Document:

Exhibit 10.27

 

CONSENT AGREEMENT

 

THIS CONSENT AGREEMENT (this “Consent”) is made
as of December 7, 2010, by and among WALKER & DUNLOP, LLC (the “Borrower”),
BANK OF AMERICA, N.A., as credit agent (the “Credit Agent”), and the
lenders party hereto (the “Lenders”). 
Capitalized terms used herein without definition have the meanings
specified therefor in that certain Amended and Restated Warehousing Credit and
Security Agreement dated as of October 15, 2009, among the Borrowers, the
Credit Agent, and the Lenders, as amended (the “Loan Agreement”).

 

R E C I T A L S

 

A.                                   The Borrower has informed the Credit Agent and the Lenders that the
Partners and indirect owners of the Borrower desire to consolidate the
ownership of the Borrower, through a series of transactions (collectively, the “Formation
Transactions”) pursuant to (i) that certain Contribution Agreement,
dated as of October 29, 2010, by and between the Company and Column
Guaranteed LLC, and (ii) that certain Contribution Agreement, dated as of October 29,  2010,  by and among
the Company, Mallory Walker, Taylor Walker, William Walker, Howard S. Smith
III, Richard Warner, Donna Mighty, Michael Yavinsky, Edward Hermes, and Deborah
Wilson (collectively, the “Contribution Agreements”).  The Formation Transactions include the
proposed initial public offering (the “Public Offering”) of  shares of common stock, par value $0.01 per share, of
Walker & Dunlop, Inc., a Maryland corporation which, upon the
consummation of the Formation Transactions, will directly and indirectly own
100% of the Equity Interests in the Borrower.

 

B.                                     The Formation Transactions and the Public Offering are prohibited by
various provisions of, or otherwise, without the consent of the Credit Agent
and the Lenders, could constitute a Default or Event of Default under, the Loan
Agreement and other Loan Documents. The Borrower therefore has requested that
the Credit Agent and the Lenders consent to the Formation Transactions and the
Public Offering.

 

C.                                     On and subject to the terms and conditions set forth in this Agreement,
the Credit Agent and the Lenders have agreed to the Borrower’s request referred
to in Recital B, above.

 

NOW, THEREFORE, in consideration of the agreements of
the parties set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.                                       Consent and Waiver.  On and subject to the terms and conditions
set forth in this Consent, as of the date of the consummation of the Formation
Transactions (but only if such consummation occurs in accordance with the terms
and conditions set forth in the Contribution Agreements, without amendment or
modification, by no later than December 31, 2010; such date of
consummation being referred to herein as the “Formation Transactions Closing
Date”), the Credit Agent and the Lenders consent to the Formation
Transactions and waive any Event of Default that would occur under Sections
10.1(b) and 10.1(p) of the Loan Agreement as result of the
consummation of the Formation Transactions and the Public Offering.  Such waiver is referred to herein as the “Formation
Transaction Waiver.”

 

 

2.                                       Determination of Tangible Net Worth.  Notwithstanding any provision of the Loan
Agreement, for the purposes of calculating the Borrower’s Tangible Net Worth at
any time, there shall be eliminated the effect of any Investment (as such term
is defined in the GPFA Term Loan Agreement) made in the Borrower from and after
the Effective Date (including, without limitation, from or using the proceeds
of the Public Offering).

 

3.                                       Acknowledgments by Borrower.  The Borrower acknowledges, confirms and
agrees that:

 

(a)                                  This Consent is a Loan Document, and all references in any Loan Document
to the Borrower’s Obligations shall mean and include the Obligations as amended
by this Consent.

 

(b)                                 Except as provided herein, the terms and conditions of the Loan
Agreement and the other Loan Documents remain in full force and effect, and the
Borrower hereby ratifies, confirms and reaffirms all and singular of the terms
and conditions of the Loan Agreement and the other Loan Documents.

 

(c)                                  The Borrower shall promptly pay upon receipt of an invoice or statement
therefor the reasonable attorneys’ fees and expenses and disbursements incurred
by the Credit Agent and the Lenders in connection with this Consent and any
prior matters involving the Loan.

 

(d)                                 The Borrower acknowledges that it has no defenses, set offs or
counterclaims with respect to any of its obligations to the Credit Agent or the
Lenders, and hereby releases, waives, and forever relinquishes all claims,
demands, obligations, liabilities, and causes of action whatever kind or
nature, whether known or unknown, which it has or may have as of the date
hereof and as of the Effective Date against the Credit Agent or any Lender, or
their respective affiliates, officers, directors, employees, agents, attorneys,
independent contractors, and predecessors, together with their successors and
assigns, directly or indirectly arising out of or based upon any matter
connected with the Loan Agreement or the administration thereof or the
obligations created thereby (including pursuant to this Consent).  The foregoing provision shall be deemed to
have been restated as of the Formation Transactions Closing Date.

 

4.                                       Representations and Warranties.  The Borrower hereby represents and warrants
to the Credit Agent and the Lenders as follows:

 

(a)                                  The factual matters set forth in the Recitals of this Consent are true
and correct and are incorporated herein by reference.

 

(b)                                 No Default or Event of Default exists as of the date the Borrower
executes this Consent, nor will a Default or Event of Default exist as of the
Effective Date or, with respect to the Formation Transactions Waiver, as of the
Formation Transactions Closing Date.

 

(c)                                  The representations and warranties made by the Borrower in the Loan
Agreement and the other Loan Documents are true and correct as of the date
hereof, and 

 

2

 

will
be true and correct as of the Effective Date and as of the Formation
Transactions Closing Date, except as to (i) matters which speak to a
specific date, and (ii) changes in the ordinary course to the extent
permitted and contemplated by the Loan Agreement.

 

(d)                                 The Borrower has the power and authority and legal right to execute,
deliver and perform this Consent, has taken all necessary action to authorize
the execution, delivery, and performance of this Consent, and the person
executing and delivering this Consent on behalf of the Borrower  is duly authorized to do so.

 

(e)                                  This Consent constitutes the legal, valid and binding obligation of the
Borrower, enforceable against the Borrower in accordance with its terms,
subject to the effect of applicable bankruptcy and other similar laws affecting
the rights of creditors generally and the effect of equitable principles
whether applied in an action at law or a suit in equity.

