such other duties and liabilities of such Partner or other Person.

 

(d)          Any
amendment, modification or repeal of this Section 7.15 or any provision hereof shall be prospective only and shall not in
any way affect the limitations on the liability of the Indemnitees under this Section 7.15 as in effect immediately prior
to such amendment, modification or repeal with respect to Claims arising from or relating to matters occurring, in whole or in
part, prior to such amendment, modification or repeal, regardless of when such Claims may arise or be asserted.

 

Section
7.16         Limitation of Liability.

 

The Limited Partners
shall have no liability under this Agreement except as expressly provided in this Agreement or the Delaware Act. A General Partner
of a Series shall not be liable for the obligations of the Partnership generally or any other Series solely as a result of its
status as a General Partner of a Series, and a General Partner of the Partnership generally shall not be liable for the obligations
of any Series solely as a result of its status as a General Partner of the Partnership generally.

 

Section
7.17         Management of Business.

 

No Limited Partner,
in its capacity as such, shall participate in the operation, management or control (within the meaning of the Delaware Act) of
the Partnership’s or any Series’ business, transact any business in the Partnership’s or any Series’ name
or have the power to sign documents for or otherwise bind the Partnership or any Series. Any action taken by any Affiliate of a
General Partner or any officer, director, employee, manager, member, general partner, agent or trustee of a General Partner or
any of its Affiliates shall not be deemed to be participation in the control of the business of the Partnership or any Series by
a Limited Partner of the Partnership generally or any Series (within the meaning of Section 17-303(a) of the Delaware Act)
and shall not affect, impair or eliminate the limitations on the liability of the Limited Partners under this Agreement.

 

    	77

    	 

    

 

Section
7.18         Outside Activities of the Limited Partners.

 

Notwithstanding any
duty otherwise existing at law or in equity, except as otherwise set forth in any other agreement to which a Partner is a party,
including the Omnibus Agreement, any Partner of the Partnership generally or any Series shall be entitled to and may have business
interests and engage in business activities in addition to those relating to the Partnership or any Series, including business
interests and activities in direct competition with the Partnership or any Series.

 

Section
7.19         Reliance by Third Parties.

 

Notwithstanding anything
to the contrary in this Agreement, (a) any Person dealing with the Partnership shall be entitled to assume that the Managing
General Partner of the Partnership generally, and any officer of such Managing General Partner authorized by such Managing General
Partner to act on behalf of and in the name of the Partnership, has full power and authority to encumber, sell or otherwise use
in any manner any and all assets of the Partnership generally, and to enter into any authorized contracts on behalf of the Partnership
as a whole and the Partnership generally, and such Person shall be entitled to deal with such Managing General Partner or any such
officer as if it were the Partnership’s sole party in interest, both legally and beneficially and (b) any Person dealing
with any Series shall be entitled to assume that the Managing General Partner of such Series, and any officer of such Managing
General Partner authorized by such Managing General Partner to act on behalf of and in the name of such Series, has full power
and authority to encumber, sell or otherwise use in any manner any and all assets of such Series and to enter into any authorized
contracts on behalf of such Series and such Person shall be entitled to deal with such Managing General Partner or any such officer
as if it were such Series’ sole party in interest, both legally and beneficially. Each Limited Partner hereby waives, to
the fullest extent permitted by law, any and all defenses or other remedies that may be available against such Person to contest,
negate or disaffirm any action of any Managing General Partner or any such officer in connection with any such dealing. In no event
shall any Person dealing with any Managing General Partner or any such officer or its representatives be obligated to ascertain
that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of
such Managing General Partner or any such officer or its representatives. Each and every certificate, document or other instrument
executed on behalf of the Partnership or any Series by the Managing General Partner of the Partnership generally or such Series,
respectively, or its respective representatives shall be conclusive evidence in favor of any and every Person relying thereon or
claiming thereunder that (a) at the time of the execution and delivery of such certificate, document or instrument, this Agreement
was in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized
and empowered to do so for and on behalf of the Partnership or such Series and (c) such certificate, document or instrument
was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership
or such Series, as applicable.

 

    	78

    	 

    

 

Section
7.20         Managing General Partner.

 

Except as provided
for in Section 10.1, Lakehead GP (or its designee) shall serve as the managing general partner (the “Managing General
Partner”) of the Partnership generally and of each Series. Except as expressly provided in this Agreement, all management
powers over the business and affairs of the Partnership generally or a Series shall be exclusively vested in the Managing General
Partner of the Partnership generally or of such Series, as applicable, and no other General Partner nor any Limited Partner shall
have any management power over the business and affairs of the Partnership generally or any Series.

 

Section
7.21         Conflicts of Interest.

 

Unless otherwise expressly
provided herein, (a) whenever a conflict of interest exists or arises between a Managing General Partner or any of its Affiliates,
on the one hand, and the Partnership, any Series or any Partner or any Affiliates thereof, on the other hand, or (b) whenever
this Agreement or any other agreement contemplated herein provides that a Managing General Partner or any of its Affiliates shall
act in a manner that is, or provides terms that are, fair and reasonable to the Partnership or any Partner or any Affiliate thereof,
such Managing General Partner shall resolve such conflict of interest, take such action or provide such terms, considering in each
case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and
the benefits and burdens relating to such interests, any customary or accepted industry practices and any applicable generally
accepted accounting practices or principles. In the absence of bad faith by such Managing General Partner, the resolution, action
or terms so made, taken or provided by such Managing General Partner shall be permitted and deemed approved by all the Partners
and shall not constitute a breach of this Agreement or any other agreement contemplated herein or of any duty, including any fiduciary
duty, or obligation of such Managing General Partner at law or in equity or otherwise, and it shall be presumed in making its decision
that the Managing General Partner acted in good faith. In any proceeding challenging such decision, the party bringing the challenge
shall have the burden of overcoming such presumption.

 

Section
7.22         Shared Use of Shared Assets.

 

The Shared Assets shall
be shared between the Series AC, Series EA, Series ME and the Series LH in accordance with the terms set forth in Exhibit
E. Exhibit E is hereby incorporated by reference herein and constitutes an integral, non-severable part of this Agreement.
The parties hereto hereby agree to be bound by the terms and conditions of Exhibit E.

 

ARTICLE
VIII

BOOKS, RECORDS AND ACCOUNTING 

 

Section
8.1           Records and Accounting.

 

The Managing General
Partner of the Partnership generally and the Managing General Partner of each Series shall keep or cause to be kept full and true
books of account maintained in accordance with generally accepted accounting principles consistently applied and in which shall
be entered fully and accurately each transaction of the Partnership generally or such Series, as applicable. Such books of account,
together with a copy of this Agreement, and of the Certificate of Limited Partnership, shall at all times be maintained at the
principal place of business of the Partnership. The records maintained for each Series shall account for the assets associated
with each such Series separately from the other assets of the Partnership, if any, or of any other Series. Upon written request,
each Partner associated with a Series shall have the right, at a time during ordinary business hours, as reasonably determined
by the Managing General Partner of such Series, to inspect and copy, at the requesting Partner’s expense, the records of
such Series for any purpose reasonably related to such Partner’s interest with respect to such Series.

 

    	79

    	 

    

 

Section
8.2           Fiscal Year.

 

The fiscal year of
the Partnership and of each Series shall be a fiscal year ending December 31.

 

ARTICLE
IX

TAX MATTERS

 

Section
9.1           Tax Returns.

 

The Partnership shall
timely file all returns of the Partnership that are required for U.S. federal, state and local income tax purposes on the basis
of the accrual method and the taxable year or years that it is required by law to adopt, from time to time, as determined by the
Managing General Partner of the Partnership generally. In the event the Partnership is required to use a taxable year other than
a year ending on December 31, the Managing General Partner of the Partnership generally shall use reasonable efforts to change
the taxable year of the Partnership to a year ending on December 31. The tax information reasonably required by Partners for U.S.
federal and state income tax reporting purposes with respect to a taxable year shall be furnished to them within 90 days of the
close of the calendar year in which the Partnership’s taxable year ends. The classification, realization and recognition
of income, gain, losses and deductions and other items shall be on the accrual method of accounting for U.S. federal income tax
purposes.

 

Section
9.2           Partner Tax Return Information.

 

The Partnership shall
cause to be delivered to each Partner within 75 days after the end of the Partnership’s taxable year an IRS Form K-1 or a
good faith estimate of the amounts to be included on such IRS Form K-1 for such Partner and such other information as shall be
necessary (including a statement for that year of each Partner’s share of net income, net losses and other items allocated
to such Partner) for the preparation and timely filing by the Partners of their U.S. federal, state and local income and other
tax returns.

 

Section
9.3           Tax Elections.

 

(a)          If
there is a distribution of property of a Series as described in Code Section 734 or a transfer of Partnership Interests as
described in Code Section 743, upon request by notice from any Partner of such Series, the Partnership will elect, pursuant
to Code Section 754, to adjust the basis of Series property.

 

    	80

    	 

    

 

(b)          Except
as otherwise provided herein, the Managing General Partner of the Partnership generally shall determine whether the Partnership
should make any other elections permitted by the Code.

 

Section
9.4           Tax Controversies.

 

(a)          Subject
to the provisions hereof, the Managing General Partner of the Partnership generally is designated as the Tax Matters Partner (as
defined in the Code) and is authorized and required to represent the Partnership in connection with all examinations of the Partnership’s
affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend funds for professional services
and costs associated therewith. Each Partner agrees to cooperate with the Tax Matters Partner and to do or refrain from doing any
or all things reasonably required by the Tax Matters Partner to conduct such proceedings.

 

(b)          The
Tax Matters Partner shall take such action as may be necessary to cause any Partner so requesting to become a “notice partner”
within the meaning of Section 6231(a)(8) of the Code. The Tax Matters Partner shall inform each other Partner of all significant
matters that may come to its attention in its capacity as Tax Matters Partner by giving notice thereof on or before the fifth Business
Day after becoming aware thereof and, within that time, shall forward to each other Partner copies of all significant written communications
it may receive in that capacity. Any cost or expense incurred by the Tax Matters Partner in connection with its duties, including
the preparation for or pursuance of administrative or judicial proceedings, shall be paid by the Partnership.

 

(c)          If
an audit of any of the Partnership’s tax returns shall occur, the Tax Matters Partner shall not settle or otherwise compromise
assertions of the auditing agent that may be adverse to any Partner as compared to the position taken on the Partnership’s
tax returns without the prior written consent of each such affected Partner.

 

(d)          No
Partner shall file a request pursuant to Code Section 6227 for an administrative adjustment of Partnership items for any taxable
year, or a petition under Code Sections 6226 or 6228 or other Code sections with respect to any item involving the Partnership,
without first notifying the other Partners. Any Partner that enters into a settlement agreement with respect to any Partnership
item (within the meaning of Code Section 6231(a)(3)) shall notify the other Partners of such settlement agreement and its
terms within 90 days from the date of the settlement.

 

(e)          If
any Partner intends to file a notice of inconsistent treatment under Code Section 6222(b), such Partner shall give reasonable
notice under the circumstances to the other Partners of such intent and the manner in which the Partner’s intended treatment
of an item is (or may be) inconsistent with the treatment of that item by the other Partners.

 

    	81

    	 

    

 

Section
9.5           Withholding.

 

The Managing General
Partner of the Partnership generally is authorized to take any action that may be required to cause the Partnership or any Series
to comply with any withholding requirements established under the Code or any other federal, state or local law, including pursuant
to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership or any Series is required or elects to withhold
and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner (including
by reason of Section 1446 of the Code), the Managing General Partner of the Partnership generally or of the applicable Series
may treat the amount withheld as a distribution of cash pursuant to Section 6.2, Section 6.3, Section 6.4 or Section 6.5,
as applicable, in the amount of such withholding from such Partner.

 

Section
9.6           Tax Reimbursement.

 

If Texas law requires
the Partnership or a Series and any Partner both to participate in the filing of a Texas franchise tax combined group report, and
if such Partner or any other member of the Partner’s combined group pays the franchise tax liability due in connection with
such combined report, the parties agree that the Partnership or the applicable Series shall promptly reimburse such Partner for
the franchise tax paid on behalf of the Partnership as a combined group member. The franchise tax paid on behalf of the Partnership
with respect to each applicable Series shall equal the excess, if any, of (i) the franchise tax that the combined group including
the Partnership pays over (ii) the amount the combined group would have paid if it had computed its franchise tax liability
for the report period without the Partnership as a member of the combined group, but in no event more than what the Partnership
or each applicable Series would have paid had it filed the franchise tax return not as a member of a group. In such event, the
parties agree that such Partner shall be considered as paying such amount on behalf of the Partnership with respect to each applicable
Series and the Partnership with respect to each applicable Series shall deduct for U.S. federal income tax purposes 100% of the
Texas franchise tax attributable to the Partnership with respect to each applicable Series; provided that in the event that
such deduction may not be properly taken by the Partnership with respect to each applicable Series, the Partnership with respect
to each applicable Series shall reimburse such Partner for the after-tax cost of such payment of Texas franchise tax paid on the
Partnership’s behalf.

 

Section
9.7           Tax Partnership.

 

It is the intention
of the Partners that the Partnership be classified as a partnership for U.S. federal tax purposes. Neither the Partnership nor
any Partner shall make an election for the Partnership or any Series to be excluded from the application of the provisions of subchapter
K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state or local law or to be classified as other
than a partnership pursuant to Treasury Regulation Section 301.7701-3 or any similar provision of state or local law.

