Lend Academy Network Forum
Prosper Discussion => Investors - P => Topic started by: SeattleSun on December 03, 2013, 01:40:56 PM
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OK who wants to explain what this really means. TIA
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NOTICE OF APPOINTMENT OF SUCCESSOR TRUSTEE
To the Holders of:
Borrower Payment Dependent Notes
of
PROSPER FUNDING LLC
NOTICE IS HEREBY GIVEN, pursuant to Section 6.08 of the Indenture (the “Indenture”), dated as of January 22, 2013, by and between Prosper Funding LLC and Wells Fargo Bank, National Association, as Trustee, that Wells Fargo Bank, National Association (“Wells Fargo”) has resigned as trustee under the Indenture.
Pursuant to Section 6.08 of the Indenture, CSC Trust Company of Delaware, (“CSC Trust”), a banking corporation duly organized and existing under the laws of Delaware, has accepted appointment as trustee under the Indenture. The address of the designated corporate trust office of the successor Trustee is 2711 Centerville Road, Suite 220, Wilmington, Delaware 19808.
Wells Fargo’s resignation as trustee and CSC Trust’s appointment as successor trustee were effective as of the opening of business on November 13, 2013.
Dated:
December 2, 2013
Very truly yours,
CSC TRUST COMPANY OF DELAWARE
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Prosper (and LC) use a trust to hold your funds before they are invested. Prosper was using WF, but they resigned, so now they are using CSC.
No meaningful impact to users as I can surmise.
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OK who wants to explain what this really means. TIA
Gee, if only we had a young law guy around here... ;)
The 'what' isn't so important... that is rather uninteresting here. I'm way more curious about the why.
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OK who wants to explain what this really means. TIA
Gee, if only we had a young law guy around here... ;)
The 'what' isn't so important... that is rather uninteresting here. I'm way more curious about the why.
Me too. Why would Wells Fargo want to get out of this? With the asset class gaining such popularity, you would think Wells Fargo would want their grimy, greasy fingers in it more, not less.
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Well let's see. I'm going to guess & say that Wells Fargo wanted more money to do the job &/or Prosper found a smaller bank that would do the job cheaper. Wells didn't want to meet that price & walked. Where's the mystery & intrigue in it?
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Me too. Why would Wells Fargo want to get out of this? With the asset class gaining such popularity, you would think Wells Fargo would want their grimy, greasy fingers in it more, not less.
Yes you would think so. So they likely had a darn good reason. I think it's safe to say Wells Fargo had access to a little more information than we do.