Document:

FY2003 10K Exhibit 10.70

                         Exhibit 10.70 

NINETEENTH MODIFICATION AGREEMENT

THIS NINETEENTH MODIFICATION AGREEMENT (the
"Agreement") is made as of the 25th day of February, 2004,
by and among E-LOAN, INC. (the "Borrower"), and GMAC Mortgage Corporation, a
Pennsylvania corporation ("GMACM"), as successor to all rights, title,
interest and obligations under that certain Master Warehouse Loan Purchase and
Sale Agreement dated as of September 24, 2003 ("Purchase Agreement"),
by and among GMACM and GMAC Bank, a federal savings bank (the "Lender"). 

BACKGROUND

The Borrower and the Lender entered into a Warehouse Credit
Agreement, dated as of November 1, 2001, as amended (as so amended,
the "Warehouse Credit Agreement") pursuant to which the Lender agreed
to make advances (the "Advances") to the Borrower in accordance with
the provisions of the Warehouse Credit Agreement.  All capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the
Warehouse Credit Agreement.

The Advances are evidenced by the Borrower's Fourth Amended
and Restated Note, dated as of May 6, 2003 (the "Note") in the stated
principal amount of $155,000,000 and secured by, among other things, a Warehouse
Security Agreement dated as of November 1, 2001, as amended (as so amended, the
"Warehouse Security Agreement") between the Borrower and the Lender
granting the Lender a security interest in certain of the Borrower's assets.

Pursuant to the Purchase Agreement, GMACM is the successor of all rights,
title, interest and obligations of Lender under the Warehouse Credit Agreement
and Collateral Documents.

The Borrower has requested that GMACM make certain
modifications to the terms of the Warehouse Credit Agreement, and GMACM has
agreed to such modification, subject to the terms and conditions of this
Agreement.

 

NOW, THEREFORE, the parties hereto, intending to be legally bound hereby,
agree as follows:

1.Warehouse Credit Agreement.  The Warehouse Credit Agreement
is hereby amended as follows:

(a)The definition of
"Commitment" contained in Section 1.01 of the Warehouse Credit
Agreement shall be amended to read in full as follows:

""Commitment" shall mean the
obligation of the Lender to make Advances in an aggregate principal amount
outstanding at any time not to exceed $75,000,000, or such other amount as
Lender, in its sole discretion, may determine from time to time."

(b)The definition of "Expiry Date " contained in Section 1.01 of the
Warehouse Credit Agreement is revised as follows:

""Expiry Date" shall mean the earlier
of (i) March 31, 2005, as such date may be extended upon mutual agreement
between the Borrower and the Lender from time to time, and (ii) the date that is
120 days after the date on which the Lender shall have given the Borrower the
notice referred to in Section 9.13 hereof."

(c)Section 2.01 of the Warehouse Credit Agreement is
amended to read in full as follows:

"2.01Commitment.  Subject to and upon the terms
and conditions set forth herein, the Lender agrees, at any time and from time to
time prior to the Expiry Date (or such earlier date as the Commitment shall have
been terminated pursuant to the terms hereof), to make an advance or advances
(each an "Advance" and, collectively, the "Advances") to the Borrower, which
Advance:  (i) shall be made at any time and from time to time in accordance
with the terms hereof on and after the Effective Date and prior to the Expiry
Date; (ii) shall bear interest as provided in Section 2.07;
(iii) may be prepaid and reborrowed in accordance with the provisions
hereof; and (iv) shall be made against the pledge by the Borrower of
Eligible Mortgage Loans, Eligible Nonconforming Mortgage Loans, Eligible
HELOCs/Second Mortgage Loans or Liquid Assets as Collateral for such Advance as
provided herein and in the Warehouse Security Agreement; provided,
however, that (1) the aggregate principal amount of Advances outstanding
at any time shall not exceed the lesser of (x) the Commitment and (y) an amount
equal to: the Borrowing Base, at such time minus (b) $1,000,000, (2) the
aggregate principal amount of Advances outstanding at any time secured by
Mortgage-backed Securities shall not exceed 0% of the Commitment, (3) the
aggregate principal amount of Wet Advances outstanding at any time shall not
exceed 40% of the Commitment, (4) the aggregate principal amount of Advances
outstanding at any time secured by Jumbo Loans shall not exceed 40% of the
Commitment, (5) the aggregate principal amount of Advances outstanding at any
time secured by Eligible Nonconforming Mortgage Loans shall not exceed
$5,000,000 (the "Nonconforming Commitment"), (6) the aggregate
principal amount of Advances outstanding at any time secured by Credit A- Loans
shall not exceed 100% of the Nonconforming Commitment, (7) the aggregate
principal amount of Advances outstanding at any time secured by Credit B Loans
shall not exceed 100% of the Nonconforming Commitment, (8) the aggregate
principal amount of Advances outstanding at any time secured by Credit C Loans
shall not exceed 40% of the Nonconforming Commitment, (9) the aggregate
principal amount of Advances outstanding at any time secured by Credit D Loans
shall not exceed 10% of the Nonconforming Commitment, (10) the aggregate
principal amount of Advances outstanding at any time secured by Eligible HELOCs
and Second Mortgage Loans shall not exceed $30,000,000 (the "HELOC Commitment"),
(11) the aggregate principal amount of Advances outstanding at any time secured
by HLTV Loans shall not exceed $5,000,000 (the "HLTV Commitment"), and (12) the
aggregate principal amount of Advances outstanding at any time secured by
Eligible Nonconforming Mortgage Loans, HLTV Loans, Eligible HELOCs and Second
Mortgage Loans shall not exceed $40,000,000."

