Servicing Account the Account used to carry out bank transactions associated with the On-demand Deposit.
Servicing Account. You authorize us or any of our agents to contact you at any of the telephone numbers you have listed on your credit application or any other number you provide to us, including a ported landline, regarding payments due or other information about your Account. You authorize us to leave a message with a person or on a voice mail service that answers the numbers you have provided to us. You also authorize us to send U.S. postal mail or email to the addresses you provide to us on your credit application or otherwise. We can also contact other persons you have listed on your credit application to find out information about you and how to contact you in the event we are unsuccessful in contacting you as described above. If you have agreed to accept text messages from us on your mobile, cellular telephone or similar devices, we can contact you using text messages. You authorize us to call using an automated telephone dialing system and/or prerecorded messages. You also authorize us to send you emails to any address where we can reasonably believe we can contact you. You may be charged by your wireless provider to receive text messages.
Servicing Account. Within one Business Day after the Servicer's receipt of any amounts collected on any Asset in its lock box maintained for the collection of amounts payable under contracts serviced by it (including Net Liquidation Proceeds, Insurance Proceeds and Repurchase Prices in respect thereof), the Servicer shall deposit such collections, or cause such collections to be deposited, into a clearing account established by the Servicer (the "Servicing Account"), which shall be an Eligible Account. The Servicer may use the Servicing Account for collection of payments on Assets underlying more than one Series and for assets that are not the subject of any transaction covered by a Pooling and Servicing Agreement; provided, that in any such event, the Servicer shall cause separate accounting and records to be maintained within the Servicing Account with respect to the Assets underlying each separate Series. Furthermore, the parties hereto agree that all amounts deposited into the Servicing Account in respect of the Assets, other than amounts payable to the Servicer as servicing compensation under the Pooling and Servicing Agreement, are to be held in trust for the exclusive use and benefit of the related Trust.
Servicing Account. A separate interest bearing bank account, if available, established by WOFC into which are deposited the amount of payments, including late charges and extension fees, if any, made on the Accounts. Such interest, if any, shall be for the benefit of the Company.
Servicing Account. On or prior to the Closing Date, the Trustee shall establish the Servicing Account in the name of the Trustee for the benefit of the Noteholders and the SPC. The Servicing Account shall be an Eligible Account. The Servicer shall deposit or cause to be deposited in the Servicing Account all amounts described in Sections 4.1 and 4.2 of the Contribution and Servicing Agreement, subject to
Servicing Account. 36 Section 3.06. Certificate Account....................................................................... 37 Section 3.07. Withdrawals From Certificate Account; Remittance Amounts.................................. 37 Section 3.08. Realization upon Defaulted Assets......................................................... 38 Section 3.09. Title, Conservation, and Disposition of Repo Property and REO Property.................... 39
Servicing Account. 34 SECTION PAGE ------- ----
Servicing Account. 36 Section 3.06
Servicing Account. Borrowers agree to make loan payments by automated withdrawals directly from the borrower’s designated account, or by bank drafts drawn on the account, into a collection account maintained by Prosper for your benefit (the “Servicing Account”). Loan payments made in another manner will be deposited into the Servicing Account upon receipt. No interest will accrue on funds in the Servicing Account. You agree to provide Prosper with account information and authorization to enable Prosper to make automated transfers of funds directly from the Servicing Account into your designated account. All immediately available collections of principal, interest and late fees, less fees incurred as a result of failed automated loan payments, group leaders’ Finder’s Payment Rewards (as discussed below) and our Servicing Fee deducted from each loan payment, will be delivered via automated transfer from the Servicing Account into your designated account at the end of each business day. Prosper will maintain electronic records of loan disbursements and borrowers’ payments.
