Common use of ME Call Option Clause in Contracts

ME Call Option. (a) From time to time prior to the twelve-month anniversary of (i) the Mainline Expansion Final In-Service Date, if Mainline Expansion Phase IV has been approved by XXXX as of the Mainline Expansion Phase III In-Service Date, or (ii) the Mainline Expansion Phase III In-Service Date, if Mainline Expansion Phase IV has been not been approved by XXXX as of the Mainline Expansion Phase III In-Service Date (the “ME Call Option Deadline”), Enbridge Partners shall have the right to purchase, and EECI shall have the obligation to sell (the “ME Call Option”), a portion of the Series ME Limited Partner Interests held by EECI that represents, in the aggregate, up to fifteen percent (15%) of the total outstanding Series ME Partnership Interests in accordance with this Section 4.11. In considering whether to exercise the ME Call Option, the EEM Board shall establish an Option Committee to make a recommendation to the EEM Board, on behalf of Enbridge Partners, whether to exercise the ME Call Option and the portion of Series ME Limited Partner Interests held by EECI that Enbridge Partners will purchase if the ME Call Option is exercised (not to exceed, in the aggregate, fifteen (15%) of the total outstanding Series ME Partnership Interests). The general partner of Enbridge Partners and the Managing General Partner of the Partnership generally and of each Series shall provide the Option Committee with all of the information that the Option Committee may reasonably request that is relevant to its determination.