(d)Section 4.02(r) of the Warehouse
Credit Agreement is hereby deleted in its entirety.

(e)Section 4.02(s) of the Warehouse Credit Agreement is
hereby deleted in its entirety.

(f)Section 4.02(t) of the Warehouse Credit Agreement is
amended to read in full as follows:

"(t) if on any date the aggregate principal amount of
Advances secured by Eligible HELOCs and Second Mortgage Loans exceeds
$30,000,000, the Borrower shall immediately prepay the principal of Advances
secured by Eligible HELOCs and Second Mortgage Loans in an aggregate amount
equal to such excess."

(g)Section 4.02(u) of the Warehouse Credit Agreement is
amended to read in full as follows:

"(u) if on any date the aggregate principal amount of
Advances secured by HLTV Loans exceeds $5,000,000, the Borrower shall
immediately prepay the principal of Advances secured by HLTV Loans in an
aggregate amount equal to such excess."

(h)Section 4.02(v) of the Warehouse Credit Agreement is
amended to read in full as follows:

"(v) if on any date the aggregate principal amount of
Advances secured by Eligible Nonconforming Mortgage Loans, HLTV Loans, Second
Mortgage Loans and Eligible HELOCs exceeds $40,000,000, the Borrower shall
immediately prepay the principal of Advances secured by Eligible Nonconforming
Mortgage Loans, HLTV Loans, Second Mortgage Loans and Eligible HELOCs in an
aggregate amount equal to such excess."

(i)Section 8.09 of the Warehouse Credit Agreement is
amended to read in full as follows:
"8.09Minimum Adjusted Tangible Net Worth. The
Borrower will not permit its Adjusted Tangible Net Worth at any time during any
fiscal year to be less than $40,000,000."

2.References to Credit Documents.  Upon the effectiveness of this
Agreement:

(a)Each reference in the Warehouse Credit
Agreement to "this Agreement," "hereunder,"
"hereof," "herein" or words of like import, and each
reference in the Restated Note and the Warehouse Security Agreement to the
Warehouse Credit Agreement, shall mean and be a reference to the Warehouse
Credit Agreement as amended hereby;

(b)Each reference in the Warehouse Credit
Agreement and the Warehouse Security Agreement to the Note shall mean and be a
reference to the Restated Note; and

(c)Each reference in the Warehouse Credit
Agreement and the Note to the Warehouse Security Agreement shall mean and be a
reference to the Warehouse Security Agreement as amended hereby.

 

3.Ratification of Documents.

(a)Except as specifically amended herein or
amended and restated in the Restated Note, the Warehouse Credit Agreement, the
Note and the Warehouse Security Agreement shall remain unaltered and in full
force and effect and are hereby ratified and confirmed.

(b)The execution, delivery and effectiveness of
this Agreement and the Restated Note shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of the Lender under
the Warehouse Credit Agreement, the Note or the Warehouse Security Agreement nor
constitute a waiver of any default or Event of Default under the Warehouse
Credit Agreement, the Note or the Warehouse Security Agreement.

4.Representations and Warranties.  The
Borrower hereby certifies that (i) the representations and warranties which it
made in the Warehouse Credit Agreement and the Warehouse Security Agreement are
true and correct as of the date hereof and (ii) no Event of Default and no event
which could become an Event of Default with the passage of time or the giving of
notice, or both, under the Note, the Warehouse Credit Agreement or the Warehouse
Security Agreement exists on the date hereof.

5.Miscellaneous.

(a)This Agreement shall be governed by and
construed according to the laws of the State of Delaware without regard to
principles of conflicts of laws and shall be binding upon and shall inure to the
benefit of the parties hereto, their successors and assigns.

(b)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.

(c)This Agreement is intended to take effect as a document under
seal.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

	
E-LOAN, INC. 
	 	
