Closing Book Value. The Closing Book Value of Liberty at the end of the month prior to the Effective Date (including any reduction required as a result of the payment of accrued benefits under the Defined Benefit Plan as provided in Section 4.10 hereof, and any reduction required as a result of reasonable expenses relating to the Merger Conversion) shall not be less than $500,000. As used in the preceding sentence, the term “Closing Book Value” shall mean the amount of the members’ equity of Liberty as of the end of the month immediately preceding the Effective Date, determined in accordance with GAAP.
Appears in 2 contracts
Sources: Agreement and Plan of Voluntary Supervisory Merger Conversion, Agreement and Plan of Voluntary Supervisory Merger Conversion (Northwest Indiana Bancorp)