 

Section
9.8           Tax Matters Following a Fundamental Change.

 

Following the occurrence
of a Fundamental Change, the following provisions shall take effect and supersede any conflicting provisions of this Article IX:

 

(a)          Series
EA Tax Matters.

 

(i)          EECI
EA Sub shall exercise full and exclusive discretion over all tax matters relating to or affecting the Series EA. For the avoidance
of doubt, EECI EA Sub’s right to exercise its discretion shall include matters relating to the Partnership generally, such
as Partnership tax elections permitted by the Code, to the extent that such matter affects the Series EA.

 

    	82

    	 

    

 

(ii)         The
Partnership shall cause to be delivered to EECI EA Sub at least 15 Business Days before the due date of any Partnership tax return
a copy of the proposed tax return. EECI EA Sub shall have ten Business Days to request changes to any portions of such tax return
that affect Series EA, and the Tax Matters Partner shall make all changes to such tax return requested by EECI EA Sub prior
to timely filing such return.

 

(iii)        If
an audit of any of the Partnership’s tax returns shall occur, EECI EA Sub shall have the right, at its discretion, to control
all decisions with respect to any matter relating to or affecting the Series EA, and the Tax Matters Partner shall act in
accordance with EECI EA Sub’s direction. For the avoidance of doubt, EECI EA Sub shall control all decisions with respect
to all matters under audit affecting or relating to the Partnership generally to the extent that such matters also affect the Series EA.

 

(b)          Series
ME Tax Matters.

 

(i)          EECI
ME Sub shall exercise full and exclusive discretion over all tax matters relating to or affecting the Series ME. For the avoidance
of doubt, EECI ME Sub’s right to exercise its discretion shall include matters relating to the Partnership generally, such
as Partnership tax elections permitted by the Code, to the extent that such matter affects the Series ME.

 

(ii)         The
Partnership shall cause to be delivered to EECI ME Sub at least 15 Business Days before the due date of any Partnership tax return
a copy of the proposed tax return. EECI ME Sub shall have ten Business Days to request changes to any portions of such tax return
that affect Series ME, and the Tax Matters Partner shall make all changes to such tax return requested by EECI ME Sub prior
to timely filing such return.

 

(iii)        If
an audit of any of the Partnership’s tax returns shall occur, EECI ME Sub shall have the right, at its discretion, to control
all decisions with respect to any matter relating to or affecting the Series ME, and the Tax Matters Partner shall act in
accordance with EECI ME Sub’s direction. For the avoidance of doubt, EECI ME Sub shall control all decisions with respect
to all matters under audit affecting or relating to the Partnership generally to the extent that such matters also affect the Series ME.

 

    	83

    	 

    

 

ARTICLE
X

OTHER EVENTS

 

Section
10.1         Fundamental Change.

 

(a)          If,
at any time, (i) EECI is removed as the general partner of Enbridge Partners pursuant to Section 13.2 (or equivalent
provision) of the Seventh Amended and Restated Agreement of Limited Partnership of Enbridge Partners, as amended, or (ii) Enbridge
Partners shall cease to directly or indirectly Control the Partnership generally and each Series (each, a “Fundamental
Change”), then (x) the Managing General Partner of Series EA shall, without any further action on its part, be deemed
to have automatically and irrevocably delegated to EECI EA Sub (or its designee) and (y) the Managing General Partner of Series
ME shall, without any further action on its part, be deemed to have automatically and irrevocably delegated to EECI ME Sub (or
its designee), in each case, to the fullest extent permitted under this Agreement and Delaware law, all of such Managing General
Partner’s power and authority to manage and control the business and affairs of the applicable Series (such delegation being
referred to herein as the “Maximum Permitted Delegation”), subject to termination only in the sole discretion
of EECI EA Sub or EECI ME Sub, as applicable. Notwithstanding the delegation provided for in this Section 10.1(a), no Managing
General Partner shall be deemed to have withdrawn as a General Partner of the Partnership generally or the applicable Series, and
such Managing General Partner shall retain all of its Partnership Interests and Percentage Interests in the Partnership generally
and the applicable Series (as the case may be), and none of the foregoing shall be deemed to have been assigned or transferred
to EECI EA Sub or EECI ME Sub (or their designees), as applicable.

 

(b)          If
all or a portion of the Maximum Permitted Delegation is determined to be invalid or unenforceable for any reason following a Fundamental
Change, EECI, in its sole discretion, may elect to become the Managing General Partner of the Series EA and the Series ME by providing
five Business Days’ prior written notice of such election to the Managing General Partner of the Partnership generally at
any time (such election, the “Control Option”). Upon exercise of the Control Option:

 

(i)          the
Limited Partner Interest of EECI EA Sub in the Series EA shall automatically convert into a General Partner Interest in the Series
EA and the Limited Partner Interest of EECI ME Sub in the Series ME shall automatically convert into a General Partner Interest
in the Series ME;

 

(ii)         EECI
EA Sub shall automatically become the Managing General Partner of the Series EA and EECI ME Sub shall automatically become the
Managing General Partner of the Series ME, in each case, with all rights, powers and obligations of the Managing General Partner
of such Series as set forth in this Agreement; and

 

(iii)        all
rights, powers and obligations of the existing Managing General Partner of the Series EA and Series ME (in its capacity as such)
shall immediately terminate.

 

The exercise of the Control Option pursuant
to this Section 10.1(b) shall not affect (A) the status of any Managing General Partner of the Partnership generally
or any Series (other than the Series EA or Series ME) or (B) the Percentage Interest of the Series EA Partners or the Series
ME Partners.

 

(c)          In
connection with the exercise of the Control Option pursuant to this Section 10.1, each of the Partners agrees to cooperate
with respect to such matters and to execute such further assignments, releases, assumptions, amendments of this Agreement and the
Certificate of Limited Partnership, notifications and other documents as may be reasonably requested by EECI, EECI EA Sub, EECI
ME Sub or the Managing General Partner of the Series EA or Series ME, as applicable, for the purpose of giving effect to, or evidencing
or giving notice of, the transactions contemplated by such provisions and the otherwise continued operations of the Partnership.

 

    	84

    	 

    

 

Section
10.2         Alberta Clipper Surcharge Expiration.

 

(a)          Upon
the expiration or earlier termination of the Alberta Clipper Surcharge Term, the Series AC Tariff Term Sheet shall be replaced
with a revised tariff structure in accordance with Section 2(b) of the Series AC Tariff Term Sheet (the “Alberta
Clipper Revised Tariff Structure”).

 

(b)          If
the Alberta Clipper Revised Tariff Structure sets forth an objectively determinable definition of (i) the revenue that the
Partnership is entitled to collect in tolls and other charges in respect of the Series AC Assets and (ii) the expenses
that the Partnership is entitled to allocate in respect of the Series AC Assets, then the Series AC Revenue Entitlement
and Series AC Expenses shall be calculated in accordance with the Alberta Clipper Revised Tariff Structure.

 

(c)          If
the Alberta Clipper Revised Tariff Structure does not set forth an objectively determinable definition of (i) the revenue
that the Partnership is entitled to collect in tolls and other charges in respect of the Series AC Assets and (ii) the
expenses that the Partnership is entitled to allocate in respect of the Series AC Assets, then Lakehead GP and EECI, on behalf
of all Partners of the Partnership generally and each Series, will negotiate in good faith an arrangement to allocate among each
Series the total Lakehead System revenue collected by the Partnership following the expiration or earlier termination of the Alberta
Clipper Surcharge Term. Such allocation arrangement will be based on the relative economic value of each Series as of the expiration
or earlier termination of the Alberta Clipper Surcharge Term. If EECI and Lakehead GP are able to agree on such allocation arrangement,
then the Series AC Revenue Entitlement and Series AC Expenses will be calculated in accordance with such arrangement.
If EECI and Lakehead GP are unable to agree on such allocation arrangement at least 180 days prior to the expiration or earlier
termination of the Alberta Clipper Surcharge Term, then the matter will be submitted to arbitration pursuant to Section 10.2(d).

 

(d)          If
the Alberta Clipper Revised Tariff Structure does not set forth an objectively determinable definition of (i) the revenue
that the Partnership is entitled to collect in tolls and other charges in respect of the Series AC Assets and (ii) the
expenses that the Partnership is entitled to allocate in respect of the Series AC Assets, and EECI and Lakehead GP are unable
to agree on an allocation arrangement pursuant to Section 10.2(c), such allocation arrangement shall be determined through
binding arbitration using three arbitrators, in accordance with the Commercial Arbitration Rules of the American Arbitration Association,
as supplemented to the extent necessary to determine any procedural appeal questions by the Federal Arbitration Act (Title 9 of
the United States Code). If there is any inconsistency between this Section 10.2(d) and the Commercial Arbitration Rules or
the Federal Arbitration Act, the terms of this Section 10.2(d) will control the rights and obligations of the parties. Arbitration
shall be initiated 180 days prior to the expiration of the Alberta Clipper Surcharge Term. Each of EECI and Lakehead GP shall appoint
an arbitrator at least 150 days prior to the expiration of the Alberta Clipper Surcharge Term. If either party fails for any reason
to name an arbitrator within such period, the other party shall petition to the American Arbitration Association for appointment
of an arbitrator for such party’s account. The two arbitrators so chosen shall select a third arbitrator within 15 days after
the second arbitrator has been appointed. Each of EECI and Lakehead GP will pay the compensation and expenses of the arbitrator
named by or for it. The costs of petitioning for the appointment of an arbitrator, if any, shall be paid by the party that has
failed to appoint an arbitrator in the requisite period. Each of EECI and Lakehead GP will each pay one-half of the compensation
and expenses of the third arbitrator. All arbitrators must (a) be neutral Persons who have never been officers, directors
or employees of Enbridge Partners, EECI or any of their Affiliates and (b) have not less than seven years experience in the
energy industry. The hearing will be conducted in Houston, Texas and commence within 30 days after the selection of the third arbitrator.
Within five days after the selection of the third arbitrator, EECI and Lakehead GP shall exchange in writing, signed by the respective
parties, their respective proposed allocation arrangements. At the conclusion of the hearing, the arbitrators shall choose either
the allocation arrangement of EECI or the allocation arrangement of Lakehead GP, and shall have no power or authority whatsoever
to reach any other result. In making their choice, the arbitrators shall choose the allocation arrangement that in their judgment
most equitably allocates the total Lakehead System revenues in a manner that best represents the relative economic value of each
Series as of the expiration of the Alberta Clipper Surcharge Term. EECI, Lakehead GP and the arbitrators shall proceed diligently
and in good faith in order that the determination may be made as promptly as possible. Except as provided in the Federal Arbitration
Act, the decision of the arbitrators will be binding on and non-appealable by the parties.

 

    	85

    	 

    

 

Section
10.3         Eastern Access Surcharge Expiration.

 

(a)          Upon
the expiration or earlier termination of the term of one or more of the Series EA Tariff Term Sheets, the Series EA Tariff Term
Sheet so affected shall be replaced with a revised tariff structure in accordance with the provisions of the Series EA Tariff Term
Sheets (the “Eastern Access Revised Tariff Structure”).

 

(b)          If
the Eastern Access Revised Tariff Structure sets forth an objectively determinable definition of (i) the revenue that the
Partnership is entitled to collect in tolls and other charges in respect of the Series EA Assets and (ii) the expenses
that the Partnership is entitled to allocate in respect of the Series EA Assets, then the Series EA Revenue Entitlement
and Series EA Expenses shall be calculated in accordance with the Eastern Access Revised Tariff Structure.

 

(c)          If
the Eastern Access Revised Tariff Structure does not set forth an objectively determinable definition of (i) the revenue that
the Partnership is entitled to collect in tolls and other charges in respect of the Series EA Assets and (ii) the expenses
that the Partnership is entitled to allocate in respect of the Series EA Assets, then EECI EA Sub and Lakehead GP, on behalf
of all Partners of the Partnership generally and each Series, will negotiate in good faith an arrangement to allocate among each
Series the total Lakehead System revenue collected by the Partnership following the expiration or earlier termination of the Series
EA Tariff Term Sheet so affected. Such allocation arrangement will be based on the relative invested capital of each Series as
of the expiration or earlier termination of the applicable Series EA Tariff Term Sheet. If EECI EA Sub and Lakehead GP are able
to agree on such allocation arrangement, then the Series EA Revenue Entitlement and Series EA Expenses will be calculated
in accordance with such arrangement. If EECI EA Sub and Lakehead GP are unable to agree on such allocation arrangement at least
180 days prior to the expiration or earlier termination of the applicable Series EA Tariff Term Sheet, then the matter will be
submitted to arbitration pursuant to Section 10.3(d).