 

(f)                                    Except as set forth on Schedule 1 attached hereto, no third party
or Governmental Authority consents, waivers, approvals, or authorizations are
required for the consummation of the Formation Transactions, and all such
consents, waivers, approvals, and authorizations set forth on Schedule 1
either have been, or will be prior to the Formation Transactions Closing
Date,  obtained or waived.

 

5.                                       Conditions Precedent.  This Consent shall be effective upon the
satisfaction by the Borrower of, or written waiver by the Credit Agent and the
Lenders of, the following conditions and any other conditions set forth in this
Consent, by no later than 4:00 p.m. (Boston time) on the date of this
Consent, as such time and date may be extended in writing by the Credit Agent
and the Lenders, in their sole discretion (with the date, if at all, by which
such conditions have been satisfied or waived being referred to herein as, the “Effective
Date”), failing which this Consent and all related documents shall be null
and void at the option of the Credit Agent and the Lenders:

 

(a)                                  Delivery by the Borrower to the Credit Agent and each Lender of the
following:

 

(i)                                     This Consent, duly executed by the Borrower, the Credit Agent and each
Lender.

 

(ii)                                  Complete and correct copies of the Contribution Agreements (including
all exhibits and schedules thereto), and of all other documents, instruments,
and agreements executed and delivered in connection therewith and the closings
thereunder (collectively, the “Formation Transaction Documents”).

 

(iii)                               Such other documents as the Credit Agent or any Lender reasonably may
require, duly executed and delivered.

 

(b)                                 No Default or Event of Default shall have occurred and be
continuing.  This condition must also be
satisfied as of the Formation Transactions Closing Date, or the Formation
Transaction Waiver shall be null and void.

 

3

 

(c)                                  The representations and warranties of the Borrower contained in this
Consent or in any document, instrument, or agreement delivered or to be
delivered in connection with this Consent (i) shall have been true and
correct in all material respects on the date that such representations and
warranties were made, and (ii) shall be true and correct in all material
respects on the Effective Date as if made on and as of such date.

 

(d)                                 In addition to all other expense payment and reimbursement obligations
of the Borrower under the Loan Agreement and other Loan Documents, the Borrower
will, promptly following their receipt of an appropriate invoice therefor, pay
or reimburse the Credit Agent and each Lender for all of their respective reasonable
out of pocket costs and expenses (including, without limitation, reasonable
attorneys’ fees and expenses and disbursements) incurred in connection with the
preparation of this Consent and any other documents in connection herewith and
the matters addressed in and contemplated by, this Consent.

 

6.                                       Miscellaneous.

 

(a)                                  This Consent shall be governed in accordance with the internal laws of
the Commonwealth of Massachusetts (without regard to conflict of laws
principles) as an instrument under seal.

 

(b)                                 This Consent may be executed in one or more counterparts, each of which
when so executed shall be deemed to be an original, but all of which when taken
together shall constitute one and the same instrument.  Signatures transmitted electronically
(including by fax or e-mail) shall have the same legal effect as originals, but
each party nevertheless shall deliver original signed counterparts of this
Consent to each other party, upon request.

 

(c)                                  This Consent constitutes the complete agreement among the Borrower, the
Credit Agent, and the Lenders with respect to the subject matter of this
Consent and supersedes all prior agreements and understanding relating to the
subject matter of this Consent, and may not be modified, altered, or amended
except in accordance with the Loan Agreement.

 

(d)                                 Time is of the essence with respect to all aspects of this Consent.

 

[Remainder of page intentionally
left blank.]

 

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Executed as a sealed instrument as of the date first
above written.

 

	
   

  	
  WALKER
  & DUNLOP, LLC

  
	
   

  	
   

  
	
   

  	
  By
  

  	
  /s/
  William Walker

  
	
   

  	
  Name:
  

  	
  William
  Walker

  
	
   

  	
  Title:
  

  	
  President
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, N.A., as Credit Agent and a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By
  

  	
  /s/
  Jane E. Huntington

  
	
   

  	
  Name:
  

  	
  Jane
  E. Huntington

  
	
   

  	
  Title:
  

  	
  Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TD
  BANK, N.A., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By
  

  	
  /s/
  William J. Olsen

  
	
   

  	
  Name:
  

  	
  William
  J. Olsen

  
	
   

  	
  Title:
  

  	
  Senior
  Vice President

  

 

Signature page to Consent Agreement

 

 

Schedule 1

 

Required Consents

 

Amended and Restated Warehousing Credit and Security
Agreement, dated as of October 15, 2009, by and among Walker &
Dunlop, LLC, a Delaware limited liability company, Bank of America, N.A., a
national banking association, as Administrative Agent, and the Lenders set
forth therein, as amended.

 

Amended and Restated Credit Agreement, dated as of January 30,
2009, by and among GPF Acquisition, LLC, a Delaware limited liability company,
Walker & Dunlop Multifamily, Inc., a Delaware corporation, Walker &
Dunlop GP, LLC, a Delaware limited liability company, Green Park Financial
Limited Partnership, a District of Columbia limited partnership, W&D, Inc.,
a Delaware corporation, Walker & Dunlop, LLC, a Delaware limited
liability company, Bank of America, N.A., a national banking association, as
Administrative Agent and Collateral Agent, and the Lenders set forth therein,
as amended.

 

Consents and approvals of governmental authorities
required solely in connection with the Public Offering.Exhibit
10.35

 

FIFTH AMENDMENT AND CONSENT AGREEMENT

 

THIS FIFTH AMENDMENT AND CONSENT AGREEMENT (this “Agreement”)
is made as of December 7, 2010, by and among GPF Acquisition, LLC, Walker &
Dunlop Multifamily, Inc., Walker & Dunlop GP, LLC, Green Park Financial
Limited Partnership, W&D, Inc. (formerly known as Walker &
Dunlop, Inc.), Walker & Dunlop, LLC (each of the foregoing
parties, collectively, the “Obligor Group”), Walker & Dunlop, Inc.
(the “Company”), Bank of America, N.A., as Administrative Agent and
Collateral Agent (the “Administrative Agent”), and the lenders party
hereto (the “Lenders”). 
Capitalized terms used herein without definition have the meanings
specified therefor in that certain Amended and Restated Credit Agreement dated
as of January 30, 2009, by and among each member of the Obligor Group
other than the Company, the Administrative Agent, and the Lenders, as amended
(the “Credit Agreement”).

