Common use of Rights of Service Provider Clause in Contracts

Rights of Service Provider. No Units shall be issued to the Service Provider at the time the grant is made, and the Service Provider shall not be, nor have any of the rights and privileges of, a unitholder or limited partner of the Partnership with respect to any Phantom Units recorded in the Phantom Unit Account. The Service Provider shall have no voting rights with respect to the Phantom Units. This grant of Phantom Units also includes a grant of a tandem distribution equivalent right (“DER”) with respect to each Phantom Unit. The General Partner will establish a DER bookkeeping account with respect to each Phantom Unit (the “DER Account”) that shall be credited with an amount equal to any cash or property distributions made by the Partnership in the same form that the distribution was delivered to unitholders generally, calculated based on the number of Units related to the portion of the Service Provider’s Phantom Units that have not been settled as of the record date for the distribution. Amounts recorded in the DER Account shall be paid to the Service Provider at the time the tandem Phantom Unit for which the distributions accrued is settled; provided, however, that in no event shall a DER be paid and settled later than 70 days following the date on which the tandem Phantom Unit become vested pursuant to Section 4 or Section 5 hereof. No interest will accrue on any such right between the issuance of the distribution to unitholders generally and the settlement of the DER.

Rights of Service Provider. No Units shall be issued to the Service Provider at the time the grant is made, and the Service Provider shall not be, nor have any of the rights and privileges of, a unitholder or limited partner of the Partnership with respect to any Phantom Units recorded in the Phantom Unit Account. The Service Provider shall have no voting rights with respect to the Phantom Units. This grant of Phantom Units also includes a grant of a tandem distribution equivalent right (“DER”) with respect to each Phantom Unit. The General Partner will establish a DER bookkeeping account with respect to each Phantom Unit (the “DER Account”) that shall be credited with an amount equal to any cash or property distributions made by the Partnership in the same form that the distribution was delivered to unitholders generally, calculated based on the number of Units related to the portion of the Service Provider’s Phantom Units that have not been settled as of the record date for the distribution. Amounts recorded in the DER Account shall be paid to the Service Provider at the time the tandem Phantom Unit for which the distributions accrued is settled; provided, however, that in no event shall a DER be paid and settled later than 70 30 days following the date on which the tandem Phantom Unit become vested pursuant to Section 4 or Section 5 hereof. No interest will accrue on any such right between the issuance of the distribution to unitholders generally and the settlement of the DER. For purposes of clarity, DERs will only be settled if they have accrued with respect to Phantom Units that vest pursuant to the terms of Section 4 and Annex A. 4.

Rights of Service Provider. No Units shall be issued to the Service Provider at the time the grant is made, and the Service Provider shall not be, nor have any of the rights and privileges of, a unitholder or limited partner of the Partnership with respect to any Phantom Units recorded in the Phantom Unit Account. The Service Provider shall have no voting rights with respect to the Phantom Units. This grant of Phantom Units also includes a grant of a tandem distribution equivalent right (“DER”) with respect to each Phantom Unit. The General Partner will establish a DER bookkeeping account with respect to each Phantom Unit (the “DER Account”) that shall be credited with an amount equal to any cash or property distributions made by the Partnership in the same form that the distribution was delivered to unitholders generally, calculated based on the number of Units related to the portion of the Service Provider’s Phantom Units that have not been settled as of the record date for the distribution. Amounts recorded in the DER Account shall be paid to the Service Provider at the time the tandem Phantom Unit for which the distributions accrued is settled; provided, however, that in no event shall a DER be paid and settled later than 70 30 days following the date on which the tandem Phantom Unit Units become vested pursuant to Section 4 or Section 5 hereof. No interest will accrue on any such right between the issuance of the distribution to unitholders generally and the settlement of the DER.. For purposes of clarity, DERs will only be settled if they have accrued with respect to Phantom Units that vest pursuant to the terms of Section 4 and Annex A.

Rights of Service Provider. No Units shall be issued to the Service Provider at the time the grant is made, and the Service Provider shall not be, nor have any of the rights and privileges of, a unitholder or limited partner of the Partnership with respect to any Phantom Units recorded in the Phantom Unit Account. The Service Provider shall have no voting rights with respect to the Phantom Units. This grant of Phantom Units also includes a grant of a tandem distribution equivalent right (“DER”) with respect to each Phantom Unit. The General Partner will establish a DER bookkeeping account with respect to each Phantom Unit (the “DER Account”) that shall be credited with an amount equal to any cash or property distributions made by the Partnership in the same form that the distribution was delivered to unitholders generally, calculated based on the number of Units related to the portion of the Service Provider’s Phantom Units that have not been settled as of the record date for the distribution. Amounts recorded in the DER Account shall be paid to the Service Provider at the time the tandem Phantom Unit for which the distributions accrued is settled; provided, however, that in no event shall a DER be paid and settled later than 70 30 days following the date on which the tandem Phantom Unit become vested pursuant to Section 4 or Section 5 hereof. No interest will accrue on any such right between the issuance of the distribution to unitholders generally and the settlement of the DER.. For purposes of clarity, DERs will only be settled if they have accrued with respect to Phantom Units that vest pursuant to the terms of Section 4 and Annex A.