1 unchanged sentence
Our common units represent limited partner interests in us that entitle the holders to the rights and privileges specified in our Partnership Agreement.
−Removed: Our common units trade on the NYSE under the symbol "DKL." There were four holders of record of our common units held by the public as of February 24, 2023.
+Added: Our common units trade on the NYSE under the symbol "DKL." There were two holders of record of our common units held by the public as of February 21, 2024.
In addition, as of February 21, 2024, Delek Holdings and its affiliates owned 34,311,278 of our common units.
8 unchanged sentences
◦ provide funds for distributions to our unitholders and to our general partner for any one or more of the next four quarters;
−Removed: pursuant to the IDR Restructuring Transaction on August 13, 2020, the general partner will no longer receive any cash distributions;
• plus , if our general partner so determines, all or any portion of the cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made subsequent to the end of such quarter.
Under our Partnership Agreement, working capital borrowings are generally borrowings that are made under a credit facility, commercial paper facility or similar financing arrangement, and in all cases are used solely for working capital purposes or to pay distributions to partners, and with the intent of the borrower to repay such borrowings within 12 months with funds other than from additional working capital borrowings.
−Removed: Incentive Distribution Rights
−Removed: Effective August 13, 2020, the Partnership closed on the IDR Restructuring Transaction and the general partner no longer receives any cash distributions.
−Removed: Prior to August 13, 2020, our general partner was entitled to 2.0% of all quarterly distributions that we make prior to our liquidation.
−Removed: Our general partner had the right, but not the obligation, to contribute up to a proportionate amount of capital to us to maintain its current general partner interest.
−Removed: Our general partner held IDRs that entitled it to receive increasing percentages, up to a maximum of 48.0%, of the cash we distributed from operating surplus (as defined in our Partnership Agreement) in excess of 0.43125 per unit per quarter.
−Removed: The maximum distribution was 48.0% and did not include any distributions that our general partner or its affiliates may have received on common or general partner units that it owns.
−Removed: As of August 12, 2020, the IDRs held by our general partner were entitled to receive the maximum distribution.
Management's Discussion and Analysis
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.