 

R E C I T A L S

 

A.                                   The Obligor Group has informed the Administrative Agent and the Lenders that
the Company desires to consolidate the ownership of WDLLC through a series of
transactions (collectively, the “Formation Transactions”) whereby the
Company will acquire (i) a 35% membership interest in WDLLC (the “Column
Interest”) from Column Guaranteed LLC (“Column”) pursuant to that
certain Contribution Agreement, dated as of October 29, 2010, by and
between the Company and Column (the “Column Contribution Agreement”),
and (ii) all of the interests in certain corporations and limited
liability companies (collectively, the “Participating Companies”), which
Participating Companies own, directly or indirectly, all of the membership
interests in WDLLC other than the Column Interest (collectively, together with
the Column Interest, the “Company Interests”) pursuant to that certain
Contribution Agreement, dated as of October 29, 2010 (the “Walker
Contribution Agreement,” and, together with the Column Contribution
Agreement, the “Contribution Agreements”), by and among the Company,
Mallory Walker, Taylor Walker, William Walker, Howard S. Smith III, Richard
Warner, Donna Mighty, Michael Yavinsky, Edward Hermes, and Deborah Wilson (each
of the foregoing individuals and Column, a “Contributor,” and
collectively, the “Contributors”).

 

B.                                     Concurrently with or immediately upon the completion of the Formation
Transactions, the Company will close its proposed initial public offering (the “Public
Offering”) of  shares of its common stock, par
value $0.01 per share (the “Common Shares”), which Public Offering
includes the sale of Common Shares by Mallory Walker and Taylor Walker as
selling stockholders.

 

C.                                     Pursuant to the Contribution Agreements, the Contributors will transfer
the Company Interests to the Company in exchange for such number of Common
Shares as set forth in the Contribution Agreements, on the terms and subject to
the conditions set forth therein.

 

D.                                    Certain of the Contributors (the “Pledging Contributors”) have
previously granted to the Collateral Agent and the Lenders security interests
(the “Existing Pledges”) in certain of their respective Company
Interests and related rights and proceeds (collectively, the “Pledged
Interests”) pursuant to the Security Documents listed on Exhibit A
attached hereto (collectively, the “Existing Pledge Documents”).

 

E.                                      The Formation Transactions and the Public Offering are prohibited by
various provisions of, or otherwise, without the consent of the Administrative
Agent, the Collateral Agent, and the Lenders, could constitute a Default or
Event of Default under, the Credit Agreement and other Loan Documents. The Loan
Parties therefore have requested that the 

 

 

Administrative Agent, the Collateral Agent, and the
Lenders consent to the Formation Transactions and the Public Offering, and
agree to amend the Credit Agreement as set forth in this Agreement.

 

F.                                      The Administrative Agent, the Collateral Agent, and the Lenders have
agreed to the requests of the Obligor Group, but only on, and subject to, the
terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the agreements of
the parties set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.                                       Defined Terms Incorporated into Credit Agreement.  From and after the Effective
Date (as hereafter defined), defined terms used in this Agreement (including
the Recitals) shall have the same meanings in the Credit Agreement and other
Loan Documents as in this Agreement, as the context shall require, and the
Credit Agreement and other Loan Documents shall be deemed amended as of the
Effective Date to accomplish the foregoing without the need to add each such
term, or any of them, to the Credit Agreement pursuant to Section 3 hereof
or otherwise.

 

2.                                       Consents.  On and subject to the terms and conditions
set forth in this Agreement, as of the Effective Date, the Administrative
Agent, the Collateral Agent, and the Lenders hereby consent to each of the
following transactions and events, and waive any prior requirement to provide
notice in connection with the matters described in subsections (b) and (c) below:

 

(a)                                  The Formation Transactions, Public Offering and any Changes of Control
that may result therefrom under Sections (a), (b), (c), (d), and (i) of
the definition of Changes of Control set forth in the Credit Agreement (as in
effect immediately prior to the Effective Date).

 

(b)                                 The Investments by WDLLC resulting in each of Green Park Express, LLC
and W&D Balanced Real Estate Fund I GP, LLC (collectively, the “W&D
Subsidiaries”) becoming direct wholly-owned Subsidiaries of WDLLC, as such
Investments have been described by and on behalf of WDLLC to the Administrative
Agent and the Lenders, and waive any Event of Default under Sections 5.13 and
7.02 of the Credit Agreement which may have resulted from such Investments up
to the Effective Date; provided, however
(i) no Investments shall be made in, nor funds of any kind made available
by any member of the Obligor Group, the Company, or any Affiliate to, or for
the benefit or account of, either of the W&D Subsidiaries after the date of
this Agreement (whether or not the Effective Date occurs), and (ii) for
the purposes of the Credit Agreement, including, without limitation for the
determination of compliance with the financial covenants set forth in Section 7.14
of the Credit Agreement, both of the W&D Subsidiaries, including WDLLC’s
Investment therein and all related income and expenses, shall be disregarded as
Subsidiaries of WDLLC and excluded from all financial statements and reports of
WDLLC and any other member of the Obligor Group and the Company.

 

(c)                                  The change in name of W&D, Inc. (formerly known as Walker &
Dunlop, Inc.), and waive any Event of Default under Sections 6.11 and 7.13
of the Credit Agreement which may have resulted from such name change up to the
Effective Date.

 

2

 

3.                                       Continuation, Consolidation, and Amendments of Existing Pledges;
Additional Pledges.  The Pledged Interests, upon contribution by
the Pledging Contributors to the Company, shall continue to be subject to the
Existing Pledges, provided, however, that the Company shall become the pledgor;
it being understood that the Common Shares to be issued to the Contributors in
consideration for the Company Interests, as applicable, shall not be subject to
any pledge, lien, encumbrance, or claim by the Administrative Agent, the
Collateral Agent, or the Lenders in connection with the Obligations and the
Administrative Agent, the Collateral Agent, and, as of the Effective Date, the
Lenders hereby release any security interest that any of them may have in such
Common Shares under the Existing Pledge Documents and other Loan
Documents.  As of the Effective Date (a) the
Existing Pledge Documents shall be consolidated, amended, and restated pursuant
to an Amended, Restated and Consolidated Ownership Interest Pledge and Security
Agreement between the Company and the Collateral Agent, and consented to by
applicable members of the Obligor Group, to be in substantially the form of the
Existing Pledged Documents, modified to conform to and reflect the Formation
Transactions (the “Replacement Pledge Agreement”), (b) pursuant to
the Replacement Pledge Agreement, the Company shall grant to the Collateral Agent,
to secure the Obligations, a security interest in the ownership interests in
W&D, Inc., and all proceeds thereof and related rights, being
contributed to the Company pursuant to the Walker Contribution Agreement to the
extent not previously pledged to the Collateral Agent pursuant to the Existing
Pledge Documents (the “Additional Pledged Interests”) so that all of the
Company Interests, including all related rights and proceeds thereof, shall be
subject to a first priority perfected security interest in favor of the
Collateral Agent, and (c) the Collateral Agent is authorized to file such
Uniform Commercial Code financing statements and amendments as it deems
appropriate to perfect and further perfect its security interest in all of the
Company Interests, and all proceeds thereof and related rights, and to reflect
all of the foregoing.

