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.
Appears in 5 contracts
Samples: Fifth Amendment to the First Amended and Restated Agreement of Limited Partnership (Essex Property Trust Inc), Agreement of Limited Partnership (Essex Property Trust Inc), Fourth Amendment to the First Amended and Restated Agreement of Limited Partnership (Essex Portfolio Lp)
