Common use of Escrow Release Date Clause in Contracts

Escrow Release Date. Qualifying Subscriptions" as used herein shall mean all subscriptions that have been received and accepted by the Corporation, including, but not limited to, subscriptions received and accepted from persons who have loaned money to the Corporation (the "Lenders") and who, pursuant to their agreement with the Corporation, have elected to seek payment of their loans through the issuance in the Offering to them of shares of Common Stock valued at $10.00 per share. If, at any time prior to the termination of the Escrow Period, the Corporation has received Qualifying Subscriptions for at least $2,400,000 in shares of Common Stock and the other condition of the Offering as described in the Prospectus has been satisfied, then the Corporation shall notify the Escrow Agent and by instructions (which may accompany such notice or be provided subsequently) given at least two (2) business days in advance of the date on which the Corporation intends to obtain a release of funds from the Escrow Account (the "Escrow Release Date"), shall specify the Escrow Release Date (which must be not more than ten (10) days after the termination of the Escrow Period), the amount of Qualifying Subscriptions accepted by the Corporation as of the Escrow Release Date and the identity of the subscribers whose subscriptions have been accepted as of the Escrow Release Date (the "Escrow Closing Notice"). On the Escrow Release Date, the Escrow Agent, upon receipt of a certificate from the Corporation certifying that all conditions of the Offering as set forth in the Prospectus have been met, including acceptance of Qualifying Subscriptions for at least $2,400,000 in shares of Common Stock, shall pay to the Corporation the amounts specified in the Escrow Closing Notice, and shall additionally pay to the Corporation the interest earned on such amount. The Escrow Agent shall pay the Corporation in the form of the Escrow Agent's check payable in New York Clearing House Funds or a wire transfer directly to a non-escrow deposit account (the "Deposit Account") established by the Corporation at the Escrow Agent.

Escrow Release Date. Qualifying Subscriptions" as used herein shall ------------------- mean all subscriptions that have been received and accepted by the Corporation, including, but not limited to, subscriptions received and accepted from persons who have loaned money to the Corporation (the "Lenders") and who, pursuant to their agreement with the Corporation, have elected to seek payment of their loans through the issuance in the Offering to them of shares of Common Stock valued at $10.00 per share. If, at any time prior to the termination of the Escrow Period, the Corporation has received Qualifying Subscriptions for at least $2,400,000 in shares of Common Stock and the other condition of the Offering as described in the Prospectus has been satisfied7,000,000, then the Corporation shall notify the Escrow Agent and by instructions (which may accompany such notice or be provided subsequently) given at least two one (21) business days day in advance of the date on which the Corporation intends to obtain a release of funds from the Escrow Account (the "Escrow Release Date"), shall specify the Escrow Release Date (which must be not more than ten (10) days after the termination of the Escrow Period), the amount of Qualifying Subscriptions accepted by the Corporation as of the Escrow Release Date and the identity of the subscribers whose subscriptions have been accepted as of the Escrow Release Date (the "Escrow Closing Notice"). On the Escrow Release Date, the Escrow Agent, upon receipt of a certificate from the Corporation certifying that all conditions of the Offering as set forth in the Prospectus have been met, including acceptance of Corporation has accepted Qualifying Subscriptions for at least $2,400,000 in shares of Common Stock7,000,000, shall pay to the Corporation the amounts amount specified in the Escrow Closing Notice, and shall additionally pay to the Corporation the interest earned on such amount. The Escrow Agent shall pay the Corporation in the form of the Escrow Agent's check payable in New York Clearing House Funds or a wire transfer directly to a non-escrow deposit account (the "Deposit Account") established by the Corporation at the Escrow Agent.

Escrow Release Date. Qualifying Subscriptions" as used herein shall mean all subscriptions that have been received and accepted by the Corporation, including, but not limited to, subscriptions received and accepted from persons who have loaned money to the Corporation (the "Lenders") and who, pursuant to their agreement with the Corporation, have elected to seek payment of their loans through the issuance in the Offering to them of shares of Common Stock valued at $10.00 per share. If, at any time prior to the termination of the Escrow Period, the Corporation has received Qualifying Subscriptions for at least $2,400,000 in shares 9,000,000 of Common Stock Shares and preliminary approval by the other condition Office of the Offering as described in Comptroller of the Prospectus Currency (the "OCC") of the charter of the Corporation's proposed banking subsidiary, Bay National Bank (the "Bank"), has been satisfiedreceived, then the Corporation shall notify the Escrow Agent and by instructions (which may shall accompany such notice or (such notice and such instructions to be provided subsequentlyreferred to herein as the "Escrow Closing Notice") given at least two one (21) business days day in advance of the date on which the Corporation intends to obtain a release of funds from the Escrow Account (the "Escrow Release Date"), shall specify the Escrow Release Date (which must be not more than ten (10) days after the termination of the Escrow Period), ) and the amount of Qualifying Subscriptions accepted by the Corporation as of the Escrow Release Date and the identity of the subscribers whose subscriptions have been accepted as date of the Escrow Release Date (the "Closing Notice. The Escrow Closing Notice"). Notice shall be substantially in the form attached hereto and incorporated by reference herein as Exhibit B. On the Escrow Release Date, the Escrow Agent, upon receipt of a certificate (the "Closing Certificate" from the Corporation certifying that all conditions of the Offering as set forth in the Prospectus have been met, including acceptance of Corporation has accepted Qualifying Subscriptions for at least $2,400,000 9,000,000 in shares of Common StockShares and that the OCC has granted preliminary approval to the Bank's charter, shall pay to the Corporation the amounts amount specified in the Escrow Closing Notice, and shall additionally pay to the Corporation the interest earned on such amountall subscriptions. The Escrow Agent shall pay the Corporation in the form of the Escrow Agent's check payable in New York Clearing House Funds or a wire transfer directly to a non-escrow deposit account (the "Deposit Account") established by the Corporation at the Escrow Agent or at another depositary institution identified to the Escrow Agent. The Closing Certificate shall be substantially in the form of Exhibit C, attached hereto and incorporated by reference herein.