Exchange Price Adjustments. (i) The Exchange Price is subject to adjustment upon certain events, including (i) subdivisions, combinations and reclassification of the Series D Preferred Stock, and (ii) distributions to all holders of Series D Preferred Stock of evidences of indebtedness of the Company or assets (including securities, but excluding dividends and distributions paid in cash out of equity applicable to the Series D Preferred Stock). In addition to the foregoing adjustments, the Company will be permitted to make such reduction in the Exchange Price as it considers to be advisable in order that any event treated for Federal income tax purposes as a dividend of stock or stock rights will not be taxable to the holders of the Common Stock. (ii) In case the Company shall be a party to any transaction (including, without limitation, a merger, consolidation, statutory share exchange, tender offer for all or substantially all of the Company's capital stock or sale of all or substantially all of the Company's assets), in each case as a result of which the Series D Preferred Stock will be converted into the right to receive shares of capital stock, other securities or other property (including cash or any combination thereof), each Series D Preferred Unit, will thereafter be exchangeable into the kind and amount of shares of capital stock and other securities and property receivable (including cash or any combination thereof) upon the consummation of such transaction by a holder of that number of shares of Series D Preferred Stock or fraction thereof into which one Series D Preferred Unit was exchangeable immediately prior to such transaction. The Company may not become a party to any such transaction unless the terms thereof are consistent with the foregoing. (iii) No adjustment of the Exchange Price is required to be made in any case until cumulative adjustments amount to 1% or more of the Exchange Price. Any adjustments not so required to be made will be carried forward and taken into subsequent adjustments.
Appears in 2 contracts
Samples: Fourth Amendment to the First Amended and Restated Agreement of Limited Partnership (Essex Portfolio Lp), Fourth Amendment to the First Amended and Restated Agreement of Limited Partnership (Essex Property Trust Inc)
Exchange Price Adjustments. (i) The Exchange Price is subject to adjustment upon certain events, including (i) subdivisions, combinations and reclassification of the Series D E Preferred Stock, and (ii) distributions to all holders of Series D E Preferred Stock of evidences of indebtedness of the Company or assets (including securities, but excluding dividends and distributions paid in cash out of equity applicable to the Series D E Preferred Stock). In addition to the foregoing adjustments, the Company will be permitted to make such reduction in the Exchange Price as it considers to be advisable in order that any event treated for Federal income tax purposes as a dividend of stock or stock rights will not be taxable to the holders of the Common Stock.
(ii) In case the Company shall be a party to any transaction (including, without limitation, a merger, consolidation, statutory share exchange, tender offer for all or substantially all of the Company's capital stock or sale of all or substantially all of the Company's assets), in each case as a result of which the Series D E Preferred Stock will be converted into the right to receive shares of capital stock, other securities or other property (including cash or any combination thereof), each Series D E Preferred Unit, will thereafter be exchangeable into the kind and amount of shares of capital stock and other securities and property receivable (including cash or any combination thereof) upon the consummation of such transaction by a holder of that number of shares of Series D E Preferred Stock or fraction thereof into which one Series D E Preferred Unit was exchangeable immediately prior to such transaction. The Company may not become a party to any such transaction unless the terms thereof are consistent with the foregoing.
(iii) No adjustment of the Exchange Price is required to be made in any case until cumulative adjustments amount to 1% or more of the Exchange Price. Any adjustments not so required to be made will be carried forward and taken into subsequent adjustments.
Appears in 2 contracts
Samples: Fifth Amendment to First Amended and Restated Agreement of Limited Partnership (Essex Portfolio Lp), Fifth Amendment to the First Amended and Restated Agreement of Limited Partnership (Essex Property Trust Inc)
Exchange Price Adjustments. (i) The Exchange Price is subject to adjustment upon certain events, including (i) subdivisions, combinations and reclassification of the Series D C Preferred Stock, and (ii) distributions to all holders of Series D C Preferred Stock of evidences of indebtedness of the Company or assets (including securities, but excluding dividends and distributions paid in cash out of equity applicable to the Series D C Preferred Stock). In addition to the foregoing adjustments, the Company will be permitted to make such reduction in the Exchange Price as it considers to be advisable in order that any event treated for Federal income tax purposes as a dividend of stock or stock rights will not be taxable to the holders of the Common Stock.
(ii) In case the Company shall be a party to any transaction (including, without limitation, a merger, consolidation, statutory share exchange, tender offer for all or substantially all of the Company's capital stock or sale of all or substantially all of the Company's assets), in each case as a result of which the Series D C Preferred Stock will be converted into the right to receive shares of capital stock, other securities or other property (including cash or any combination thereof), each Series D C Preferred Unit, will thereafter be exchangeable into the kind and amount of shares of capital stock and other securities and property receivable (including cash or any combination thereof) upon the consummation of such transaction by a holder of that number of shares of Series D C Preferred Stock or fraction thereof into which one Series D C Preferred Unit was exchangeable immediately prior to such transaction. The Company may not become a party to any such transaction unless the terms thereof are consistent with the foregoing.
(iii) No adjustment of the Exchange Price is required to be made in any case until cumulative adjustments amount to 1% or more of the Exchange Price. Any adjustments not so required to be made will be carried forward and taken into subsequent adjustments.
Appears in 1 contract
Samples: Agreement of Limited Partnership (Essex Property Trust Inc)
Exchange Price Adjustments. (i) The Exchange Price is subject to adjustment upon certain events, including (i) subdivisions, combinations and reclassification of the Series D B Preferred Stock, and (ii) distributions to all holders of Series D B Preferred Stock of evidences of indebtedness of the Company or assets (including securities, but excluding dividends and distributions paid in cash out of equity applicable to the Series D B Preferred Stock). In addition to the foregoing adjustments, the Company will be permitted to make such reduction in the Exchange Price as it considers to be advisable in order that any event treated for Federal income tax purposes as a dividend of stock or stock rights will not be taxable to the holders of the Common Stock.
(ii) In case the Company shall be a party to any transaction (including, without limitation, a merger, consolidation, statutory share exchange, tender offer for all or substantially all of the Company's ’s capital stock or sale of all or substantially all of the Company's ’s assets), in each case as a result of which the Series D B Preferred Stock will be converted into the right to receive shares of capital stock, other securities or other property (including cash or any combination thereof), each Series D B Preferred Unit, will thereafter be exchangeable into the kind and amount of shares of capital stock and other securities and property receivable (including cash or any combination thereof) upon the consummation of such transaction by a holder of that number of shares of Series D B Preferred Stock or fraction thereof into which one Series D B Preferred Unit was exchangeable immediately prior to such transaction. The Company may not become a party to any such transaction unless the terms thereof are consistent with the foregoing.
(iii) No adjustment of the Exchange Price is required to be made in any case until cumulative adjustments amount to 1% or more of the Exchange Price. Any adjustments not so required to be made will be carried forward and taken into subsequent adjustments.
Appears in 1 contract
Samples: Limited Partnership Agreement (Essex Property Trust Inc)