Currently TG2 does not define a 'north'. You can call 'north' whatever you want. However, when importing real world DEM data, real world North is usually mapped to the Z coordinate in TG2 space.
In future when TG2's heightfield system supports latitude and longitude, the labels North, South, East and West will have real meaning, but then north will no longer be along the Z axis.
To match coordinates with C4D you should set C4D's units to "metres". I believe C4D uses "Y = up" by default, so you may need to swap Y and Z when converting to Terragen. You may also need to negate Z (TG2's Z) if C4D uses a right-handed coordinate system.
Rotation is slightly more tricky. The rotation order in TG2 is ZXY and you may have to negate both Y and Z. The rotation order becomes "Bank, Pitch, Heading".
Matt