Common use of Distribution of Escrowed Funds Clause in Contracts

Distribution of Escrowed Funds. The Escrow Agent shall distribute the Escrowed Funds in the amounts, at the time, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the Extended Termination Date, $1,500,000 in Shares and $3,400,000 in Units have been subscribed to and accepted by the Company and such subscriptions shall not have been properly rescinded, then upon the happening of such event and subsequent written notice from the President of the Company requesting distribution of such funds to the Company, the Escrow Agent shall deliver the Escrowed Funds to the Company to the extent such Escrowed Funds are collected funds. (Such date hereinafter is referred to as the "Initial Closing Date".) In the event any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such fact and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. An affidavit or written certification from the President of the Company stating that at least $1,500,000 in Shares and $3,400,000 in Units have been timely sold and accepted and the receipt by the Escrow Agent of at least $4,900,000 in collected funds together shall constitute sufficient evidence for the purpose of this Agreement that such events have occurred. In any event, the Escrow Agent shall deliver not less than $4,900,000 in collected funds to the Company, except as expressly provided otherwise in Paragraph 3(b) hereof. All investment earnings earned on the Escrowed Funds as calculated pursuant to Paragraph 4 below will be delivered by the Escrow Agent to the respective subscribers within thirty (30) days of the delivery of the Escrowed Funds to the Company.

Distribution of Escrowed Funds. The Escrow Agent shall distribute the Escrowed Funds in the amounts, at the timetimes, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the Extended Termination expiration date of the offering as described in the prospectus relating to the offering, (the "Closing Date"), $1,500,000 in Shares and $3,400,000 in Units have been subscribed (i) the Escrow Agent has certified to and accepted by the Company and such subscriptions shall not have been properly rescindedBSFS in writing that the Escrow Agent has received at least $5,000,000 in Escrowed Funds, then upon and (ii) the happening of such event and subsequent written notice from Escrow Agent has received a certificate signed by the President or another authorized representative of the Company requesting distribution and an authorized representative of such funds BSFS that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds to BSFS and the Company in accordance with such notice to the extent such Escrowed Funds are collected funds. (Such date hereinafter is referred to as the "Initial Closing Date".) In the event If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company BSFS of such fact facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. An affidavit or written certification from the President of the Company stating that at least $1,500,000 in Shares and $3,400,000 in Units have been timely sold and accepted and the receipt by the Escrow Agent of at least $4,900,000 in collected funds together shall constitute sufficient evidence for the purpose of this Agreement that such events have occurred. In any eventall events, the Escrow Agent shall deliver not less than $4,900,000 5,000,000 in collected funds to the Company, except as expressly provided otherwise in Paragraph Paragraphs 3(b) and 3(c) hereof. All investment earnings earned on the Escrowed Funds as calculated pursuant to Paragraph 4 below will be delivered by the Escrow Agent to the respective subscribers within thirty (30) days of the delivery of the Escrowed Funds to the Company.

Distribution of Escrowed Funds. The Escrow Agent shall distribute the Escrowed Funds in the amounts, at the timetimes, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the Extended Termination Closing Date, (i) the Escrow Agent has certified to the Company and the Sales Agent in writing that the Escrow Agent has received at least $1,500,000 5,250,000 in Shares and $3,400,000 in Units have been subscribed to and accepted Escrowed Funds, (ii) the Escrow Agent has received a certificate signed by the Company and such subscriptions shall not the Agent stating that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the Public Offering have been properly rescindedmet, and (iii) the Escrow Agent has received written authorization from the Commissioner of Commerce of the State of Minnesota to release the Escrowed Funds, then upon the happening of such event and subsequent written notice from the President of the Company requesting distribution of such funds to the Company, the Escrow Agent shall deliver the Escrowed Funds to the Company to the extent such Escrowed Funds are collected funds. (Such date hereinafter is referred to as the "Initial Closing Date".) In the event If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company and the Sales Agent of such fact facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected fundsCOLLECTED FUNDS" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. An affidavit or written certification from the President of the Company stating that at least $1,500,000 in Shares and $3,400,000 in Units have been timely sold and accepted and the receipt by the Escrow Agent of at least $4,900,000 in collected funds together shall constitute sufficient evidence for the purpose of this Agreement that such events have occurred. In any eventall events, the Escrow Agent shall deliver not less than $4,900,000 5,250,000 in collected funds to the Company, except as expressly provided otherwise in Paragraph 3(b) hereof. All investment earnings earned on the Escrowed Funds as calculated pursuant to Paragraph 4 below will be delivered by the Escrow Agent to the respective subscribers within thirty (30) days of the delivery of the Escrowed Funds to the Company.