 

4.                                       Amendment to Credit Agreement.  Effective as of the Effective Date, the
Credit Agreement is hereby amended as follows (with all existing provisions of
the Credit Agreement, as amended to the date hereof, to remain in effect until
the Effective Date, or, if the Effective Date does not occur, to continue in
effect in accordance with the terms thereof unless and until otherwise amended,
modified, or waived):

 

(a)                                  Section 1.01 of the Credit Agreement is amended as follows:

 

(i)                                     The definitions set forth therein of the following terms are deleted in
their entirety, and replaced with the following:

 

“Change of Control”
means an event or series of events by which:

 

(a)                                  Multifamily Inc., GP and Borrower shall cease to collectively and
directly own and Control, legally and beneficially (free and clear of all Liens
other than those in favor of the Collateral Agent and the Lenders), 100% of all
the issued and outstanding Equity Interests in Green Park;

 

(b)                                 GP shall cease to be the managing general partner of Green Park;

 

(c)                                  The Company, WD, Green Park, and Walker & Dunlop II LLC shall
cease to collectively and directly own and Control, legally and 

 

3

 

beneficially (free and clear of all Liens other than
those in favor of the Collateral Agent and the Lenders), 100% of all the issued
and outstanding Common Units or other voting Equity Interests issued by WDLLC,
or otherwise shall cease to collectively and directly Control WDLLC;

 

(d)                                 both Principals cease to be (i) members of the board of directors
of the Company, or (ii) actively involved in the management of the Loan
Parties and their Subsidiaries (including WDLLC) to the same extent as on the
Closing Date, except in the case of both of the preceding clauses (i) and
(ii), due to the Principals’ death or disability, provided, however, in such
instance, any replacement of such Principals shall be subject to approval in
writing by the Administrative Agent, in its sole discretion, within 60 days of
such death or disability;

 

(e)                                  any Person (other than the Company or a Subsidiary of the Company
pursuant to the Formation Transactions or the Public Offering or any other Loan
Party) or two or more Persons acting in concert shall have acquired by contract
or otherwise, or shall have entered into a contract or arrangement that, upon
consummation thereof, will result in its or their acquisition of the power to
exercise, directly or indirectly, (i) a controlling influence over the
management or policies of any Loan Party (other than the Company or through the
Company) or of WDLLC (other than through the Company), or (ii) Control
over the Equity Interests of any Loan Party (other than the Company or through
the Company) or of WDLLC (other than through the Company), taking into account
all such securities that such Person or Persons have the right to acquire
pursuant to any option right;

 

(f)                                    any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, and including any two or
more Persons acting in concert) other than stockholders of the Company and
their affiliates immediately preceding the Public Offering, becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange
Act of 1934, except that a person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire
or shall have entered into a contract or arrangement that, upon consummation,
will result in its or their acquisition thereof (such right, an “option right”),
whether such right is exercisable immediately or only after the passage of
time), directly or indirectly, of, or acquires control over, Common Shares of
the Company (or other securities convertible into such Common Shares)
representing twenty percent (20%) or more of all Common Shares of the Company
on a fully diluted basis (and taking into account all such securities that such
Person or group has the right to acquire pursuant to any option right); or

 

(g)                                 during any period of 12 consecutive months following the closing of the
Public Offering, a majority of the members of the board of directors of the Company cease
to be composed of individuals (i) who were members of that board on the first
day of such period, (ii) whose 

 

4

 

election or
nomination to that board was approved by individuals referred to in clause (i) above
constituting at the time of such election or nomination at least a majority of
that board, or (iii) whose election or nomination to that board was
approved by individuals referred to in clauses (i) and (ii) above
constituting at the time of such election or nomination at least a majority of
that board (excluding, in the case of both clause (ii) and clause (iii),
any individual whose initial nomination for, or assumption of office as, a
member of that board occurs as a result of an actual or threatened solicitation
of proxies or consents for the election or removal of one or more directors by
any person or group other than a solicitation for the election of one or more
directors by or on behalf of the board of directors).

 

“Operating Agreement” means the Amended and Restated Operating
Agreement of WDLLC dated as of January 30, 2009 (a) from and after
the Second Amendment Effective Date, as amended to such date, and (b) from
and after the consummation of the Formation Transactions and the Public
Offering, as amended pursuant to Amendment No. 4 thereto, to be dated as
of the date of such consummation and to be in the form thereof approved by the
Administrative Agent.

 

“WD” means W&D, Inc.,
a Delaware corporation, formerly known as Walker & Dunlop, Inc.

 

(ii)                                  The following term is hereby added in the proper alphabetical order:

 

“Company” means Walker & Dunlop, Inc.,
a Maryland corporation, which was formed for the purposes of the Formation
Transactions and the Public Offering.

 

(b)                                 Section 7.02 of the Credit Agreement is hereby amended by adding
the following text at the end thereof:

 

“Other than the Company, as
contemplated by the Formation Transactions and pursuant to the Public Offering
and thereafter, issue or sell Equity Interests.”

 

(c)                                  Section 7.05 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

 

“7.05                  Dispositions.  Make any Disposition (including, without
limitation, of any Servicing Contracts) or enter into any agreement to make any
Disposition, except Dispositions of sub-servicing from one Loan Party to
another Loan Party or a Subsidiary thereof, or from one Subsidiary to another
Subsidiary or from a Subsidiary to a Loan Party (provided the Administrative
Agent has been given prior written notice thereof and copies of all such
sub-servicing agreements).”

