Document:

Exhibit 10.24

 

SECOND AMENDMENT TO
AMENDED AND RESTATED WAREHOUSING

CREDIT AND SECURITY AGREEMENT

 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED
WAREHOUSING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is made as
of March  26, 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 Borrower, Green Park Financial Limited Partnership, the Credit
Agent, and the Lenders (as amended to date, the “Loan Agreement”).

 

RECITALS

 

At the request of the Borrower, the Credit Agent and
the Lenders have agreed to increase the Warehousing Credit Limit to
$150,000,000, and Bank of America and TD Bank each have agreed to increase
their respective Warehousing Commitment Amounts to $75,000,000.

 

The Borrower, the Credit
Agent, and the Lenders desire to amend the Loan Agreement on the terms and
conditions set forth herein.

 

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.                                      Amendment. Effective as
of the Effective Date (as hereafter defined), the Loan Agreement is amended as
follows:

 

(a)                                 The definition of the term “Warehousing
Credit Limit” as set forth in Section 13.1 of the Loan Agreement is
hereby deleted in its entirety and replaced with the following:

 

“Warehousing Credit Limit” means
$150,000,000.00.”

 

(b)                                 Exhibit N to the Loan
Agreement is hereby deleted and replaced with the form of Exhibit N
to this Amendment.

 

2.                                      Termination of
Accordion Option. The accordion option established pursuant to the
First Amendment to the Loan Agreement dated as of November  30, 2009
is hereby terminated.

 

3.                                      Replacement
Warehousing Notes. To evidence the respective new Warehousing
Commitment Amounts of the Lenders as set forth above, on or before the
Effective Date the Borrower will execute and deliver directly to the Lenders
amended and restated Warehousing Notes, each dated as of the Effective Date and
each in the face amount of $75,000,000 (the “Replacement Notes”), to
replace and supersede their respective existing Warehousing Notes.

 

 

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

 

(a)                                 This Amendment
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
Amendment.

 

(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
(x) ratifies, confirms and reaffirms all and singular of the terms and
conditions of the Loan Agreement and the other Loan Documents, and
(y) represents and warrants that:

 

(i)                                     No Default or
Event of Default exists as of the date the Borrower executes this Amendment,
nor will a Default or Event of Default exist as of the Effective Date.

 

(ii)                                  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 will
be true and correct as of the Effective Date, except as to (1) matters
which speak to a specific date, and (2) changes in the ordinary course to
the extent permitted and contemplated by the Loan Agreement.

 

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

 

(iv)                              This Amendment
does, and the Replacement Notes will upon their execution and delivery, constitute
the legal, valid and binding obligation of the Borrower, enforceable against
the Borrower in accordance with their 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.

 

(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 Amendment and the
Replacement Notes.

 

2

 

(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 Amendment).

 

5.                                      Conditions
Precedent. This Amendment 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 Amendment,
by no later than 4:00 p.m. (Boston time) on the date of this Amendment, 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 Amendment 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 Amendment,
duly executed by the Borrower, the Credit Agent and each Lender.

 

(ii)                                       The
Replacements Notes, duly executed by the Borrower (with the originals thereof
to be delivered directly to the respective Lenders and copies to be delivered
to the Credit Agent).

 

(iii)                                    A certificate
of an appropriate officer of the Borrower as to (A) the authority of the
Borrower to enter into this Amendment, and (B) the identity, authority and
capacity of each Person executing and delivering in the name of and on behalf
of the Borrower this Amendment, the Replacement Notes, and any documents,
instruments, and other agreements related hereto or to be delivered hereunder.

 

(iv)                                   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.

 

(c)                                  In addition to
all other expense payment and reimbursement obligations of the Borrower under
the Loan Agreement and other Loan Documents, the Borrower will,

 

3

 

promptly following 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 Amendment, the Replacement Notes,
and any other documents in connection herewith and the matters addressed in and
contemplated by this Amendment.

 

(d)                                 The Borrower
shall have paid directly to each Lender an additional commitment fee in the
amount of $43,056.

 

6.                                      Miscellaneous.

 

(a)                                 This Amendment
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 Amendment
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
Amendment to each other party, upon request.

