Page 15 - Outstanding
SPECTRA ENERGY PARTNERS, LP filed this Form 8-K on 1/22/2018
means, with respect to Partnership Securities, all Partnership Securities that are issued by the Partnership and reflected as outstanding
on the Partnership’s books and records as of the date of determination; provided, however, that if at any time any Person
or Group (other than the General Partner or its Affiliates) beneficially owns 20% or more of the Outstanding Partnership Securities
of any class then Outstanding, all Partnership Securities owned by such Person or Group shall not be voted on any matter and shall
not be considered to be Outstanding when sending notices of a meeting of Limited Partners to vote on any matter (unless otherwise
required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under this Agreement,
except that Units so owned shall be considered to be Outstanding for purposes of Section 11.1(b)(iv) (such Units shall not, however,
be treated as a separate class of Partnership Securities for purposes of this Agreement); provided, further, that the foregoing
limitation shall not apply to (a) any Person or Group who acquired 20% or more of the Outstanding Partnership Securities of any
class then Outstanding directly from the General Partner or its Affiliates, (b) any Person or Group who acquired 20% or more of
the Outstanding Partnership Securities of any class then Outstanding directly or indirectly from a Person or Group described in
clause (a) provided that the General Partner shall have notified such Person or Group in writing that such limitation shall not
apply, or (c) any Person or Group who acquired 20% or more of any Partnership Securities issued by the Partnership with the prior
approval of the Board of Directors of the General Partner.
Debt” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(4).
Debt Minimum Gain” has the meaning set forth in Treasury Regulation Section 1.704-2(i)(2).
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(i), are attributable to
a Partner Nonrecourse Debt.
means the General Partner and the Limited Partners.
means Spectra Energy Partners, LP, a Delaware limited partnership.
Group” means the Partnership and its Subsidiaries treated as a single consolidated entity.
Interest” means an interest in the Partnership, which shall include the General Partner Interest and Limited Partner
Minimum Gain” means that amount determined in accordance with the principles of Treasury Regulation Section 1.704-2(d).
Security” means any class or series of equity interest in the Partnership (but excluding any options, rights, warrants
and appreciation rights relating to an equity interest in the Partnership), including Common Units. Partnership Security shall
not include the General Partner Interest.