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George Hague, general manager of the Merchants Bank of Canada, and William Miller Ramsay, manager in Canada of the Standard Life Assurance Company, hereinafter called “The debenture stockholders' trustees” of the third part;

H. Montagu Allan of the city of Montreal, Esquire, the receiver of the undertaking and assets of the North Western Company appointed in the proceedings hereinafter referred to of the fourth part;

Augustus Meredith Nanton, of the city of Winnipeg, broker, the receiver of the revenues, freights, tolls, incomes, rents, issues, and profits of the first division of the North Western Company's Railway and Telegraph appointed in the proceedings hereinafter referred to of the fifth part;

Andrew Allan, H. Montagu Allan and Bryce J. Allan as individuals and II. Montagu Allan and Andrew A. Allan trustees of the estate of Arthur E. Allan creditors of the North Western Company having executions in the sheriff's hands hereinafter called “the execution creditors” of the sixth part;

And the Lake Manitoba Railway and Canal Company hereinafter called “The Lake Manitoba Company” of the seventh part.

Whereas the North Western Company is the owner of a line of railway part of which runs from the town of Portage la Prairie through the village of Gladstone in the Province of Manitoba a distance of about thirty-six miles;

And whereas by an order pronounced by IIer Majesty's Court of Queen's Bench in the Province of Manitoba dated the eighth day of June one thousand eight hundred and ninety-three in a certain suit wherein the said Andrew Allan H. Montagu Allan and Bryce J. Allan and H. Montagu Allan and Andrew A. Allan trustees of the estate of Arthur E. Allan were plaintiffs and the North Western Company were defendants it was ordered that the said H. Montagu Allan should be and he was appointed receiver of the undertaking and assets of the North Western Company until the hearing or other final determination of such suit ;

And whereas hy a decree pronounced in such suit upon the thirteenth day of July, one thousand eight hundred and ninety-three it was ordered and decreed that the said H. Montagu Allan should be continued as such receiver.

And whereas by an order pronounced by Her Majesty's Court of Queen's Bench of the Province of Manitoba dated the fourteenth day of August one thousand eight hundred and ninety-four in a certain suit wherein the bondholders' trustees were Plaintiffs and the North Western Company was Defendant it was ordered that a receiver of the revenues tolls and profits of that portion of the railway of the North Western Company known as the first division should be appointed;

And whereas the said Augustus Meredith Nanton was subsequently appointed such receiver;

Court of Queens of June onex herein the saidd 11. Montagu

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And whereas by a decree pronounced in such last mentioned suit upon the seventeenth day of April one thousand eight hundred and ninety-five it was ordered and decreed that the said Augustus Meredith Nanton should be continued as such receiver;

And whereas by a decree pronounced in such last mentioned suit upon the tenth day of February one thousand eight hundred and ninety-six on appeal from the said decree of the seventeenih day of April one thousand eight hundred and ninety-five the said Augustus Meredith Nanton was thereby declared to be and since his appointment to have been receiver of so much of the revenues of the North Western Company's Railway and Telegraph as might be applicable to the said first division after payment of the working expenses of the said Company's entire railway and telegraph from which last mentioned decree the bondholders' trustees have appealed to the Judicial Committee of Her Majesty's Privy Council which appeal is now pending;

And whereas the bondholders' trustees are made parties hereto for the purpose of consenting to and confirming this agreement;

And whereas by a mortgage dated the fifteenth day of October one thousand eight hundred and eighty-eight made by the North Western Company to the debenture stockholders' trustees an issue of debenture stock to the extent of three thousand pounds (£3000) per mile of a portion of the said railway was secured on the property and assets of the North Western Company as therein described and the debenture stockholders' trustees are made parties hereto for the purpose of consenting to and confirming this agreement;

And whereas the execution creditors having recovered judgments against the North Western Company and having placed in the sheriff's hands executions on such judgments they are made parties hereto for the purpose of consenting to and confirming this agreement;

And whereas the said bondholders and the debenture stockholders have consented to and approved of this agreement and have directed its execution by their respective trustees as testified by the endorsements hereon ;

And whereas by an order pronounced by the said court in the said suits the said court approved of this agreement being entered into and directed the execution thereof;

And whereas the said II. Montagu Allan and Augustus Meredith Nanton, parties hereto of the fourth and fifth parts, are made parties hereto, for the purpose of consenting to and confirming this agreement;

And whereas the running powers and other arrangements hereinafter mentioned have been agreed on;

Now this agreement witnesseth

1. The expression “joint section” in this agreement means that portion of the railway of the North Western

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Company between its point of junction with the railway of the Lake Manitoba Company at or near Gladstone to be hereafter made and its point of intersection with the west side of Main street in the town of Portage la Prairie.

The expression “terminals” means that portion of the main line tracks of the railway of the North Western Company lying east of the west side of Main street in the town of Portage la Prairie, and all the yards tracks buildings and other immovable property owned or used by the North Western Company situate east of the said west side of Main street.

2. The North Western Company grants to the Lake Manitoba Company the right for the purposes of this agreement to use the joint section for all the engines and freight passenger express and other cars with their traffic that the Lake Manitoba Coinpany desires to run over it; also the right for the purposes of this agreement to use all sidings and tracks connecting with other railways now or hereafter laid, and all station buildings water stations engine and car houses turn tables coal and wood sheds and other facilities which are now, or which hereafter may be erected or placed upon the joint section or which the North Western Company has the right to use on the joint section.