 

    	86

    	 

    

  

(d)          If
the Eastern Access Revised Tariff Structure does not set forth an objectively determinable definition of (i) the revenue that
the Partnership is entitled to collect in tolls and other charges in respect of the Series EA Assets and (ii) the expenses
that the Partnership is entitled to allocate in respect of the Series EA Assets, and EECI EA Sub and Lakehead GP are unable
to agree on an allocation arrangement pursuant to Section 10.3(c), such allocation arrangement shall be determined through
binding arbitration using three arbitrators, in accordance with the Commercial Arbitration Rules of the American Arbitration Association,
as supplemented to the extent necessary to determine any procedural appeal questions by the Federal Arbitration Act (Title 9 of
the United States Code). If there is any inconsistency between this Section 10.3(d) and the Commercial Arbitration Rules or
the Federal Arbitration Act, the terms of this Section 10.3(d) will control the rights and obligations of the parties. Arbitration
shall be initiated 180 days prior to the expiration of the applicable Series EA Tariff Term Sheet. Each of EECI EA Sub and Lakehead
GP shall appoint an arbitrator at least 150 days prior to the expiration of the applicable Series EA Tariff Term Sheet. If either
party fails for any reason to name an arbitrator within such period, the other party shall petition to the American Arbitration
Association for appointment of an arbitrator for such party’s account. The two arbitrators so chosen shall select a third
arbitrator within 15 days after the second arbitrator has been appointed. Each of EECI EA Sub and Lakehead GP will pay the compensation
and expenses of the arbitrator named by or for it. The costs of petitioning for the appointment of an arbitrator, if any, shall
be paid by the party that has failed to appoint an arbitrator in the requisite period. Each of EECI EA Sub and Lakehead GP will
each pay one-half of the compensation and expenses of the third arbitrator. All arbitrators must (a) be neutral Persons who
have never been officers, directors or employees of Enbridge Partners, EECI or any of their Affiliates and (b) have not less
than seven years experience in the energy industry. The hearing will be conducted in Houston, Texas and commence within 30 days
after the selection of the third arbitrator. Within five days after the selection of the third arbitrator, EECI EA Sub and Lakehead
GP shall exchange in writing, signed by the respective parties, their respective proposed allocation arrangements. At the conclusion
of the hearing, the arbitrators shall choose either the allocation arrangement of EECI EA Sub or the allocation arrangement of
Lakehead GP, and shall have no power or authority whatsoever to reach any other result. In making their choice, the arbitrators
shall choose the allocation arrangement that in their judgment most equitably allocates the total Lakehead System revenues in a
manner that best represents the relative economic value of each Series as of the expiration of the applicable Series EA Tariff
Term Sheet. EECI EA Sub, Lakehead GP and the arbitrators shall proceed diligently and in good faith in order that the determination
may be made as promptly as possible. Except as provided in the Federal Arbitration Act, the decision of the arbitrators will be
binding on and non-appealable by the parties.

 

(e)          Notwithstanding
the provisions of this Section 10.3, following the end of the Eastern Access Surcharge Term, EECI EA Sub and Lakehead GP may, by
mutual agreement, elect to remove the Eastern Access Project from integrated common carrier service within the Lakehead System
and transfer it to stand alone service either on a common carrier basis or on a contract basis, as permitted by applicable law.
Upon the execution of such agreement, the Series EA Revenue Entitlement shall be determined by reference to the applicable toll
principles established by applicable regulation or by contract for standalone service.

 

    	87

    	 

    

  

Section
10.4         Mainline Expansion Surcharge Expiration.

 

(a)          Upon
the expiration or earlier termination of the term of one or more of the Series ME Tariff Term Sheets, the Series ME Tariff Term
Sheet so affected shall be replaced with a revised tariff structure in accordance with the provisions of the Series ME Tariff Term
Sheets (the “Mainline Expansion Revised Tariff Structure”).

 

(b)          If
the Mainline Expansion Revised Tariff Structure sets forth an objectively determinable definition of (i) the revenue that
the Partnership is entitled to collect in tolls and other charges in respect of the Series ME Assets and (ii) the expenses
that the Partnership is entitled to allocate in respect of the Series ME Assets, then the Series ME Revenue Entitlement
and Series ME Expenses shall be calculated in accordance with the Mainline Expansion Revised Tariff Structure.

 

(c)          If
the Mainline Expansion Revised Tariff Structure does not set forth an objectively determinable definition of (i) the revenue
that the Partnership is entitled to collect in tolls and other charges in respect of the Series ME Assets and (ii) the
expenses that the Partnership is entitled to allocate in respect of the Series ME Assets, then EECI ME Sub and Lakehead GP,
on behalf of all Partners of the Partnership generally and each Series, will negotiate in good faith an arrangement to allocate
among each Series the total Lakehead System revenue collected by the Partnership following the expiration or earlier termination
of the Series ME Tariff Term Sheet so affected. Such allocation arrangement will be based on the relative invested capital of each
Series as of the expiration or earlier termination of the applicable Series ME Tariff Term Sheet. If EECI ME Sub and Lakehead GP
are able to agree on such allocation arrangement, then the Series ME Revenue Entitlement and Series ME Expenses will
be calculated in accordance with such arrangement. If EECI ME Sub and Lakehead GP are unable to agree on such allocation arrangement
at least 180 days prior to the expiration or earlier termination of the applicable Series ME Tariff Term Sheet, then the matter
will be submitted to arbitration pursuant to Section 10.4(d).

 

    	88

    	 

    

  

(d)          If
the Mainline Expansion Revised Tariff Structure does not set forth an objectively determinable definition of (i) the revenue
that the Partnership is entitled to collect in tolls and other charges in respect of the Series ME Assets and (ii) the
expenses that the Partnership is entitled to allocate in respect of the Series ME Assets, and EECI ME Sub and Lakehead GP
are unable to agree on an allocation arrangement pursuant to Section 10.4(c), such allocation arrangement shall be determined
through binding arbitration using three arbitrators, in accordance with the Commercial Arbitration Rules of the American Arbitration
Association, as supplemented to the extent necessary to determine any procedural appeal questions by the Federal Arbitration Act
(Title 9 of the United States Code). If there is any inconsistency between this Section 10.4(d) and the Commercial Arbitration
Rules or the Federal Arbitration Act, the terms of this Section 10.4(d) will control the rights and obligations of the parties.
Arbitration shall be initiated 180 days prior to the expiration of the applicable Series ME Tariff Term Sheet. Each of EECI ME
Sub and Lakehead GP shall appoint an arbitrator at least 150 days prior to the expiration of the applicable Series ME Tariff Term
Sheet. If either party fails for any reason to name an arbitrator within such period, the other party shall petition to the American
Arbitration Association for appointment of an arbitrator for such party’s account. The two arbitrators so chosen shall select
a third arbitrator within 15 days after the second arbitrator has been appointed. Each of EECI ME Sub and Lakehead GP will pay
the compensation and expenses of the arbitrator named by or for it. The costs of petitioning for the appointment of an arbitrator,
if any, shall be paid by the party that has failed to appoint an arbitrator in the requisite period. Each of EECI ME Sub and Lakehead
GP will each pay one-half of the compensation and expenses of the third arbitrator. All arbitrators must (a) be neutral Persons
who have never been officers, directors or employees of Enbridge Partners, EECI or any of their Affiliates and (b) have not
less than seven years experience in the energy industry. The hearing will be conducted in Houston, Texas and commence within 30
days after the selection of the third arbitrator. Within five days after the selection of the third arbitrator, EECI ME Sub and
Lakehead GP shall exchange in writing, signed by the respective parties, their respective proposed allocation arrangements. At
the conclusion of the hearing, the arbitrators shall choose either the allocation arrangement of EECI ME Sub or the allocation
arrangement of Lakehead GP, and shall have no power or authority whatsoever to reach any other result. In making their choice,
the arbitrators shall choose the allocation arrangement that in their judgment most equitably allocates the total Lakehead System
revenues in a manner that best represents the relative economic value of each Series as of the expiration of the applicable Series
ME Tariff Term Sheet. EECI ME Sub, Lakehead GP and the arbitrators shall proceed diligently and in good faith in order that the
determination may be made as promptly as possible. Except as provided in the Federal Arbitration Act, the decision of the arbitrators
will be binding on and non-appealable by the parties.

 

(e)          Notwithstanding
the provisions of this Section 10.4, following the end of the Mainline Expansion Surcharge Term, EECI ME Sub and Lakehead GP may,
by mutual agreement, elect to remove the Mainline Expansion Project from integrated common carrier service within the Lakehead
System and transfer it to stand alone service either on a common carrier basis or on a contract basis, as permitted by applicable
law. Upon the execution of such agreement, the Series ME Revenue Entitlement shall be determined by reference to the applicable
toll principles established by applicable regulation or by contract for standalone service.

 

ARTICLE
XI

DISSOLUTION AND LIQUIDATION

 

Section
11.1         Dissolution of the Partnership.

 

(a)          The
Partnership shall not be dissolved by the admission of additional Partners. The Partnership shall dissolve, and its affairs shall
be wound up, upon:

 

(i)          subject
to Section 7.4(q) and Section 7.5(q), an election to dissolve the Partnership by the Managing General Partner of the Partnership
generally and the Managing General Partner of each Series that is approved by a Majority in Interest of each of the Series AC and
Series LH and a Supermajority Interest of the Series EA and Series ME;

 

(ii)         the
entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Delaware Act;

 

(iii)        the
termination of the last remaining Series;

 

    	89

    	 

    

  

(iv)        at
any time that there are no Limited Partners, unless the Partnership is continued without dissolution in accordance with the Delaware
Act; or

 

(v)         any
event that causes a General Partner to cease to be a general partner of the Partnership generally or any Series; provided
that the Partnership shall not be dissolved and required to be wound up in connection with any such event if (A) at the time
of the occurrence of such event there is at least one remaining general partner of the Partnership generally or any Series who
is hereby authorized to and does carry on the business of the Partnership or (B) within 90 days after the occurrence of such
event, a Majority in Interest of each of the Series AC and Series LH and a Supermajority Interest of the Series EA and Series ME,
agree in writing or vote to continue the business of the Partnership and to the appointment, effective as of the date of such event,
if required, of one or more additional general partners of the Partnership generally and, to the extent applicable, each Series.

 

(b)          Upon
the dissolution of the Partnership as provided herein, the Partnership shall be wound up by winding up each Series in the manner
provided by Section 11.3.

 

Section
11.2         Termination of a Series.

 

(a)          a
Series shall be terminated upon any of the following events:

 

(i)          the
dissolution of the Partnership;

 

(ii)         the
entry of a decree of judicial termination of such Series under Section 17-218 of the Delaware Act;

 

(iii)        subject
to Section 7.4(q) and Section 7.5(q), the approval of each General Partner of such Series and a Majority in Interest of the Partnership
Interests of such Series, in the case of the Series AC and Series LH, or a Supermajority Interest of the Partnership Interests
of such Series, in the case of Series EA and Series ME; or

 

(iv)        any
event that causes a General Partner to cease to be a general partner of the Series; provided that the Series shall not be
terminated and required to be wound up in connection with any such event if (A) at the time of the occurrence of such event
there is at least one remaining general partner of the Series who is hereby authorized to and does carry on the business of the
Series or (B) within 90 days after the occurrence of such event, a Majority in Interest of each of the Series AC and Series
LH and a Supermajority Interest of the Series EA and Series ME, agree in writing or vote to continue the business of the Series
and to the appointment, effective as of the date of such event, if required, of one or more additional general partners of the
Series.

 

(b)          The
termination and winding up of a Series (other than the last Series) shall not, in and of itself, cause a dissolution of the Partnership
or the termination of any other Series. The termination of a Series shall not affect the limitation on liabilities of such Series
or any other Series provided by this Agreement, the Certificate of Limited Partnership and the Delaware Act.

 

    	90

    	 

    

  

Section
11.3         Winding Up, Liquidation and Distribution of Assets of the Partnership
or a Series Upon Dissolution of the Partnership or Termination of Such Series.

 

(a)          Upon
dissolution of the Partnership or termination of a Series, the Managing General Partner of the Partnership generally or of such
Series, as applicable, shall commence to wind up the affairs of the Partnership (and all Series) or such Series, as applicable;
provided, however, that a reasonable time shall be allowed for the orderly liquidation of the assets of any applicable
Series and the discharge of liabilities of the Partnership (and all Series) or such Series, as applicable, to its creditors so
as to enable the Partners to minimize the normal losses attendant upon a liquidation. Upon dissolution of the Partnership or termination
of a Series after taking into account Regulatory Allocations, all allocations of Profit, Losses and items thereof with respect
to a Series shall be made in a manner so that, to the greatest extent possible, the Series Capital Accounts of each Partner in
such Series shall equal the amount that would be distributed to such Partner if liquidating distributions were made in accordance
with the Partners’ Percentage Interests in such Series. The Partners of each Series being liquidated, as applicable, shall
be furnished with a statement prepared by a certified public accountant selected by the Managing General Partner of the Partnership
generally, in its sole discretion, at the expense of such Series, if applicable, that shall set forth the assets and liabilities
of the Partnership (and all Series) or such Series (as applicable) as of the date of termination. The proceeds of liquidation shall
be distributed in the following order and priority:

 

(i)          to
creditors of each applicable Series, including Partners who are creditors, to the extent otherwise permitted by law, in satisfaction
(whether by payment or the making of reasonable provision for payment thereof) of all Liabilities of such Series, including, without
limitation, the expenses incurred in connection with the liquidation of the Partnership (and all Series) or such Series;

 

(ii)         to
the Partners of each Series being liquidated in accordance with such Partners’ Series Capital Account balances for such Series
(after giving effect to all contributions, distributions, allocations and other Series Capital Account adjustments for all taxable
years, including the year during which such termination and liquidation occurs) in compliance with Treasury Regulation § 1.704-1(b)(2)(ii)(b)(2);
and

 

(iii)        if
any Limited Partner has a deficit balance in its Series Capital Account for such Series (after giving effect to all contributions,
distributions and allocations for all fiscal years, including the fiscal year during which such liquidation occurs), such Limited
Partner shall have no obligation to make any contribution to the capital of the Partnership or of such Series with respect to such
deficit, and such deficit shall not be considered a debt owed to the Partnership, such Series or to any other Person for any purpose
whatsoever.

