Document:

Q2 2003 Exhibit 10.18

                                           Exhibit 10.18

PROMISSORY NOTE

	
$475,000,000

June 30, 2003
	 	
New York, New York

 

FOR VALUE RECEIVED, E-LOAN, INC., a Delaware corporation (the
"Borrower"), hereby promises to pay to the order of GREENWICH
CAPITAL FINANCIAL PRODUCTS, INC. (the "Lender"), at the
principal office of the Lender at 600 Steamboat Road, Greenwich, Connecticut
06830, in lawful money of the United States, and in immediately available funds,
the principal sum of FOUR HUNDRED SEVENTY FIVE MILLION DOLLARS ($475,000,000)
(or such lesser amount as shall equal the aggregate unpaid principal amount of
the Advances made by the Lender to the Borrower under the Loan Agreement), on
the dates and in the principal amounts provided in the Loan Agreement, and to
pay interest on the unpaid principal amount of each such Advance, at such
office, in like money and funds, for the period commencing on the date of such
Advance until such Advance shall be paid in full, at the rates per annum and on
the dates provided in the Loan Agreement.

The date, amount and interest rate of each Advance made by
the Lender to the Borrower, and each payment made on account of the principal
thereof, shall be recorded by the Lender on its books and, prior to any transfer
of this Note, endorsed by the Lender on the schedule attached hereto or any
continuation thereof; provided, that the failure of the Lender to make
any such recordation or endorsement shall not affect the obligations of the
Borrower to make a payment when due of any amount owing under the Loan Agreement
or hereunder in respect of the Advances made by the Lender.

This Note is the Note referred to in the Master Loan and
Security Agreement dated as of March 21, 2002 (as amended, supplemented or
otherwise modified and in effect from time to time, the "Loan
Agreement") between the Borrower, and the Lender, and evidences
Advances made by the Lender thereunder.  Terms used but not defined in this Note
have the respective meanings assigned to them in the Loan Agreement.

The Borrower agrees to pay all the Lender's costs of
collection and enforcement (including reasonable attorneys' fees and
disbursements of Lender's counsel) in respect of this Note when incurred,
including, without limitation, reasonable attorneys' fees through appellate
proceedings.

Notwithstanding the pledge of the Collateral, the Borrower
hereby acknowledges, admits and agrees that the Borrower's obligations under
this Note are recourse obligations of the Borrower to which the Borrower pledges
its full faith and credit.

The Borrower, and any indorsers or guarantors hereof, (a)
severally waive diligence, presentment, protest and demand and also notice of
protest, demand, dishonor and nonpayments of this Note, (b) expressly agree that
this Note, or any payment hereunder, may be extended from time to time, and
consent to the acceptance of further Collateral, the release of any Collateral
for this Note, the release of any party primarily or secondarily liable hereon,
and (c) expressly agree that it will not be necessary for the Lender, in order
to enforce payment of this Note, to first institute or exhaust the Lender's
remedies against the Borrower or any other party liable hereon or against any
Collateral for this Note.  No extension of time for the payment of this Note, or
any installment hereof, made by agreement by the Lender with any person now or
hereafter liable for the payment of this Note, shall affect the liability under
this Note of the Borrower, even if the Borrower is not a party to such
agreement; provided, however, that the Lender and the Borrower, by
written agreement between them, may affect the liability of the Borrower.

Any reference herein to the Lender shall be deemed to include
and apply to every subsequent holder of this Note.  Reference is made to the
Loan Agreement for provisions concerning optional and mandatory prepayments,
Collateral, acceleration and other material terms affecting this Note.

Any enforcement action relating to this Note may be brought
by motion for summary judgment in lieu of a complaint pursuant to Section 3213
of the New York Civil Practice Law and Rules.  The Borrower hereby submits to
New York jurisdiction with respect to any action brought with respect to this
Note and waives any right with respect to the doctrine of forum non conveniens
with respect to such transactions.

This Note shall be governed by and construed under the
laws of the State of New York (without reference to choice of law doctrine but
with reference to Section 5-1401 of the New York General Obligations Law, which
by its terms applies to this Note) whose laws the Borrower expressly elects to
apply to this Note.  The Borrower agrees that any action or proceeding brought
to enforce or arising out of this Note may be commenced in the Supreme Court of
the State of New York, Borough of Manhattan, or in the District Court of the
United States for the Southern District of New York. 

E-LOAN, INC.