The North Western Company also grants to the Lake Manitoba Company the right for the purposes of this agreement to use all tracks sidings and tracks connecting with other railways now or hereafter laid and all buildings water stations engine and car houses turn tables coal and wood sheds and other facilities which are now or which hereafter may be laid erected or placed on the terminals.

The Lake Manitoba Company shall have the right to use as if they formed part of the joint section any branch lines or spur tracks, now or hereafter constructed or extended by the North Western Company and connecting with the joint section or terminals and in the event of such use the provisions of this agreement respecting rental per mile for the joint section and respecting the proportion of expense of repairing and maintaining the same payable on the wheelage basis and all other provisions respecting the joint section shall apply to such branch lines or spur tracks.

3. It is understood and agreed that the Lake Manitoba Company hereby acquires and shall subject to the terms of this agreement enjoy the rights above granted with respect to the joint section and terminals branch lines and spur tracks equally with the North Western Company and that limited only by the necessary conditions of joint operation and the equal rights of the North Western Company and by the terms of this agreement these rights shall be as full and free as if the joint section terminals branch lines and spur tracks were the property of the Lake Manitoba Company. 4. The trains engines and cars and the conductors engine

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men train men and other employees of the Lake Manitoba Company connected with its trains engines and cars shall while on the joint section and terminals branch lines and spur tracks be subject to the rules and regulations of the North Western Company and to the orders of the manager superintendent train masters train despatchers and all other officers of the North Western Company in all matters relating to the movement of trains or in any way affecting the safe and proper working of the joint section and terminals branch lines and spur tracks and the Lake Manitoba Company shall on demand for reasonable cause stated by the North Western Company discharge any such conductor train man engine man or other employee.

5. The Lake Manitoba Company shall have the right at its own cost and expense from time to time to connect or to have connections made between the tracks of the North Western Company and the tracks of the Lake Manitoba Company at Gladstone and between the tracks of the North Western Company and those of any other railway company with which the Lake Manitoba Company desires to have connections made for its purposes and between the tracks of the North Western Company and the tracks connecting with any terminals hereafter acquired or established by the Lake Manitoba Company and such connections shall be made at such points and in such manner as shall be agreed upon between the companies parties hereto or in default of this agreement within a reasonable time then as shall be approved and determined by the Railway Committee of the Privy Council of Canada. As between the companies parties hereto the said connections shall as well as the frogs be kept in rupair by the North Western Company at the sole expense of the Lake Manitoba Company during the continuance of this agreement; such expense is not to exceed however the actual cost of such repairs and the switches at such connections shall when not required for use be kept locked on the line of the North Western Company.

In the event of the North Western Company declining after ten days' written request by the Lake Manitoba Company to do all such acts and take all such steps and proceedings as may be necessary for the purpose of having connections made as above mentioned between the tracks of the North Western Company and any other company as aforesaid the Lake Manitoba Company may in the name of the North Western Company do all such acts and take all such steps or proceedings at its own expense as it shall think necessary and at the like expense the proper officers of the North Western Company shall on demand execute all such documents and do all such acts as may be reasonably required by the Lake Manitoba Company in that behalf.

6. All time cards and rules and regulations for the operation of trains upon the joint section and terminals shall be made by the North Western Company and they shall be

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binding upon and be obeyed by the officers and employees of the Lake Manitoba Company they having first been reasonably brought to the notice of the superintendent or other designated officer of the Lake Manitoba Company; but euch time cards rules and regulations shall be reasonable and just to both companies without unfair preference or discrimination in favour of or against either company and if at any time the Lake Manitoba Company deems any of such time cards rules or regulations to be otherwise than reasonable and just or if the North Western Company declines to make reasonable changes therein within ten days after notice has been given to it by the Lake Manitoba Company of the changes therein required to suit the requirements of the Lake Manitoba Company that company shall have the right to appeal to the arbitrator or arbitrators appointed as hereinafter provided who shall have full power and authority to alter and modify such time cards rules and regulations complained of so as to make the same reasonable and just to both companies, and in the event of the Lake Manitoba Company having after the expiration of such period of ten days suffered loss or damage by or through any unreasonable time cards rules or regulations of the North Western Company then the North Western Company shall be liable to the Lake Manitoba Company therefor.

7. The superintendent or other designated officer of the Lake Manitoba Company shall be consulted as to all schedules of time to be made for the running of trains of the Lake Manitoba Company over the joint section and in fixing the time of the arrival and departure of trains over and upon the joint section the interests of neither Company shall be unreasonably subordinated to the interests or necessities of the other.

8. Nothing herein is to be construed as limiting the right of either Company to send over the joint section and terminals special trains or engines at pleasure, subject to the usual rules and regulations of the North Western Company governing the running of the same.

9. The Lake Manitoba Company shall have the right during the continuance of this agreement to construct maintain and operate at its own expense telegraph and telephone lines along the right way of the joint section and terminals either by placing its wires not to exceed two in number on the poles of the North Western Company as now or hereafter at any time erected or by erecting poles and lines on the opposite side of the track from the telegraph line of the North Western Company. The construction and erection of such lines are to be at the sole cost and expense of the Lake Manitoba Company and the work of such construction or erection is to be done under the direction of and in a manner satisfactory to an officer of the North Western Company to be appointed by it for that purpose.

10. The Lake Manitoba Company shall have the right at any time at its own expense to remove such lines and poles so erected by it from off the property of the North Western

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