Common use of Settlement Upon Vesting Clause in Contracts

Settlement Upon Vesting. As soon as administratively practicable, but not later than sixty (60) days, following the vesting of the Restricted Units (as described in Section 3 below), and upon the satisfaction of all other applicable conditions, including, but not limited to, the satisfaction of all withholding obligations in accordance with Section 10, the General Partner shall deliver or cause to be delivered to the Participant, or in the case of the Participant’s death, the Participant’s beneficiary, either (a) a certificate or certificates representing the applicable Units (and any Units issued upon conversion of the Unit Distributions made on such Restricted Units pursuant to any UDRs), which certificate(s) may bear such legends, if any, as the General Partner deems advisable pursuant to Section 6 below, or (b) confirmation of the issuance of such Units through book entry procedures, which book entry or entries may be subject to such stop transfer orders or other restrictions, if any, as the General Partner deems advisable pursuant to Section 6 below.