 

(b)          Notwithstanding
any other provisions of this Section 11.3, in the event the Partnership is “liquidated” within the meaning of
Treasury Regulation § 1.704-1(b)(2)(ii)(g), but such liquidation does not constitute a dissolution of the Partnership, the
assets of the Partnership (and each Series) shall not be liquidated, the liabilities of the Partnership (and each Series) shall
not be paid or discharged and the affairs of the Partnership (and each Series) shall not be wound up. Instead, solely for U.S.
federal income tax purposes, the Partnership (and each Series) shall be deemed to have distributed all of the assets of the Partnership
(and each Series) in kind to a new partnership in exchange for an interest in such new partnership and, immediately thereafter,
the Partnership shall be deemed to liquidate by distributing interests in the new partnership to the Partners.

 

    	91

    	 

    

  

(c)          The
Managing General Partners and Partners shall comply with all requirements of applicable law pertaining to the winding up of the
affairs of the Partnership or any Series and the final distribution of its assets.

 

Section
11.4         Cancellation of Certificate of Limited Partnership.

 

Upon the completion
of the winding up of the Partnership and each Series and the distribution of Series cash and property as provided in Section 11.3
in connection with the liquidation of the Partnership and each Series, the Certificate of Limited Partnership and all qualifications
of the Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware shall be canceled, and such
other actions as may be necessary to terminate the Partnership and each Series shall be taken.

 

Section
11.5         Return of Capital Contributions.

 

(a)          Except
as otherwise provided by applicable laws, upon termination of a Series, each Partner of such Series shall look solely to the assets
of such Series for the return of its Capital Contributions made to such Series, and if the assets of such Series remaining after
satisfaction (whether by payment or reasonable provision for payment) of the Liabilities of such Series are insufficient to return
such Capital Contributions, such Partner shall have no recourse against any other Series, the Partnership or any Partner, except
as otherwise provided by law or by Section 6.2(c), 6.3(c), 6.4(c), 6.5(c), 6.5(d) or 6.5(e).

 

(b)          Except
as provided in Section 6.2(c), 6.3(c), 6.4(c), 6.5(c), 6.5(d), 6.5(e) or 11.7, no General Partner shall be personally liable
for, and shall have no obligation to contribute or loan any monies or property to the Partnership or any Series to enable it to
effectuate, the return of the Capital Contributions of the Limited Partners, or any portion thereof, it being expressly understood
that any such return shall be made solely from Series assets.

 

Section
11.6         Waiver of Partition.

 

To the maximum extent
permitted by law, each Partner hereby waives any right to partition of the Partnership or any Series property.

 

Section
11.7         Capital Account Restoration.

 

No Limited Partner
shall have any obligation to restore any negative balance in its Capital Account or any Series Capital Account upon liquidation
of the Partnership or such Series. A General Partner shall be obligated to restore any negative balance in its Capital Account
upon liquidation of its interest in the Partnership or any Series by the end of the taxable year of the Partnership during which
such liquidation occurs, or, if later, within 90 days after the date of such liquidation.

 

    	92

    	 

    

  

ARTICLE
XII

AMENDMENT OF PARTNERSHIP AGREEMENT; 

MEETINGS; RECORD DATE; MERGER

 

Section
12.1         Amendment.

 

Except as otherwise
provided by this Agreement, this Agreement may be amended by the Managing General Partner of the Partnership generally in writing
without the approval of any other Partner; provided that the provisions of Section 7.13 shall not be amended in any
way that would adversely affect an Indemnitee without the consent of such Indemnitee.

 

Section
12.2         Amendment Requirements.

 

Notwithstanding the
provisions of Section 12.1, no provision of this Agreement that establishes a Percentage Interest required to take any action
with respect to any Series shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect
of reducing such voting percentage unless such amendment is approved by the written consent or the affirmative vote of holders
of Partnership Interests of such Series whose aggregate Percentage Interests constitute not less than the voting requirement sought
to be reduced.

 

Section
12.3         Voting Rights.

 

Unless otherwise required
by the Delaware Act or this Agreement, all actions, approvals and consents to be taken or given by the Partners of a Series under
the Delaware Act, this Agreement or otherwise shall require the affirmative vote or written consent of a Majority in Interest of
the Partnership Interests of such Series, in the case of the Series AC and Series LH, or a Supermajority Interest of the Partnership
Interests of such Series, in the case of Series EA and Series ME, or if with respect to the Partnership as a whole, the affirmative
vote or written consent of a Majority in Interest of the Partnership Interests of the Series AC and Series LH and a Supermajority
Interest of the Partnership Interests of the Series EA and Series ME.

 

Section
12.4         Meetings.

 

Meetings of the Partners
of a Series, for any purpose or purposes, may be called by the Managing General Partner of such Series or by any Partner or Partners
of such Series holding at least 25% of the Percentage Interests of such Series.

 

Section
12.5         Place of Meetings.

 

The Partner or Partners
calling a meeting may designate any place, either within or outside the State of Delaware, as the place of meeting for any meeting
of the Partners of a Series. If a designation is not made, the place of meeting shall be the principal place of business of the
Partnership. The Partners of a Series may participate in a meeting of the Partners of such Series by means of conference telephone
or similar communications equipment; provided that all individuals participating in the meeting can hear each other, and
such participation in a meeting shall constitute presence in person at such meeting. If all the participants of a meeting are participating
by conference telephone or similar communications equipment, the meeting shall be deemed to be held at the principal place of business
of the Partnership.

 

    	93

    	 

    

  

Section
12.6         Notice of Meetings.

 

Written notice stating
the place, day and hour of a meeting and the purpose or purposes for which a meeting of the Partners of a Series is called shall
be delivered not less than five nor more than 30 days before the date of the meeting, either personally or by mail, at the direction
of the Partner or Partners calling the meeting, to each Partner of such Series entitled to vote at such meeting; provided,
however, if the Partners of a Series representing a Majority in Interest of the Partnership Interests of such Series, in
the case of the Series AC and Series LH, or a Supermajority Interest of the Partnership Interests of such Series, in the case of
Series EA and Series ME, shall meet or participate in a meeting at any time and place, either within or outside the State of Delaware,
and consent (whether orally or in writing) to the holding of a meeting at such time, such meeting shall be valid without call or
notice, and at such meeting lawful action may be taken.

 

Section
12.7         Quorum.

 

Partners of any Series
holding a Majority in Interest of such Series entitled to vote, represented in person or by proxy, shall constitute a quorum at
any meeting of Partners of such Series. In the absence of a quorum at any such meeting, Partners of such Series holding a Majority
in Interest of such Series may adjourn the meeting from time to time for a period not to exceed 60 days without further notice.
However, if the adjournment is for more than 60 days, a notice of the adjourned meeting shall be given to each Partner of such
Series of record entitled to vote at such meeting. At such adjourned meeting at which a quorum shall be present or represented,
any business may be transacted that might have been transacted at the meeting as originally noticed. The Partners of such Series
present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal during
such meeting of Partners of such Series whose absence would cause less than a quorum to be present. If a quorum is present, the
affirmative vote of Partners of such Series holding a Majority in Interest of the Partnership Interests of such Series, in the
case of the Series AC and Series LH, or a Supermajority Interest of the Partnership Interests of such Series, in the case of Series
EA and Series ME, shall be the act of the Partners of such Series, unless a vote of greater or lesser proportion is otherwise expressly
required or permitted by this Agreement.

 

Section
12.8         Proxies.

 

At all meetings of
Partners of a Series, a Partner of such Series may vote in person or by proxy executed in writing by such Partner or by a duly
authorized attorney-in-fact. Such proxy shall be filed with the Partnership before or at the time of the meeting. No proxy shall
be valid after eleven months from the date of its execution, unless otherwise provided in the proxy. A proxy may only be given
orally during a meeting taking place by conference telephone or similar communications equipment and shall expire at the termination
of such meeting.

 

Section
12.9         Action Without a Meeting.

 

Any action required
or permitted to be taken at a meeting of Partners of any Series may be taken without a meeting and without prior notice if the
Managing General Partner of such Series receives written consents by the Partners of such Series representing the minimum number
of votes that would be necessary to authorize or to take such action at a meeting at which all Partners of such Series were present
and voted.

 

    	94

    	 

    

  

Section
12.10         Waiver of Notice.

 

When any notice is
required to be given to any Partner, a waiver thereof in writing signed by the Partner entitled to such notice, whether before,
at or after the time stated therein, or the presence and participation of such Partner in a meeting, or the participation by such
Partner in a meeting by conference telephone or similar communications equipment, shall be equivalent to the giving of such notice.

 

Section
12.11         Merger, Consolidation and Conversion.

 

(a)          Subject
to Section 7.4 and Section 7.5, the Partnership may merge or consolidate with or into one or more corporations, limited liability
companies, statutory trusts or associations, real estate investment trusts, common law trusts or unincorporated businesses, including
a partnership (whether general or limited (including a limited liability partnership)) or convert into any such entity, whether
such entity is formed under the laws of the State of Delaware or any other state of the United States of America, pursuant to a
written plan of merger or consolidation or a written plan of conversion, as the case may be, approved by the Managing General Partner
of the Partnership generally, a Majority in Interest of the Partnership Interests of each of Series AC and Series LH and a Supermajority
Interest of the Series EA Partnership Interests and Series ME Partnership Interests.

 

(b)          Pursuant
to Section 17-211(g) of the Delaware Act, an agreement of merger or consolidation approved in accordance with this Section 12.11
may (i) effect any amendment to this Agreement or (ii) effect the adoption of a new partnership agreement for the Partnership.
Any such amendment or adoption made pursuant to this Section 12.11 shall be effective at the effective time or date of the
merger or consolidation.

 

(c)          The
Managing General Partner of the Partnership generally shall have the authority to convert the Partnership to a Delaware statutory
trust if, on the advice of counsel, such conversion (i) is necessary and advisable for Wisconsin GP to have or retain condemnation
authority under Wisc. Stat. § 32.01, et seq. and (ii) would not result in a default under any Indebtedness of
the Partnership or Enbridge Partners existing at such time; provided that (A) the trust is structured as a series trust
pursuant to Del. Code tit. 12, § 3801, et seq., (B) the relative rights and obligations of the Partners of each
Series are maintained in the trust (and each series thereof), (C) the beneficial owners of each series of the trust own an
undivided beneficial interest in all of the assets of the Series of which they are beneficial owners, (D) the trust would
be disregarded for U.S. federal income tax purposes and (E) the limited liability of the beneficial owners of the trust (and
each series thereof) would be expected to be respected in all relevant states to the same extent as that applicable to limited
partners of a Delaware limited partnership.

 

    	95

    	 

    

  

ARTICLE
XIII

GENERAL PROVISIONS

 

Section
13.1         Addresses and Notices; Written Communications.

 

(a)          Any
notice, demand, request or report required or permitted to be given or made to a Partner under this Agreement shall be in writing
and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of
written communication to the Partner at the following addresses:

 

If to EECI, EECI EA Sub or EECI
ME Sub, to:

 

Enbridge Inc.

3000
Fifth Avenue Place

425 – 1st Street S.W.

Calgary,
Alberta

T2P 3L8 Canada

Attention: Executive Vice President and Chief Legal Officer

Facsimile: 403-231-3920

 

If to Enbridge Partners, Lakehead
GP or Wisconsin GP, to:

 

Enbridge Energy Partners, L.P.

1100
Louisiana Street, Suite 3300

Houston, Texas 77001

Attention: Vice President—Law and Deputy General Counsel

Facsimile: 713-821-2000

 

Any notice, payment or
report to be given or made to a Partner hereunder shall be deemed conclusively to have been given or made, and the obligation to
give such notice or report or to make such payment shall be deemed conclusively to have been fully satisfied, upon sending of such
notice, payment or report to such Partner at its address as shown on the records of the Partnership, regardless of any claim of
any Person who may have an interest in such Partnership Interests by reason of any assignment or otherwise. Any notice to the Partnership
generally or any Series shall be deemed given if received by the Managing General Partner of the Partnership generally or the applicable
Series at the principal office of the Partnership generally or the applicable Series designated pursuant to Section 2.3. Each
Managing General Partner may rely and shall be protected in relying on any notice or other document from a Partner or other Person
if believed by it to be genuine.

 

(b)          The
terms “in writing,” “written communications,” “written notice” and words of similar import
shall be deemed satisfied under this Agreement by use of e-mail and other forms of electronic communication.

 

    	96

    	 

    

  

Section
13.2         Further Action.

 

The parties shall execute
and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to
achieve the purposes of this Agreement.

 

Section
13.3         Binding Effect.

 

This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives
and permitted assigns.

 

Section
13.4         Integration.

 

This Agreement constitutes
a single, non-severable agreement and the entire agreement among the parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements and understandings pertaining thereto.

 

Section
13.5         Creditors.

 

None of the provisions
of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership or any Series.

 

Section
13.6         Waiver.

 

No failure by any party
to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right
or remedy consequent upon a breach thereof shall constitute a waiver of any such breach of any other covenant, duty, agreement
or condition.

 

Section
13.7         Counterparts.

 

This Agreement may
be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding
that all such parties are not signatories to the original or the same counterpart.

 

Section
13.8         Applicable Law.

 

This Agreement shall
be construed in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts
of law.

 

Section
13.9         Invalidity of Provisions.

 

If any provision of
this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby.

 

    	97

    	 

    

  

Section
13.10         Consent of Partners.