 

(c)                                  This Amendment
constitutes the complete agreement among the Borrower, the Credit Agent, and
the Lenders with respect to the subject matter of this Amendment and supersedes
all prior agreements and understanding relating to the subject matter of this
Amendment, 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 Amendment.

 

[Remainder
of page intentionally left blank]

 

4

 

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

 

	
   

  	
  WALKER & DUNLOP, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ William M. Walker

  
	
   

  	
  Name:

  	
  William M. 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:

  	
  Regional Vice President

  

 

Signature page to Second
AmendmentExhibit
10.25

 

THIRD AMENDMENT TO AMENDED
AND RESTATED WAREHOUSING

CREDIT AND SECURITY AGREEMENT

 

THIS THIRD AMENDMENT TO AMENDED AND RESTATED
WAREHOUSING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is made as
of July 30, 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 Borrower, Green Park Financial Limited Partnership, the Credit
Agent, and the Lenders (as amended to date, the “Loan Agreement”).

 

RECITALS

 

The Borrower, the Credit Agent, and the Lenders
desire to amend the Loan Agreement on the terms and conditions set forth
herein.

 

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.           Amendment. Subject to the satisfaction or waiver of
the conditions set forth in Section 3 hereof, effective as of June 30,
2010, the Loan Agreement is here by amended by deleting Section 8.10
thereof in its entirety and replacing it with the following:

 

“8.10  Servicing
Delinquencies

 

Permit (i) the aggregate unpaid principal
amount of Fannie Mae DUS Mortgage Loans comprising W&D’s Servicing
Portfolio which are sixty (60) or more days past due or otherwise in default at
any time to exceed two percent (2%) of the aggregate unpaid principal balance
of all Fannie Mae DUS Mortgage Loans comprising W&D’s Servicing Portfolios
at such time, or (ii) the aggregate unpaid principal amount of At Risk
Mortgage Loans comprising W&D’s Servicing Portfolio which are sixty (60) or
more days past due or otherwise in default to increase from the last day of a
Fiscal Quarter to the last day of the following Fiscal Quarter (with each such
last day of each such following Fiscal Quarter being referred to herein as a “Measurement
Date”) by more than (x) with respect to Measurement Dates occurring
prior to June 30, 2010, one-half percent (0.5%), and (y) with respect
to Measurement Dates occurring on and after June 30, 2010, one percent
(1.0%).”

 

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

 

 

(a)           This Amendment 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 Amendment.

 

(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 (x) ratifies,
confirms and reaffirms all and singular of the terms and conditions of the Loan
Agreement and the other Loan Documents, and (y) represents and warrants
that:

 

(i)              After giving effect to this
Amendment, no Default or Event of Default exists as of the date the Borrower
executes this Amendment, nor will a Default or Event of Default exist as of the
Effective Date.

 

(ii)             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 will be true and correct as of the
Effective Date, except as to (1) matters which speak to a specific date, and (2) changes
in the ordinary course to the extent permitted and contemplated by the Loan
Agreement.

 

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

 

(iv)            This Amendment has been duly
executed and delivered by the Borrower, and 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.

 

(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 Amendment.

 

(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

 

2

 

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 Amendment).

 

3.             Conditions Precedent. This Amendment 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 Amendment, by no later than 4:00 p.m. (Boston
time) on the date of this Amendment, 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
Amendment 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 Amendment, duly executed by the Borrower, the Credit
Agent and each Lender.

 

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

 

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

 

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

 

(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 its 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 Amendment and any other documents in
connection herewith and the matters addressed in and contemplated by this
Amendment.

 

4.           Miscellaneous.

 

(a)           This Amendment 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.

 

3

 

(b)         This
Amendment 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 Amendment to each other party, upon request.

 

(c)          This
Amendment constitutes the complete agreement among the Borrower, the Credit
Agent, and the Lenders with respect to the subject matter of this Amendment and
supersedes all prior agreements and understanding relating to the subject
matter of this Amendment, 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 Amendment.

 

[Remainder
of page intentionally left blank]

 

4

 

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

 

	
   

  	
  WALKER & DUNLOP, LLC

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ William M. Walker

  
	
   

  	
  Name:

  	
  William M. Walker

  
	
   

  	
  Title:

  	
  President & CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  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/ Brian R. Mundy 

  
	
   

  	
  Name:

  	
  Brian R. Mundy 

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

Signature page to Third Amendment

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]