4Distributions Sample Clauses
4Distributions. The Custodian shall make distributions or transfers out of an Account pursuant to Instructions. In making payments to service providers pursuant to Instructions, the Client acknowledges that the Custodian is acting in an administrative or ministerial capacity, and not as the payor, for tax information reporting and withholding purposes.
4Distributions. Holders of Option Units shall not be entitled to receive any distributions from the Partnership unless and until such Option Units have become “Vested Option Units” and been converted into Vested LTIP Units. As soon as practicable after conversion of an Option Unit to a Vested LTIP Unit in accordance with Section 16.9, the holder of such Vested LTIP Unit will be entitled to receive in a lump sum a distribution in an amount equal to the amount calculated pursuant to Section 15.4(b), determined from the date of issuance of such Option Unit. Vested Option Units that are converted to Vested LTIP Units shall have the right to receive distributions from the Partnership as provided in Article 15, including under Section 15.4(c).