$50,000,000 Promissory Note between E-LOAN, INC. and GMAC BANK dated November 1, 2001

Contract Categories: Business Finance › Note Agreements
Summary

E-LOAN, INC. promises to repay GMAC BANK up to $50 million under the terms of a Warehouse Credit Agreement dated November 1, 2001. The note requires E-LOAN to pay back the principal and interest in U.S. dollars by the agreement's expiry date, with interest rates and payment terms set by the Warehouse Credit Agreement. The note is secured by a separate security agreement and may require early repayment or become immediately due if E-LOAN defaults. Delaware law governs the agreement.

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EX-10.12 15 exh10-12.htm EXHIBIT Q3 2001 Exhibit 10.12

NOTE

U.S. $50,000,000

 

Dublin
November 1, 2001

 

FOR VALUE RECEIVED, E-LOAN, INC., a corporation organized and existing under the laws of Delaware (the "Borrower"), hereby promises to pay to the order of GMAC BANK, a federal savings bank (the "Lender"), in lawful money of the United States of America in immediately available funds on the Expiry Date (as defined in the Warehouse Credit Agreement) the principal sum of FIFTY MILLION United States Dollars ($50,000,000), or, if less, the aggregate unpaid principal amount of all Advances (as defined in the Warehouse Credit Agreement) made by the Lender to the Borrower pursuant to the Warehouse Credit Agreement.

The Borrower promises also to pay interest on the unpaid principal amount of each Advance from the date such Advance is made until paid in full, at the interest rates, and at the times, as specified in the Warehouse Credit Agreement.

This Note is the Note referred to in the Warehouse Credit Agreement, dated as of November 1, 2001, as may be amended from time to time (the "Warehouse Credit Agreement"), between the Borrower and the Lender. This Note is secured by the Warehouse Security Agreement.

This Note is subject to mandatory prepayment as provided in Section 4.02 of the Warehouse Credit Agreement and, in case an Event of Default (as defined in the Warehouse Credit Agreement) shall occur and be continuing, the principal of and accrued interest on this Note may be declared to be due and payable in the manner and with the effect provided in the Warehouse Credit Agreement.

The Borrower hereby waives diligence, presentment, protest, demand or notice of every kind in connection with this Note.

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

E-LOAN, INC.

 

By:_______________________________

Name:_____________________________

Title:____________________________