Common use of Units Payable Clause in Contracts

Units Payable. The number of Units payable is equal to the result of multiplying Performance Units by the “Performance Percentage” set forth below with respect to Achieved DCF/Unit set forth below: The percentages above shall be interpolated between points up to a maximum of 200%; the number so derived shall be rounded to the nearest whole percentage, but not to a percentage in excess of 200%. In its sole discretion, the Committee may make a payment to you assuming a Performance Percentage of up to 200% of the Performance Units instead of the Performance Percentage as determined pursuant to this Section 3(b).

Appears in 2 contracts

Sources: Performance Unit Agreement (Holly Energy Partners Lp), Performance Unit Agreement (Holly Energy Partners Lp)

Units Payable. The number of Units payable is equal to the result of multiplying Performance Units by the “Performance Percentage” set forth below with respect to Achieved DCF/Unit set forth below: The percentages above shall be interpolated between points up to a maximum of 200150% but no less than 50%; the number so derived shall be rounded to the nearest whole percentage, but not to a percentage number in excess of 200150%. In its sole discretion, the Committee may make a payment to you assuming a Performance Percentage of up to 200150% of the Performance Units instead of the Performance Percentage as determined pursuant to this Section 3(b).

Appears in 1 contract

Sources: Performance Unit Agreement (Holly Energy Partners Lp)

Units Payable. The number of Units payable is equal to the result of multiplying the number of Performance Units set forth in Section 1 by the “Performance Percentage” set forth below with respect to Achieved DCF/Unit set forth below: The percentages above shall be interpolated between points up to a maximum of 200150% but no less than 50%; the number so derived shall be rounded to the nearest whole percentage, but not to a percentage number in excess of 200150%. In its sole discretion, the Committee may make a payment to you assuming a Performance Percentage of up to 200150% of the Performance Units instead of the Performance Percentage as determined pursuant to this Section 3(b).

Appears in 1 contract

Sources: Performance Unit Agreement (Holly Energy Partners Lp)