Common use of Authorization and Issuance of Partnership Securities Clause in Contracts

Authorization and Issuance of Partnership Securities. (a) On or prior to each date of the grant and issuance of Subject Units (each such date a “Settlement Date”) to the Employee pursuant to this Agreement, the Partnership shall duly authorize the issuance and delivery of such Subject Units. (b) On each Settlement Date, the General Partner, on behalf of the Partnership, shall grant and issue to the Employee the number of Subject Units granted and issued to the Employee as or in settlement of Awards on such Settlement Date.

Authorization and Issuance of Partnership Securities. (a) On or prior to each date of the grant and issuance of the Subject Units (each such date a “Settlement Date”) to the Employee Director pursuant to this Agreement, the Partnership shall duly authorize the issuance and delivery of such Subject Units. (b) On each Settlement Date, the General Partner, on behalf of the Partnership, shall grant and issue to the Employee Director the number of the Subject Units granted and issued to the Employee Director as or in settlement of Awards on such Settlement Date.