Common use of Reports to Security Holders Clause in Contracts

Reports to Security Holders. Each of the Spectra Parties covenants and agrees with the Underwriters to make generally available to Spectra Energy’s and Spectra Capital’s security holders, as soon as practicable after the Delivery Date, an earnings statement of Spectra Energy and its subsidiaries covering (i) a twelve-month period beginning not later than the first day of Spectra Energy’s fiscal quarter next following the latest Effective Date of the Registration Statement and (ii) a twelve-month period beginning not later than the first day of Spectra Energy’s fiscal quarter next following the date of this Agreement (which need not be audited) complying with Section 11(a) of the Securities Act and the Rules and Regulations (including, at the option of Spectra Energy, Rule 158).