Document:

Q2 2001 Exhibit 4.4

Exhibit 4.4

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO
SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION
STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE,
REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATIONS ARE NOT REQUIRED, OR
(iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL
AUTHORITIES.

E-LOAN, INC.

8% CONVERTIBLE NOTE

	
$5,000,000
	
July 12, 2001

(the "Issue Date")

 Dublin, California

E-LOAN, INC., a Delaware corporation (the "Company"), the
principal office of which is located at 5875 Arnold Road, Suite 100, Dublin,
California 94568, for value received hereby promises to pay to The Charles
Schwab Corporation, a Delaware corporation, or its registered assigns, the
principal sum of Five Million Dollars ($5,000,000), plus interest at the rate
specified below, which shall be due and payable on the earlier to occur of
(i) January 19, 2003 (the "Maturity Date"), (ii) when declared due and
payable by the Holder upon the occurrence of an Event of Default (as defined
below) or (iii) a redemption in accordance with Section 4. Payment for
all amounts due hereunder shall be made by mail to the registered address of the
Holder (as defined below) or, if written demand is provided by the Holder to the
Company, by wire transfer, or as otherwise set forth herein. This Note is issued
in connection with the transactions described in Section 1.01 of that
certain Note Purchase Agreement, dated as of July 12, 2001, as the same may
from time to time be amended, modified or supplemented (the "Purchase
Agreement"). The Holder is subject to certain restrictions set forth in the
Purchase Agreement and shall be entitled to certain rights and privileges set
forth in the Purchase Agreement. All capitalized terms used and not defined in
this Note, but defined in the Purchase Agreement or the Security Agreement (as
defined hereinafter), shall have the meanings set forth in the Purchase
Agreement or the Security Agreement as applicable.

The following is a statement of the rights of the Holder of
this Note and the conditions to which this Note is subject, and to which the
Holder hereof, by the acceptance of this Note, agrees:

	Definitions. As used in this Note, the following
terms, unless the context otherwise requires, have the following
meanings:

"Change of Control Event" means (i) the sale,
conveyance or disposition in one or a series of transactions of all or
substantially all of the assets of the Company or any of its significant
subsidiaries (as determined by under Rule 1-02(w) of Regulation S-X under the
Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of
1934 (the "Exchange Act"), as each may be amended or any successor act thereto),
or any transaction that is subject to Rule 13e-3 of the Exchange Act, (ii) the
consummation of a transaction by which any Person or Group (as each is defined
below), is or becomes the beneficial owner, directly or indirectly, of 50% or
more of the securities issued by the Company having the power to vote (measured
by voting power rather than number of shares) in the election of directors (the
"Voting Stock") of the Company or (iii) the consolidation, merger or other
business combination of the Company with or into any other Person or Persons
(other than (a) a consolidation, merger or other business combination in which
holders of the Company's Voting Stock immediately prior to the transaction
continue after the transaction to hold, directly or indirectly, the same
relative percentage of the Voting Stock as before any such transaction and the
Voting Stock of the surviving entity or entities necessary to elect a majority
of the members of the board of directors (or their equivalent if other than a
Company) of such entity or entities, including pursuant to a holding company
merger effected under Section 251(g) of the Delaware General Corporation Law or
any successor provision, or (b) pursuant to a migratory merger effected solely
for the purpose of changing the jurisdiction of incorporation of the
Company).

"Common Stock" means and refers to the Common
Stock, par value $0.001 per share, of the Company.

"Company" includes any Company which shall succeed
to or assume the obligations of the Company under this Note.

"Group" means a group of Persons with the meaning
thereof under Section 13(d)(3) of the Exchange Act and the rules and regulations
promulgated thereunder.

"Holder" when the context refers to a holder of
this Note, shall mean any person who shall at the time be the registered holder
of this Note.

"Indebtedness" means any sums due, owing or
payable under, as a result of, or with respect to (i) any warehouse, revolving
or general lines of credit, regardless of the amount(s) or terms thereof,
whether such credit facilities are now existing or are hereafter obtained by the
Company, (ii) other conditional or installment sale contracts or similar loan
transactions, and any and all extensions, renewals, amendments and modifications
thereto and replacements thereof and any similar facilities thereto, and (iii)
that certain Secured Convertible Note of the Company, when and if issued upon
draw downs in accordance with that certain Amended and Restated Loan Agreement
between the Company and Christian A. Larsen, dated July 12, 2001.

"Person" means any individual, corporation,
limited liability company, partnership, joint venture, association, trust or
other entity or organization.

"Security Agreement" means and refers to the
Security Agreement, dated as of July 12, 2001, as the same may from time to
time be amended, modified or supplemented (the "Security Agreement").

	Interest.

	Interest. The Holder shall be entitled to receive
interest payments under the Note equal to eight percent (8.00%) per annum (or
such rate as is then applicable pursuant to Section 2(c)) of the Unpaid
Principal payable in cash out of funds legally available therefor on each
Quarterly Interest Payment Date (as defined below). The "initial principal" as
cumulatively adjusted from time to time by accumulated interest or otherwise
contemplated herein, shall be referred to as the "Unpaid Principal."

	Cumulative Quarterly Payments. Interest on the
Unpaid Principal shall accrue daily, whether or not funds are legally available
therefor, from the Issue Date. Interest on the Unpaid Principal shall be payable
on March 31, June 30, September 30 and December 31 of each year (each such date
being referred to herein as a "Quarterly Interest Payment Date"), commencing on
June 30, 2001 (the "Initial Quarterly Interest Payment") to the Holder on such
record dates, which shall be ten business days preceding each Quarterly Interest
Payment Date (each such date being referred to herein as a "Quarterly Interest
Record Date"). The amount of interest payable for each quarterly interest period
shall be computed by multiplying the then applicable Unpaid Principal by the
annual interest amount of eight percent (8.00%) (or such rate as is then
applicable pursuant to Section 2(c)), divided by four (4). The amount of
interest payable for the initial interest period and interest payable for any
other period that is shorter or longer than a full quarterly interest period
shall be computed on the basis of a 360-day year consisting of twelve 30-day
months. The Holder shall not be entitled to receive any interest, whether
payable in cash or otherwise, which is in excess of the cumulative interest
provided for herein.

	Interest Rate Following Maturity, etc.
Notwithstanding the foregoing, in the event that the Note is not redeemed,
converted or otherwise extinguished on or prior to the date specified or
required herein for such redemption, conversion or termination, interest on the
Note after the first date of the occurrence of the failure of such redemption,
conversion or termination including repayment on the Maturity Date, shall
continue to accrue and be added to the Unpaid Principal at the rate of fifteen
percent (15%) per annum of the then Unpaid Principal (the "Premium
Rate").

	Event of Default. 