 

(d)                                 Section 7.06 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

 

5

 

“7.06                  Restricted Payments; Restricted Distributions.  Declare or make, directly or
indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so, or make any Restricted Distribution except that, so long
as no Default or Event of Default shall have occurred and be continuing prior
to or immediately after giving effect to any action described below or would
result therefrom:

 

“(a)                            Each Loan Party, Green Park and each of their respective Subsidiaries,
and WDLLC may make Restricted Payments to any other Loan Party, Green Park and
each of their respective Subsidiaries, and WDLLC with respect to Indebtedness
incurred in accordance with Section 7.09(a), and Green Park and
WDLLC (i) may make Restricted Distributions to the holders of their
respective Equity Interests in accordance with the Transaction Documents, as in
effect on the Closing Date or, from and after the Second Amendment Effective
Date, as in effect on the Second Amendment Effective Date, as applicable, and (ii) in
any event may from time to time make Restricted Distributions to be
simultaneously used to pay, directly to the Administrative Agent, any
outstanding principal amount of the Loan, or any accrued interest thereon;

 

“(b)                            Any Loan Party shall be permitted to make any payment related to the
repurchase prior to the Effective Date of any Equity Interest in such Loan
Party owned by a Minority Holder pursuant to any agreement between such Loan
Party and such Minority Holder;

 

“(c)                            Any Loan Party or Green Park shall be permitted to make salary and bonus
payments to any employee, if any, including without limitation, Principals and
other holders of Equity Interests in any Loan Parties, subject to Sections
7.06(c) and 7.09(b);

 

“(d)                            WD shall be permitted to make certain interest payments in respect of
each Additional Distribution Subordinated Note outstanding on the Closing Date,
pursuant to the terms and subject to the conditions set forth in any such
Additional Distribution Subordinated Note; and

 

“(e)                            Multifamily, WD and GP shall be permitted to make certain interest
payments in respect of each subordinated promissory note outstanding on the
Closing Date issued to a Principal in connection with a repurchase of any
Equity Interests held by such Principal that is permitted under a Loan
Document.”

 

(e)                                  Section 7.09(b) of the Credit Agreement is hereby deleted in
its entirety.

 

(f)                                    Section 7.14(a) of the Credit Agreement is hereby amended by
adding the following text immediately following the period at the end of the
grammatical paragraph thereof (and before the table):

 

“For the purposes of
calculating WDLLC’s Adjusted Tangible Net Worth at any time, there shall be
eliminated the effect of any Investment made in 

 

6

 

it from and after the
Effective Date (including, without limitation, from or using the proceeds of
the Public Offering).”

 

5.                                       Joinder of Company as a Guarantor.  As of the Effective Date, the Company hereby
joins the Credit Agreement as a Guarantor, jointly and severally with the other
Guarantors, and accepts, adopts, and assumes each and every provision of the
Credit Agreement and of every other Loan Document applicable to Guarantors,
jointly and severally with all other Guarantors, including, without limitation,
Sections 11.01 through and including 11.05 of the Credit Agreement, each of
which is hereby incorporated herein by reference as if set forth herein at
length.  From and after the Effective
Date, the term “Guarantor” (and therefore the term “Loan Party”)
as used in the Credit Agreement shall include the Company.

 

6.                                       Conditions Precedent.  This Agreement shall be effective upon the
satisfaction, or written waiver by the Administrative Agent, of the following
conditions and any other conditions set forth in this Agreement, by no later
than 3:00 p.m. (Boston time) on the earlier of (x) December 31,
2010, and (y) the date of the consummation of the Formation Transactions
(other than the Public Offering), as such date may be extended in writing by
the Administrative Agent, in its sole discretion (with the date, if at all, by
which such conditions have been satisfied or waived being referred to herein
as, the “Effective Date”), failing which the agreements of the Agents
and the Lenders under this Agreement and all related documents shall be null
and void at the option of the Administrative Agent:

 

(a)                                  The Administrative Agent’s receipt of the following, each to be in form
and substance satisfactory to the Administrative Agent:

 

(i)                                     This Agreement, duly executed by each member of the Obligor Group, the
Company, the Administrative Agent, the Collateral Agent, and the Lenders.

 

(ii)                                  The Replacement Pledge Agreement, duly executed by all parties thereto.

 

(iii)                               Such certificates of resolutions or other actions, incumbency
certificates and/or other certificates of Responsible Officers of each member
of the Obligor Group and of the Company as the Administrative Agent may require
evidencing (A) the authority of each member of the Obligor Group and of
the Company to enter into this Agreement and the other documents to be executed
and delivered in connection herewith to which such Person is a party or is to
be a party, and (B) the identity, authority and capacity of each
Responsible Officer thereof authorized to act as a Responsible Officer in
connection with this Agreement and the other Loan Documents to which such Loan
Party is a party or is to be a party.

 

(iv)                              Copies of the Organization Documents of each member of the Obligor
Group, the Company, Green Park Express, LLC, and W&D Balanced Real Fund I
GP, LLC, each as amended and in effect as of the consummation of the Formation
Transactions, and each certified by an appropriate Responsible Officer thereof.

 

7

 

(v)                                 Consolidated financial statements of the Company, giving pro forma
effect to the Formation Transactions and the Public Offering, in the form
included in the Company’s Registration Statement on Form S-1 filed with
the Securities and Exchange Commission in connection with the Public Offering
(the “Registration Statement”), and a pro forma Compliance Certificate
of WDLLC for and as of the end of the Fiscal Quarter ending immediately prior
to the Effective Date.

 

(vi)                              Such financial and other information concerning Green Park Express, LLC,
and W&D Balanced Real Estate Fund I GP, LLC, as Administrative Agent shall
request with reasonable prior written notice.

 

(vii)                           Complete and correct copies of the Contribution Agreements (including
all exhibits and schedules thereto), and of all other documents, instruments,
and agreements executed and delivered in connection therewith and the closings
thereunder (collectively, the “Formation Transaction Documents”).

 

(viii)                        Such other documents as the Administrative Agent, the Collateral Agent,
or a Lender reasonably may require, duly executed and delivered.

 

(b)                                 No Formation Transaction Document shall have been terminated, whether in
accordance with, or in breach of, the terms thereof,  and no Formation Transaction shall have been
terminated or withdrawn, whether or not in accordance with, or in breach of any
Formation Transaction Document (with any of the foregoing occurrences being
referred to in this Agreement as a “Termination Event”).

 

(c)                                  No Default or Event of Default shall have occurred and be continuing.

 

(d)                                 The representations and warranties of each member of the Obligor Group
and of the Company contained in this Agreement or in any document, instrument,
or agreement delivered or to be delivered in connection with this Agreement (i) shall
have been true and correct in all material respects on the date that such
representations and warranties were made, and (ii) shall be true and
correct in all material respects on the Effective Date as if made on and as of
such date.

