General

What is Komodo Cash?

Komodo Cash is Asia’s first Receivables online auction platform. Having recognized the opportunity to assist companies and, in particular, small and medium-sized entities (SME(s)) with access to digital invoicing and negotiation services through the TBXONE Unified Commerce Platform (TBXONE), we have gone the next step to develop the Komodo Cash auction platform designed to provide value-added liquidity to TBXONE suppliers via the sale of invoiced receivables which compose a remittance note issued by a buyer (Buyer).

What is the TBXONE Unified Commerce Platform?

The TBXONE Unified Commerce Platform is the Supply Chain Management (SCM) system which facilitates on-line negotiation, document exchange, clearing and settlement of supplier invoices.

Can you describe Komodo Cash?

Komodo Cash is a Supplier Receivables Financing (SRF) platform.  Komodo Cash is effectively a funding extension of the TBXONE Unified Commerce Platform – the premier Supply Chain Management system in Indonesia (refer to item 1.2).  Komodo Cash enables a Purchaser Member (approved investors) to bid at auction for the purchase of short-term, self-liquidating invoiced receivables to be paid to a Qualified Seller (approved TBXONE suppliers) by a Buyer.

Typically, Buyers are large, Blue Chip companies that have extensive supply chains. Since multiple invoices are commonly used in Indonesia and receivables associated with such invoices are packaged for payment on the same payment date, these bundled invoiced receivables may all be purchased by auction together in the form of a remittance note (RN) issued by the Buyer before the start of its payment terms.

What is the advantage of using Komodo Cash?

The Komodo Cash platform permits the sale by a Qualified Seller and purchase by a Purchaser Member of a remittance note, executed means of an online auction process. A Qualified Seller will benefit by receiving its payment faster by applying an acceptable discount to the face value of a RN (composed of underlying invoiced receivables) and selling it to a Purchaser Member. A Purchaser Member will benefit from purchasing a RN at a discount and earing an acceptable return when the invoiced receivables underlying the RN are paid by the Buyer.

Please see the Komodo Cash Process below.

The contents and activities of the Komodo Cash are governed by PT. Terbit Financial Technology as the platform’s facilitator (Facilitator) whose role is fully described in the Facilitation Agreement (refer to item 1.6 below).

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How do I join Komodo Cash?

For both the Purchaser Member (approved investors) and Qualified Seller (approved TBXONE suppliers) there are on-boarding processes following successful pre-registration, where all steps are required to be completed and approval granted in order to join Komodo Cash.

What are the principal legal documents governing my use of Komodo Cash?

For Purchaser Members, the principal documents are:

  • Request for Application (Pre-Registration Form);
  • Application;
  • Terms and Conditions;
  • Facilitation Agreement; and
  • Sale and Purchase of Receivables Agreement.

For Qualified Sellers, the principal documents are:

  • Request for Application (Pre-Registration Form);
  • Application;
  • Terms and Conditions;
  • Standard Form of Assignment;
  • Facilitation Agreement; and
  • Sale and Purchase of Receivables Agreement.

Kindly note that the respective Terms and Conditions of Usage for Purchaser Members and Qualified Sellers provide the definitive description of how Komodo Cash works and this should always be referred to when using Komodo Cash.

For Purchaser Members (Investors)

Who is the Purchaser Member, Qualified Seller and Buyer?

You are the Purchaser Member (qualified investor in a RN(s)) once approved as a member of Komodo Cash, having executed the Application and Purchaser Member Terms and Conditions. The Qualified Seller is a supplier who has a reliable track-record of supplying goods and/or services to a Buyer. The Qualified Seller invoices the Buyer for such goods and/or services bought, and the Buyer settles such invoices of the payment date stipulated in the RN.

How can I register as a Purchaser Member with Komodo Cash?

Simply click on the “Register” option shown on the top right corner of the Komodo Cash web-site and fill in the required information. Once submitted, you will receive an email notifying you of pre-acceptance with a link to the registration process, along with your login username and password details.

In the application process, you will need to complete and execute a Purchaser Member Application Form and provide the required supporting documentation as stated in such application.  All Purchaser Member applicants are required to read, agree, execute and return the Komodo Cash Purchaser Member Terms and Conditions.  In addition, the applicant must register an account with Bank Mandiri for the clearing of monies when using Komodo Cash.