 

Each Partner hereby
expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative
vote or consent of less than all of the Partners of the Partnership or any Series, such action may be so taken upon the concurrence
of less than all of the Partners and each Partner shall be bound by the results of such action.

 

Section
13.11         Third Party Beneficiaries.

 

Except for the provisions
of Section 3.6(c) (which are intended to be for the benefit of, and shall be enforceable by, each Material Subsidiary of Enbridge
Partners as if they were party to this Agreement), nothing in this Agreement, express or implied, is intended to or shall confer
upon any Person other than the parties hereto and Indemnitees any right, benefit or remedy of any nature whatsoever under or by
reason of this Agreement.

 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK.]

 

    	98

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement, such execution manifesting each party’s assent thereto and vote in favor
thereof, as of the date first written above.

 

	 	ENBRIDGE ENERGY PARTNERS, L.P.
	 	 	 
	 	By:	ENBRIDGE ENERGY MANAGEMENT, L.L.C.,
	 	as delegate of authority of Enbridge Energy Company, Inc., its general partner

 

	 	By:	 
	 	Name: Mark A. Maki
	 	Title: President and Principal Executive Officer

 

	 	ENBRIDGE PIPELINES (LAKEHEAD) L.L.C.
	 	 	 
	 	By:	         
	 	Name: Chris Kaitson 
	 	Title: Vice President and Assistant Corporate Secretary

 

	 	ENBRIDGE PIPELINES (WISCONSIN) INC.
	 	 	 
	 	By:	      
	 	Name: Bruce A. Stevenson
	 	Title: Corporate Secretary

 

Signature Page – Seventh Amended
and Restated Agreement of Limited Partnership of Enbridge Energy, Limited Partnership

 

    	 

    	 

    

  

	 	ENBRIDGE ENERGY COMPANY, INC.
	 	 	 
	 	By:	      
	 	Name: Mark A. Maki
	 	Title: President and Principal Executive Officer

 

	 	ENBRIDGE PIPELINES (EASTERN ACCESS) L.L.C.
	 	 	 
	 	By:	     
	 	Name: Chris Kaitson
	 	Title: Vice President – Law and Assistant Corporate Secretary

 

		ENBRIDGE PIPELINES (MAINLINE EXPANSION) L.L.C.
	 	 	 
	 	By:	       
	 	Name: Bruce A. Stevenson
	 	Title: Corporate Secretary

 

Signature Page – Seventh Amended
and Restated Agreement of Limited Partnership of Enbridge Energy, Limited Partnership

 

    	 

    	 

    

 

EXHIBIT A

 

Partnership Interests

 

	Series AC Partners	 	Series AC Partnership Interest
	Enbridge Partners	 	99.999% limited partner interest
	Lakehead GP	 	0.0005% general partner interest
	Wisconsin GP	 	0.0005% general partner interest
	Total:	 	100.0000%

 

	Series EA Partners	 	Series EA Partnership Interest	 	Initial Series EA 

Capital Contribution	 	 	Maximum Commitment	 
	EECI	 	74.99% limited partner interest	 	$	4,739,210.00	 	 	$	1,922,743,600.00	 
	EECI EA Sub	 	0.01% limited partner interest	 	 	790.00	 	 	 	256,400.00	 
	Enbridge Partners	 	24.9995% limited partner interest	 	 	3,159,960.50	 	 	 	640,987,180.00	 
	Lakehead GP	 	0.0005% general partner interest	 	 	39.50	 	 	 	12,820.00	 
	Total:	 	100.0000%	 	$	7,900,000.00	 	 	$	2,564,000,000.00	 

 

	Series ME Partners	 	Series ME Partnership Interest	 	Initial Series ME

 Capital Contribution	 	 	Maximum Commitment	 
	EECI	 	74.99% limited partner interest	 	$	2,999,500	 	 	$	1,893,497,500.00	 
	EECI ME Sub	 	0.01% limited partner interest	 	 	500.00	 	 	 	252,500.00	 
	Enbridge Partners	 	24.9995% limited partner interest	 	 	1,999,975.00	 	 	 	631,237,375.00	 
	Lakehead GP	 	0.0005% general partner interest	 	 	25.00	 	 	 	12,625.00	 
	Total:	 	100.0000%	 	$	5,000,000.00	 	 	$	2,525,000,000.00	 

 

	Series LH Partners	 	Series LH Partnership Interest
	Enbridge Partners	 	99.999% limited partner interest
	Lakehead GP	 	0.0005% general partner interest
	Wisconsin GP	 	0.0005% general partner interest
	Total:	 	100.0000%

 

    	A-1

    	 

    

 

EXHIBIT B

 

Exclusive Series AC Assets

 

		1.	Approximately 325 miles of new 36-inch diameter crude oil pipeline from the U.S.-Canadian border
near Neche, North Dakota to Superior, Wisconsin.

 

		2.	Three (3) new pump stations located at Viking, Clearbrook and Deer River, Minnesota.

 

		3.	30-inch delivery piping with manifold connections and related control valves at Clearbrook, Minnesota.

 

		4.	Five (5) 200,000 barrel break out tanks at Superior, Wisconsin.

 

		5.	36-inch diameter tank lines from each tank at Superior, Wisconsin.

 

		6.	Three (3) 1,000 hp booster pumps at Superior, Wisconsin.

 

		7.	36-inch line from tank manifold to connections with Southern Access expansion and Line 6A.

 

		8.	All service agreements, easements and rights-of-way related solely to the operation of the Alberta
Clipper System.

 

		9.	All permits, licenses, consents and approvals related solely to the operation of the Alberta Clipper
System.

 

		10.	All rights to the Series AC Revenue Requirement.

 

		11.	All shipping, transportation and storage agreements or arrangements related solely to the Alberta
Clipper System.

 

		12.	All other property interests (including real and personal property and tangible and intangible
property) solely related to the Alberta Clipper System.

 

    	B-1

    	 

    

 

EXHIBIT C

 

Exclusive Series EA Assets

 

Eastern Access Phase I

 

		1.	One (1) 333,000 barrel (working volume) external floating roof tank at Flanagan Terminal.

 

		2.	One (1) 750 hp booster pump at Flanagan Terminal.

 

		3.	Three (3) 3,000 hp mainline pumps for Line 62 at Flanagan Terminal.

 

		4.	Two (2) new pump stations on Line 62 at Kankakee, Illinois and Reddick, Illinois (Greenfield). Each
station to consist of three (3) 3,000 hp mainline pumps.

 

		5.	Nine (9) new 36-inch tank lines and new NPS36 manifold at Hartsdale Terminal to allow for full connectivity
between all tanks and incoming and outgoing pipelines.

 

		6.	Three (3) 1,500 hp booster pumps at Hartsdale Terminal.

 

		7.	160 miles of new 36-inch Pipeline between Griffith, Indiana and Stockbridge, Michigan.

 

		8.	Three (3) new pump stations on Line 6B at Griffith, Indiana (4 x 5,750 hp pumps), Niles, Michigan
(2 x 5,750 hp pumps) and Mendon, Michigan (3 x 5,750 hp pumps).

 

		9.	One (1) 333,000 barrel (working volume) internal floating roof tank at Stockbridge Terminal.

 

		10.	Two (2) 750 hp booster pumps at Stockbridge Terminal.

 

		11.	Manifold expansion and connection to Line 79 at Stockbridge Terminal.

 

		12.	Five (5) additional drag reducing agent skids and replacement of three (3) existing drag reducing
agent skids at stations on Line 5.

 

		13.	All service agreements, easements and rights-of-way related solely to the operation of Eastern Access
Phase I.

  

		14.	All permits, licenses, consents and approvals related solely to the operation of Eastern Access Phase
I.

 

    	C-1

    	 

    

 

		15.	All rights to the Series EA Phase I Revenue Entitlement.

 

		16.	All shipping, transportation and storage agreements or arrangements related solely to Eastern Access
Phase I.

 

		17.	All other property interests (including real and personal property and tangible and intangible property)
solely related to Eastern Access Phase I.

 

Eastern Access Phase II

 

		1.	One (1) 333,000 barrel (working volume) external floating roof tank at Hartsdale Terminal.

 

		2.	50 miles of new 30-inch pipeline between the Ortonville, Michigan pumping station and the St. Clair
River.

 

		3.	Four (4) new pump stations on Line 6B at Stockbridge, Michigan (3 x 5,750 hp Pumps), Howell, Michigan
(3 x 5,750 hp Pumps), Ortonville, Michigan (3 x 5,750 hp Pumps), and St. Clair, Michigan (2 x 5,750 hp Pumps).

 

		4.	All service agreements, easements and rights-of-way related solely to the operation of Eastern Access
Phase II.

 

		5.	All permits, licenses, consents and approvals related solely to the operation of Eastern Access Phase
II.

 

		6.	All rights to the Series EA Phase II Revenue Entitlement.

 

		7.	All shipping, transportation and storage agreements or arrangements related solely to Eastern Access
Phase II.

 

		8.	All other property interests (including real and personal property and tangible and intangible property)
solely related to Eastern Access Phase II.

 

Eastern Access Phase III

 

		1.	Upgrades to nine (9) existing pump units (impeller and volute changeouts) on Line 6B at Griffith,
Indiana; Niles, Michigan and Mendon, Michigan.

 

		2.	Addition of a 5,750 hp pump on Line 6B at each of the following sites: Griffith, Indiana; Niles, Michigan
and Mendon, Michigan.

 

    	C-2

    	 

    

  

		3.	Five (5) additional 333,000 barrel tanks at Stockbridge Terminal.

 

		4.	Three (3) 1,250 hp booster pump additions at Stockbridge Terminal.

 

		5.	One (1) 333,000 barrel external floating roof tank at Griffith Terminal.

 

		6.	All service agreements, easements and rights-of-way related solely to the operation of Eastern Access
Phase III.

 

		7.	All permits, licenses, consents and approvals related solely to the operation of Eastern Access Phase
III.

 

		8.	All rights to the Series EA Phase III Revenue Entitlement.

 

		9.	All shipping, transportation and storage agreements or arrangements related solely to Eastern Access
Phase III.

 

		10.	All other property interests (including real and personal property and tangible and intangible property)
solely related to Eastern Access Phase III.

 

    	C-3

    	 

    

 

EXHIBIT D

 

Exclusive Series ME Assets

 

Chicago Connectivity Project

 

		1.	76 miles of new 36-inch pipeline between Flanagan Terminal and Hartsdale Terminal.

 

		2.	New booster pumps at Flanagan Terminal.

 

		3.	One (1) new pump station at Flanagan, Illinois (5 x 5,750 hp pumps).

 

		4.	All service agreements, easements and rights-of-way related solely to the operation of the Chicago
Connectivity Project.

 

		5.	All permits, licenses, consents and approvals related solely to the operation of the Chicago Connectivity
Project.

 

		6.	All rights to the Chicago Connectivity Revenue Entitlement.

 

		7.	All shipping, transportation and storage agreements or arrangements related solely to the Chicago
Connectivity Project.

 

		8.	All other property interests (including real and personal property and tangible and intangible property)
solely related to the Chicago Connectivity Project.

 

Mainline Expansion Phase I

 

		1.	Install additional 6000 hp pumps at three (3) existing stations: Viking, Minnesota one (1), Clearbrook,
Minnesota two (2) and Deer River, Minnesota two (2); and replace six (6) existing pump impellers (2 per station) at same stations.

 

		2.	Two (2) additional 333,000 barrel tanks at Superior, Wisconsin.

 

		3.	Three (3) additional 333,000 barrel tanks at Flanagan, Illinois.

 

		4.	One (1) new pump station at Sheldon, Wisconsin (2 x 6,000 hp pumps).

 

		5.	Upgrades to three (3) existing pump stations at Superior, Wisconsin (2 x 6,000 hp pump additions plus
three (3) impeller replacements); Vesper, Wisconsin (1 x 6,000 hp pump addition plus two (2) Impeller replacements) and Delevan,
Wisconsin (three (3) impeller replacements).

 

		6.	All service agreements, easements and rights-of-way related solely to the operation of Mainline Expansion
Phase I.

 

    	D-1

    	 

    

  

		7.	All permits, licenses, consents and approvals related solely to the operation of Mainline Expansion
Phase I.

 

		8.	All rights to the Series ME Phase I Revenue Entitlement.

 

		9.	All shipping, transportation and storage agreements or arrangements related solely to Mainline Expansion
Phase I.

 

		10.	All other property interests (including real and personal property and tangible and intangible property)
solely related to Mainline Expansion Phase I.

 

Mainline Expansion Phase II

 

		1.	Four (4) additional 333,000 barrel tanks at Superior, Wisconsin.

 

		2.	Two (2) additional 333,000 barrel tanks at Flanagan, Illinois.

 

		3.	Eight (8) pump changeouts at Superior, Wisconsin (three (3)); Vesper, Wisconsin (two (2)) and Delevan,
Wisconsin (three (3)).

 

		4.	Seven (7) 6,000 hp pump additions at Superior, Wisconsin (two (2)); Sheldon, Wisconsin (two (2));
Vesper, Wisconsin (one (1)) and Delevan, Wisconsin (two (2)).

 

		5.	Twelve (12) new stations comprised of forty (40) 6000 hp units.

 

		6.	Four (4) pump impeller replacements at Superior, Wisconsin (one (1)); Sheldon, Wisconsin (two (2))
and Vesper, Wisconsin (one (1)).