 

(e)                                  All required third party and Governmental Authority consents, waivers,
approvals, and authorizations to the Formation Transactions and this Agreement
shall have been obtained or waived, and copies of such consents, waivers,
approvals, and authorizations have been provided to the Administrative Agent.

 

(f)                                    The closing of the Formation Transactions in accordance with the
Contribution Agreements, without modification or waiver (except as shall have
been disclosed in writing to, and approved in writing by, the Administrative
Agent prior to the Effective Date), shall have occurred on the Effective Date
either (i) simultaneously with the effectiveness of this Agreement, or (ii) if
all other conditions to such closing have been satisfied, immediately
subsequent to the effectiveness of this Agreement (as a condition subsequent to
such effectiveness).

 

(g)                                 The Existing Pledged Interests and the Additional Pledged Interests
shall be free and clear of all Liens, other than those in favor of the
Collateral Agent.

 

8

 

(h)                                 The Borrower shall have paid to the Credit Agent, to be shared equally
by the Lenders, a fully earned, non-refundable fee in the amount of $10,000.00.

 

(i)                                     The Borrower shall have paid all of the reasonable out of pocket costs
and expenses (including, without limitation, reasonable attorneys’ fees and expenses
and disbursements) of the Agents and the Lenders incurred in connection with
this Agreement, the Replacement Pledge Agreement, all other documents in
connection herewith, and the matters addressed in and contemplated by this
Agreement

 

7.                                       Obligor Group Acknowledgments and Agreements.  Each member of the Obligor
Group and the Company acknowledge, confirm and agree that:

 

(a)                                  Except as provided herein, the terms and conditions of the Credit
Agreement and the other Loan Documents (each as previously amended to the date
hereof) remain in full force and effect, and each hereby ratifies, confirms and
reaffirms all and singular of the terms and conditions of the Credit Agreement
and the other Loan Documents applicable to such Person.

 

(b)                                 By granting the consents set forth in Section 1 hereof, the Agents
and the Lenders are not consenting to any other or subsequent amendment to,
modification or waiver of any other provisions of, or to the strict application
of all applicable provisions of, the Credit Agreement and the other Loan
Documents, notwithstanding any description or disclosure of any contemplated,
planned, or anticipated future transactions, events, or occurrences, including,
without limitation, lines of business or products, the use of the proceeds of
the Public Offering, or Indebtedness to be incurred, whether described or
disclosed in the Registration Statement, any other public filings, or any
materials furnished to the Administrative Agent or any Lender, or described or
disclosed in any conversation with representatives of the Administrative Agent
or any Lender.

 

(c)                                  This Agreement constitutes, and the Replacement Pledge Agreement will
constitute, a Loan Document.

 

(d)                                 Such Person has no defenses, set offs or counterclaims with respect to
any of its obligations to the Administrative Agent, the Collateral Agent, or
the Lenders, and hereby, as of the date hereof and as of the Effective Date,
releases, waives, and forever relinquishes all claims, demands, obligations,
liabilities, and causes of action whatever kind or nature, whether known or
unknown, which it has or may have as of the date hereof and as of the Effective
Date against the Administrative Agent, the Collateral Agent, and/or any of the
Lenders, or their respective affiliates, officers, directors, employees,
agents, attorneys, independent contractors, and predecessors, together with
their successors and assigns, directly or indirectly arising out of or based
upon any matter connected with the Credit Agreement or other Loan Documents, or
the administration thereof or the obligations created thereby.

 

(e)                                  From and after the date of this Agreement, they will keep the
Administrative Agent and the Lenders fully informed relative to the Formation
Transactions on a timely basis, and will provide the Administrative Agent and
the Lenders with drafts of all relevant documents as available.  Unless specifically otherwise stated in
writing, in no event shall the Agents or any Lender be deemed to have approved,
endorsed, or consented or acquiesced to, any matter described in or
contemplated by any 

 

9

 

documents
or other materials or information from time to time furnished to them, by its
or their review thereof.

 

8.                                       Representations and Warranties.  Each member of the Obligor Group and the
Company represents and warrants as follows:

 

(a)                                  After giving effect hereto, no Default or Event of Default exists as of
the date such Person executes this Agreement, nor will a Default or Event of
Default exist as of the Effective Date.

 

(b)                                 Except as set forth in Schedule 5.13 hereto, the representations
and warranties made by, or with respect to, each such Person in the Credit
Agreement and the other Loan Documents are true and correct as of the date
hereof as if remade herein, and such representations and warranties, and those
made by such Person in this Agreement, and in any documents, instruments, or
agreements to be delivered in connection with this Agreement will be true and
correct as of the Effective Date after giving effect to this Agreement, except
as to (i) matters which speak to a specific date, and (ii) changes in
the ordinary course to the extent permitted and contemplated by the Credit
Agreement.

 

(c)                                  Each such Person: (i) has the power and authority and legal right
to execute and deliver this Agreement and the documents, instruments, or
agreements to be delivered by such Person in connection with this Agreement,
and to perform its obligations thereunder and consummate the transactions
contemplated thereby, and (ii) has taken, or will have taken, any
necessary action to authorize the execution, delivery, and performance of this
Agreement and the documents, instruments, or agreements to be delivered in
connection with this Agreement.  The
individual executing and delivering this Agreement and the documents,
instruments, or agreements to be delivered in connection with this Agreement on
behalf of such Person is, or will be at the time of such execution and
delivery, duly authorized to do so.

 

(d)                                 This Agreement has been, and the documents, instruments, or agreements
to be delivered by such Person in connection with this Agreement will be, duly
executed and delivered on behalf of such Person and constitutes, or when
executed and delivered will be, the legal, valid and binding obligation of such
Person, enforceable against such Person in accordance with its terms, subject
to the effect of applicable bankruptcy and other similar laws affecting the
rights of creditors generally and the effect of equitable principles whether applied
in an action at law or a suit in equity.

 

(e)                                  Except as set forth on Schedule 1 annexed to this Agreement, no
consents, waivers, approvals, and authorizations of any third parties or
Governmental Authorities (other than those required solely in connection with
the Public Offering) are required to be obtained by such Person in connection
with the execution, delivery, and performance of this Agreement and the
Formation Transactions, and all of such consents, waivers, approvals, and
authorizations (including those required in connection with the Public
Offering) will be obtained on or prior to the Effective Date.