Komodo Cash Purchaser Member applicants must be institutional or business entities or high net worth Indonesian individuals, whose worth or joint net worth with his/her spouse is over USD $1,000,000 or whose income together with his/her spouse is over USD $200,000 per annum.

Can I be an international Purchaser Member?

Yes, as an institutional investor only.  Each application is considered on a case by case basis and a foreign Purchaser Member must still register an on-shore Bank Mandiri account to make and receive payments while using Komodo Cash.  Komodo Cash will not accept off-shore transfer payment instructions. All sale and purchase of invoiced receivables arranged by Komodo Cash shall take place in Indonesia Rupiah.

What fees do you charge for registering as a Purchaser Member?

After the application validation process, you are required to transfer an upfront, annual membership fee in an amount of IDR 1,100,000- to Komodo Cash from your registered Bank Mandiri account.  This membership fee is subject to change with advanced written notification by the Facilitator.

Is there an annual minimum/maximum purchase amount that I have to transact as a Purchaser Member on Komodo Cash?

No, there is no minimum or maximum amount of transactions that have to be performed by a Purchaser Member to use Komodo Cash. If and when you purchase a RN is left to your complete discretion, as long as you retain your status as a Purchaser Member in good standing.

Is there a maximum amount and tenor for RNs available for auction?

Yes, all RN auctions must be under IDR 1,000,000,000- (excluding VAT) and be with a Buyer payment tenor of 30 days or more, but less than 12 months.

What term do I purchase a RN for?

The Qualified Seller RN will typically have a term of between 30 and 90 days, depending on the payment terms provided to the Buyer by the Qualified Seller. When a Purchaser Member wins an auction at 5:00 PM Jakarta time on the final auction day, the Purchaser Member will be instructed to make the bid payment to the Komodo Cash Collection Account by 12:00 PM Jakarta time on the next business day.

On the RN settlement day, the Buyer will make payment into the Komodo Cash Collection Account and the Facilitator will arrange for the Purchaser Member to receive the face value of the RN minus capital gains tax and transfer payment charge within 2 business days after receipt from the Buyer.

How does an auction work?

After the Buyer sends a RN to a Qualified Seller, that Qualified Seller will have the option to initiate an auction by nominating such RN for auction.  Bids on the RN will be accepted at a discount of the face value of the RN, excluding VAT.  The auction process may take the form of a Public Auction, meaning that all Purchaser Members are allowed to view the RN auction details and, thereafter, request entrance from the Qualified Seller to participate in the auction; or a Private Auction, meaning that only Purchaser Members pre-selected by a Qualified Seller are allowed to view the RN auction details and participate in the auction.

Each auction tenor will last 3 calendar days, commencing at 1:00 PM Jakarta time on the first calendar day of nomination of the RN by the Qualified Seller and ending at 5:00 PM Jakarta time on the third calendar day. A Purchaser Member auction bid will remain active for the 3 days of the auction tenor, unless it is cancelled by the Purchaser Member who made the bid.  If a Purchaser Member cancels its bid, and its bid was the low bid at the time of cancellation, it may not re-bid in the same auction. If a Purchaser Member is outbid by another Purchaser Member, it may place a new bid at a lower discount rate and its former bid will automatically be cancelled.

If the RN auction did not receive any bids during the auction tenor, the Qualified Seller has the right to re-nominate a RN with more than a 30 day payment term for auction 1 additional time as long as at least 25 calendar days remain before the date of RN payment by the Buyer.

How does the auction bidding work?

All bidding at an auction on the Komodo Cash website will be performed as a percentage discount of the face value of a RN excluding VAT. At the beginning of each auction, the Qualified Seller may set a maximum discount above which no bids can be registered, called the “Ceiling Rate”, which will be notified to the Purchaser Members.

Taking a very simple example, if a Qualified Seller chooses to auction a RN whose auction value is IDR 100,000,000- excluding VAT, and it sets the Ceiling Rate at 3.00% per annum, the minimum auction amount of the RN will be IDR 97,000,000-, with a maximum discount total of IDR 3,000,000-. If another Purchaser Member bids at a discount rate of 2.50% during the auction, that bid will become the leading bid at a purchase price of IDR 97,500,000-, with a discount total of IDR 2,500,000-.

