Delivery of Units. The Company shall not be obligated to deliver any Units if counsel to the Company determines that such delivery would violate any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Partnership or the Company with, any securities exchange or association upon which the Units are listed or quoted. If necessary to comply with any such law, rule, regulation or agreement, neither the Company nor the Partnership shall be obligated to take any affirmative action in order to cause the delivery of Units, provided that no payment shall be delayed under this Section 8 if such delay will result in a violation of Section 409A.
Appears in 3 contracts
Sources: Employee Phantom Unit Award Agreement (K-Sea Transportation Partners Lp), Phantom Unit Award Agreement (K-Sea Transportation Partners Lp), Employee Phantom Unit Award Agreement (K-Sea Transportation Partners Lp)