 

(f)                                    All written information with respect to the Formation Transactions
furnished to the Agents by or on behalf of the Company was, and will be, at the
time the same were or are so furnished, complete and correct in all material
respects, or will subsequently supplemented by other written information, to
the extent necessary to give 

 

10

 

the
Agents and Lenders a true and accurate knowledge of the subject matter of each
of them in relation to the Formation Transactions.  To the knowledge of each member of the
Obligor Group and of the Company, the representations and warranties made by
any party to either of the Contribution Agreements, other than such Person, are
true, correct and complete.  The
representations and warranties of the Company set forth in the Contribution
agreements are, and will be on the Effective Date, true, correct and complete,
except (i) matters which speak to a specific date, and (ii) changes
specifically permitted and contemplated by the Credit Agreement.

 

(g)                                 All pro forma financial information (other than projections) provided on
behalf of the Company reflecting the consummation of the Formation Transactions
present fairly in all material respects the pro forma financial condition of
the Obligor Group and of the Company as at the specified dates, and any
projections included therein, were prepared by management of the Company and of
WDLLC in good faith on the basis of the assumptions stated therein, which
assumptions were reasonable in light of the conditions existing at the time of
their delivery.

 

(h)                                 None of the Obligor Group or the Company, nor any of their respective
Subsidiaries has any interest in any corporation, limited liability company,
partnership or other entity (whether or not consolidated with such Person) as
of the hereof, except as disclosed on the organizational chart attached hereto
as Exhibit B, nor will any of them have any such interests after
giving effect to the closing of the Formation Transactions, except as disclosed
on the organizational chart attached hereto as Exhibit C.

 

9.                                       Termination Event.  In the event of any Termination Event, the
agreements of the Agents and the Lenders hereunder may be terminated
immediately by the Administrative Agent, by notice given to the Obligor Group
and the Company, and thereafter such agreements shall be null and void and of
no force or effect.  Such termination
shall not affect the acknowledgements and agreements of the Obligor Group and
the Company under this Agreement.

 

10.                                 Miscellaneous.

 

(a)                                  The Borrower shall promptly pay upon receipt of an invoice or statement
therefor the reasonable attorneys’ fees and expenses and disbursements incurred
by the Agents and the Lenders in connection with this Agreement.

 

(b)                                 The terms and provisions of this Agreement shall modify and supersede
all inconsistent terms and provisions of the Credit Agreement and the documents
related thereto and, except as expressly modified by this Agreement, the terms
and provisions of the Credit Agreement and such other documents are ratified
and confirmed and shall continue in full force and effect.

 

(c)                                  This Agreement shall be governed in accordance with the internal laws of
the Commonwealth of Massachusetts (without regard to conflict of laws
principles) as an instrument under seal.

 

(d)                                 This Agreement may be executed in one or more counterparts, each of
which when so executed shall be deemed to be an original, but all of which when
taken together shall constitute one and the same instrument.  Signatures transmitted electronically
(including by fax or e-mail) shall have the same legal effect as originals,

 

11

 

but
each party nevertheless shall deliver original signed counterparts of this
Agreement to each other party if so requested by such other party.

 

(e)           This Agreement, together with the
documents, instruments, and agreements executed and delivered, and to be
executed and delivered, in connection herewith, constitute the complete
agreement among the Obligor Group, the Company, and the Credit Parties with
respect to the subject matter hereof and thereof and supersede all prior
agreements and understandings relating to such subject matter, and may not be
modified, altered, or amended except in accordance with the Credit Agreement.

 

(f)            Time is of the essence with respect
to all aspects of this Agreement.

 

(g)           Prior to the Effective Date, the
Collateral Agent shall deliver to the transfer agent acting as such in
connection with the Public Offering stock certificates evidencing ownership of
Participating Companies pledged in favor of the Collateral Agent under the
Existing Pledge Agreements (the “Existing Pledged Shares Certificates”),
to be held by the transfer agent in escrow pursuant to a satisfactory escrow
agreement.  Upon the delivery to transfer
agent (on behalf of the Collateral Agent pursuant to such escrow agreement) of
stock certificates reflecting ownership of the Participating Companies by the
Company, the Collateral Agent shall instruct the transfer agent to release the
Existing Pledged Share Certificates to the Company for cancellation and
reissuance in accordance with the Formation Transactions.

 

[Remainder of page intentionally
left blank.]

 

12

 

Executed as a sealed instrument as of the date first
above written.

 

	
   

  	
  GPF ACQUISITION, LLC

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  Walker & Dunlop GP, LLC, its Managing
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/William M. Walker

  
	
   

  	
   

  	
  Name:

  	
  William M. Walker

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WALKER & DUNLOP MULTIFAMILY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/William M. Walker

  
	
   

  	
   

  	
  Name:

  	
  William M. Walker

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WALKER & DUNLOP GP, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/William M. Walker

  
	
   

  	
   

  	
  Name:

  	
  William M. Walker

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GREEN PARK FINANCIAL LIMITED PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  Walker & Dunlop GP, LLC, its Managing General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/William M. Walker

  
	
   

  	
   

  	
  Name:

  	
  William M. Walker

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  W&D, INC. (f/k/a Walker &
  Dunlop, Inc.)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/William M. Walker

  
	
   

  	
   

  	
  Name:

  	
  William M. Walker

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WALKER & DUNLOP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/William M. Walker

  
	
   

  	
   

  	
  Name:

  	
  William M. Walker

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  

 

S-1

 

	
   

  	
  WALKER & DUNLOP, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/William M. Walker

  
	
   

  	
   

  	
  Name:

  	
  William M. Walker

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as Administrative Agent,

  Collateral Agent, and a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jane E. Huntington

  
	
   

  	
  Name:

  	
  Jane E. Huntington

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PNC BANK, NATIONAL ASSOCIATION, successor to

  NATIONAL CITY BANK, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Terri Wyde

  
	
   

  	
  Name:

  	
  Terri Wyde

  
	
   

  	
  Title:

  	
  Senior Vice President

  
					

 

S-2

 

EXHIBIT A

 

Existing Pledge Agreements from
Contributors:

 

1.                                       Ownership Interest Pledge and Security Agreement dated October 31,
2006 by and between Mallory Walker, Taylor S. Walker, William M. Walker and
Howard W. Smith, III, individually and collectively as “Pledgor”, and Bank
of America, N.A. as “Collateral Agent” with respect to certain equity interests
in Walker & Dunlop, Inc.