Anytime a Purchaser Member is outbid, a notification will be sent by Komodo Cash. If you, as a Purchaser Member, have won or lost an auction, a notification will be sent by Komodo Cash. If you have won the auction, the bid amount and payment details will be promptly sent to you by Komodo Cash. If you have lost the auction, your unsuccessful bid result and the winning bid discount percentage will be sent by Komodo Cash to you.  A Purchaser Member’s full transaction history will be available on the Komodo Cash web-site Dashboard.

Can I cancel my bid?

Yes. A Purchaser Member may cancel its bid at any time until the end of an auction.  If a Purchaser Member cancels its bid, and that bid is the then lowest bid, the Purchaser Member may not rebid in that auction.  If the Purchaser Member is outbid, it may provide a new bid at a lower discount rate in the same auction to try and win such auction.   If the Purchaser Member is outbid and provides a new low bid, its preceding bid that was outbid will be automatically cancelled.

Again, no bids shall be cancelled unless cancelled by the Purchaser Member or unless a new low bid is made by the Purchaser Member after being outbid.  If a Purchaser Member maintains the penultimate lowest bid and the Purchaser Member with the lowest bid cancels such bid before the end of the auction, then the penultimate lowest bid shall become the lowest bid.

What happens if I am late in paying for an auctioned RN?

If a Purchaser Member makes payment for the purchase of an auctioned RN into the Komodo Cash Collection Account held by Bank Mandiri before 12:00 PM Jakarta time on the next business day from the end date of the relevant auction, such payment is made on-time.

If a Purchaser Member fails to make payment for the purchase of an auctioned RN into the Komodo Cash Collection Account held by Bank Mandiri before 12:00 PM Jakarta time on the next business day, but does make the payment before 12:00 PM Jakarta time on the second business day after the end date of the relevant auction, then the Purchaser Member’s payment will still be accepted, but will be classified as a late payment.

If a Purchaser Member fails to make payment for the purchase of an auctioned RN into the Komodo Cash Collection Account held by Bank Mandiri before 12:00 PM Jakarta time on the second business day after the end date of the relevant auction, then the Purchaser Member shall be in payment default and the auction result shall be cancelled.

If a Purchaser Member makes 5 late payments or commits 2 payment defaults within a year, then its Purchaser Membership will be terminated and it will no longer be permitted access to Komodo Cash.

How much of an investment return can I expect?

The Purchaser Member determines the amount of its estimated Gross Annualized Return (GAR) and After-Tax Return (ATR), by deciding the discount rate on the RN face value (excluding VAT) that it is willing to bid. Other Purchaser Members will likely be bidding on the same RN, so each  Purchaser Member needs to provide a competitive bid. When a Purchaser Member enters a bid price, the Komodo Cash web-site  automatically calculates the estimated GAR and ATR associated with that bid assuming on-time Buyer payment of the RN.

How does the Purchaser Member receive the funds from the Buyer upon RN maturity?

The Buyer has contractually agreed to make payment of all auctioned RNs into the Komodo Cash Collection Account held at Bank Mandiri.  Standing instructions from the Facilitator to the Gateway Operator ensure direct payment from the Komodo Cash Collection Account to the Purchaser Member after deduction for capital gains tax and transfer payment fee, within 2 business days of receipt from the Buyer.

What if a Buyer is late in paying an auctioned RN?

If the Buyer fails to make payment of a RN when due, the Purchaser Member will have direct recourse to such Buyer to request legal payment. A Purchaser Member may request certified copies of the invoice(s) composing an overdue RN from the Qualified Seller by written request to the Facilitator. The Qualified Seller shall then provide such certified copies to the Purchaser Member within 3 days.

The Purchaser Member is entitled to any penalty paid by the Buyer for late payment. Any penalties paid by the Buyer shall be paid to the Purchaser Member’s Bank Mandiri Account (minus applicable capital gains tax and transfer payment free) within 2 business days of Buyer payment.

What fees do you charge?

Along with the annual Purchaser Membership fee, upon the settlement of each RN there is a transfer payment fee due to Komodo Cash (currently IDR 22,000 inclusive of VAT) paid by the Purchaser Member.  The amount of this transfer payment fee is subject to change with advanced written notice by Komodo Cash.

What taxes are applicable and how are they paid?

Gains incurred by Purchaser Members are taxed at a 15% capital gains tax rate in Indonesia.  The Qualified Seller is bound to withhold this tax from the face value of the RN paid by the Buyer, and pay such tax to the Revenue Department.  As such, standing orders given to the Gateway Operator by the Facilitator instruct that this amount be withheld from the payment of the face value of the RN paid to the Purchaser Member upon RN maturity.  The tax is then transferred to the Qualified Seller for completion of the tax payment.