 

		7.	All service agreements, easements and rights-of-way related solely to the operation of Mainline Expansion
Phase II.

 

		8.	All permits, licenses, consents and approvals related solely to the operation of Mainline Expansion
Phase II.

 

		9.	All rights to the Series ME Phase II Revenue Entitlement.

 

		10.	All shipping, transportation and storage agreements or arrangements related solely to Mainline Expansion
Phase II.

 

		11.	All other property interests (including real and personal property and tangible and intangible property)
solely related to Mainline Expansion Phase II.

 

    	D-2

    	 

    

  

Mainline Expansion Phase III

 

		1.	Four (4) new pump stations at Donaldson, Minnesota (3 x 6000 hp pumps); Plummer, Minnesota (3 x 6000
hp pumps); Cass Lake, Minnesota (3 x 6000 hp pumps) and Floodwood, Minnesota (3 x 6000 hp pumps).

 

		2.	Modifications to three (3) existing pump stations (impeller and volute replacements) at Viking, Minnesota
(three (3) units); Clearbook, Minnesota (four (4) units) and Deer River, Minnesota (four (4) units).

 

		3.	All service agreements, easements and rights-of-way related solely to the operation of Mainline Expansion
Phase III.

 

		4.	All permits, licenses, consents and approvals related solely to the operation of Mainline Expansion
Phase III.

 

		5.	All rights to the Series ME Phase III Revenue Entitlement.

 

		6.	All shipping, transportation and storage agreements or arrangements related solely to Mainline Expansion
Phase III.

 

		7.	All other property interests (including real and personal property and tangible and intangible property)
solely related to Mainline Expansion Phase III.

 

Mainline Expansion Phase IV

 

		1.	Line 3 conversion to heavy crude (United States/Canada border to Clearbrook, Minnesota).

 

		2.	Line 65 expansion (United States/Canada border to Clearbrook, Minnesota).

 

		3.	One (1) pump station at Viking, Minnesota with three (3) 5,750 hp units

 

		4.	Replace six (6) 5,750 hp units in total at Donaldson, Minnesota and Plummer, Minnesota.

 

		5.	One (1) drag reducing agent skid at Donaldson, Minnesota.

 

		6.	All service agreements, easements and rights-of-way related solely to the operation of Mainline Expansion
Phase IV.

 

		7.	All permits, licenses, consents and approvals related solely to the operation of Mainline Expansion
Phase IV.

 

		8.	All rights to the Series ME Phase IV Revenue Entitlement.

 

    	D-3

    	 

    

  

		9.	All shipping, transportation and storage agreements or arrangements related solely to Mainline
Expansion Phase IV.

 

		10.	All other property interests (including real and personal property and tangible and intangible property)
solely related to Mainline Expansion Phase IV.

 

    	D-4

    	 

    

 

EXHIBIT E

 

Shared Assets

 

ARTICLE I

DEFINITIONS

 

1.1          Additional
Defined Terms. The following additional definitions shall be for all purposes, unless otherwise clearly indicated to the contrary,
applied to the terms used in this Exhibit E. Unless specifically defined in this Exhibit E, terms defined in the
Agreement are used in this Exhibit E as defined in the Agreement:

 

“Capital Improvement
Project” has the meaning assigned to such term in Section 4.3(a) of this Exhibit E.

 

“Force Majeure
Event” has the meaning assigned to such term in Section 5.1(b) of this Exhibit E.

 

“Governmental
Authority” shall mean (i) the United States of America or Canada, or any state, province or political subdivision thereof
within the United States of America or Canada and (ii) any court or any governmental or administrative department, commission,
board, bureau or agency of the United States of America or Canada, or of any state, province or political subdivision thereof within
the United States of America or Canada.

 

“Improvement
Series” has the meaning assigned to such term in Section 4.3(a) of this Exhibit E.

 

“Rejecting
Series” has the meaning assigned to such term in Section 4.3(b) of this Exhibit E.

 

“Shared Asset
Manager” has the meaning assigned to such term in Section 4.2(a) of this Exhibit E.

 

“Shared Assets”
means collectively, the Shared Contracts, the Shared Facilities, the Shared Permits and the Shared Real Property Rights.

 

“Shared Contract
Party” means one or more of the Partnership generally, the Series AC, the Series EA, the Series ME or the Series LH,
depending on which is or are parties to a particular Shared Contract.

 

“Shared Contracts”
means the contracts, agreements and commitments of the Partnership generally or a Series existing as of the Series AC Closing Date
or entered into thereafter that, in each case, are related to or necessary for the operation of the assets of two or more Series,
including the contracts described in Schedule 1 to this Exhibit E.

 

“Shared Facilities”
means the information systems, control systems, electrical infrastructure and equipment, data lines, emergency response equipment,
communication lines, maintenance facilities, valves, motor control centers, buildings, pump station locations, terminal facilities,
lab facilities, fire protection systems, tank farms and other facilities or systems of the Partnership generally or a Series existing
as of the Series AC Closing Date or developed, constructed or acquired thereafter that, in each case, are related to or necessary
for the operation of the assets of two or more Series.

 

    	E-1

    	 

    

  

“Shared Permits”
means the licenses, consents, approvals, registrations, franchises, permits and authorizations of the Partnership generally or
a Series existing as of the Series AC Closing Date or acquired thereafter that, in each case, are related to or necessary for the
operation of the assets of two or more Series.

 

“Shared Real
Property Rights” means the easements, leasehold rights, real property at station sites, other surface use rights and
rights-of-way of the Partnership generally or a Series existing as of the Series AC Closing Date or acquired thereafter that, in
each case, are related to or necessary for the operation of the assets of two or more Series.

 

ARTICLE II

DESIGNATION OF SHARED ASSETS

 

1.2           Shared
Facilities. Each Series is hereby granted an unconditional, irrevocable, perpetual royalty free right to use the Shared Facilities
to the extent necessary in connection with the construction, operation or maintenance of the assets of such Series.

 

1.3           Shared
Contracts. Each Shared Contract Party shall hold each Shared Contract to which it is a party for the benefit of the Partnership
generally, the Series AC, the Series EA, the Series ME and the Series LH to the extent related to or necessary for the operation
of the assets of such Series or the Partnership generally. Each of the Partnership generally, the Series AC, the Series EA, the
Series ME and the Series LH shall have the benefit of all rights available to the Shared Contract Party under each Shared Contract
to the extent related to or necessary for the operation of the assets of such Series or the Partnership generally. All decisions
in respect of the Shared Contracts shall be made by the Shared Asset Managers in accordance with the terms of Section 4.2 of this
Exhibit E. The Shared Contract Party shall comply with such decisions or delegation of authority, as applicable, with respect
to each Shared Contract. Without limiting the foregoing, promptly upon receipt and delivery as applicable, the Shared Contract
Party shall provide (a) to the Shared Asset Managers, copies of all notices and other correspondence relating to each Shared Contract,
(b) to the Series AC Partners, copies of all notices and other correspondence relating to the Series AC Tariff Term Sheet, (c)
to the Series EA Partners, copies of all notices and other correspondence relating to the Series EA Tariff Term Sheets and (d)
to the Series ME Partners, copies of all notices and other correspondence relating to the Series ME Tariff Term Sheets. In addition,
the Shared Contract Party shall immediately notify the Shared Asset Managers if a default or other material event occurs in respect
of a Shared Contract (such as an event that affects the validity or enforceability of a Shared Contract or an event that may result
in an early termination of a Shared Contract).

 

1.4           Shared
Real Property Rights. Each Series is hereby granted an unconditional, irrevocable, perpetual royalty free right to use the
Shared Real Property Rights to the extent necessary in connection with the construction, operation or maintenance of the assets
of such Series.

 

    	E-2

    	 

    

  

1.5           Shared
Permits. The Partnership shall hold the Shared Permits for the benefit of each Series to the extent related to or necessary
for the operation of the assets of such Series. Each Series shall have the benefit of all rights available to the Partnership under
the Shared Permits to the extent related to or necessary for the operation of the assets of such Series. All decisions in respect
of the Shared Permits shall be made by the Shared Asset Managers in accordance with the terms of Section 4.2 of this Exhibit
E. The Partnership shall comply with such decisions or delegation of authority, as applicable. Without limiting the foregoing,
promptly upon receipt and delivery as applicable, the Partnership shall provide to the Shared Asset Managers copies of all notices
and other correspondence relating to the Shared Permits.

 

1.6           Designation
of Shared Assets. The designated interest of each Series in a Shared Asset shall be allocated to the Series pro rata in accordance
with a ratio the numerator of which is the costs incurred by each Series to develop, construct or acquire such Shared Asset and
the denominator of which is the aggregate costs incurred by the Series AC, the Series EA, the Series ME and the Series LH collectively
to develop, construct or acquire such Shared Asset; provided, however, that all of the Shared Assets existing as of the
Series AC Closing Date will be allocated to the Series LH, except for any of the Shared Assets existing as of the Series AC Closing
Date that have been developed, constructed or acquired by the Partnership in connection with the Alberta Clipper Project, which
shall be allocated to the Series AC; and provided, further, that any of the Shared Assets existing as of the Series EA Closing
Date that have been developed, constructed or acquired by the Partnership in connection with the Eastern Access Project shall be
allocated to the Series EA; and provided, further, that any of the Shared Assets existing as of the Series ME Closing Date
that have been developed, constructed or acquired by the Partnership in connection with the Mainline Expansion Project shall be
allocated to the Series ME . The rights of each Series to use the Shared Assets as described in this Article II shall not be affected
by the terms of this Section 2.5.

 

ARTICLE III

ADDITIONAL SERIES

 

1.7           Additional
Series. In the event that, subsequent to the date of this Agreement, an additional Series is established, then each Series
shall cooperate in good faith with such additional Series and the Partnership generally, if necessary, to amend the Agreement and
this Exhibit E as appropriate to reflect the addition of such Series and for the applicable assets to be shared among the
Series on mutually agreeable terms, reasonably determined on a basis similar to the terms set forth in this Exhibit E.

 

ARTICLE IV

COVENANTS OF THE PARTIES

 

1.8           Use
of Shared Assets.

 

(a)         Rights to
Use. Each Series acknowledges that the Series AC, the Series EA, the Series ME and the Series LH will have the right to
use the Shared Assets in accordance with the terms of this Exhibit E.

 

    	E-3

    	 

    

 

(b)         Liability.
Each Series shall be responsible for its Proportionate Share of Shared Liabilities with respect to each Shared Asset pursuant to
Section 3.6(d) of the Agreement.

 

(c)         Cooperation.
Each Series shall cooperate in good faith with each other with respect to the use of the Shared Assets and will not use the Shared
Assets in a manner that interferes unreasonably with the operations of any other Series or the Partnership generally.

 

(d)         Priority
of Use. In the event of a conflict limiting the ability of one or more Series to make use of a particular Shared Asset to the
extent desired by such Series, priority of use shall be given for the Series AC, the Series EA, the Series ME or the Series LH
to use such Shared Asset in the following order:

 

		(i)	first, to the Series AC, the Series EA, the Series ME or the Series LH, to the extent necessary
to address any emergency;

 

		(ii)	second, prior to the Eastern Access Final In-Service Date and Mainline Expansion Final In-Service
Date, as applicable, to the Series EA and Series ME equally, to the extent necessary in connection with the construction of the
Eastern Access Project and the Mainline Expansion Project; provided that the Series EA’s and Series ME’s use
of the Shared Assets pursuant to this clause (ii) shall not result in interruptions that could materially and adversely affect
the business operations of the Series AC, Series EA, Series ME or Series LH without the consent of the affected Series’ Shared
Asset Manager; and

 

		(iii)	third, in the proportions required by the Series AC, the Series EA, the Series ME and the Series
LH to conduct their respective operations, provided that in the event of a conflict limiting the ability of one or more
Series to make use of a particular Shared Asset to the extent desired by such Series, the Managing General Partner of the Partnership
generally shall determine priority of use for each Series based on the needs of each Series in respect of such Shared Asset.

 

(e)         Standard
of Care. Each Series shall act with respect to the Shared Assets (i) in a professional manner and in accordance with generally
accepted industry standards, (ii) in accordance with the Partnership’s policies, procedures and requirements, as determined
by the Managing General Partner of the Partnership generally, and (iii) in accordance with applicable law in all material respects.
Each Series shall use commercially reasonable efforts to do or cause to be done all such things as shall be necessary and proper
with respect to the Shared Assets to ensure that the rights of the other Series in respect of the Shared Assets shall be preserved
for the benefit of such Series.

 

1.9           Management
of Shared Assets.

 

(a)         Managers.
Each Series hereby appoints the Managing General Partner of such Series (each a “Shared Asset Manager”) to serve
as the primary point of contact for communications between the Series relating to the day-to-day operations of the Shared Assets,
to have overall responsibility for managing and coordinating the performance of the appointing Series’ obligations under
this Exhibit E, and to be authorized to act for and on behalf of the appointing Series concerning all matters relating to
this Exhibit E.

 

    	E-4

    	 

    

 

(b)        Decisions.

 

		(i)	All decisions in respect of the Shared Assets shall require the unanimous decision of the Shared
Asset Managers of each Series unless otherwise required by the terms of this Agreement. The Shared Asset Managers shall act reasonably,
taking into account the considerations of each Series, in connection with all decisions regarding the Shared Assets.

 

		(ii)	In the event of a conflict between the Shared Asset Managers of any Series, then (1) if one Series
has priority of use pursuant to Section 4.1(d) of this Exhibit E, then such Series shall prevail and (2) other decisions
shall be made by the Shared Asset Manager of the Series that is reasonably likely to bear the greater proportion of the costs relating
to such matter.

