Common use of Rejection of Any Subscription or Termination of the Offering Clause in Contracts

Rejection of Any Subscription or Termination of the Offering. No later than fifteen (15) business days after receipt by Escrow Agent of written notice (i) from Issuer or Charleston that Charleston intends to reject a Subscriber's subscription, (ii) from Issuer or Charleston that there will be no closing of the sale of Units to Subscribers, (iii) from any federal or state regulatory authority that any application by Issuer to conduct a banking business has been denied, or (iv) from the Securities and Exchange Commission or -- any other federal or state regulatory authority that a stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least twenty (20) days, Escrow Agent shall pay to the applicable Subscriber(s), by certified or bank check and by first-class mail, the amount of the Cash Investment paid by each Subscriber, and shall pay all interest income on the Escrow Funds in the manner set forth on Exhibit A hereto. ----------