Escrow-less Closing Services. Folio provides its escrow-less money transfer functions for funding an investment in an Offering through a brokerage account (replacing the function of a bank escrow agent) under an SEC no-action letter received by Folio Investments, Inc. dated July 15th, 2015 regarding Exchange Act Rule 15c2-4(b)(1), subject to the fees specified in Schedule D.1 of this Agreement. This service involves setting up an account for Issuer, setting up customer accounts for the Investors, receiving money into the customer accounts, and conducting closings in which funds in customer accounts are transferred from those accounts to Issuer’s account in amounts equal to subscription requests Issuer has accepted.
Escrow-less Closing Services. A. Folio provides its escrow-less money transfer functions for funding an investment in an Offering through a brokerage account (replacing the function of a bank escrow agent) under an SEC no-action letter received by Folio Investments, Inc. dated July 15th, 2015 regarding Exchange Act Rule 15c2-4(b)(1), subject to the fees specified in Schedule D.1 of this Agreement. This service involves setting up an account for the Issuer, setting up customer accounts for the Investors, receiving money into the Folio Customer Accounts, and Folio administering closings in which funds in Folio Customer Accounts are transferred from those accounts to Issuer’s Folio account in amounts equal to subscription requests Issuer has accepted. These services include anti-money laundering (“AML”), Office of Foreign Asset Control (“OFAC”) and related services required for any funds transfers. Folio will provide closing funds to the Issuer net of fees due to Folio, and other participating dealers if applicable, and funds will only be provided to the Issuer, or its agents after properly issued Securities have been received from the Issuer and accepted by Folio.
Escrow-less Closing Services. A. Folio provides its escrow-less money transfer functions for funding an investment in an Offering through a brokerage account (replacing the function of a bank escrow agent) under an SEC no-action letter received by Folio Investments, Inc. dated July 15th, 2015 regarding Exchange Act Rule 15c2-4(b)(1), subject to the fees specified in Schedule D.1 of this Agreement. This service involves setting up an account for the Issuer, setting up customer accounts for the Investors, receiving money into the Folio Customer Accounts, and Folio administering closings in which funds in Folio Customer Accounts are transferred from those accounts to Issuer’s Folio account in amounts equal to subscription requests Issuer has accepted. These services include anti-money laundering (“AML”), Office of Foreign Asset Control (“OFAC”) and related services required for any funds transfers. Folio will invoice the Issuer for fees due to Folio, and other participating dealers if applicable, with respect to each closing and will not debit the Issuer’s account for such fees. Folio will provide closing funds to the Issuer only upon Issuer’s written request and only after properly issued Securities have been received from the Issuer and accepted by Folio.