 

		(iii)	If the Shared Asset Managers are not the same Person, then notwithstanding the foregoing, the following
actions shall require the prior written consent of a Majority in Interest of each of the Series AC and Series LH and a Supermajority
Interest of the Series EA and Series ME:

 

		(A)	the disposition, transfer, sale, conveyance or exchange of any Shared Asset in excess of $25,000,000,
in each case; or

 

		(B)	material modifications of the Shared Contracts, Shared Real Property Rights or Shared Permits.

 

(c)         Meetings.
The Shared Asset Managers agree to have meetings if called at any time upon five Business Days prior written notice by a Shared
Asset Manager. Each Series shall make available at such meetings their personnel who are familiar with the details of the particular
Shared Assets under review.

 

1.10         Capital
Improvements.

 

(a)         A
Series (the “Improvement Series”) may submit from time to time to each other Series written requests to undertake
capital expenditures or capital improvement projects relating to the Shared Assets (each, a “Capital Improvement Project”).
Any such requests shall specify in reasonable detail the Capital Improvement Project, any permits that may be required, the estimated
cost of such Capital Improvement Project, any proposed changes to this Exhibit E, and any other relevant information relating
to such Capital Improvement Project. Each Series agrees that it will consider in good faith any such request, but a Series shall
have no obligation to agree to undertake any Capital Improvement Project and may reject any request by the other Series. If the
Series agree to undertake any Capital Improvement Project, the Series shall cooperate in good faith to reach agreement on the allocation
of responsibility for all costs associated with such Capital Improvement Project.

 

    	E-5

    	 

    

 

(b)         A
rejecting Series (the “Rejecting Series”) shall provide to each other Series a written explanation for the rejection
of any request to undertake a Capital Improvement Project. If the Improvement Series, together with any other Series that does
not reject the request to undertake the Capital Improvement Project (collectively, the “Non-Rejecting Series”),
desires to undertake a Capital Improvement Project relating to the Shared Assets despite the Rejecting Series’s rejection,
then the Non-Rejecting Series (i) may undertake such Capital Improvement Project, (ii) shall share the entire cost and Liability
associated with such Capital Improvement Project, (iii) shall be entitled to all the benefits and rights of use associated with
such Capital Improvement Project and (iv) shall develop such Capital Improvement Project in a manner that does not interfere unreasonably
with the operations of any Rejecting Series or the Partnership generally.

 

1.11         Nature
of Right to Use. The right to use the Shared Assets as provided in this Exhibit E (i) is an integral, non-severable
part of the Agreement, (ii) is an integral part of the Partnership Interests of the Series and the assets of the Series designated
under the Agreement and (iii) shall not be deemed to be an executory contract or agreement that can be rejected or otherwise terminated
in any bankruptcy, receivership or similar proceeding of the Partnership.

 

1.12         Valuation.
In any valuation of the assets of a Series, the value of such assets shall include the continuing right to use the Shared Assets
as provided in this Exhibit E.

 

ARTICLE V

FORCE MAJEURE

1.13        Force
Majeure Event.

 

(a)         Subject
to the following provisions of this Article V, a Series shall not be in default hereunder or responsible for any loss or damage
to the other Series resulting from any delay in performing or failure to perform any obligation of such Series under this Exhibit
E (other than payment obligations) to the extent such failure or delay is caused by a Force Majeure Event.

 

(b)      “Force
Majeure Event” means the following events, conditions and circumstances, except to the extent any of the following is
within the reasonable control of, could be sufficiently alleviated by the reasonable efforts of, or caused by the negligence, breach,
default or misconduct of the Series claiming the Force Majeure Event:

 

		(i)	any act of God or the public enemy, fire, explosion, perils of the sea, flood, drought, war, terrorism,
riot, sabotage or embargo, and any interruption of or delay in transportation, or any inadequacy or shortage or failure or breakdown
of supply of raw materials or equipment resulting from the foregoing;

 

    	E-6

    	 

    

 

		(ii)	any labor disputes from whatever cause arising and whether or not the demands of the employees
involved are within the power of the claiming Series to concede; or

 

		(iii)	compliance with any order, action, direction or request of any Governmental Authority or with any
applicable law not brought about by any action or omission on the part of the Series claiming the Force Majeure Event.

 

1.14         Force
Majeure Notice. The Series whose ability to perform is affected by a Force Majeure Event must, as a condition to its right
to suspend its obligations under Section 5.1 of this Exhibit E, (i) be actually prejudiced by such Force Majeure Event and
(ii) promptly give the other Series notice setting forth the particulars of the Force Majeure Event and, to the extent possible,
the expected duration of the Force Majeure Event. Such notice shall also include a description of the steps taken and proposed
to be taken to lessen and cure the Force Majeure Event. The cause of the Force Majeure Event shall so far as commercially reasonable
be remedied with all reasonable dispatch, except that no Series shall be obligated to resolve any labor disputes other than as
it shall determine to be in its best interests.

 

ARTICLE VI

MISCELLANEOUS

 

1.15         Conflict
with Agreement. The terms of the Agreement, excluding this Exhibit E, shall govern to the extent of any inconsistency
or conflict between the terms of the Agreement, excluding this Exhibit E, and this Exhibit E.

 

1.16         Amendments.
The terms of this Exhibit E shall be amended to the extent required to conform with any amendment or modification to the
other terms of the Agreement.

 

1.17         Governing
Law. This Exhibit E shall be governed by and construed under the laws of the State of Delaware (without regard to conflict
of laws principles), all rights and remedies being governed by said laws.

 

    	E-7

    	 

    

 

Schedule 1

 

Shared Contracts

 

		1.	CAPP contracts that are related to or necessary for the operation of the Alberta Clipper System, the Eastern Access Project,
the Mainline Expansion Project and the assets or operations of the Series LH.

 

		2.	Power supply contracts that are related to or necessary for the operation of the Alberta Clipper System, the Eastern Access
Project, the Mainline Expansion Project and the assets or operations of the Series LH.

 

		3.	Communication contracts that are related to or necessary for the operation of the Alberta Clipper System, the Eastern Access
Project, the Mainline Expansion Project and the assets or operations of the Series LH.

 

		4.	Emergency response contracts that are related to or necessary for the operation of the Alberta Clipper System, the Eastern
Access Project, the Mainline Expansion Project and the assets or operations of the Series LH.

 

    	E-8

    	 

    

  

EXHIBIT F

 

Sample Illustration
of Purchase Price Mechanics 

 

The following calculations are for illustrative
purposes to demonstrate how the purchase price to be paid for the EA Call Option Interest or the ME Call Option Interest would
be calculated pursuant to sections 4.9(c) or 4.11(c), respectively. For purposes of this example, it is assumed that the EA Call
Option has been exercised pursuant to Section 4.9.

 

Assumptions:

 

	Portion of up to 15% EA Call Option to be Exercised	 	 	10	%
	Total capital contributed by all parties into Series EA at time of exercise	 	$  	2,000,000,000	 
	AFUDC on Series EA at time of exercise	 	$	75,000,000	 
	Accumulated depreciation at time of exercise	 	$	50,000,000	 

 

Sample Calculation:

 

 

    	F-1RCL - 6.30.2015 - 10.2

Exhibit 10.2

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT
This AMENDMENT NO. 1 TO THE AMENDED AND RESTATED CREDIT AGREEMENT, dated as of July 10, 2015 (this “Amendment”), is among ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation (the “Borrower”), the lenders parties hereto and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as administrative agent (the “Administrative Agent”).
PRELIMINARY STATEMENTS
(1)    The Borrower, the Lenders and the Administrative Agent are parties to a Credit Agreement dated as of November 19, 2010, as amended and restated as of August 23, 2013 (the “Existing Credit Agreement and, as amended hereby, the “Amended Credit Agreement”); and
(2)    The Borrower and each Lender have agreed to amend the Existing Credit Agreement as hereinafter set forth herein;
NOW, THEREFORE, the parties hereto hereby agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms not otherwise defined in the Amendment shall have the same meanings as specified in the Existing Credit Agreement.
SECTION 2.  Amendments to the Existing Credit Agreement.  The Existing Credit Agreement is, effective as of the Amendment Effective Date (as defined below) and subject to the satisfaction of the conditions precedent set forth in Section 3, hereby amended as follows:
(a)The following definitions are added in Section 1.1 in appropriate alphabetical order:
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Affiliates from time to time concerning or relating to bribery or corruption.
“Change of Control” means an event or series of events by which (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 50% or more of the equity securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or (b) during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or 

equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body.
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom.
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (as of July 10, 2015, Crimea, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union member state, or any person owned or controlled by any such Person or Persons, or (b) any Person operating, organized or resident in a Sanctioned Country.
(b)    The definitions of “Existing Debt”, “Existing Group” and “Family Related Parties” in Section 1.1 are deleted in full.
(c)    The definitions of “Applicable Margin”, “Applicable Percentage”, “Defaulting Lender”, “Effective Date”, “FATCA” and “Loan Document” in Section 1.1 are amended in full to read as follows:
“Applicable Margin” means as of any date, a percentage per annum determined by reference to the Senior Debt Rating in effect on such date as set forth below:
	
			
	Senior Debt Rating
S&P/Moody’s
	Applicable Margin for Base Rate Advances
	Applicable Margin for LIBO Rate Advances and Swing Line Advances

	Level 1
BBB+/Baa1 (or higher)
	0.000%
	1.000%

	Level 2
BBB or Baa2
	0.125%
	1.125%

	Level 3
BBB- or Baa3
	0.250%
	1.250%

	Level 4
BB+ or Ba1
	0.500%
	1.500%

	Level 5
BB or Ba2
	0.700%
	1.700%

	Level 6
BB- or Ba3 (or lower)
	1.000%
	2.000%

2
    

“Applicable Percentage” means, as of any date a percentage per annum determined by reference to the Senior Debt Rating in effect on such date as set forth below:
	
		
	Senior Debt Rating
S&P/Moody’s
	Applicable
Percentage

	Level 1
BBB+ or Baa1 or above
	

0.125%

	Level 2
BBB or Baa2
	

0.150%

	Level 3
BBB- or Baa3
	

0.200%

	Level 4
BB+ or Ba1
	

0.250%

	Level 5
BB or Ba2
	

0.300%

	Level 6
Lower than Level 5
	

0.400%

“Defaulting Lender” means, subject to Section 2.15(d), at any time, any Lender that, at such time (a) has failed to (i) fund all or any portion of its Advances within two Business Days of the date such Advances were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, any Swing Line Bank or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Advances) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Bank or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any debtor relief law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a governmental authority so long as such ownership interest does not result in or provide such Lender with 

3
    

immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(d)) upon delivery of written notice of such determination to the Borrower, each Issuing Bank, each Swing Line Bank and each Lender.
“Effective Date” means August 23, 2013.
“FATCA” means Sections 1471 through 1474 of the Code, as in effect at the date hereof (or any amended or successor version that is substantively comparable),  any current or future regulations promulgated thereunder or official interpretations thereof, any agreements entered into pursuant to section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any published intergovernmental agreement entered into in connection with the implementation of such sections of the Code, any published intergovernmental agreement entered into in connection with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such published intergovernmental agreements.
“Loan Document” means this Agreement, the Notes, if any, and each amendment hereto.
(d)    The definition of “Base Rate” in Section 1.1 is amended by adding to subsection (c) thereof immediately before the phrase “plus 1.00%” a new proviso to read as follows:
“; provided that if the rate determined under clause (i) or (ii) above shall be less than zero, such rate shall be deemed zero for purposes of this Agreement”.
(e)    The definition of “Commitment Termination Event” in Section 1.1 is amended by deleting the phrase “any Default” in clause (a) thereof and substituting therefor the phrase “any Event of Default”.
(f)    The definition of “LIBO Rate” in Section 1.1 is amended by adding to the end thereof the proviso “; and provided that if the LIBO Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement”.
(g)    Section 2.1(c) is amended by deleting the figure “$70,000,000” and substituting therefor the figure “$100,000,000.
(h)    The last sentence of Section 2.8(a) is amended in full to read as follows:
The Administrative Agent shall furnish to the Borrower and to the Lenders each determination of the LIBO Rate (it being understood that the Administrative Agent shall not be required to disclose to any party hereto (other than the Borrower) any information regarding any Reference Lender or any rate quoted by a Reference Lender, including, without limitation, whether a Reference Lender has provided a rate or the rate provided by any individual Reference Lender).

