Common use of Adjustment of Minimum Quarterly Distribution and Target Distribution Levels Clause in Contracts

Adjustment of Minimum Quarterly Distribution and Target Distribution Levels. (a) Adjustments of the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution shall be made in the following circumstances: (i) the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 4.11; provided, however, that no such adjustment shall be made as a result of any increase in the number of I-Units or fractions of I-Units Outstanding pursuant to Sections 5.10(b) or 5.10(e); and (ii) in the event of a distribution of Available Cash that is deemed to be Cash from Interim Capital Transactions, the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution, as the same may have been previously adjusted, by a fraction of which the numerator is the Unrecovered Initial Unit Price immediately after giving effect to such distribution and of which the denominator is the Unrecovered Initial Unit Price immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution may also be adjusted under the circumstances, and in the manner, set forth in Section 9.6.

Appears in 5 contracts

Samples: Limited Partnership Agreement, Agreement of Limited Partnership (Enbridge Energy Partners Lp), Contribution Agreement (Enbridge Energy Partners Lp)

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Adjustment of Minimum Quarterly Distribution and Target Distribution Levels. (a) Adjustments of the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be made in the following circumstances: (i) the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 4.11; provided, however, that no such adjustment shall be made as a result of any increase in the number of I-Units or fractions of I-Units Outstanding pursuant to Sections 5.10(b) or 5.10(e); and (ii) in the event of a distribution of Available Cash that is deemed to be Cash from Interim Capital Transactions, the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution, as the same may have been previously adjusted, by a fraction of which the numerator is the Unrecovered Initial Unit Price immediately after giving effect to such distribution and of which the denominator is the Unrecovered Initial Unit Price immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution may also be adjusted under the circumstances, and in the manner, set forth in Section 9.6.

Appears in 2 contracts

Samples: Limited Partnership Agreement, Limited Partnership Agreement (Enbridge Energy Partners Lp)

Adjustment of Minimum Quarterly Distribution and Target Distribution Levels. (a) Adjustments of the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution shall be made in the following circumstances: (i) the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 4.11; provided, however, that no such adjustment shall be made as a result of any increase in the number of I-Units or fractions of I-Units Outstanding pursuant to Sections 5.10(b) or 5.10(e); and (ii) in the event of a distribution of Available Cash that is deemed pursuant to be Cash from Interim Capital TransactionsSection 5.7, the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution, as the same may have been previously adjusted, by a fraction of which the numerator is the Unrecovered Initial Unit Price immediately after giving effect to such distribution and of which the denominator is the Unrecovered Initial Unit Price immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Target Distribution may also be adjusted under the circumstances, and in the manner, set forth in Section 9.6.

Appears in 1 contract

Samples: Agreement of Limited Partnership (Enbridge Energy Partners Lp)

Adjustment of Minimum Quarterly Distribution and Target Distribution Levels. (a) Adjustments of the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be made in the following circumstances: (i) the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 4.11; provided, however, that no such adjustment shall be made as a result of any increase in the number of I-Units or fractions of I-Units Outstanding pursuant to Sections 5.10(b) or 5.10(eSection 5.10(a); and (ii) in the event of a distribution of Available Cash that is deemed to 37 be Cash from Interim Capital Transactions, the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution, as the same may have been previously adjusted, by a fraction of which the numerator is the Unrecovered Initial Unit Price immediately after giving effect to such distribution and of which the denominator is the Unrecovered Initial Unit Price immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution may also be adjusted under the circumstances, and in the manner, set forth in Section 9.6.

Appears in 1 contract

Samples: Agreement of Limited Partnership (Enbridge Energy Management L L C)

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Adjustment of Minimum Quarterly Distribution and Target Distribution Levels. (a) Adjustments of the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be made in the following circumstances: (i) the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 4.11; provided, however, that no such adjustment shall be made as a result of any increase in the number of I-Units or fractions of I-Units Outstanding pursuant to Sections 5.10(b) or 5.10(e) or any increase in the number of Class C Units or fractions of Class C Units Outstanding pursuant to Section 5.11(b); and (ii) in the event of a distribution of Available Cash that is deemed to be Cash from Interim Capital Transactions, the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution, as the same may have been previously adjusted, by a fraction of which the numerator is the Unrecovered Initial Unit Price immediately after giving effect to such distribution and of which the denominator is the Unrecovered Initial Unit Price immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution may also be adjusted under the circumstances, and in the manner, set forth in Section 9.6.

Appears in 1 contract

Samples: Limited Partnership Agreement (Enbridge Energy Partners Lp)

Adjustment of Minimum Quarterly Distribution and Target Distribution Levels. (a) Adjustments of the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be made in the following circumstances: (i) the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 4.11; providedPROVIDED, howeverHOWEVER, that no such adjustment shall be made as a result of any increase in the number of I-Units or fractions of I-Units Outstanding pursuant to Sections Section 5.10(b) or 5.10(e); and (ii) in the event of a distribution of Available Cash that is deemed to be Cash from Interim Capital Transactions, the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution, as the same may have been previously adjusted, by a fraction of which the numerator is the Unrecovered Initial Unit Price immediately after giving effect to such distribution and of which the denominator is the Unrecovered Initial Unit Price immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and IDU Second Target Distribution may also be adjusted under the circumstances, and in the manner, set forth in Section 9.6.. 39

Appears in 1 contract

Samples: Limited Partnership Agreement (Enbridge Energy Partners Lp)

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