	Definition of Event of Default. In addition to any
Event of Default under the Purchase Agreement and the Security Agreement, each
of the following shall constitute an Event of Default under this Note:

	Interest and Principal Payments. If the Company
fails to pay principal or interest when and as payable under this Note, whether
at the maturity, as a result of acceleration or otherwise, and such failure to
pay shall have continued for ten days (except where an adjustment to the Unpaid
Principal is made in lieu of a payment of interest); or 

	Performance. If the Company fails to perform or
observe any other of the covenants, conditions or agreements on the part of the
Company, set forth in this Note or the Purchase Agreement (including, without
limitation, Article VI of the Purchase Agreement) or the Security
Agreement, and such failure shall have continued for ten days; or

	Representations and Warranties. If any
representation, warranty or statement made by the Company in this Note, the
Purchase Agreement, the Security Agreement, or in any certificate or other
instrument delivered by or on behalf of the Company to the Holder pursuant to
this Note, the Purchase Agreement or the Security Agreement shall be incorrect
in any material respect as of the time when made; or

	Company Filed Petition of Bankruptcy or
Reorganizations. If the Company shall file a petition in bankruptcy or for
reorganization or for an arrangement or any composition, readjustment,
liquidation, dissolution or similar relief pursuant to Title 11 of the United
States Code or under any similar present or future federal law or the law of any
other jurisdiction or shall be adjudicated a bankrupt or become insolvent, or
consent to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of the
Company for all or any substantial part of the property of the Company, or shall
make an assignment for the benefit of its creditors, or shall admit in writing
its inability to pay its debts generally as they become due, or shall take any
corporate action, in furtherance of any of the foregoing; or

	Third-Party Petition of Bankruptcy or
Reorganization. If a petition or answer shall be filed proposing the
adjudication of the Company as bankrupt or its reorganization or arrangement or
any composition, readjustment, liquidation, dissolution or similar relief with
respect to it pursuant to Title 11 of the United States Code or under any
similar present or future federal law or the law of any other jurisdiction
applicable to the Company, and the Company shall consent to or acquiesce in the
filing thereof, or such petition or answer shall not be discharged or denied
within 60 days after the filing thereof; or

	Court Decree or Order. If a decree or order is
rendered by a court having jurisdiction (i) for the appointment or a
receiver or custodian or liquidator or trustee or sequestrator assignee (or
similar official) in bankruptcy or insolvency of the Company or of all or a
substantial part of its property, or for the winding up or liquidation of its
affairs, and such decree or order shall have remained in force undischarged and
unstayed for a period of 60 days, or (ii) for the sequestration or
attachment of any property of the Company without its return to the possession
of the Company or its release from such sequestration or attachment within
60 days thereafter; or

	Default On Credit Facilities. (i) If the
Company fails to pay any part of the principal of, the premium, if any, or the
interest on, or any other payment of money due under, any of its Indebtedness;
provided, however, the Company shall be entitled to notice of such failure and
to cure such failure in accordance with applicable loan documents; or
(ii) if the Company fails to perform or observe any other agreement, term
or condition contained in, or be in default of, any agreement under which any
such Indebtedness was issued or created, if the effect of any such failure is to
cause, or permit the holders of such Indebtedness to become due prior to its
stated maturity or scheduled due date; provided, however, the Company shall be
entitled to notice of such failure and to cure such failure in accordance with
applicable loan documents; or

	Judgments. If final judgment for the payment of
money shall be entered against the Company and if such judgment shall not be
vacated, satisfied or discharged within 30 days after the entry thereof or
within such longer period as the execution of such judgment shall have been
stayed, and if such judgment, together with all other such judgments, exceeds,
in the aggregate, $1,000,000.

	Remedies. If any Event of Default shall have
occurred and be continuing:

	Acceleration. The Holder may, by notice to the
Company, declare the entire outstanding principal of the Note, and all accrued
and unpaid interest thereon, to be due and payable immediately, and upon any
such declaration the entire outstanding principal of the Note and said accrued
and unpaid interest shall become and be immediately due and payable, without
presentment, demand, protest or other notice whatsoever, all of which are hereby
expressly waived.

	Enforcement of Rights. The Holder may enforce its
rights by suit in equity, by action at law, or by any other appropriate
proceedings, whether for the specific performance (to the extent permitted by
law) of any covenant or agreement contained in this Note, the Purchase Agreement
or the Security Agreement or in aid of the exercise of any power granted in this
Note, the Purchase Agreement or the Security Agreement.

	Conduct No Waiver; Collection Expenses. No course
of dealing on the part of any Holder, nor any delay or failure on the part of
any Holder to exercise any of its rights, shall operate as a waiver of such
right or otherwise prejudice such Holder's rights, powers and remedies. If the
Company fails to pay, when due, the principal of, the premium on, if any, or the
interest on the Note, the Company will pay to the Holder, to the extent
permitted by law, on demand, such further amounts as shall be sufficient to
cover the cost and expenses, including, but not limited to, all reasonable
attorneys' fees, incurred by the Holder in collecting any sums due on the Note.
If the Company fails to comply with any other provision of this Note or the
Purchase Agreement, the Company will pay to the Holder, to the extent permitted
by law, on demand, such further amounts as shall be sufficient to cover the
costs and expenses, including, but not limited to, all reasonable attorneys'
fees, incurred by the Holder in enforcing any of its rights.

	Remedies Cumulative. No right or remedy conferred
upon or reserved to the Holder under this Note or the Purchase Agreement is
intended to be exclusive or any other right or remedy, and every right and
remedy shall be cumulative and in addition to every other right or remedy
whether or not given hereunder or hereafter existing under any applicable law.
Every right and remedy given by this Note or the Purchase Agreement or by
applicable law to the Holder may be exercised from time to time and as often as
may be deemed expedient by the Holder.

	Redemption. The Unpaid Principal sum of this Note
shall be redeemable as follows:

	Optional Redemption.

	Timing and Amount. The Unpaid Principal sum of
this Note will be redeemable for cash, at the option of the Company, subject to
the notice provisions described below, in whole or in part, at any time or from
time to time out of funds legally available therefor, at a price on the day of
redemption equal to the product of 1.05%, multiplied by the then Unpaid
Principal sum of the Note (the "Redemption Price").

	Partial Redemption. If less than all the Unpaid
Principal under the Note is to be redeemed pursuant to Section 4.1(a), a
new Note shall be issued representing the unredeemed Unpaid Principal without
any cost to the holder thereof.

	Redemption Procedure.

	Notice of Redemption. In the event the Company shall
exercise its option to redeem Unpaid Principal pursuant to Section 4.1,
notice of such redemption shall be given by courier or first class mail, postage
prepaid, at least 30 but no more than 60 days prior to the redemption date, to
the Holder's address as the same appears on the records of the Company. Each
such notice shall state: (1) the redemption date, (2) the amount of Unpaid
Principal to be redeemed from the Holder, (3) the Redemption Price, (4) the
place or places where the Note is to be surrendered for payment of the
Redemption Price, (5) that interest on the Unpaid Principal to be redeemed shall
cease to accrue on such redemption date, (6) that the Note will remain
convertible into shares of Common Stock at any time and from time to time prior
to the redemption date, and (7) the then applicable number of shares of Common
Stock into which the Note is convertible. Notice having been mailed as
aforesaid, on and after the redemption date, provided that the Redemption Price
has been duly paid, (i) interest shall cease to accrue on the Note so called for
redemption, (ii) the Note so called for redemption shall no longer be
deemed to be outstanding, and (iii) all rights of the Holder of the Note so
called for redemption shall cease except the right to receive the Redemption
Price, upon surrender of the Note.