Distribution of Escrowed Funds. The Escrow Agent shall distribute the Escrowed Funds in the amounts, at the timetimes, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to April 1, 2000 (the Extended Termination "Closing Date"), $1,500,000 in Shares and $3,400,000 in Units have been subscribed (i) the Escrow Agent has certified to and accepted by the Company in writing that the Escrow Agent has received at least $6,250,000.00 in Escrowed Funds, and such subscriptions shall not have been properly rescinded(ii) the Escrow Agent has received a copy of a letter from the Office of the Comptroller of the Currency authorizing the release of the funds held in escrow to capitalize Cornerstone National Bank, Easley, South Carolina(the "Bank"), then upon the happening of such event and subsequent written notice from the President of the Company requesting distribution of such funds to the Company, the Escrow Agent shall deliver the Escrowed Funds to the Company Funds, to the extent such Escrowed Funds are collected funds, as follows: (x) $6,000,000 plus all interest earned thereon shall be delivered to the Bank; and (y) all remaining Escrowed Funds shall be delivered to the Company. (Such date hereinafter is referred to as the "Initial Closing Date".) In the event If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such fact facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. An affidavit or written certification from the President of the Company stating that at least $1,500,000 in Shares and $3,400,000 in Units have been timely sold and accepted and the receipt by the Escrow Agent of at least $4,900,000 in collected funds together shall constitute sufficient evidence for the purpose of this Agreement that such events have occurred. In any eventall events, the Escrow Agent shall deliver not less than $4,900,000 6,000,000.00 in collected funds to the CompanyBank, except as expressly provided otherwise in Paragraph 3(b) hereof. All investment earnings earned on the Escrowed Funds as calculated pursuant to Paragraph 4 below will be delivered by the Escrow Agent to the respective subscribers within thirty (30) days of the delivery of the Escrowed Funds to the Company.

Distribution of Escrowed Funds. The Escrow Agent shall distribute the Escrowed Funds in the amounts, at the timetimes, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the Extended Termination Dateexpiration date of the Public Offering as described in the prospectus relating to the Public Offering, (the "CLOSING DATE"), (i) the Escrow Agent has certified to the Company and the Sales Agent in writing that the Escrow Agent has received at least $1,500,000 2,780,000 in Shares Escrowed Funds, and $3,400,000 in Units have been subscribed to and accepted (ii) the Escrow Agent has received a certificate signed by the Company and such subscriptions shall not the Agent stating that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the Public Offering have been properly rescindedmet, then upon the happening of such event and subsequent written notice from the President of the Company requesting distribution of such funds to the Company, the Escrow Agent shall deliver the Escrowed Funds to the Company to the extent such Escrowed Funds are collected funds. (Such date hereinafter is referred to as the "Initial Closing Date".) In the event If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company and the Sales Agent of such fact facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected fundsCOLLECTED FUNDS" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. An affidavit or written certification from the President of the Company stating that at least $1,500,000 in Shares and $3,400,000 in Units have been timely sold and accepted and the receipt by the Escrow Agent of at least $4,900,000 in collected funds together shall constitute sufficient evidence for the purpose of this Agreement that such events have occurred. In any eventall events, the Escrow Agent shall deliver not less than $4,900,000 2,780,000 in collected funds to the Company, except as expressly provided otherwise in Paragraph Paragraphs 3(b) and 3(c) hereof. All investment earnings earned on the Escrowed Funds as calculated pursuant to Paragraph 4 below will be delivered by the Escrow Agent to the respective subscribers within thirty (30) days of the delivery of the Escrowed Funds to the Company.

Distribution of Escrowed Funds. The Escrow Agent shall distribute the Escrowed Funds in the amounts, at the timetimes, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the Extended Termination expiration date of the offering as described in the prospectus relating to the offering, (the "Closing Date"), $1,500,000 in Shares and $3,400,000 in Units have been subscribed (i) the Escrow Agent has certified to and accepted by the Company in writing that the Escrow Agent has received at least $6,250,000.00 in Escrowed Funds, and such subscriptions shall not have been properly rescinded(ii) the Escrow Agent has received a copy of a letter from the Office of the Comptroller of the Currency authorizing the release of the funds held in escrow to capitalize Cornerstone National Bank, Easley, South Carolina(the "Bank"), then upon the happening of such event and subsequent written notice from the President of the Company requesting distribution of such funds to the Company, the Escrow Agent shall deliver the Escrowed Funds to the Company Funds, to the extent such Escrowed Funds are collected funds, as follows: (x) $6,000,000 plus all interest earned thereon shall be delivered to the Bank; and (y) all remaining Escrowed Funds shall be delivered to the Company. (Such date hereinafter is referred to as the "Initial Closing Date".) In the event If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such fact facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. An affidavit or written certification from the President of the Company stating that at least $1,500,000 in Shares and $3,400,000 in Units have been timely sold and accepted and the receipt by the Escrow Agent of at least $4,900,000 in collected funds together shall constitute sufficient evidence for the purpose of this Agreement that such events have occurred. In any eventall events, the Escrow Agent shall deliver not less than $4,900,000 6,000,000.00 in collected funds to the CompanyBank, except as expressly provided otherwise in Paragraph 3(b) hereof. All investment earnings earned on the Escrowed Funds as calculated pursuant to Paragraph 4 below will be delivered by the Escrow Agent to the respective subscribers within thirty (30) days of the delivery of the Escrowed Funds to the Company.