Corresponding Borrower Loan definition

Corresponding Borrower Loan means, with respect to a particular series of Securities, the Borrower Loan upon which such series of Securities is dependent for payment.

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Corresponding Borrower Loan means the Prosper Borrower Loan upon which a series of Prosper Borrower Notes is dependent for payment.

Corresponding Borrower Loan means the Borrower Loan upon which a series of Securities is dependent for payment.

Examples of Corresponding Borrower Loan in a sentence

• The Issuer shall only be obligated to make any payment on this Note if and only if, and only to the extent of the amount that, Issuer receives payment on the Corresponding Borrower Loan.

• The loan made hereunder entitles the Investor, subject to the terms and conditions of this Note, to a pro-rata share of payment based on (i) the original principal amount of this Note divided by (ii) the aggregate principal and accrued interest of the Corresponding Borrower Loan.

• However, if no payments are made to Issuer pursuant to the terms of the Corresponding Borrower Loan, then the Issuer is not obligated to make the corresponding payments to the Investor pursuant to the payment schedule referenced hereinabove.

• The Note will mature on the Initial Maturity Date; provided, however, that if on the Initial Maturity Date any principal or interest payments in respect of the Corresponding Borrower Loan remain due and payable to the Issuer, the maturity date of this Note will be extended to the Final Maturity Date.

• Details regarding the Borrower, the Corresponding Borrower Loan, and the Corresponding Investment Property can be found on the Issuer’s website (the “Site”) and the investment listing statement corresponding to this Note (the “Series Note Listing”) presented on the Site.

• Interest on the unpaid principal balance will accrue at an annual rate equal to percent ( %) per annum from the date that proceeds of this Note are advanced by the Issuer to the entity or individual receiving the Corresponding Borrower Loan.

• Investor shall have no recourse against Issuer unless, and then only to the extent that, Issuer has failed to pay Investor’s pro-rata share of the payments received by Issuer under the Corresponding Borrower Loan or has otherwise breached a covenant of this Note.

• The Issuer may, in its sole discretion, make principal or interest payments on the Note following the Final Maturity Date [in the event of Borrower’s default on the Corresponding Borrower Loan and the Issuer’s liquidation of its security interest in the Corresponding Borrower Loan].

• Notwithstanding the foregoing, Investor shall have no recourse against Issuer unless, and then only to the extent that, Issuer has failed to pay Investor’s pro-rata share of the payments received by Issuer under the Corresponding Borrower Loan or has otherwise breached a covenant of this Note.

• Subject to compliance with the Act and applicable securities laws and regulations, Issuer may sell, convey, assign or otherwise transfer (a) all or any part of the Corresponding Borrower Loan or (b) any interest in the Corresponding Borrower Loan, whether any such sale, conveyance, assignment or other transfer occurs directly or indirectly, voluntarily or involuntarily or by operation of law, without the prior written consent of the Investor.

More Definitions of Corresponding Borrower Loan

Corresponding Borrower Loan means the Borrower Loan whose revenues will fund Borrower Payments.

Corresponding Borrower Loan means the Borrower Loan upon which a series of Borrower Member Payment Dependent Notes is dependent for payment.

Corresponding Borrower Loan means the Corresponding Prosper Borrower Loan and/or Corresponding Open Market Loan.