By:    /s/ 

Name:   Matt Roberts

Title:   CFO

SCHEDULE OF LOANS

This Note evidences Advances made under the within-described
Loan Agreement to the Borrower, on the dates, in the principal amounts and
bearing interest at the rates set forth below, and subject to the payments and
prepayments of principal set forth below:

	
 

Date Made
	

Principal Amount of Loan
	

Amount Paid

                  or Prepaid
	

Unpaid Principal
 Amount
	

Notation

                  Made byQ2 2003 Exhibit 10.19

                                           Exhibit 10.19

THIRD AMENDMENT TO LOAN AGREEMENT

This THIRD AMENDMENT TO LOAN AGREEMENT is made and
entered into as of July 14, 2003 (as it may be modified, supplemented or
amended from time to time in accordance with its terms, this
"Amendment") by and between E-LOAN, INC., a Delaware
corporation (the "Borrower"), and MERRILL LYNCH MORTGAGE
CAPITAL INC., a Delaware corporation (together with its successors and
assigns, "Lender").

BACKGROUND

WHEREAS, the Borrower and the Lender entered into a Loan
Agreement dated as of June 14, 2002, as amended by the First Amendment
dated as of June 16, 2002 and as amended by the Second Amendment dated as of
June 3, 2003 (as amended, supplemented and otherwise modified from time to time,
the "Existing Loan Agreement"), pursuant to which the Lender
extended financing to the Borrower on the terms and conditions set forth
therein;

WHEREAS, the parties to the Existing Loan Agreement
desire to amend the Existing Loan Agreement;

NOW, THEREFORE, in consideration of the premises and
the mutual agreements herein contained, the parties hereto agree as follows:

	Defined Terms.  Capitalized terms used in this
Amendment and not otherwise defined herein shall have the meanings assigned to
them in the Existing Loan Agreement.

	Amendment.  Effective upon the execution and
delivery of this Amendment:

	The definition of "Commitment Termination
Date" in Section 1.22 of the Existing Loan Agreement shall be amended
and restated in its entirety as follows: "means the earlier of (i) July 13,
2004, and (ii) the date on which the Commitment is otherwise terminated in
accordance with the terms of this Agreement".

	The definition of "Securitization" in
Section 1.22 of the Existing Loan Agreement shall be amended and restated in its
entirety as follows:  "means the issuance and sale of asset-backed
securities secured directly or indirectly by all or any portion of the
collateral pledged to the Lender pursuant to the Auto Fund Security Agreement
and the other Credit Documents in a transaction where at least one class or
tranche of such asset-backed securities was rated by one or more nationally
recognized rating organizations.  The financing by the Lender of the Collateral
pledged hereunder or the financing by the lender under the Credit Documents of
the collateral pledged pursuant to the Auto Fund Security Agreement shall not be
deemed a Securitization."

	Section 5.1(s) of the Existing Loan Agreement shall be
amended and restated in its entirety as follows: 

	The Lender shall have the right to lead manage, at
commercially reasonable fees, all Securitizations, or any other long-term debt
financing, of any Receivables (as defined hereunder and under the Credit
Agreement) originated by the Borrower or any Affiliate or Subsidiary thereof
until the Lender shall have lead managed not less than Nine Hundred Million
Dollars ($900,000,0000) (based on the outstanding principal balance of such
Receivables as of the date of the related Securitization and/or long-term debt
financing) of such Securitizations and long-term debt financings; and

	The Lender shall have (x) a right of first refusal with
regard to all auto loan and/or lease warehousing or financing relationships with
a credit quality substantially lower than the Eligible Contracts (as defined in
the Credit Agreement) and all whole loan sales, in each case
by the Borrower or any Affiliate or Subsidiary thereof and occurring on or
before July 13, 2005, and (y) except as set forth in clause (x) of this Section
5.1(s)(ii), an exclusive right with regard to all auto loan and/or lease
warehousing or financing relationships of the Borrower and its Affiliates and
Subsidiaries occurring on or before the earlier of July 13, 2005 or the first
Nine Hundred Million ($900,000,000) of Receivables (based on the outstanding
principal balance of such Receivables as of the date of the related
Securitization) have been securitized pursuant to a Securitization; provided,
however, that the Lender shall have no such right regarding (a) any
corporate, non-asset backed securities financing of the Borrower or any
Affiliate or Subsidiary thereof, (b) any sale of any equity securities of the
Borrower or any Affiliate or Subsidiary thereof or (c) any financing of the
Borrower or any Affiliate or Subsidiary thereof not secured in whole or in part
by any Contracts; and

