Go here, and scroll down to page 9, or just read below:
Q: What are the Securities?
A: The Securities consist of the Notes and the Lender Participant Rights related to the Notes.
Q: What are the Notes?
A: Notes represent Loans made by Prosper to a Borrower, and are the unsecured credit obligations of the individual Borrowers. Loans to Borrowers are evidenced by as many Notes as there are winning bids for the Loan, with each Note in the amount of the winning bid. All Notes are initially made payable to Prosper, and Prosper then sells and assigns the Notes without recourse to each Lender who was a winning bidder on the listing.
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2 comments:
You're doing some great detective work!
By the way, I emailed Patti Sabatini at the Pittsburgh Post-Gazette on 17 Sep. to notify her of the Prosper announcement to PA resident lenders. She was on vacation; she emailed me today to thank me for letting her know.
And, as far as I'm concerned, rant away!
David - Thank you for the comment. I received what sounds like the same response from Patti Sabatini today as well. I wonder if we'll get an article out of her...
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