	Surrender of Note. If redemption of all the Unpaid
Principal is to occur, as a condition to the redemption payment, but not to the
redemption itself, the Holder shall be obligated to surrender the Note for
cancellation. If redemption is to occur for a portion of the Unpaid Principal,
then the fact of such partial redemption, including the amount paid and the date
through which payment is made shall be marked on the original Note or an allonge
and the original Note shall thereafter be returned to the Holder.

	Redemption Upon a Change of Control
Event.

	Timing and Amount. In the event there occurs a
Change of Control Event in which all or a portion of the consideration payable
to the holders of the Company's Common Stock is other than cash, the Company or
its successor (or its ultimate parent, in either case, the "Successor") shall
offer to redeem this Note held for an amount in cash equal to the Redemption
Price of the Note, by delivery of a notice of such offer (a "Change of Control
Redemption Offer"). Upon a Change of Control Event, the Holder shall have the
right (but not the obligation) to require the Company or its Successor to
purchase the Note held by such holder for an amount in cash equal to the
Redemption Price; it being understood that, as a condition to the consummation
of any such Change of Control Event, the Company and any Successor shall have
agreed to satisfy the obligations to the Holder under this Section 4.3. The
Holder shall also be permitted, until the fifth (5th) business day
following a Change of Control Event, to surrender the Note to the Company or its
Successor. In the event that the Holder does not elect to convert or redeem the
Holder's Note pursuant to the foregoing sentence, the Holder shall retain any
rights it has hereunder with respect to such Change of Control Event, including
to convert or redeem its Note in connection with any subsequent Change of
Control Event.

	Notice of Change of Control Event. Within ten
business days prior to the closing of a transaction which shall constitute a
Change of Control Event, the Company or its Successor shall give notice by mail
to the Holder, at such Holder's address as it appears on the transfer books of
the Company, of such Change of Control Event, which notice shall set forth the
Holder's right to require the Company to redeem all, but not less than all, of
the Unpaid Principal owing under the Note, the redemption date (which date shall
be no more than 30 business days following the date of such mailed notice), and
the procedures to be followed by the Holder in exercising its right to cause
such redemption, or, alternatively, to convert the Unpaid Principal of the Note
as permitted in Section 5.1. In the event the Holder shall elect to require the
Company or its Successor to redeem all Unpaid Principal owing under the Note
pursuant to Section 4.3(a), the Holder shall deliver on or prior to the
redemption date, a written notice to the Company or its Successor so stating,
specifying the amount of Unpaid Principal to be redeemed pursuant to
Section 4.3(a). The Company or its Successor shall, in accordance with the
terms hereof, redeem the amount of Unpaid Principal so specified on the date
fixed for redemption. Failure of the Company to give any notice required by this
Section 4.3(b), or the formal insufficiency of any such notice, shall not
prejudice the rights of the Holder to cause the Company or its Successor to
redeem all Unpaid Principal owing under the Note. Notwithstanding the foregoing,
the Board of Directors of the Company may modify any offer pursuant to this
4.3(b) to the extent necessary to comply with any applicable provisions of the
Exchange Act, and the rules and regulations thereunder, including Section 14(e)
and Rule 14e-1 thereof, but no such provisions or modifications shall in any way
negate the obligation of the Company or its Successor to redeem Unpaid Principal
under this Section 4.3.

If the Company shall fail to comply with any of the
provisions of this Section 4 (other than the timely giving of a notice
pursuant to Section 4.3(b)), then in any such event, the applicable interest
rate shall be increased by an amount equal to the Premium Rate during the period
in which such failure shall be continuing.

	Conversion. The Note
shall be convertible into Common Stock as follows:

	Optional Conversion. The Note shall be convertible
in whole or in part without the payment of any additional consideration by the
Holder and at the option of the Holder, at any time after the Issue Date, at the
office of the Company or any transfer agent for the Common Stock, into the
number of fully paid and non-assessable shares of Common Stock of the Company as
is determined by dividing (a) the amount to be converted up to the Unpaid
Principal owing under the Note by (b) the Conversion Price (as hereinafter
defined) in effect at the time of conversion. 

	Automatic Conversion. The Note shall automatically
convert into the number of fully paid and non-assessable shares of Common Stock
of the Company as is determined by dividing (i) the Unpaid Principal owing under
the Note by (ii) the Conversion Price (as hereinafter defined) in effect at the
time of conversion, in the event the average closing price (such closing price
shall not include after hours trading) of a share of the Company's Common Stock
exceeds $2.12 (as quoted on the Nasdaq National Market or another exchange or
market that the securities may be quoted or listed on and subject as appropriate
to adjustment for stock splits, stock dividends, reverse stock splits,
reclassifications and other similar events affecting the Company's Common Stock)
for any consecutive ninety-day period (the last day of such ninety-day period
being referred to as the "Conversion Event Day"); provided, however, that the
timing of the conversion shall be as follows: On the Conversion Event Day and
each successive three-month anniversary of the Conversion Event Day (until all
of the Unpaid Principal has been converted into Common Stock), the amount of the
Unpaid Principal automatically converted pursuant solely to this Section 5.2
shall be limited to the amount which would result in the number of shares of
Common Stock into which the Unpaid Principal is converted being equal to twenty-
five percent (25%) of the Unpaid Principal (the "Threshold Amount"); provided
that, no shares shall be converted after the Maturity Date. For example only, if
the Conversion Event Day were June 1, 2002, and the Unpaid Principal was
$5,000,000, the Unpaid Principal would be converted into 1,179,245 shares of
Common Stock on June 1, 2002, 1,179,245 shares of Common Stock on September 1,
2002 and 1,179,245 shares of Common Stock on January 1, 2003. However,
since the last 1,179,245 shares of Common Stock are not convertible until after
the Maturity Date, they would not be converted and the Company would be required
to repay any outstanding Unpaid Principal in accordance with the terms of this
Note.

	Conversion Price. The conversion price (the
"Conversion Price") shall initially be $1.06, subject to adjustment from time to
time in accordance with Section 5.4.

	Adjustments to the Conversion Price. The
Conversion Price shall be subject to adjustment from time to time as
follows:

	Adjustment Upon Stock Dividends, Subdivisions or
Splits. If, at any time, the number of shares of Common Stock outstanding is
increased by a stock dividend payable in shares of Common Stock or by a
subdivision or split-up of shares of Common Stock, then, following the record
date for the determination of holders of Common Stock entitled to receive such
stock dividend, or to be affected by such subdivision or split-up, the
Conversion Price shall be appropriately decreased so that the number of shares
of Common Stock issuable on conversion of Note shall be increased in proportion
to such increase in outstanding shares.

	Adjustment Upon Combinations. If, at any time, the
number of shares of Common Stock outstanding is decreased by a combination of
the outstanding shares of Common Stock into a smaller number of shares of Common
Stock, then, following the record date to determine shares affected by such
combination, the Conversion Price shall be appropriately increased so that the
number of shares of Common Stock issuable on conversion of the Note shall be
decreased in proportion to such decrease in outstanding shares.

