Page 14 - Net Income
SPECTRA ENERGY PARTNERS, LP filed this Form 8-K on 1/22/2018
means, for any taxable year, the excess, if any, of the Partnership’s items of income and gain for such taxable year over
the Partnership’s items of loss and deduction for such taxable year. The items included in the calculation of Net Income
shall be determined in accordance with Section 5.3(b), but shall not include any items specially allocated under Section 6.1(c).
means, for any taxable year, the excess, if any, of the Partnership’s items of loss and deduction for such taxable year over
the Partnership’s items of income and gain for such taxable year. The items included in the calculation of Net Loss shall
be determined in accordance with Section 5.3(b) but shall not include any items specially allocated under Section 6.1(c).
Assignee” means a Person whom the General Partner has determined does not constitute an Eligible Citizen and as to whose
Partnership Interest the General Partner has become the Substituted Limited Partner, pursuant to Section 4.8.
Built-in Gain” means with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage
or pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to
Sections 6.2(b)(i)(A), 6.2(b)(ii)(A) and 6.2(b)(iii) if such properties were disposed of in a taxable transaction in full satisfaction
of such liabilities and for no other consideration.
Deductions” means any and all items of loss, deduction or expenditure (including any expenditure described in Section
705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(b), are attributable to
a Nonrecourse Liability.
Liability” has the meaning set forth in Treasury Regulation Section 1.752-1(a)(2).
Election to Purchase” has the meaning assigned to such term in Section 15.1(b).
means that certain Omnibus Agreement, dated as of the Closing Date, among Spectra Energy Corp., the General Partner and the Partnership,
as such agreement may be amended, supplemented or restated from time to time.
Partnership” means Spectra Energy Partners OLP, LP, a Delaware limited partnership, and any successors thereto.
Counsel” means a written opinion of counsel (who may be regular counsel to the Partnership or the General Partner or
any of its Affiliates) acceptable to the General Partner.
Limited Partner” means Spectra Energy Transmission, LLC in its capacity as the organizational limited partner of the
Partnership pursuant to this Agreement.