Page 8 - Board of Directors
SPECTRA ENERGY PARTNERS, LP filed this Form 8-K on 1/22/2018
amount of any cash reserves (or the Partnership’s proportionate share of cash reserves in the case of Subsidiaries that are
not wholly owned) established by the General Partner to (i) provide for the proper conduct of the business of the Partnership Group
(including reserves for future capital expenditures, for anticipated future credit needs of the Partnership Group and for refunds
of collected rates reasonably likely to be refunded as a result of a settlement or hearing relating to FERC rate proceedings) subsequent
to such Quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other
agreement or obligation to which any Group Member is a party or by which it is bound or its assets are subject or (iii) provide
funds for distributions in respect of any one or more of the next four Quarters; provided, however, that disbursements made by
a Group Member or cash reserves established, increased or reduced after the end of such Quarter but on or before the date of determination
of Available Cash with respect to such Quarter shall be deemed to have been made, established, increased or reduced, for purposes
of determining Available Cash, within such Quarter if the General Partner so determines.
foregoing, “Available Cash” with respect to the Quarter in which the Liquidation Date occurs and any subsequent Quarter
shall equal zero.
Directors” means the board of directors or managers of a corporation or limited liability company or the board of directors
or board of managers of the general partner of a limited partnership, as applicable.
Disparity” means with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination,
the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for
federal income tax purposes as of such date. A Partner’s share of the Partnership’s Book-Tax Disparities in all of
its Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account
balance as maintained pursuant to Section 5.3 and the hypothetical balance of such Partner’s Capital Account computed
as if it had been maintained strictly in accordance with federal income tax accounting principles.
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.
means the capital account maintained for a Partner pursuant to Section 5.3. The “Capital Account” of a Partner
in respect of a Common Unit or any other Partnership Interest shall be the amount that such Capital Account would be if such Common
Unit or other Partnership Interest were the only interest in the Partnership held by such Partner from and after the date on which
such Common Unit or other Partnership Interest was first issued.
means any cash, cash equivalents or the Net Agreed Value of Contributed Property that a Partner contributes to the Partnership.