	Adjustment Upon Reclassifications, Reorganizations,
Consolidations or Mergers. If, at any time when the Note is issued and
outstanding, there shall be any merger, consolidation, share exchange,
recapitalization, reorganization, business combination, or other similar event
or other Change of Control Event, as a result of which shares of Common Stock
shall be changed into the same or a different number of shares of another class
or classes of stock or securities of the Company or another Person, or in case
of any sale or conveyance of all or substantially all of the assets of the
Company then, subject to the rights of the Holder under Section 4.3 hereof,
the Holder shall thereafter have the right to receive upon conversion of the
Note, upon the basis and upon the terms and conditions specified herein and in
lieu of the shares of Common Stock immediately theretofore issuable upon
conversion, such stock, securities, cash or other assets which the Holder of
would have been entitled to receive in such transaction had the Note been
converted in full immediately prior to such transaction (without regard to any
limitations on conversion contained herein), and in any such case appropriate
provisions shall be made with respect to the rights and interests of the Holder
to the end that the provisions hereof (including, without limitation, provisions
for adjustment of the applicable Conversion Price and of the number of shares of
Common Stock issuable upon conversion of the Note) shall thereafter be
applicable, as nearly as may be practicable in relation to any securities or
assets thereafter deliverable upon the conversion of the Note. The above
provisions shall similarly apply to successive mergers, consolidations, share
exchanges, recapitalizations, reorganizations, business combinations or other
similar events or sales of assets.

	Deferral in Certain Circumstances. In any case in
which the provisions of this Section 5.4 shall require that an adjustment shall
become effective immediately after a record date of an event, the Company may
defer until the occurrence of such event issuing to the Holder of the Note,
converted after such record date and before the occurrence of such event, the
shares of capital stock issuable upon such conversion by reason of the
adjustment required by such event and issuing to such Holder only the shares of
capital stock issuable upon such conversion before giving effect to such
adjustments; provided, however, that the Company shall deliver to such Holder an
appropriate instrument or due bills evidencing such holder's right to receive
such additional shares.

	Notice of Adjustment of Conversion Price. Whenever
the Conversion Price is adjusted as herein provided: (i) the Company shall
compute the adjusted Conversion Price in accordance with this Section 5.4
and shall prepare a certificate signed by the Treasurer or Chief Financial
Officer of the Company setting forth the adjusted Conversion Price and showing
in reasonable detail the facts upon which such adjustment is based, and such
certificate shall forthwith be filed at each office or agency maintained for
such purpose of conversion of the Note; and (ii) a notice stating that the
Conversion Price has been adjusted and setting forth the adjusted Conversion
Price shall forthwith be prepared by the Company, and as soon as practicable
after it is prepared, such notice shall be mailed by the Company at its expense
to the Holder at the Holder's last addresses as it shall appear in the Company's
records.

	Conversion Mechanics. At the time of any
conversion of the Note into Common Stock, the Note shall be converted on the
Conversion Date (as defined below) to that number of shares of Common Stock
determined by dividing the Unpaid Principal owing under the Note by the
Conversion Price, as in effect at the time of conversion. In order for the
Holder to receive shares of Common Stock for the conversion of the Note, the
Holder shall surrender the Note at the office of the Company, together with a
written notice. Such notice shall state the Holder's name or the names of the
nominees in which the Holder wishes the certificate or certificates for shares
of Common Stock to be issued and, shall state the amount of principal owing
under the Note that is to be converted. The "Conversion Date" shall be the date
of receipt of the Note. The Company shall, as soon as practicable after the
Conversion Date, issue and deliver to the Holder, or to its nominee, at the
Holder's address as shown in the records of the Company, a certificate or
certificates for the number of shares of Common Stock issuable upon such
conversion in accordance with the provisions hereof, rounded to the nearest
share (with one-half or greater being rounded upward). If less than all of the
Unpaid Principal represented by the Note is converted into shares of Common
Stock, the Company shall issue a new Note in the amount of the Unpaid Principal
not so converted.

	Fractional Shares. No fractional shares of Common
Stock shall be issued upon conversion of the Note and any fractional share to
which the holder would otherwise be entitled shall be rounded to the nearest
whole number (with one-half or greater being rounded upward).

	Effect of Surrender. The Note, once surrendered
for conversion, shall no longer be deemed to be outstanding, and all rights with
respect to the Note shall immediately cease and terminate on the Conversion
Date, except only the right of the Holder to receive shares of Common Stock in
exchange therefor and the payment of any declared and unpaid dividends thereon.
On the Conversion Date, the shares of Common Stock issuable upon such conversion
shall be deemed to be outstanding, and the holder thereof shall be entitled to
exercise and enjoy all rights with respect to such shares of Common Stock. The
Note once tendered for conversion shall, from and after the Conversion Date, be
deemed to have been retired and canceled and shall not be
reissued.

	Reservation of Common Stock Issuable Upon
Conversion. The Company shall at all times after the Issue Date reserve and
keep available out of its authorized but unissued shares of Common Stock, solely
for the purpose of effecting the conversion of the Note, such number of its
shares of Common Stock as shall from time to time be sufficient to effect the
conversion of all Unpaid Principal owing under the Note, including Interest
accruing thereon.

	No Impairment. The Company will not, by amendment
of its Certificate of Incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed hereunder by the Company, but will
at all times in good faith assist in the carrying out of all the provisions of
this Section 7 and in the taking of all such action as may be necessary or
appropriate in order to protect the conversion rights of the Holder against
impairment.

	Assignment. Subject to the restrictions on
transfer described in the Purchase Agreement, the rights and obligations of the
Company and the Holder of this Note shall be binding upon and benefit the
successors, assigns, heirs, administrators and transferees of the
parties.

	Waiver and Amendment. Any provision of this Note
may be amended, waived or modified upon the written consent of the Company and
the Holder.

	Notices. Any notice, request or other
communication required or permitted hereunder shall be in writing and shall be
deemed to have been duly given if personally delivered or if telegraphed or
mailed by registered or certified mail, postage prepaid, at the respective
addresses of the parties as set forth in the Purchase Agreement. Any party
hereto may by notice so given change its address for future notice hereunder.
Notice shall conclusively be deemed to have been given when personally delivered
or when deposited in the mail or telegraphed in the manner set forth above and
shall be deemed to have been received when delivered.

	No Stockholder Rights. Nothing contained in this
Note shall be construed as conferring upon the Holder or any other person the
right to vote or to consent or to receive notice as a stockholder in respect of
meetings of stockholders for the election of directors of the Company or any
other matters or any rights whatsoever as a stockholder of the Company; and no
dividends or interest shall be payable or accrued in respect of this Note or the
interest represented hereby or the Conversion Shares obtainable hereunder until,
and only to the extent that, this Note shall have been converted.

	Security. This Note is secured pursuant to the
terms of the Security Agreement.

	Governing Law. This Note shall be governed by and
construed under the laws of the State of California as applied to agreements
among California residents, made and to be performed entirely within the State
of California.

	Heading; References. All headings used herein are
used for convenience only and shall not be used to construe or interpret this
Note. Except where otherwise indicated, all references herein to Sections refer
to Sections hereof.

	Entire Agreement. This Note, and any agreements
incorporated or referred to herein, contains the entire understanding between
the Company and Holder with respect to the subject matter hereof and supersedes
any and all prior or contemporaneous written or oral negotiations or agreements
between them regarding the subject matter hereof.