How do you select the Qualified Sellers that are included on the Komodo Cash platform?

We undertake a thorough review during our on-boarding process of each Qualified Supplier’s credentials and transaction experience on the TBXONE Unified Commerce Platform.  We assess the application of the Qualified Seller and the payment track-record of its Buyer to ensure they are capable of reliably performing their contractual obligations as users of Komodo Cash.  Each supplier must have a minimum 6 month transactional history on TBXONE and each Buyer an established payment track-record.

Can I choose the Qualified Seller I will purchase RNs from?

Yes.  On the Komodo Cash web-site Dashboard, you will be able to view all active public auctions within the “Komodo Cash” tab – where you will be able to see the details of each on-going auction and request permission to participate from the Qualified Seller. You will also be able to view Private Auctions which Qualified Sellers have specifically invited you to participate.

How do I find out more about the Qualified Sellers?

In the Komodo Cash website Dashboard, Purchaser Members should refer to ‘‘Qualified  Sellers”.  These Qualified Sellers have offered RN’s for public auction and the Purchaser Member will find a summary description of the Qualified Seller’s business that has been provided by the Qualified Seller itself. If you would like additional information about Qualified Sellers, kindly make use of all other resources available to you. Komodo Cash makes no representation as to the credit or performance of Purchaser Members, Qualified Sellers or Buyers using Komodo Cash.

Can I lose my Purchaser Membership?

Yes. Komodo Cash, at its sole discretion, has the right to refuse a request for Purchaser Membership and/or to suspend a Purchaser Membership at any time, if it believes for any reason that a Purchaser Member does not fulfil the prescribed qualifications under the Purchaser Member Terms and Conditions or is not abiding by the Purchaser Member Terms and Conditions.

What happens if I do not renew my Purchaser Membership account?

If a Purchaser Member does not transfer the required IDR 1,100,000- payment to Komodo Cash within 14 days of the annual renewal notice sent to it by Komodo Cash, its Purchaser Membership will be suspended until it makes such payment. Should this payment not be made within an additional 14 days (28 days total), the Purchaser Member will be deregistered and will be required to re-apply as a Purchaser Member if it wants to utilize Komodo Cash again.

How can I terminate my Purchaser Membership and exit Komodo Cash?

In order to terminate its Purchaser Membership with Komodo Cash, a Purchaser Member may just allow its Purchaser Membership to lapse during the annual renewal period, and it will be automatically de-registered as a Purchaser Member.

For Qualified Sellers (Suppliers)

Who is the Qualified Seller, Buyer and Purchaser Member?

You are the Qualified Seller once approved by Komodo Cash, having executed the Qualified Seller Terms and Conditions and having provided a Buyer executed Standard Form Assignment. The Qualified Seller invoices a Buyer for goods and/or services bought, and the Buyer settles such invoices on the payment date stipulated in the RN. The Purchaser Member is a qualified investor who purchases the auctioned RN(s) from a Qualified Seller.

How do I register as a Qualified Seller with Komodo Cash?

All Qualified Sellers need to be an Indonesian institution or business entity in order to participate as a Qualified Seller.  Before being eligible to operate on Komodo Cash, all Qualified Sellers are required to have been operating in good standing as a supplier on the TBXONE Unified Commerce Platform for no less than 6 months.

Click on the “Register” option shown on the top right corner of the Komodo Cash web-site and fill in the required information. After pre-registration approval, a supplier must complete the Qualified Seller Application Form and provide the supporting documentation requested therein.  The Qualified Seller must also execute a copy of the Qualified Seller Terms and Conditions and provide the Facilitator with a Buyer executed Standard Form Assignment and details of an account with Bank Mandiri owned by the Seller to be used for the receipt and transfer of payments while using Komodo Cash.

Do I need to be a supplier of a Buyer who is already registered on the TBXONE Unified Commerce Platform?

Yes.  Komodo Cash will only accept a supplier to a Buyer who is already utilizing the TBXONE Unified Commerce Platform.

Why do I need a Bank Mandiri Account?

The reason a Qualified Seller must register and use its Bank Mandiri account when using Komodo Cash is to ensure that all parties involved in a sale & purchase of invoiced receivables transaction are using a common gateway platform to make and receive payments associated with such transaction without transfer payment delay – which could be incurred using various banks.

