Book-Up and Capital Account Adjustments. On any day on which --------------------------------------- Series A Preferred Stock (or other Preferred Stock) is redeemed or converted into Common Stock, the Partnership shall adjust the Gross Asset Values of all Partnership assets to equal their respective gross fair market values and shall allocate the amount of such adjustment as Net Income or Net Loss pursuant to Section 1(c) hereof, provided, however, that if no Series A Preferred Stock (or other Preferred Stock) is outstanding after such redemption or conversion, such Net Income or Net Loss shall be allocated in such a manner that after such allocation the Capital Accounts of the Partners are in proportion to their Percentage Interests.
Book-Up and Capital Account Adjustments. On any day on which (i) Series A Preferred Stock (or other Preferred Stock), any series of Preferred Units or Incentive Units are redeemed or converted into Common Stock or Common Units, (ii) Percentage Interests are adjusted in the manner required in subparagraph 1(d), or (iii) in connection with the issuance of the Series Z Incentive Units or the Series Z-1 Incentive Units, the Partnership shall adjust the Gross Asset Values of all Partnership assets to equal their respective gross fair market values and shall allocate the amount of such adjustment as Net Property Gain or Net Property Loss pursuant to Section 2(c) hereof, provided, however, that if no Series A Preferred Stock (or other Preferred Stock) is outstanding after such redemption or conversion, such Net Property Gain or Net Property Loss shall be allocated in such a manner that after such allocation the Capital Accounts of the Partners are in proportion to their Percentage Interests.
Book-Up and Capital Account Adjustments. On any day on which Series A Preferred Stock is redeemed or converted into Common Stock or the Series B Cumulative Redeemable Preferred Stock is redeemed, the Series C Cumulative Redeemable Preferred Stock is redeemed, the Series D Preferred Stock is redeemed or the Series E Cumulative Redeemable Preferred Stock is redeemed, or any WCB Partnership Units are converted into Standard Partnership Units, the Partnership may, in the discretion of the General Partner, adjust the Gross Asset Values of all Partnership assets to equal their respective gross fair market values and shall allocate the amount of such adjustment as Net Income or Net Loss pursuant to Paragraph 1(a) hereof.
Book-Up and Capital Account Adjustments. On any day on which Series A Preferred Stock is redeemed or converted into Common Stock or the Series B Cumulative Redeemable Preferred Stock is redeemed or the Series C Cumulative Redeemable Preferred Stock is redeemed or any WCB Partnership Units are converted into Standard Partnership Units, the Partnership may, in the discretion of the General Partner, adjust the Gross Asset Values of all Partnership assets to equal their respective gross fair market values and shall allocate the amount of such adjustment as Net Income or Net Loss pursuant to Paragraph 1 (a) hereof
Book-Up and Capital Account Adjustments. On any day on which (i) any Series of LTIP Units are redeemed or converted into Common Stock or Common Units (such conversion to be treated as a contribution of Units under the Gross Assets Value definition), (ii) any Series of LTIP Units is issued, or (iii) at the election of the General Partner, upon the occurrence of any other event pursuant to which an adjustment of Gross Asset Value is permitted pursuant to either the definition of Gross Asset Value or any other provision of the Regulations (including Regulation Section 1.704-1(b)(2)(iv)(f) or other applicable Regulations), the Partnership shall adjust the Gross Asset Values of all Partnership assets to equal their respective gross fair market values and shall allocate the amount of such adjustment as Net Property Gain or Net Property Loss pursuant to Section 6.02(c) hereof, with the result that, to the maximum extent possible, such Net Property Gain or Net Property Loss shall be allocated in such a manner that after such allocation the Adjusted Capital Account Balances of the Partners are in proportion to their Percentage Interests(in the case of clause (ii) above, without taking any newly-issued LTIP Units into account), with such allocation being made pro rata among the Partners taking into account the allocation rules of Section 6.02(c).