 

2.                                       Ownership Interest Pledge and Security Agreement dated October 31,
2006 by and between Mallory Walker, Taylor S. Walker, William M. Walker, Walker
 & Dunlop GP, LLC, and Howard W. Smith, III, individually and
collectively as “Pledgor”, and Bank of America, N.A. as “Collateral Agent” with
respect to certain equity interests in GPF Acquisition, LLC, as amended by (i) that
certain Amendment No. 1 to Ownership Interests Pledge and Security
Agreement dated December 14, 2006 and effective November 15, 2006, (ii) that
certain Amendment No. 2 to Ownership Interests Pledge and Security
Agreement dated February 28, 2007 and effective January 1, 2007, and (iii) that
certain Amendment No. 3 to Ownership Interests Pledge and Security
Agreement dated June 15, 2008

 

3.                                       Ownership Interest Pledge and Security Agreement dated October 31,
2006 by and between Mallory Walker and William M. Walker, individually and
collectively as “Pledgor”, and Bank of America, N.A. as “Collateral Agent” with
respect to certain equity interests in Walker & Dunlop GP, LLC

 

4.                                       Ownership Interest Pledge and Security Agreement dated October 31,
2006 by and between Mallory Walker, Taylor S. Walker, William M. Walker, and
Howard W. Smith, III, individually and collectively as “Pledgor”, and Bank
of America, N.A. as “Collateral Agent” with respect to certain equity interests
in Walker & Dunlop Multifamily, Inc.

 

5.                                       Ownership Interests Pledge and Security Agreement dated December 14,
2006 and effective November 15, 2006 by and between Donna Mighty as “Pledgor”
and Bank of America, N.A. as “Collateral Agent” with respect to certain equity
interests in GPF Acquisition, LLC, as amended by (i) that certain
Amendment No. 1 to Ownership Interests Pledge and Security Agreement dated
February 28, 2007 and effective January 1, 2007, and (ii) that
certain No. 2 to Ownership Interests Pledge and Security Agreement dated June 15,
2008

 

6.                                       Ownership Interests Pledge and Security Agreement dated December 14,
2006 and effective November 15, 2006 by and between Richard C. Warner as “Pledgor”
and Bank of America, N.A. as “Collateral Agent” with respect to certain equity
interests in GPF Acquisition, LLC, as amended by (i) that certain
Amendment No. 1 to Ownership Interests Pledge and Security Agreement dated
February 28, 2007 and effective January 1, 2007, and (ii) that
certain No. 2 to Ownership Interests Pledge and Security Agreement dated June 15,
2008

 

7.                                       Ownership Interests Pledge and Security Agreement effective July 8,
2008 by and between Deborah Anne Wilson as “Pledgor” and Bank of America, N.A.
as “Collateral Agent” with respect to certain equity interests in GPF
Acquisition, LLC

 

A-1

 

8.                                       Ownership Interests Pledge and Security Agreement dated January 30,
2009 by and between Column Guaranteed LLC as “Pledgor” and Bank of America,
N.A. as “Collateral Agent” with respect to certain equity interests in Walker &
Dunlop, LLC

 

Other Existing Pledge Agreements
Not Being Contributed and Remaining Outstanding:

 

9.                                       Ownership Interests Pledge and Security Agreement dated January 30,
2009 by and between Walker & Dunlop, Inc. as “Pledgor” and Bank
of America, N.A. as “Collateral Agent” with respect to certain equity interests
in Walker & Dunlop, LLC

 

10.                                 Ownership Interests Pledge and Security Agreement dated January 30,
2009 by and between Walker & Dunlop II, LLC as “Pledgor” and Bank of
America, N.A. as “Collateral Agent” with respect to certain equity interests in
Walker & Dunlop, LLC

 

11.                                 Ownership Interests Pledge and Security Agreement dated January 30,
2009 by and between Green Park Financial Limited Partnership as “Pledgor” and
Bank of America, N.A. as “Collateral Agent” with respect to certain equity
interests in Walker & Dunlop, LLC

 

12.                                 Ownership Interests Pledge and Security Agreement dated January 30,
2009 by and between  GPF Acquisition, LLC  as “Pledgor”
and Bank of America, N.A. as “Collateral Agent” with respect to certain equity
interests in Green Park Financial Limited Partnership

 

13.                                 Ownership Interests Pledge and Security Agreement dated January 30,
2009 by and between  Walker & Dunlop GP, LLC as “Pledgor”
and Bank of America, N.A. as “Collateral Agent” with respect to certain equity
interests in Green Park Financial Limited Partnership

 

14.                                 Ownership Interests Pledge and Security Agreement dated January 30,
2009 by and between Walker &
Dunlop Multifamily, Inc. as “Pledgor” and Bank of America, N.A. as “Collateral
Agent” with respect to certain equity interests in Green Park Financial Limited
Partnership

 

A-2

 

Schedule 1

 

Required Consents

 

Amended and Restated Warehousing Credit and Security
Agreement, dated as of October 15, 2009, by and among Walker &
Dunlop, LLC, a Delaware limited liability company, Bank of America, N.A., a
national banking association, as Administrative Agent, and the Lenders set
forth therein, as amended.

 

Amended and Restated Credit Agreement, dated as of January 30,
2009, by and among GPF Acquisition, LLC, a Delaware limited liability company,
Walker & Dunlop Multifamily, Inc., a Delaware corporation, Walker &
Dunlop GP, LLC, a Delaware limited liability company, Green Park Financial
Limited Partnership, a District of Columbia limited partnership, W&D, Inc.,
a Delaware corporation, Walker & Dunlop, LLC, a Delaware limited
liability company, Bank of America, N.A., a national banking association, as
Administrative Agent and Collateral Agent, and the Lenders set forth therein,
as amended.

 

 

Schedule 5.13

 

Subsidiaries

 

	
  Loan Party

  	
   

  	
  Subsidiary Name

  	
   

  	
  Jurisdiction

  	
   

  	
  Equity Interest

  
	
  Walker & Dunlop, LLC

  	
   

  	
  Green Park Express, LLC

  	
   

  	
  Delaware

  	
   

  	
  100%

  
	
  Walker & Dunlop, LLC

  	
   

  	
  W&D Balanced Real Estate Fund I GP, LLC

  	
   

  	
  Delaware

  	
   

  	
  100%

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