	Severability; Usury. The provisions of this Note
shall be deemed severable and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of the other
provisions hereof. If any provision of this Note, or the application thereof to
any Person or any circumstance, is invalid or unenforceable, including as a
result of any laws relating to usury, (a) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be
valid and enforceable, the intent and purpose of such invalid or unenforceable
provision and (b) the remainder of this Note and the application of such
provision to other Persons or circumstances shall not be affected by such
invalidity or unenforceability of such provision, or the application thereof, in
any other jurisdiction. In no event may any interest rate provided for hereunder
exceed the maximum rate permitted by any applicable law (the "Maximum Rate").
If, in any month, any interest rate, absent such limitation, would exceed the
Maximum Rate, then the interest rate for that month shall be the Maximum Rate,
and, if in future months, that interest rate would otherwise be less than the
Maximum Rate, then that interest rate shall remain at the Maximum Rate until
such time as the amount of interest paid hereunder equals the amount of interest
which would have been paid if the same had not been limited by the Maximum
Rate.

	No Dividends, Repurchase, etc. So long as the Note
is outstanding, without the Holder's prior written consent no dividends (other
than those paid in the Company's equity securities) shall be paid or declared
and set apart for payment and no other distribution shall be made upon the
Company's equity securities, nor shall any of the Company's equity securities be
redeemed, purchased or otherwise acquired for any consideration (or any monies
paid to or made available for a sinking fund for redemption of any shares of any
such equity securities) by the Company (except by conversion into or exchange
for the Company's equity securities).

	Miscellaneous. The Company hereby consents to
renewals and extensions of time at or after the Maturity Date. The Company for
itself and its legal successors and assigns, hereby waives diligence,
presentment, protest, dishonor, notice of dishonor, demand and notice of every
kind in connection with this Note. No extension of time for payment of any
amount owing hereunder shall affect the liability of the Company or any person
or entity, now or at any time hereafter, liable for payment of the indebtedness
evidenced hereby. No delay by the Company, including any delay because of a
default under any Indebtedness of the Company, or the Holder hereof in
exercising any power or right hereunder shall operate as a waiver of any power
or right hereunder. No waiver or modification of the terms of this Note shall be
valid unless in writing and signed by the Holder.

E-LOAN, INC., a Delaware corporation

By /s/ Joseph J. Kennedy

Joseph J. Kennedy

President

By /s/ Matthew Roberts

Matthew Roberts

Secretary

 

NOTICE OF CONVERSION

(To Be Signed Only Upon Conversion of Note)

TO E-LOAN, INC.

The undersigned, the holder of the foregoing Note, hereby
surrenders such Note for conversion into shares of Common Stock of E-LOAN, INC.,
a Delaware corporation (the "Company"), to the extent of $ _________ unpaid
principal amount of such Note and $___________ unpaid interest on such unpaid
principal amount, and requests that the certificates for such securities be
issued in the name of, and delivered to:
___________________________________________________________ , whose address is
__________________________________________________________________________.

Dated: 

(Signature must conform in all respects to name of holder as specified on the
face of the Note)

(Address)Q2 2001 Exhibit 10.1

Exhibit 10.1

LOAN AGREEMENT

This Loan Agreement ("Agreement") is made and entered into as of
April 2, 2001, by and between E-Loan, Inc., a Delaware corporation
("Company"), and Christian Larsen ("Lender").

RECITALS

A.The Company desires the availability of additional liquidity by means
of a loan facility which Lender is willing to provide to the Company upon the
terms and subject to the conditions set forth in this Agreement.

B.The Company and Lender desire to enter into this Agreement to set forth
the terms and conditions of the loan facility.

TERMS AND CONDITIONS

NOW, THEREFORE, the parties hereto agree as follows:

	Loan Commitment. Lender hereby agrees to loan or advance to the
Company up to a maximum of $7,500,000 (the "Loan Commitment"), which the Company
may, in its sole and absolute discretion, draw down at any time or from time to
time, upon 48 hours prior notice to Lender. The Loan Commitment shall be
adjusted downward on a dollar-for-dollar basis by the amount which the Company
owes Lender from time to time pursuant to that certain promissory note dated
March 31, 2001 in the principal amount of $3,000,000 given by the Company to
Lender and due April 15, 2001. The obligation of Company pursuant to the Loan
Commitment shall be suspended during any period in which the Company shall not
be in compliance with each and every covenant pursuant to its Senior
Indebtedness. Senior Indebtedness means any sums due, owing or payable under, as
a result of, or with respect to any warehouse, revolving or general lines of
credit, regardless of the amount(s) or terms thereof, whether such credit
facilities are now existing or are hereafter obtained by the Company, for use
primarily to fund, on a short-term or temporary basis, mortgage loans,
automobile purchase and lease contracts, and other conditional or installment
sale contracts or similar loan transactions, including, without limitation, the
credit facilities provided to the Company by Greenwich Capital Financial
Products, Inc., GE Capital Mortgage Services, Inc., as security agent for Cooper
River Funding Inc. and Bank One, NA, and any and all extensions, renewals,
amendments and modifications thereto and replacements thereof and any similar
facilities thereto.

	Terms of the Promissory Loan. Upon each draw down pursuant to the
Loan Commitment, the Company will issue and deliver to Lender its Promissory
Note or Notes, in the form of Exhibit A attached hereto and incorporated
herein by this reference (the "Promissory Note" or "Promissory
Notes"). The Promissory Notes will bear interest at the rate of the lower of
12% per annum or the maximum legal rate allowed. The Promissory Notes will be
due and payable on January 5, 2002, subject to acceleration of the maturity date
as provided in Section 4 hereof. The Promissory Notes will be secured pursuant
to a Security Agreement in the form of Exhibit B hereto.

	Adjustments to Principal Amount of Loan Commitment. If, at any time
prior to January 5, 2002, the Company secures any new equity or any subordinated
debt with repayment terms no earlier than January 5, 2002, then the Loan
Commitment shall be reduced, dollar-for-dollar, by the amount by the aggregate
principal sum of the securities sold.

	Acceleration. The maturity date of the Promissory Note(s) will be
accelerated if, but only to the extent that, the Company secures any new equity
or any subordinated debt with repayment terms no earlier than January 5,
2002.

	Time is of the Essence. Time is of the essence with respect to each
and every term and condition of this Agreement.

	Notices. All notices or other written communications required or
permitted to be given by Agreement shall be deemed given if personally delivered
or five (5) days after it has been sent (the date of posting shall be considered
as the first day and there shall be excluded any Sundays, legal holidays or
other days upon which the United States mail generally is not delivered) by
United States registered or certified mail, postage prepaid, property addressed
to the party to receive the notice at the following address or any other address
given to the other party in the manner provided by this Section 6:

	
If to Lender:
	
Christian Larsen

c/o E-Loan, Inc.

5875 Arnold Road, Suite 100

Dublin, California 94568

	
If to the Company:
	
E-Loan, Inc.

5875 Arnold Road, Suite 100

Dublin, California 94568

Attention: Joseph J. Kennedy

	Severability. If any provision of this Agreement is determined to be
invalid or unenforceable, the provision shall be deemed to be severable from the
remainder of this Agreement and shall not cause the invalidity or
unenforceability of the remainder of this Agreement.