	In the event that (A) the Borrower has been advised in a
written opinion to the Borrower from the Borrower's "Big Four"
independent accountants (which opinion shall be made available to the Lender by
the Borrower) that as a result of any adopted amendment or modification of
Financial Accounting Statement 140 from and after July 14, 2003, E-
LOAN Auto Fund One, LLC will not qualify as a Qualified Special Purpose
Entity (as defined in FAS 140, a "QSPE") if it were to draw any
additional Advances under the Credit Agreement, (B) the Borrower has delivered
to the Lender a proposed amendment to the Credit Agreement setting forth only
such amendments as are necessary for E-LOAN Auto Fund One,
LLC to qualify as a QSPE and an opinion from the Borrower's "Big Four"
independent accountants (which opinion shall be made available to the Lender by
the Borrower) supporting the necessity of such requested amendments, and (C)
upon the earlier of (1) a final definitive written notice by the Lender on its
letterhead, and addressed to the Borrower, that it will not agree to such
amendments (for the avoidance of doubt, any proposed modifications or alternate
solutions proposed by the Lender or its agents shall not be deemed a refusal to
agree to the requested amendments) and (2) the expiration of forty-five (45)
days after the Borrower has delivered to the Lender such proposed amendment to
the Credit Agreement, then, notwithstanding clause (x) of Section 5.1(s)(ii),
the Borrower may seek an alternate source of auto loan and/or lease warehousing
or financing for any future Receivables (as defined in the Credit Agreement)
that it may originate and that causes the borrower under such auto loan and/or
lease warehousing or financing to qualify as a QSPE.  Upon finalization of a
term sheet setting forth all of the material terms and conditions of any such
alternate auto loan and/or lease warehousing or financing that causes the
borrower thereunder to qualify as a QSPE, the Lender shall have the right of
first refusal with regard to the provisions of such term sheet that would cause
E-LOAN Auto Fund One, LLC or, in connection with an auto
loan and/or lease warehousing or financing on terms and conditions no less
favorable than those set forth in the Credit Agreement, another Subsidary or
Affiliate of the Borrower, in either case to be a QSPE.  The Lender shall
exercise such right of first refusal no later than ten (10) Business Days from
delivery of such term sheet.

Borrower's obligations under this Section 5.1(s) are subject
to Section 8.14 hereof."

	Reserved.

	Conditions Precedent.  The effectiveness of this
Amendment is subject to (a) the due authorization, execution and delivery by the
parties hereto of this Amendment, and (b) the due authorization, execution and
delivery by the parties to the Third Amendment to the Credit Agreement, dated
July 14, 2003, by and among E-Loan Auto Fund One, LLC, E-Loan, Inc., and Merrill
Lynch Bank USA (as acknowledged and agreed to by Systems & Services
Technologies, Inc. as the Servicer).

	Representations, Warranties and Covenants.   The
Borrower hereby confirms that each of the representations, warranties and
covenants set forth in the Existing Loan Agreement are true and correct as of
the date first written above with the same effect as though each had been made
as of such date, except to the extent that any of such representations,
warranties or covenants expressly relate to earlier dates.  Except as expressly
amended by the terms of this Amendment, all terms and conditions of the Loan
Agreement and the other Loan Documents shall remain in full force and effect and
the Borrower hereby ratifies its obligations thereunder.

	The Borrower confirms that as of the date hereof its
obligations under the Existing Loan Agreement, as amended by this Amendment, and
the other Loan Documents are in full force and effect and are hereby ratified.
The Borrower represents and warrants that (i) no Default or Event of Default has
occurred, (ii) it has the power and is duly authorized to execute and deliver
this Amendment, (iii) this Amendment has been duly authorized, executed and
delivered and constitutes the legal, valid and binding obligation of it
enforceable against it in accordance with its terms, (iv) it is and will
continue to be duly authorized to perform its obligations under this Amendment
and the other Loan Documents, (v) the execution, delivery and performance by it
of this Amendment does not and will not require any consent or approval, which
has not already been obtained, from any Governmental Authority, shareholder or
any other Person, and (vi) the execution, delivery and performance by it of this
Amendment shall not result in the breach of, or constitute a default under, any
material agreement or instrument to which it is a party.

	Severability.  Any provision of this Amendment
which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Amendment
or affecting the validity or enforceability of such provision in any other
jurisdiction.

	Governing Law.  THIS AMENDMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAW PRINCIPLES; PROVIDED, THAT SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

	Miscellaneous.  

	The parties hereto hereby agree that the amendments set
forth in this Amendment shall be incorporated into the Existing Loan Agreement.
This Amendment constitutes the entire agreement concerning the subject matter
hereof and supercedes any and all written and/or oral prior agreements,
negotiations, correspondence, understandings and communications.

	Any reference to the Existing Loan Agreement from and
after the date hereof shall be deemed to refer to the Existing Loan Agreement as
amended hereby, unless otherwise expressly stated.

	This Amendment shall be binding upon and shall be
enforceable by parties hereto and their respective successors and permitted
assigns.

	This Amendment may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original but all of
which shall constitute together but one and the same agreement.

	The headings appearing in this Amendment are included
solely for convenience of reference and are not intended to affect the
interpretation of any other provision of this Amendment.

[Remainder of page intentionally left blank.]

IN WITNESS
WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the day and year first above
written.

Lender:

MERRILL LYNCH MORTGAGE CAPITAL INC.

By:__/s/____________________________

Name:  Jeffrey Cohen

Title:  Director

Borrower:

E-LOAN, INC.

By:___/s/___________________________

Name:  Matt Roberts

Title:  CFO

          /s/  

          Joseph J. Kennedy

          President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]