4
    

(i)    Section 3.3 is amended by (i) deleting the phrase “concerning capital adequacy” in the initial paragraph thereof and substituting therefor the phrase “concerning capital adequacy or liquidity” and (ii) deleting the phrase “any reserve or capital adequacy” in the subparagraph (c) thereof and substituting therefor the phrase “any reserve, liquidity or capital adequacy”.
(j)    Section 3.4 is amended by inserting immediately after the phrase “incur any loss or expense” the parenthetical phrase “(other than loss of profits, business or anticipated savings)”.
(k)    Section 3.5 is amended by deleting the phrase “capital adequacy” in both places such phrase appears and substituting therefor the phrase “capital adequacy or liquidity”.
(l)    Section 5.11 is amended in full to read as follows:
SECTION 5.11.  Obligations rank pari passu.  The Obligations rank at least pari passu in right of payment and in all other respects with all other unsecured unsubordinated Indebtedness of the Borrower other than Indebtedness preferred as a matter of law.
(m)    Section 5.18 is amended in full to read as follows:
SECTION 5.18.  Compliance with Laws.  The Borrower is in compliance with all applicable laws, rules, regulations and orders, except to the extent that the failure to so comply does not and could not reasonably be expected to have a Material Adverse Effect, and the Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower and its Subsidiaries and, to the knowledge of the Borrower, their respective officers, employees, directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions, in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in Borrower being designated as a Sanctioned Person.  None of (a) the Borrower, any Subsidiary or to the knowledge of the Borrower or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.
(n)    Section 5.19 is deleted in full.
(o)    Section 6.1.3 is amended by adding to the end thereof the following new clause (f):
(f)    The Borrower will maintain in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions.
(p)    Section 6.1.6 is amended by inserting immediately after the phrase “at reasonable time and intervals” the phrase “and upon reasonable prior notice”.
(q)    Section 6.2.2 is amended by (i) deleting the figure “3.5%” from clause (x) in subsection (d) thereof and substituting therefor the figure “5.0%”, (ii) by deleting the figure “$450,000,000” from clause (y) in subsection (d) thereof and substituting therefor the figure “$735,000,000” and (iii) by deleting clause (e) thereof in full.

5
    

(r)    Section 6.2.3 is amended by (i) deleting clause (a) thereof and substituting therefor the phrase “Intentionally omitted”, (ii) deleting the figure “3.5%” from clause (x) in subsection (c) thereof and substituting therefor the figure “5.0%” and (iii) by deleting the figure “$450,000,000” from clause (y) in subsection (c) thereof and substituting therefor the figure “$735,000,000”.
(s)    Section 6.2.5(b) is amended by deleting the figure “$50,000,000” and substituting therefor the figure “$100,000,000”.
(t)    Section 6.2.7(a) is amended by (i) deleting the figure “7.5%” from clause (x) in subsection (i) thereof and substituting therefor the figure “12.5%”, (ii) by deleting the figure “$400,000,000” from clause (y) in subsection (i) thereof and substituting therefor the figure “$675,000,000” and (iii) by deleting the figure “$50,000,000” from clause (ii) thereof and substituting therefor the figure “$250,000,000”.
(u)    Section 6.2.8 is amended in full to read as follows:
SECTION 6.2.8.  Use of Proceeds.  The Borrower will not request any Borrowing or Letter of Credit, and the Borrower and its Subsidiaries shall not use the proceeds of any Borrowing or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, or (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in violation of Sanctions applicable to any party hereto.
(v)    Section 7.1.2 is amended in full to read as follows:
SECTION 7.1.2.  Breach of Warranty.  Any representation or warranty of the Borrower made or deemed to be made hereunder or under any other Loan Document (including any certificates delivered pursuant to Article IV) is or shall be incorrect in any material respect when made.
(w)    Section 7.1.4 is amended in full to read as follows:
SECTION 7.1.4.  Default on Other Indebtedness.  (a) The Borrower or any of its Principal Subsidiaries shall fail to pay any Indebtedness that is outstanding in a principal amount of at least $100,000,000 (or the equivalent in other currencies) in the aggregate (but excluding Indebtedness hereunder or with respect to the Hedging Instruments) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness, (b) the occurrence under any Hedging Instrument of an Early Termination Date (as defined in such Hedging Instrument) resulting from (A) any event of default under such Hedging Instrument as to which the Borrower is the Defaulting Party (as defined in such Hedging Instrument) or (B) any Termination Event (as so defined) as to which the Borrower is an Affected Party (as so defined) and, in either event, the termination value with respect to any such Hedging Instrument owed by the Borrower as a result thereof is greater than $100,000,000 and the Borrower fails to pay such termination value when due after applicable grace periods or (c) any other event shall occur or condition shall exist under any agreement or instrument evidencing, securing or relating to any such Indebtedness and shall continue after the applicable grace period, if 

6
    

any, specified in such agreement or instrument, if the effect of such event or condition is to cause or permit the holder or holders of such Indebtedness to cause such Indebtedness to become due and payable prior to its scheduled maturity (other than as a result of any sale or other disposition of any property or assets under the terms of such Indebtedness); or any such Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption or by voluntary agreement), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness is required to be made, in each case prior to the scheduled maturity thereof (other than as a result of any sale or other disposition of any property or assets under the terms of such Indebtedness).  For purposes of determining Indebtedness for any Hedging Instrument, the principal amount of the obligations under any such instrument at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or any Principal Subsidiary would be required to pay if such instrument were terminated at such time.
(x)    Section 7.1.5(a) is amended by deleting the figure “$50,000,000” and substituting therefor the figure “$100,000,000”.
(y)    Section 7.1.6 is amended by deleting the figure “30” in each place such figure appears and substituting therefor the figure “60”.
(z)    Section 8.1.1 is amended in full to read as follows:
SECTION 8.1.1.  Change of Control.  There occurs any Change of Control.
(aa)    Section 8.1.2 is amended by deleting such section in full and substituting therefor the phrase “Intentionally omitted”.
(bb)    Section 8.1.6 is amended by deleting the figure “$50,000,000” and substituting therefor the figure “$100,000,000”.
(cc)    Section 11.11.1(a)(ii) is amended by deleting the phrase “no Event of Default or Prepayment Event has occurred and is continuing” and substituting therefor the phrase “no Event of Default under Sections 7.1.1, 7.1.4(a) or 7.1.6 has occurred and is continuing”.
(dd)    Section 11.11.1(c)(i) is amended by deleting the phrase “an Event of Default or Prepayment Event has occurred and is continuing” and substituting therefor the phrase “an Event of Default under Sections 7.1.1, 7.1.4(a) or 7.1.6 has occurred and is continuing”.
(ee)    Section 11.18 is amended by adding a third paragraph thereto to read as follows:
The Administrative Agent agrees (i) to keep confidential the rates to be used in the calculation of the LIBO Rate supplied by each Reference Lender pursuant to or in connection with this Agreement and (ii) that it has developed procedures to ensure that such rates are not submitted by the Reference Lenders to, or shared with, any individual who is formally designated as being involved in the ICE LIBOR submission process; provided that such rates may be shared with the Borrower and any of its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates that have a commercially reasonable business need to know such rates, subject to an agreement by the recipient thereof to comply with the provisions of this paragraph as if it were the Administrative Agent.

7
    

SECTION 3.  Conditions of Effectiveness.  This Amendment shall become effective as of the date first above written (the “Amendment Effective Date”) when and only if this Amendment shall have been executed by the Borrower and each Lender and the Administrative Agent shall have additionally received a certificate in form and substance satisfactory to the Administrative Agent, dated the Amendment Effective Date, of the Secretary or Assistant Secretary of the Borrower as to the incumbency and signatures of those of its officers authorized to act with respect to this Amendment and as to the truth and completeness of the attached resolutions of its Board of Directors then in full force and effect authorizing the execution, delivery and performance of this Amendment.
SECTION 4.  Representation and Warranty. To induce the Lenders to enter into this Amendment, the Borrower represents and warrants that, as of the Amendment Effective Date:
(a)    the representations and warranties contained in Article V of the Amended Credit Agreement (excluding, however the representations and warranties contained in Sections 5.9, 5.10 and 5.12 of the Amended Credit Agreement) are true and correct in all material respects except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be true and correct, on and as of the Amendment Effective Date;
(b)    no Default and no Prepayment Event and no event which (with notice or lapse of time or both) would become a Prepayment Event has occurred and is continuing under the Amended Credit Agreement;
(c)    the execution, delivery and performance by the Borrower of this Amendment and the Amended Credit Agreement are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate action, and do not:
(i)    contravene the Borrower’s Organic Documents;
(ii)    contravene any law or governmental regulation of any Applicable Jurisdiction except as would not reasonably be expected to result in a Material Adverse Effect;
(iii)    contravene any contractual restriction binding on the Borrower or any of its property except as would not reasonably be expected to result in a Material Adverse Effect; or
(iv)    result in, or require the creation or imposition of, any Lien on any of the Borrower’s properties except as would not reasonably be expected to result in a Material Adverse Effect;
(d)    no authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or other Person is required for the due execution, delivery or performance by the Borrower of this Amendment or the other Loan Documents as amended hereby (except for authorizations or approvals not required to be obtained on or prior to the Amendment Effective Date that have been obtained or actions not required to be taken on or prior to the Amendment Effective Date that have been taken); and
(e)    this Amendment and the Loan Documents amended hereby constitute the legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by general equitable principles.

8
    

SECTION 5.  Reference to and Effect on the Existing Credit Agreement and the Notes.  (a)  On and after the effectiveness of this Amendment, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Existing Credit Agreement, and each reference in the Note to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Existing Credit Agreement, shall mean and be a reference to the Amended Credit Agreement.
(b)    The Amended Credit Agreement and the Notes, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.
(c)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender under the Existing Credit Agreement, nor constitute a waiver of any provision of the Existing Credit Agreement.
(d)    For purposes of determining withholding Taxes imposed under FATCA, from and after the Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Amendment and the Advances as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i) with respect to any payments of United States source income (within the meaning of FATCA) made by or on behalf of the Borrower.
SECTION 6.  Costs and Expenses.  The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other documents to be delivered hereunder (including the reasonable and documented fees and expenses of one single counsel and one local counsel, if any, for the Administrative Agent) in accordance with the terms of Section 11.3 of the Existing Credit Agreement.
SECTION 7.  Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 8.  Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

[Signature pages follow.]

9
    

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

ROYAL CARIBBEAN CRUISES LTD.

/s/ Antje M. Gibson
By _________________________ 
Name:  Antje M. Gibson 
Title:  Vice President, Treasurer

ACCEPTED AND AGREED:
NORDEA BANK FINLAND PLC, NEW YORK BRANCH,  
as Administrative Agent and as Lender 
/s/ Martin Lunder
By _________________________ 
Name:  Martin Lunder 
Title:  Senior Vice President
/s/ Lynn Sauro
By _________________________ 
Name:  Lynn Sauro 
Title:  Vice President
THE BANK OF NOVA SCOTIA
/s/ Chad Hale
By _________________________ 
Name:  Chad Hale 
Title:  Senior Vice President
MIZUHO BANK, LTD.
/s/ Donna DeMagistris
By _________________________ 
Name:  Donna DeMagistris 
Title:  Authorized Signatory
SKANDINVISKA ENSKILDA BANKEN AB (PUBL)
/s/ Andreas Thelmer
By _________________________ 
Name:  Andreas Thelmer 
Title:  Client Associate
/s/ Simon Wakefield
By _________________________ 
Name:  Simon Wakefield 
Title:  Head of Acquisition Finance
CITIBANK, N.A.
/s/ Brian Rolli
By _________________________ 
Name:  Brian Rolli 
Title:  Vice President

DNB CAPITAL LLC
/s/ Cathleen Buckley
By _________________________ 
Name:  Cathleen Buckley 
Title:  Senior Vice President
/s/ Stian Lovseth
By _________________________ 
Name:  Stian Lovseth 
Title:  First Vice President
HSBC BANK USA, NATIONAL ASSOCIATION
/s/ Peter Hart
By _________________________ 
Name:  Peter Hart 
Title:  Vice President
COMPASS BANK
/s/ Daniel Feldman
By _________________________ 
Name:  Daniel Feldman 
Title:  Vice President
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH
/s/ Yuqiang Xiao
By _________________________ 
Name:  Yuqiang Xiao 
Title:  General Manager
SOCIETE GENERALE
/s/ Linda Tam
By _________________________ 
Name:  Linda Tam 
Title:  Director
SUNTRUST BANK
/s/ Martin E. Sapp
By _________________________ 
Name:  Martin E. Sapp 
Title:  First Vice President

SUMITOMO MITSUI BANKING CORPORATION
/s/ James D. Weinstein
By _________________________ 
Name:  James D. Weinstein 
Title:  Managing Director
BANK OF AMERICA, N.A.
/s/ Brian D. Corum
By _________________________ 
Name:  Brian D. Corum 
Title:  Managing Director
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
/s/ Lawrence Elkins
By _________________________ 
Name:  Lawrence Elkins 
Title:  Vice President
SANTANDER BANK, N.A.
/s/ William Maag
By _________________________ 
Name:  William Maag 
Title:  Managing Director
GOLDMAN SACHS BANK USA
/s/ Michelle Latzoni
By _________________________ 
Name:  Michelle Latzoni 
Title:  Authorized Signatory
JP MORGAN CHASE BANK, N.A.
/s/ Nadeige Dang
By _________________________ 
Name:  Nadeige Dang 
Title:  Vice President
MORGAN STANLEY BANK, N.A.
/s/ Michael King
By _________________________ 
Name:  Michael King 
Title:  Authorized Signatory

U.S. BANK, NATIONAL ASSOCIATION
/s/ Patrick McGraw
By _________________________ 
Name:  Patrick McGraw 
Title:  Senior Vice President
PNC BANK, NATIONAL ASSOCIATION
/s/ Britton Core
By _________________________ 
Name:  Britton Core 
Title:  Senior Vice President
SABADELL UNITED BANK, N.A.
/s/ Mario Trueba
By _________________________ 
Name:  Mario Trueba 
Title:  CEO
BARCLAYS BANK PLC
/s/ Ronnie Glenn
By _________________________ 
Name:  Ronnie Glenn 
Title:  Vice President
FIFTH THIRD BANK
/s/ John A. Marian
By _________________________ 
Name:  John A. Marian 
Title:  Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]