	Attorneys' Fees and Litigation Costs. If any legal action or other
proceeding is brought for the enforcement of this Agreement, or because of an
alleged dispute, breach, default or misrepresentation in connection with any
provision of this Agreement, the successful or prevailing party shall be
entitled to recover reasonable attorneys' fees and other costs incurred in that
action or proceeding, in addition to any other relief to which it may be
entitled.

	Governing Law. This Agreement shall be governed by, interpreted
under, and construed and enforced in accordance with the internal laws, and not
the laws pertaining to conflicts or choice of laws, of the State of California
applicable to agreements made and to be performed wholly within the State of
California. 

	Captions. The captions of the sections and subsections of this
Agreement are included for reference purposes only and are not intended to be a
part of the Agreement or in any way to define, limit or describe the scope or
intent of the particular provision to which they refer.

	Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

	Entire Agreement; Amendment. This Agreement contains the entire
understanding between the parties with respect to the subject matter hereof and
supersedes any and all prior and contemporaneous written or oral negotiations
and agreements between them regarding the subject matter hereof. This Agreement
may be amended only in a writing signed by both of the parties.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above mentioned.

	
"COMPANY"

E-Loan, Inc., a Delaware corporation
By: /s/ Joseph J. Kennedy

Joseph J. Kennedy, President and Chief Operating Officer

	
"LENDER"

/s/ Christian Larsen

CHRISTIAN LARSEN

EXHIBIT A

E-LOAN, INC.

PROMISSORY NOTE

	
$[Amount of Draw Down]
	
[Date of Draw Down]

	
Dublin, California 
	
 

E-LOAN, INC., a Delaware corporation (the "Company"), the principal
office of which is located at 5875 Arnold Road, Suite 100, Dublin, California
94568, for value received hereby promises to pay to Christian Larsen (the
"Lender"), or his registered assigns, on or before January 5, 2002 (the
"Maturity Date"), the principal sum of [Amount of Draw Down]Dollars
($[             
;     ]). All unpaid amounts of principal and interest
shall be due and payable in full on the Maturity Date.

This Promissory Note is issued pursuant to that certain Loan Agreement
between Lender and Borrower dated as of April 2, 2001 (the "Loan
Agreement"). All defined terms herein shall have the meanings ascribed to
them in the Loan Agreement.

The Company also promises to pay interest on the unpaid principal amount
hereof from the date hereof until paid at the rate of ten percent (12%) per
annum. Notwithstanding the preceding, in the event that this Promissory Note is
not repaid on or before the Maturity Date, interest on this Promissory Note
shall continue to accrue and be added to the unpaid principal at the rate of
twelve percent (12%) per annum compounded weekly. Notwithstanding anything to
the contrary contained elsewhere in this Promissory Note, the Company and Lender
agree that in no event shall the interest paid or payable under this note exceed
the maximum non-usurious interest rate (the "Maximum Rate") that at any
time or from time to time may be contracted for, taken, reserved, charged or
received for money loaned under the laws of the State of California. If, in any
period, the interest rate, absent any limitation in this Promissory Note, would
exceed the Maximum Rate, then the interest rate for that period shall be the
Maximum Rate, and, if in future periods, that interest rate would otherwise be
less than the Maximum Rate, then that interest rate shall remain at the Maximum
Rate until such time as the amount of interest paid hereunder equals the amount
of interest which would have been paid if the same had not been limited by the
Maximum Rate. Any payment by the Company will in any event be applied first to
accrued and unpaid interest and then to principal.

All payments of principal and interest in respect of this Promissory Note
shall be made in lawful money of the United States of America to Lender at 5875
Arnold Road, Suite 100, Dublin, California 94568, or such other place as shall
be designated in writing for such purpose.

The principal amount, together with all accrued interest thereon, of this
Promissory Note may be prepaid at any time or from time to time without penalty.

The obligations of the Company pursuant to this Promissory Note are secured
pursuant to a Security Agreement between the Company and Lender dated as of
April 2, 2001. The obligations of the Company under this Promissory Note and the
rights the Lender to receive payments hereunder are subordinated to the
obligations that the Company has to Bank One, NA under the terms of that certain
Loan Agreement dated as of April 2, 2001 between Bank One, NA and the Company
(the "Bank One Agreement"). The Lender may receive payments under this
Promissory Note so long as there has been no event of default under the Loan
Agreement, and so long as such payments would not cause an event of default
under the Loan Agreement. The obligations of the Company under this Promissory
Note are secured by a lien against certain of the Company's assets, and such
lien is and shall remain junior in priority to the lien in favor of Bank One. NA
as provided under the Bank One Agreement. Upon an event of default under
the Bank One Agreement, the Lender shall receive no payments under this
Promissory Note unless and until the obligations under the Bank One
Agreement are indefeasibly paid in full or the default is waived or
otherwise cured.

The Company promises to pay all reasonable costs and expenses, including
reasonable attorneys' fees, incurred in the collection and enforcement of this
Promissory Note. The Company hereby consents to renewals and extensions of time
at or after the Maturity Date hereof, without notice. The Company for itself and
its legal successors and assigns, hereby waives diligence, presentment, protest,
dishonor, notice of dishonor, demand and notice of every kind.

No extension of time for payment of any amount owing hereunder shall affect
the liability of the Company or any person or entity, now or at any time
hereafter, liable for payment of the indebtedness evidenced hereby. No delay by
the Company, including any delay because of a default under the Bank One
Agreement, or the Lender hereof in exercising any power or right hereunder
shall operate as a waiver of any power or right hereunder. No waiver or
modification of the terms of this Promissory Note shall be valid unless in
writing and signed by the Lender.

This Promissory Note shall be deemed made and delivered under, and shall
be governed by, the internal laws of the State of California in all
respects.

IN WITNESS WHEREOF, the Company has caused this Promissory Note to be
executed and delivered by its duly authorized officers, as of the date and place
first above written.

E-LOAN, INC., a Delaware corporation

By 

Joseph J. Kennedy

President

EXHIBIT B

SECURITY AGREEMENT

This Security Agreement ("Agreement") is made and entered into as
of April 2, 2001, by and between E-Loan, Inc., a Delaware corporation
("Company" or "Debtor"), and Christian Larsen ("Secured
Party").

RECITALS

A.This Agreement is entered into pursuant to that Loan Agreement dated
April 2, 2001 between the Company and Secured Party pursuant to which Secured
Party has agreed to provide a loan commitment in the maximum amount of
$7,500,000 (the "Loan Commitment") 

B.The Company and Secured Party desire to enter into this Agreement
pursuant to which the Company grants to the Secured Party, a security interest
in the Collateral (as that term is hereinafter defined) to secure the Company's
obligations pursuant to the Loan Commitment.

TERMS AND CONDITIONS

NOW, THEREFORE, the parties hereto agree as follows:

	Definitions.

	Specific Terms. As used in this Agreement, the following terms have
the following meanings:

"Account Debtor" means any Person who is or who may become
obligated under, with respect to, or on account of, any account, Contract,
general intangible, or negotiable collateral.

"Code" means the California Uniform Commercial Code, as in effect
from time to time.

