Common use of Liquidation Account Clause in Contracts

Liquidation Account. For purposes of granting a limited priority claim to the assets of the Surviving Bank, in the unlikely event (and only upon such event) of a complete liquidation of the Surviving Bank to persons who maintained savings accounts with River at the Effective Time and continue to maintain savings accounts with the Surviving Bank after the Merger, and who, immediately prior to the Effective Time had a subaccount balance (as described in 12 C.F.R. § 563b.3(f)(4)) with respect to any liquidation account of River, the Surviving Bank shall, at the time of the Merger, establish a liquidation account(s) in an amount equal to the liquidation account(s) of such persons immediately prior to the Effective Time, which liquidation account(s) shall participate pari passu with any other liquidation accounts of the Surviving Bank. If the balance in any savings account to which a subaccount balance relates at the close of business on the last day of any fiscal year of the resulting institution after the Effective Time is less than the balance in such savings account at the Effective Time or at the close of business on the last day of any other fiscal year of the resulting institution after the Effective Time, such subaccount balance shall be reduced in an amount proportionate to the reduction in such savings account balance. No subaccount balance shall be increased, notwithstanding any increase in the balance of the related savings account. If such related savings account is closed, such subaccount shall be reduced to zero upon such closing. In the event of a complete liquidation of the Surviving Bank, and only in such event, the amount distributable to each accountholder will be determined in accordance with the rules and regulations of the Office of the Comptroller of the Currency pertaining to conversions by savings associations from mutual to stock form of organization, on the basis of such accountholder’s subaccount balance with the Surviving Bank at the time of its liquidation. No merger, consolidation, purchase of bulk assets with assumption of savings accounts and other liabilities, or similar transaction, whether or not the resulting institution is the surviving institution, will be deemed to be a complete liquidation for this purpose, and, in any such transaction, the liquidation account shall be assumed by the surviving institution.

Liquidation Account. For purposes of granting a limited priority claim ------------------- to the assets of the Surviving Bank, Bank in the unlikely event (and only upon such event) of a complete liquidation of the Surviving Bank to persons who maintained savings accounts with River at the Effective Time and continue to maintain savings accounts with the Surviving Bank after the Bank Merger, and who, immediately prior to the Effective Time Bank Merger had a subaccount balance (as described in 12 C.F.R. § (S) 563b.3(f)(4)) with respect to any liquidation account of RiverCommunity Federal, the Surviving Bank shall, at the time of the Bank Merger, establish a liquidation account(s) in an amount equal to the liquidation account(s) of such persons Community Federal immediately prior to the Bank Merger Effective Time, which liquidation account(s) shall participate pari passu with any other ---------- liquidation accounts of the Surviving Bank. If the balance in any savings account to which a subaccount balance relates at the close of business on the last day of any fiscal year of the resulting institution Surviving Bank after the Bank Merger Effective Time is less than the balance in such savings account at the Bank Merger Effective Time or at the close of business on the last day of any other fiscal year of the resulting institution Surviving Bank after the Bank Merger Effective Time, such subaccount balance shall be reduced in an amount proportionate to the reduction in such savings account balance. No subaccount balance shall be increased, notwithstanding any increase in the balance of the related savings account. If such related savings account is closed, such subaccount shall be reduced to zero upon such closing. In the event of a complete liquidation of the Surviving Bank, and only in such event, the amount distributable to each accountholder account holder will be determined in accordance with the OTS rules and regulations of the Office of the Comptroller of the Currency pertaining to conversions by savings and loan associations from mutual to stock form of organization, on the basis of such accountholder’s account holder's subaccount balance with the Surviving Bank at the time of its liquidation. No merger, consolidation, purchase of bulk assets with assumption of savings accounts and other liabilities, or similar transaction, whether or not the resulting institution Surviving Bank is the surviving institution, will be deemed to be a complete liquidation for this purpose, and, in any such transaction, the liquidation account shall be assumed by the surviving institution.

Liquidation Account. For purposes of granting a limited priority claim to the assets of the Surviving Bank, Association in the unlikely event (and only upon such event) of a complete liquidation of the Surviving Bank Association to persons who maintained savings accounts with River at the Effective Time and continue to maintain savings accounts with the Surviving Bank Association after the Bank Merger, and who, immediately prior to the Effective Time Bank Merger had a subaccount balance (as described in 12 C.F.R. § Section 563b.3(f)(4)) with respect to any liquidation account of RiverSeller S&L, the Surviving Bank Association shall, at the time of the Bank Merger, establish a liquidation account(s) in an amount equal to the liquidation account(s) of such persons Seller S&L immediately prior to the Bank Merger Effective TimeDate, which liquidation account(s) shall participate pari passu with any other liquidation accounts of the Surviving BankAssociation. If the balance in any savings account to which a subaccount balance relates at the close of business on the last day of any fiscal year of the resulting institution Association after the Bank Merger Effective Time Date is less than the balance in such savings account at the Bank Merger Effective Time Date or at the close of business on the last day of any other fiscal year of the resulting institution Association after the Bank Merger Effective TimeDate, such subaccount balance shall be reduced in an amount proportionate to the reduction in such savings account balance. No subaccount balance shall be increased, notwithstanding any increase in the balance of the related savings account. If such related savings account is closed, such subaccount shall be reduced to zero upon such closing. In the event of a complete liquidation of the Surviving BankAssociation, and only in such event, the amount distributable to each accountholder account holder will be determined in accordance with the rules and regulations of the Office of the Comptroller of the Currency Thrift Supervision pertaining to conversions by savings associations from mutual to stock form of organization, on the basis of such accountholder’s account holder's subaccount balance with the Surviving Bank Association at the time of its liquidation. No merger, consolidation, purchase of bulk assets with assumption of savings accounts and other liabilities, or similar transaction, whether or not the resulting institution Association is the surviving institution, will be deemed to be a complete liquidation for this purpose, and, in any such transaction, the liquidation account shall be assumed by the surviving institution.