Notice of Sale and Assignment of Warehouse Credit Agreement between GMAC Bank and E-Loan, Inc.
This letter notifies E-Loan, Inc. that GMAC Bank is exercising its right to sell all of its rights and obligations under their existing Warehouse Credit Agreement to GMAC Mortgage Corporation. After the sale, GMAC Mortgage Corporation will assume all responsibilities and benefits as the lender under the agreement. E-Loan, Inc. acknowledges and agrees to this transfer by signing the letter. The agreement ensures a formal record of the change in lender and the continued performance of the contract's terms.
Exhibit 10.30
[WarehouseBank, a Unit of GMAC Bank Letterhead]
September 23, 2003
E-Loan
5875 Arnold Road
Dublin, CA 94569
Re: Sale of Credit Agreement
Ladies and Gentlemen:
Reference is hereby made to the Warehouse Credit Agreement which we have entered into with you on November 1, 2001 (the "Credit Agreement").
We wish to notify you that we desire to exercise our rights under Section 11.03 of the Credit Agreement and sell to GMAC Mortgage Corporation, a Pennsylvania corporation ("GMACM") all of our rights and obligations under the Credit Agreement. Pursuant to such sale, GMACM shall be entitled to all of the rights and benefits of, and shall be solely responsible for the performance of the obligations and liabilities of, "Lender" thereunder.
So that we may maintain a record or your receipt of this letter for our files, kindly execute the enclosed copy of this letter where indicated below and return it to the undersigned.
Sincerely,
/s/
John Doulong
Sr. Vice President
The foregoing is accepted and agreed to this 24th day of September, 2003.
E-LOAN, INC.
By: /s/ Joseph Kennedy
President
