Definition of FBO Account


FBO Account means the special purpose segregated, non-interest-bearing account established at the Account Bank in the Account Bank City and which shall never be considered a general deposit account and as such shall not be available for set off by the Account Bank or garnishment by creditors of the Account Bank, such account being entitled "Prosper Funding LLC for the benefit of its lender members" (Account No. _____).

Examples of FBO Account in a sentence

The Loan and Note Servicer will deposit in the FBO Account any Repurchase Funds due from it hereunder and promptly apply the same on the Company's behalf to repurchase the applicable Securities or to pay the required indemnities to the applicable Holders (as applicable).
The Company shall make payments of Principal or interest on the Securities by transfer of funds from the Deposit Account into the FBO Account for the benefit of the applicable Holders.
FBO Account Pooled, 1226 Huron Road E, Cleveland, OH 44115-1702, which owned 7,299.85 Class N shares (7.96% of the Class N shares then outstanding).
Except as otherwise provided herein (including, without limitation, in Section 2.2(b)), prior to or on each Payment Date in respect of any series of Securities, the Company shall deposit into the FBO Account with respect to such Securities a sum of money sufficient to satisfy the installment of Principal thereof or interest thereon that is due on such Payment Date.
Any Loan Proceeds not distributed to Borrower shall be deposited in Borrower's sub-account in the non-interest bearing demand deposit pooled account maintained by Lender (or by its designated agent) "for the benefit of" its developers (the "Developer FBO Account").