Common use of Shareholders’ Equity Clause in Contracts

Shareholders’ Equity. As of the last day of the month immediately preceding the Effective Time, the shareholders' equity of Shelby County on a consolidated basis shall be at least Six Million Nine Hundred Thousand Dollars ($6,900,000) as reflected on Shelby County's financial statements as of such date and as determined in accordance with generally accepted accounting principles applied in a consistent basis. Such amount of shareholders' equity shall be calculated after all liability accruals and payments have been made for all legal, accounting, investment banking, environmental and other professional or advisors' fees of Shelby County and SCSB and all expenses of Shelby County and SCSB relating to the Transaction incurred as of and through the date of such financial statements.

Shareholders’ Equity. As of the last day of the month immediately preceding the Effective Time, the shareholders' equity of Shelby County on a consolidated basis shall be at least Six Million Nine Hundred Thousand Dollars ($6,900,000) as reflected on Shelby County's financial statements as of such date and as determined in accordance with generally accepted accounting principles applied in a consistent basis. Such amount of shareholders' equity shall be calculated after all liability accruals and payments have been made for all legal, accounting, investment banking, environmental and other professional or advisors' fees of Shelby County and SCSB and all expenses of Shelby County and SCSB relating to the Transaction Merger incurred as of and through the date of such financial statements.