"Collateral" means all of Debtor's right, title and interest in
and to each of the following:

	All Contracts, chattel paper, electronic chattel paper, lease agreements,
conditional and installment sales contracts, other instruments or documents
(which shall include any and all certificates of title and other such security
instruments), evidencing both a debt and security interest in motor
vehicles;
	All equipment, computer hardware and software, fixtures, securities,
customer lists and other goods wherever located, now owned or hereafter acquired
by Debtor, and any and all present and future tax refunds of any kind whatsoever
to which Debtor is now or shall hereafter become entitled;
	All of Debtors Books; and
	All proceeds and products, whether tangible or intangible, of any of the
foregoing, including proceeds of insurance covering any or all of the
Collateral, and any and all accounts, general intangibles, negotiable
collateral, money, deposit accounts, or other tangible or intangible property
resulting form the sale, exchange, collection or other disposition of any of the
foregoing, or any portion thereof or interest therein, and the proceeds
thereof.

PROVIDED, HOWEVER, that the Collateral set forth above shall not in any event
include property included in the "Collateral" described in the Warehouse Credit
Agreement dated as of June 24, 1998, as amended, among Cooper River Funding
Inc., GE Capital Mortgage Services, Inc. and Borrower, or the property included
in the "Collateral" described in the Master Loan and Security Agreement dated as
of May 20, 1999 between Greenwich Capital Mortgage Services, Inc. and
Borrower.

"Contracts" means chattel paper, conditional or installment sales
contracts, other instruments or documents arising from the financing of the
purchase of motor vehicles evidencing both a debt and security interest in such
motor vehicles.

"Debtor's Books" means all of the Debtor's books and records
including: ledgers; records indicating, summarizing, or evidencing the Debtor's
properties or assets (including the Collateral) or liabilities; all information
relating to the Debtor's business operations or financial condition; and all
computer programs, disk or tape files, printouts, runs, or other computer
prepared information.

"Event of Default" means a default under the Promissory Notes and
any breach by Debtor of any provision of this Agreement.

"Person" means an individual, partnership, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, governmental authority or other entity of whatever
nature.

"Rights" means rights, remedies, powers, privileges and
benefits.

"Senior Indebtedness" means any sums due, owing or payable under,
as a result of, or with respect to any warehouse, revolving or general lines of
credit, regardless of the amount(s) or terms thereof, whether such credit
facilities are now existing or are hereafter obtained by Debtor, for use
primarily to fund, on a short-term or temporary basis, mortgage loans,
automobile purchase and lease contracts, and other conditional or installment
sale contracts or similar loan transactions, including, without limitation, the
credit facilities provided to Debtor by Greenwich Capital Financial Products,
Inc., GE Capital Mortgage Services, Inc., as security agent for Cooper River
Funding Inc. and Bank One, NA, and any and all extensions, renewals, amendments
and modifications thereto and replacements thereof and any similar facilities
thereto.

	Other Definitional Provisions.

	All capitalized terms not otherwise defined in this Agreement shall have the
same meanings Loan Commitment, the Promissory Notes delivered pursuant to the
Loan Commitment, or the Code.
	The words "hereof" and "hereunder" and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and section, subsection, schedule and
exhibit references are to this Agreement unless otherwise specified.

	Attachment of Security Interest. Debtor
hereby grants and assigns to Secured Party a security interest (the "Security
Interest") in and to the Collateral to secure payment by Debtor of its
obligations pursuant to the Loan Commitment and the Promissory Notes. In
addition, the Security Interest thereby created shall attach immediately upon
execution of this Agreement by Debtor and shall secure (a) any and all
amendments, extensions, renewals of the Promissory Note; (b) strict
performance and observance of all agreements, warranties and covenants contained
in the Loan Commitment and the Promissory Notes and this Agreement; and
(c) the repayment of all monies expended by the Secured Party under the
provisions hereof, with interest thereon from the date of expenditure at the
highest lawful rate.

	Subordination of Security Interest. The Security Interest granted by
Debtor to the Secured Party pursuant to this Agreement shall be subject, junior
and subordinate to the Senior Indebtedness. At the request of Debtor, Secured
Party agrees to promptly execute and delivery, at any time and from time to
time, as requested by the holders of the Senior Indebtedness, subordination
agreements, on forms requested by the holder(s) of the Senior Indebtedness, and
other evidence or agreements ratifying, confirming and/or consenting to the
subordination of the Secured Party's Security Interest to the lien(s) in favor
of the holder(s) of the Senior Indebtedness.

	Disposition of Collateral. Secured Party shall apply the proceeds of
any sale or other disposition of the Collateral under this Section 4 in the
following order: first, to the payment of all its expenses incurred in retaking,
holding, and preparing any of the Collateral for sale or other disposition, in
arranging for such sale or other disposition, and in actually selling or
disposing of the same (all of which are part of the obligations secured by this
Agreement); second, toward repayment of amounts expended by Secured Party under
Section 6; third, toward payment of the balance of the obligations secured by
this Agreement in such order and manner as Secured Party, in its discretion, may
deem advisable, or as a court of competent jurisdiction may direct, fourth, to
Debtor. If the proceeds are insufficient to pay the obligations secured by this
Agreement in full, Debtor shall remain liable for any deficiency. The Collateral
may be sold, transferred or otherwise disposed of by Debtor in the ordinary
course of business for a fair consideration and upon commercial credit
terms.

	Affirmative Covenants of Debtor. So long as any sums are due the
Secured Party under the Promissory Note or this Agreement, Debtor hereby
covenants and agrees as follows:

	Corporate Existence, Etc. At all times to preserve and keep in full
force and effect its corporate existence and rights and franchises material to
its business.

	Insurance. To maintain or cause to be maintained, with financially
sound and reputable insurers, insurance with respect to its properties and
business against loss or damage of the kinds customarily insured against by
corporations of established reputation engaged in the same or similar businesses
and similarly situated, of such types and in such amounts as are customarily
carried under similar circumstances by such other corporations. Every policy of
insurance referred to in this Section shall contain an agreement by the insurer
that it will not cancel such policy except after 30 days prior written notice to
Secured Party.

	Inspection. To permit any authorized representatives designated by
the Secured Party to visit and inspect any of the properties of the Debtor and
Debtor's Books, and to make copies and take extracts therefrom, and to discuss
Debtor's affairs, finances and accounts with its officers and independent public
accountants, all at such reasonable times during normal business hours and as
often as may be reasonably requested.

	Compliance with Laws, Etc. To exercise due diligence in order to
comply with the requirements of all applicable laws, rules, regulations and
orders of any governmental authority, noncompliance with which would materially
and adversely affect the business, properties, assets, operations or condition
(financial or otherwise) of Debtor.

	Notice of Default under Senior Indebtedness. Debtor shall promptly
deliver to Secured Party any written notice which it receives from any holder(s)
of the Senior Indebtedness of any claim of breach or default under the Senior
Indebtedness or of any event or occurrence which with notice or the passage of
time, or both, constitutes or may constitute a breach or default under the
Senior Indebtedness.

	Attachment of Collateral; Litigation. Debtor shall immediately notify
Secured Party of any attachment or other legal process levied against the
Collateral and the commencement, or threatened commencement, of any legal action
against Debtor and/or the Collateral.