What steps do I need to take with my Buyers to perform a RN auction?

Komodo Cash has made it simple for a supplier to engage its Buyer during the application stage.  Each Buyer must execute a Standard Form Assignment (SFA). Once executed, the SFA will contractually obligate the Buyer to make all future invoice payments into the Komodo Cash Collection Account held at Bank Mandiri and to accept that its supplier may be selling RNs to Purchaser Members.

What fees do you charge a Qualified Seller for auctioning a RN?

Upon auction price settlement of each RN, there is a facilitation fee (1% of the winning bid price excluding VAT) and a transfer payment fee due to Komodo Cash (currently IDR 22,000 including VAT).  Such amounts will be deducted from the auction proceeds transferred into the Qualified Seller’s Bank Mandiri account.  Fees are subject to change with advanced written notice from Komodo Cash.

Is there a maximum amount and payment tenor for a RN I can sell on Komodo Cash?

Yes. All RN auctions must be in amount under IDR 1,000,000,000- (excluding VAT) and be with a Buyer payment tenor of 30 days or more, but less than 12 months.

How does an auction work?

After the Buyer sends a RN to a Qualified Seller, that Qualified Seller will have the option to initiate an auction by nominating such RN for auction.  Bids on the RN will be accepted as a discount of the face value of the RN, excluding VAT.  The auction process may take the form of a Public Auction, meaning that all Purchaser Members are allowed to view the RN auction details and, thereafter, request entrance from the Qualified Seller to participate in the auction; or a Private Auction, meaning that only Purchaser Members pre-selected by a Qualified Seller are allowed to view the RN auction details and participate in the auction.

Each auction tenor will last 3 calendar days, commencing at 1:00 PM Jakarta time on the first calendar day of nomination of the RN by the Qualified Seller and ending at 5:00 PM Jakarta time on the third calendar day. A Purchaser Member auction bid will remain active for the 3 days of the auction tenor, unless it is cancelled by the Purchaser Member who made the bid.  If a Purchaser Member cancels its bid, and its bid was the low bid at the time of cancellation, it may not re-bid in the same auction. If a Purchaser Member is outbid by another Purchaser Member, it may place a new bid at a lower discount rate and its former bid will automatically be cancelled.

If the RN auction did not receive any bids during the auction tenor, the Qualified Seller has the right to re-nominate a RN with more than a 30 day payment term for auction 1 additional time as long as at least 25 calendar days remain before the date of RN payment by the Buyer.

How can I control the auction price of a RN I wish to auction?

All bidding in an auction on the Komodo Cash website is performed as a percentage discount of the face value of a RN excluding VAT.  At the beginning of each auction, the Qualified Seller may set a maximum discount above which no bids can be registered, called the “Ceiling Rate”, which will be notified to the Purchaser Members.

Taking a very simple example, if a Qualified Seller chooses to auction a RN whose auction value is IDR 100,000,000- excluding VAT, and it sets the Ceiling Rate at 3.00% per annum, the minimum auction amount of the RN will be IDR 97,000,000-, with a maximum discount total of IDR 3,000,000-. If another Purchaser Member bids a discount rate of 2.50% during the auction, that bid will become the leading bid at a purchase price of IDR 97,500,000-, with a discount total of IDR 2,500,000-.

Anytime a Purchaser Member submits a bid or is outbid, a notification will be sent by Komodo Cash.  If a Purchaser Member wins or loses an auction, it will also be notified, including settlement details in the case of a winning bid.  A Qualified Seller’s full transaction history will be available on the Komodo Cash website dashboard.

Can I cancel an auction after it commences?

No.  Once a Qualified Seller has nominated a RN for auction, it will remain on auction until the 3 days of the auction tenor have passed.

How long will it take to receive auction proceeds into my Bank account?

When the winning RN auction bid is paid by the Purchaser Member before 12:00 PM Jakarta time on the next business day following the end date of the relevant auction, the Qualified Seller will receive the winning bid price of the RN less Komodo Cash facilitation fee and transfer payment fee within 2 business days of receipt of such Purchaser member payment. Typically, for a successful 3 day auction, the RN sale process will take 6 days from the RN auction nomination date to the auction settlement date.

What happens if the Purchaser Member is late paying or doesn’t pay?