Attorney-In-Fact for GMAC MORTGAGE
                CORPORATION

	
By: /s/ Matt Roberts

                      CFO
	 	
By:
	
/s/  William Dentinger

                William Dentinger

                Risk ManagerFY2003 10K Exhibit 10.71

                         Exhibit 10.71 

AMENDMENT NUMBER TEN

                  to the

                  Master Loan and Security Agreement

                  Dated as of March 21, 2002

                  by and between

                  E-LOAN, INC.

                  and

                  GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.

This AMENDMENT NUMBER TEN is made this 11th
day of March, 2004, by and between E-LOAN, INC., having an address at 6230
Stoneridge Mall Road, Pleasanton, California 94588 (the
"Borrower") and GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.,
having an address at 600 Steamboat Road, Greenwich, Connecticut 06830 (the
"Lender"), to the Master Loan and Security Agreement, dated as
of March 21, 2002, by and between the Borrower and the Lender, as amended (the
"Loan Agreement").  Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to such terms in the Loan
Agreement.

RECITALS

WHEREAS, the Borrower has requested that the Lender
agree to amend the Loan Agreement to extend the Termination Date thereunder to
March 14, 2005 and the Borrower and the Lender have agreed to make such
additional modifications to the Loan Agreement as more expressly set forth
below.

WHEREAS, as of the date of this Amendment Number Ten,
the Borrower represents to the Lender that it is in compliance with all of the
representations and warranties and all of the affirmative and negative covenants
set forth in the Loan Agreement and is not in default under the Loan
Agreement.

WHEREAS, in order to induce the Lender to enter into
this Amendment Number Ten, the Borrower has agreed to pay to the Lender an
additional commitment fee in an amount equal to $750,000, payable as provided
herein.

WHEREAS, the Borrower and the Lender have agreed to
amend the Loan Agreement as set forth herein.

NOW THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and for the mutual
covenants herein contained, the parties hereto hereby agree as follows:

SECTION 1.Effective as of March 15, 2004, the
definition of Collateral Value in Section 1 of the Loan Agreement is hereby
amended by deleting the word "or" at the end of clause (10), by
changing the "." at the end of section (11) to a ";" and by
adding the following new clauses to the end thereof:

  
(12)if such Mortgage Loan is a HELOC or Second Lien
Mortgage Loan and the inclusion of such Mortgage Loan would cause the weighted
average combined loan-to-value ratio of the HELOC and Second Lien Mortgage Loans
that are subject to this Loan Agreement to exceed 85%; or

(13) if such Mortgage Loan is a HELOC or Second Lien
Mortgage Loan with a FICO score less than 680 and the inclusion of such Mortgage
Loan would cause the Collateral Value of the HELOCs and Second Lien Mortgage
Loans with FICO scores less than 680 to exceed 5% of the Collateral Value of all
HELOCs and Second Lien Mortgage Loans then subject to the terms of this Loan
Agreement;

SECTION 2.Effective as of March 15, 2004, Section
1 of the Loan Agreement is hereby amended by deleting clause (3) to the
definition of Maximum Credit and replacing it with the following:  

(3)the Maximum Credit for Mortgage Loans which are HELOCs
or Second Lien Mortgage Loans may not exceed $175 million at any time;

SECTION 3.Effective as of March 15, 2004, Section
1 of the Loan Agreement is hereby amended by deleting clause (5) to the
definition of Maximum Credit and replacing it with the following:  

 (5)the Maximum Credit for all High LTV Loans may not
exceed $25 million at any time; and $5 million at any time.d suant to Section
5.01(n))n Escrow Letter has been obtained and the identity of the escrow
agen

SECTION 4.Effective as of March 15, 2004, Section 1
of the Loan Agreement is hereby amended by deleting the definition of Maximum
Uncommitted Amount and replacing it with the following:  

"Maximum Uncommitted Amount" shall
mean $200 million.

SECTION 5.Effective as of March 15, 2004, Section 1
of the Loan Agreement is hereby amended by deleting the definition of
Termination Date and replacing it with the following:  

"Termination Date" shall mean March 14,
2005, or such earlier date on which this Loan Agreement shall terminate in
accordance with the provisions hereof or by operation of law.

SECTION 6.Effective as of March 15, 2004, Section 1
of the Loan Agreement is hereby amended by deleting the definition of Applicable
Margin and replacing it with the following:  

"Applicable Margin" shall mean with
respect to Advances that are Tranche A Advances, Tranche B Advances and Tranche
C Advances respectively, and which are secured by the Mortgage Loans, the
applicable rate per annum set forth below for each day that such Advances shall
be so secured:

 Tranche A Advances              0.75%

                   Tranche B Advances              1.25%

                   Tranche C Advances              1.125%

SECTION 7.Effective as of March 15, 2004, Subsection 5.01 of the
Loan Agreement is hereby amended by deleting Subsection 5.01(n) and renumbering
Subsection 5.01(o) by changing "(o)" to "(n)."

