Performance-Based Phantom Units Sample Clauses

Performance-Based Phantom Units. Until such time as the Performance-Based Phantom Units vest and are paid or are forfeited, if any cash distributions are paid with respect to the Units, the Partnership shall establish a bookkeeping account to credit the amount of the distribution that would have been distributed if the Performance-Based Phantom Units credited to the Participant’s Phantom Unit Account at the time of the distribution payment were Units. Such distribution equivalents will not bear interest. At the time the Participant’s Performance-Based Phantom Units vest as described in Section 3 above, the Participant shall be entitled to receive payment of an amount in cash equal to the accumulated distributions on the Performance-Based Phantom Units actually earned. Payment of all distribution equivalents on Performance-Based Phantom Units shall be made within sixty (60) days after the date on which such Performance-Based Phantom Units vest. If Performance-Based Phantom Units are forfeited, all distribution equivalents shall also be forfeited.