	Consents and Approvals. At Debtor's expense and Secured Party's
request, before or after an Event of Default, Debtor shall file or cause to be
filed such applications and take such other actions as Secured Party may request
to obtain the consent or approval of any governmental authority to Secured
Party's Rights hereunder, including, without limitation, the right to sell all
the Collateral upon an Event of Default without additional consent or approval
from such governmental authority (and, because Debtor agrees that Secured
Party's remedies at law for failure of Debtor to comply with this provision
would be inadequate and that such failure would not be adequately compensable in
damages, Debtor agrees that its covenants in this provision may be specifically
enforced).

	Remedies in Favor of Secured Party. Upon the occurrence of an Event
of Default, Secured Party shall have the following rights and remedies:

	Statutory Rights. Secured Party shall have all rights and remedies
afforded a secured party by the chapter on "Default" of Division 9 of the Code,
in addition to the rights and remedies provided in this Agreement or otherwise
permitted by law.

	Notice to Account Debtors. The Secured Party may, after the
occurrence and during the continuance of an Event of Default, (a) notify
Account Debtors that the Collateral has been assigned to the Secured Party and
that the Secured Party has a security interest therein, and (b) collect the
accounts, Contracts, general intangibles, and negotiable collateral directly
from the Account Debtors and charge the collection costs and expenses to the
Company. Debtor agrees that it will hold in trust for the Secured Party, as the
Secured Party trustee, any collections that it receives and immediately will
deliver said collections to the Secured Party in their original form as received
by Debtor.

	Remedies Cumulative. The rights and remedies of the Secured Party
under this Agreement shall be cumulative. The Secured Party shall have all other
rights and remedies not inconsistent herewith as provided under the Code, by
law, or in equity. No exercise by Secured Party of one right or remedy shall be
deemed an election, and no waiver by Secured Party of any Event of Default shall
be deemed a continuing waiver. No delay by the Secured Party shall constitute a
waiver, election, or acquiescence by it.

	Financing Statement. Debtor shall sign and execute alone or with the
Secured Party any financing statements, notices or other document or procure any
document reasonably requested by the Secured Party in order to create, perfect
or continue the security interest created by this Agreement.

	Waiver of Demand, Etc. Debtor hereby expressly waives demand,
presentment, protest and notice of protest and notice of dishonor with respect
to any and all instruments and commercial paper, included in or evidencing any
of the obligations, and any and all other demands and notices of any kind or
nature whatsoever with respect to the obligations and this Agreement, except
such as are expressly provided for herein. No notice to or demand on Debtor
which the Secured Party may elect to give shall entitle Debtor to any other or
further notice or demand in the same, similar or other circumstances.

	Indemnification. Debtor hereby assumes all liability for the
Collateral, for the Security Interest, and for any use, possession, maintenance,
and management of, all or any of the Collateral, including, without limitation,
any taxes arising as a result of, or in connection with, the transactions
contemplated herein, and agrees to assume liability for, and to indemnify and
hold Secured Party harmless from and against, any and all claims, causes of
action, or liability, for injuries to or deaths of persons and damage to
property, howsoever arising from or incident to such use, possession,
maintenance, and management, whether such persons be agents or employees of
Debtor or of third parties, or such damage be to property of Debtor or of
others. Debtor agrees to indemnify, save, and hold Secured Party harmless from
and against, and covenants to defend Secured Party against, any and all losses,
damages, claims, costs, penalties, liabilities, and expenses, including, without
limitation, court costs and reasonable attorneys' fees, howsoever arising or
incurred because of, incident to, or with respect to Collateral or any use,
possession, maintenance, or management thereof (a "Claim"). In the event
that any Claim is brought against Secured Party, Secured Party agrees to give
prompt written notice to Debtor with respect to same, together with a copy of
such claim, and so long as no Event of Default shall have occurred and be
continuing, Debtor shall have the right in good faith and by appropriate
proceedings to defend Secured Party against such Claim and employ counsel
acceptable to Secured Party to conduct such defense (at Debtor's sole expense)
so long as such defense shall not involve any danger of the foreclosure, sale,
forfeiture or loss, or imposition of any Lien, other than a Permitted Lien, on
any part of the Collateral, or subject Secured Party to criminal liability.
Should Debtor elect to engage its own counsel acceptable to Secured Party,
Secured Party may continue to participate in the defense of any such claim and
will retain the right to settle any such matter on terms and conditions
satisfactory to Secured Party and Debtor. All such settlements shall be paid by
and remain the sole responsibility of Debtor. In the event Debtor does not
accept the defense of the Claim as provided above, Secured Party shall have the
right to defend against such Claim, in its sole discretion, and pursue its
rights hereunder.

	Notices. All notices or other written communications required or
permitted to be given by Agreement shall be deemed given if personally delivered
or five (5) days after it has been sent (the date of posting shall be considered
as the first day and there shall be excluded any Sundays, legal holidays or
other days upon which the United States mail generally is not delivered) by
United States registered or certified mail, postage prepaid, property addressed
to the party to receive the notice at the following address or any other address
given to the other party in the manner provided by this Section 10:

	
If to Secured Party:
	
Christian Larsen

c/o E-Loan, Inc.
 5875 Arnold Road, Suite 100

Dublin, California 94568

	
 

	
If to the Debtor:
	
E-Loan, Inc.

5875 Arnold Road, Suite 100

Dublin, California 94568

Attention: Joseph J. Kennedy

	
With a copy to:
	
Allen Matkins Leck Gamble & Mallory, LLP

333 Bush Street, Suite 1700

San Francisco, California 94104

Attention: Roger S. Mertz, Esq.

	Severability. If any provision of this Agreement is determined to be
invalid or unenforceable, the provision shall be deemed to be severable from the
remainder of this Agreement and shall not cause the invalidity or
unenforceability of the remainder of this Agreement.

	Attorneys' Fees and Litigation Costs. If any legal action or other
proceeding is brought for the enforcement of this Agreement, or because of an
alleged dispute, breach, default or misrepresentation in connection with any
provision of this Agreement, the successful or prevailing party shall be
entitled to recover reasonable attorneys' fees and other costs incurred in that
action or proceeding, in addition to any other relief to which it may be
entitled.

	Governing Law. This Agreement shall be governed by, interpreted
under, and construed and enforced in accordance with the internal laws, and not
the laws pertaining to conflicts or choice of laws, of the State of California
applicable to agreements made and to be performed wholly within the State of
California. 

	Captions. The captions of the sections and subsections of this
Agreement are included for reference purposes only and are not intended to be a
part of the Agreement or in any way to define, limit or describe the scope or
intent of the particular provision to which they refer.

	Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

	Entire Agreement; Amendment. This Agreement contains the entire
understanding between the parties with respect to the subject matter hereof and
supersedes any and all prior and contemporaneous written or oral negotiations
and agreements between them regarding the subject matter hereof. This Agreement
may be amended only in a writing signed by both of the parties.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above mentioned.

	
"COMPANY" or "DEBTOR"

E-Loan, Inc., a Delaware corporation
By: _______________________

Joseph J. Kennedy, President and Chief Operating Officer

	
"SECURED PARTY"

 

____________________________________

CHRISTIAN LARSEN

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