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Page 3 - Events of Default

SPECTRA ENERGY PARTNERS, LP filed this Form 8-K on 1/10/2018


 

 

Events of Default

 

The Indenture provides for the following events of default with respect to the Notes of a series: (i) failure to pay principal of or any premium on any Note of such series when due; (ii) failure to pay when due any interest on any Note of such series that continues for 60 days; (iii) failure to perform any covenant in the Indenture (other than a covenant expressly included solely for the benefit of other series of debt securities issued under the Indenture) that continues for 90 days after the Trustee or the holders of at least 33% in principal amount of the outstanding Notes of such series give Texas Eastern written notice of the default; or (iv) certain events involving Texas Eastern’s bankruptcy, insolvency or reorganization. If an event of default with respect to the Notes of such series occurs and is continuing, then the trustee or the holders of at least 33% in principal amount of the outstanding Notes of such series may declare the principal amount of all Notes of such series to be immediately due and payable.

 

Relationships

 

The initial purchasers of the Notes and certain of their affiliates have provided and may in the future provide financial advisory, investment banking, commodity trading and commercial banking services in the ordinary course of business to Texas Eastern and its affiliates, including SEP, for which they receive customary fees and expense reimbursement.

 

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