If a Purchaser Member makes payment for the purchase of an auctioned RN into the Komodo Cash Collection Account held by Bank Mandiri before 12:00 PM Jakarta time on the next business day after the end date of the relevant auction, such payment is made on-time.

If a Purchaser Member fails to make payment for the purchase of an auctioned RN into the Komodo Cash Collection Account held by Bank Mandiri before 12:00 PM Jakarta time on the next business day, but does make the payment before 12:00 PM Jakarta time on the second business day after the end date of the relevant auction, then the Purchaser Member’s payment will still be accepted, but will be classified as a late payment.

If a Purchaser Member fails to make payment for the purchase of an auctioned RN into the Komodo Cash Collection Account held by Bank Mandiri before 12:00 PM Jakarta time on the second business day after the end date of the relevant auction, then the Purchaser Member shall be in payment default and the auction result shall be cancelled.

If a Purchaser Member makes 5 late payments or commits 2 payment defaults within a year, then its Purchaser Membership will be terminated and it will no longer be permitted access to Komodo Cash.

If a Purchaser Member makes payment for the purchase of an auctioned RN into the Komodo Cash Collection Account held by same bank as the Faciltattor before 12:00 PM on the next business day, such payment will be made on-time.

What if my buyer is late in paying the RN?

If the Buyer fails to make payment of a RN when due, the Purchaser Member will have direct recourse to such Buyer to request legal payment. A Purchaser Member may request certified copies of the invoice(s) composing an overdue RN from the Qualified Seller by written request to the Facilitator.  The Qualified Seller shall then provide such certified copies to the Purchaser Member within 3 days.

The Purchaser Member is entitled to any penalty paid by the Buyer for late payment.  Any penalties paid by the Buyer shall be paid to the Purchaser Member’s Bank Account (minus capital gains tax and transfer payment fee) within 2 business days of Buyer payment.

What taxes are applicable and how are they paid?

Proceeds received by a Qualified Seller from the Purchaser Member with respect to the winning auction bid are not taxed.  However, the 1% Komodo Cash facilitation fee and transfer payment fee are deducted from these proceeds, with the residual amount paid to the Bank Mandiri account of the Qualified Seller within 2 business days of Purchaser Member payment.

If a RN is auctioned, the Qualified Seller will, upon the RN payment by the Buyer, receive an amount equivalent to VAT charged on the face value of such auctioned RN plus the amount of withholding tax to be withheld from the investment gain made by the Purchaser Member.  It is the responsibility of the Qualified Seller to pay these taxes to the Indonesian Revenue Department when they are due.  Proof of payment should be held by the Qualified Seller for up to 7 years in case requested by the Facilitator.

Gains incurred by Purchaser Members are taxed at a 15% withholding tax rate in Indonesia.

If a RN is not auctioned, the Qualified Seller will, upon RN settlement, receive an amount equivalent to the face value of the RN plus VAT charged on the face value of such RN minus transfer payment fee.  It is the responsibility of the Qualified Seller to pay the VAT associated with the RN to the Indonesian Revenue Department when it is due.  Proof of payment should be held by the Qualified Seller for up to 7 years in case requested by the Facilitator.

Can I select certain Purchaser Members to bid for the auction?

Yes. On the Komodo Cash web-site Dashboard, a Qualified Seller will be able to pre-select the Private Auction terms in the “Auction” tab, where the Qualified Seller can choose which Purchaser Members are allowed to view the details of a RN auction and participate in such auction.

How do I find out more about the Purchaser Members?

If you would like additional information about Purchaser Members, kindly make use of all other resources available to you. Komodo Cash makes no representation as to the credit or performance of Purchaser Members, Qualified Sellers or Buyers using Komodo Cash.

As a Qualified Seller, can I also register to be a Purchaser Member?

Yes. In the event that a Qualified Seller also wishes to participate in an auction as a Purchaser Member on the Komodo Cash website, such Qualified Seller must apply and be approved separately for Purchaser Membership.

How can I exit Komodo Cash?

In the event that a Qualified Seller wishes not to utilize Komodo Cash further, it must notify Komodo Cash and have its Buyer(s) execute a Standard Form Notification.  The Qualified Seller may no longer auction a RN once it has declared its exit to Komodo Cash via written notification to the Facilitator and its RNs will continue to flow through the Komodo Cash Collection Account for as long as its Buyer(s) sends payment to such the Komodo Cash Collection Account.