Lend Academy Network Forum

Prosper Discussion => Investors - P => Topic started by: SeattleSun on December 03, 2013, 01:40:56 PM

Title: NOTICE OF APPOINTMENT OF SUCCESSOR TRUSTEE
Post by: SeattleSun on December 03, 2013, 01:40:56 PM
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
 
 
 
 
 
 


 
 
 
 
Title: Re: NOTICE OF APPOINTMENT OF SUCCESSOR TRUSTEE
Post by: Randawl on December 03, 2013, 01:44:57 PM
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.
Title: Re: NOTICE OF APPOINTMENT OF SUCCESSOR TRUSTEE
Post by: core on December 03, 2013, 01:46:41 PM
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.
Title: Re: NOTICE OF APPOINTMENT OF SUCCESSOR TRUSTEE
Post by: thezfunk on December 05, 2013, 12:00:35 AM
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. 
Title: Re: NOTICE OF APPOINTMENT OF SUCCESSOR TRUSTEE
Post by: DanB on December 05, 2013, 01:24:55 AM
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?
Title: Re: NOTICE OF APPOINTMENT OF SUCCESSOR TRUSTEE
Post by: core on December 05, 2013, 01:26:42 AM
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.