SECTION 8.Effective as of March 15, 2004, Section 6.16 of the
Loan Agreement is hereby amended to read in its entirety as follows:

6.16Tangible Net Worth;
Liquidity.  The Borrower's Tangible Net Worth is not less than the
greater of (i) $60,000,000 or (ii) any higher amount provided under any other
repurchase, financing, credit or other similar transaction to which the Borrower
is a party. The Borrower has Cash Equivalents in an amount not less than
$15,000,000.  The ratio of the Borrower's Total Indebtedness to Tangible Net
Worth is not greater than the lesser of (i) 10:1 or (ii) any ratio provided
under any other repurchase, financing, credit or other similar transaction to
which the Borrower is a party. 

SECTION 9.Effective as of March 15, 2004, Section
7.01(a)(i) of the Loan Agreement is hereby amended by changing "15
days" to "30 days."

SECTION 10.Effective as of March 15, 2004, Section 7.16
of the Loan Agreement is hereby amended to read in its entirety as follows:

7.16Maintenance of Liquidity. The Borrower shall
insure that, as of the end of each calendar month, it has Cash Equivalents in an
amount of not less than $15,000,000. 

SECTION 11.  Effective as of March 15, 2004, Section
7.17 of the Loan Agreement is hereby amended to read in its entirety as
follows:
7.17Maintenance of Tangible
Net Worth.  The Borrower shall not permit Tangible Net Worth at any time
to be less than $60,000,000 or such higher amount provided under any other
repurchase, financing, credit or other similar facility entered into by the
Borrower.

SECTION 12.  Effective as of March 15, 2004, Section
7.27 of the Loan Agreement is hereby amended to read in its entirety as
follows:

7.27Committed Warehouse Facilities.  The
Borrower shall at all times have at least $75,000,000 available under committed
revolving facilities (with recognized third party lenders other than with
Lender).  Such other committed revolving facilities shall permit Borrower to
borrow at least $30,000,000 secured by wet loans.

SECTION 13.  Commitment Fee.  In order
to induce the Lender to enter into this Amendment Number Ten with the Borrower,
the Borrower hereby agrees to pay to the Lender a commitment fee equal to
$750,000 to be paid to the Lender on or before April 2, 2004.  Such commitment
fee shall be paid in dollars, in immediately available funds, in accordance with
the Lender's instructions.  

SECTION 14.Fees and Expenses. The Borrower
agrees to pay to the Lender all fees and out of pocket expenses incurred by the
Lender in connection with this Amendment Number Ten (including all reasonable
fees and out of pocket costs and expenses of the Lender's legal counsel incurred
in connection with this Amendment Number Ten), in accordance with Section 11.03
of the Loan Agreement.

SECTION 15.  Defined Terms.  Any terms capitalized
but not otherwise defined herein shall have the respective meanings set forth in
the Loan Agreement.

SECTION 16.  Limited Effect.  Except as
amended hereby, the Loan Agreement shall continue in full force and effect in
accordance with its terms.  Reference to this Amendment Number Ten need not be
made in the Loan Agreement or any other instrument or document executed in
connection therewith, or in any certificate, letter or communication issued or
made pursuant to, or with respect to, the Loan Agreement, any reference in any
of such items to the Loan Agreement being sufficient to refer to the Loan
Agreement as amended hereby.

SECTION 17.  Representations.  In order to
induce the Lender to execute and deliver this Amendment Number Ten, the Borrower
hereby represents to the Lender that as of the date hereof, the Borrower is in
full compliance with all of the terms and conditions of the Loan Agreement and
no Default or Event of Default has occurred and is continuing under the Loan
Agreement.

SECTION 18.  Governing Law. This Amendment
Number Ten shall be construed in accordance with the laws of the State of New
York and the obligations, rights, and remedies of the parties hereunder shall be
determined in accordance with such laws without regard to conflict of laws
doctrine applied in such state (other than Sections 5-1401 and 5-1402 of the New
York General Obligations Law).

SECTION 19.  Counterparts.  This Amendment
Number Ten may be executed by each of the parties hereto on any number of
separate counterparts, each of which shall be an original and all of which taken
together shall constitute one and the same instrument.

 

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

 

IN WITNESS WHEREOF, the Borrower and the Lender have
caused this Amendment Number Ten to be executed and delivered by their duly
authorized officers as of the day and year first above written.

E-LOAN, INC.

   (Borrower)

 

By:  /s/  Matt Roberts

 Name:  Matt Roberts

   Title:    CFO

 

GREENWICH CAPITAL FINANCIAL PRODUCTS. INC.

   (Lender)

 

By:       /s/  Anthony Palmisano

   Name:  Anthony Palmisano

   Title:    Senior Vice President

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