Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 EIGHTH
AMENDMENT TO WAREHOUSING 
 CREDIT AND SECURITY AGREEMENT 

THIS EIGHTH AMENDMENT TO WAREHOUSING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is made as of November 3, 2014, by
and between WALKER & DUNLOP, LLC (the “Borrower”), BANK OF AMERICA, N.A., as credit agent (in such capacity, the “Credit Agent”), and as the sole lender as of the date hereof under the Loan Agreement (as
hereafter defined) (in such capacity, the “Lender”). 
 R E C I T A L S 

The Borrower, the Credit Agent, and the Lender are parties to, among other documents, instruments, and agreements, that certain Warehousing
Credit and Security Agreement dated as of September 4, 2012 (as amended, supplemented, or otherwise modified to the date hereof, the “Loan Agreement”). Capitalized terms used in this Amendment without definition have the
meanings specified therefor in the Loan Agreement.  
 The Borrower, the Credit Agent and the Lender desire to further
amend the Loan Agreement on and subject to 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. Amendments. Effective on the Effective Date (as hereafter defined), the Loan Agreement is hereby amended as follows: 

(a) Clause (a) of Section 1.3 is hereby amended by replacing the date “November 3, 2014” where it appears
therein with the date “November 2, 2015.” 
 (b) Section 7.11 of the Loan Agreement, titled “Other Loan
Obligations” is hereby amended and restated as follows: 
 “7.11(a) “Perform all material obligations under the terms of each
loan agreement, note, mortgage, security agreement or debt instrument by which Borrower is bound or to which any of its property is subject, where the failure to perform such material obligations could trigger an Event of Default under
Section 10.1(f), and promptly notify Credit Agent in writing of a declared default or event of default under or the termination, cancellation, reduction or nonrenewal of any of its other lines of credit or agreements with any other lender.
Exhibit J is a true and complete list of all such lines of credit or agreements as of the date of this Agreement. 
 7.11(b) Deliver
to Credit Agent an updated Exhibit J at the time of each extension (if any, at the discretion of Lenders and Credit Agent), of the Warehousing Maturity Date under this Agreement and promptly following the request of Credit Agent.” 

 (c) The following subparagraphs of Section 8.2 of the Loan Agreement, titled
“Restrictions on Fundamental Changes” are hereby deleted and replaced with the following: 
 “8.2(a) Reorganize, spin-off,
consolidate with, merge with or into, or enter into any analogous reorganization or transaction with any Person except that that WD Capital, W&D Balanced Real Estate Fund and ARA Finance each may merge with and into the Borrower.” 

“8.2(c) Liquidate, wind up or dissolve (or suffer any liquidation or dissolution) except that WD Capital, W&D Balanced Real Estate
Fund and ARA Finance may be liquidated or dissolved.” 
 “8.2(g) Permit any Subsidiary of Borrower (other than WD Capital, W&D
Balanced Real Estate Fund or ARA Finance, to the extent specifically permitted herein) to do or take any of the foregoing actions.” 

(d) Section 8.8 of the Loan Agreement, titled “Transactions with Affiliates” is hereby amended and restated as
follows: 
 (i) “8.8 Directly or indirectly (a) make any loan, advance, extension of credit or capital contribution
to any of Borrower’s Affiliates, (b) sell, transfer, pledge or assign any of its assets to or on behalf of those Affiliates except for pledges made in connection with the Term Loan, pursuant to the Term Loan Guarantee and Collateral
Agreement, (c) merge or consolidate with or purchase or acquire assets from those Affiliates except for a merger by the Borrower with, or the purchase or acquisition by the Borrower of, assets of WD Capital, W&D Balanced Real Estate Fund or
ARA Finance, or (d) pay management fees to or on behalf of those Affiliates, other than (i) payments attributable to reasonable overhead and administrative charges allocated to Borrower by the Affiliates, (ii) reasonable subservicing
fees payable to Affiliates for their servicing of the Servicing Portfolio, (iii) advances to Affiliates in an aggregate amount outstanding at any time not exceeding $250,000, made in accordance with current practices as described by the
Borrower to Credit Agent and Lenders, and (iv) other transactions in the ordinary course of business on fair and reasonable terms substantially as favorable to the Borrower as would be obtainable in a comparable transaction from an unaffiliated
third party on an arm’s length basis.” 

  
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 (e) The following subparagraphs of Section 9.2 of the Loan Agreement, titled
“Special Representations and Warranties Concerning Warehousing Collateral” are hereby deleted and replaced with the following: 

“9.2(f) Each Pledged Loan has been closed or will be closed and funded with the Warehousing Advance made against it or from
Borrower’s unencumbered funds.” 
 “9.2(x) Neither Borrower nor any of Borrower’s Affiliates has any ownership interest,
right to acquire any ownership interest or equivalent economic interest in any property securing a Pledged Loan or the mortgagor under the Pledged Loan or any other obligor on the Mortgage Note for such Pledged Loan, except as and to the extent
permitted by the applicable Federal Agency issuing a Purchase Commitment with respect to such Pledged Loan.” 
 (f) The
term “BBA LIBOR Daily Floating Rate” wherever it appears in the Loan Agreement and all other Loan Documents is hereby deleted and replaced with “LIBOR Daily Floating Rate.” 

(g) The following defined terms are hereby added to Section 13.1 of the Loan Agreement: 

“LIBOR Daily Floating Rate” shall mean a fluctuating rate of interest per annum equal to (i) the London Interbank
Offered Rate (“LIBOR”), as published by Bloomberg (or other commercially available source providing quotations of LIBOR as selected by Credit Agent from time to time) at approximately 11:00 a.m., London time determined two
(2) London Banking Days prior to the date in question, for U.S. Dollar deposits being delivered in the London interbank eurodollar market for a term of one (1) month commencing that day, or (ii) if such published rate is not
available at such time for any reason, the rate per annum determined by Credit Agent to be the rate at which deposits in U.S. Dollars for delivery on the date of determination in same day funds in the approximate outstanding principal amount of the
Loan (including any then pending Warehousing Advances) are being made or maintained and with a term equal to one (1) month would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at
their request at the date and time of determination.” 
 “W&D Balanced Real Estate Fund” means W&D Balanced
Real Estate Fund I GP, LLC, a Delaware limited liability company in which the Borrower owns a 100% interest.” 
 (h)
Exhibit B FNMA/DUS to the Loan Agreement is hereby deleted and replaced with Exhibit B FNMA/DUS attached hereto. 

(i) Exhibit B FNMA/NT to the Loan Agreement is hereby deleted and replaced with Exhibit B FNMA/NT attached
hereto. 

  
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 (j) Exhibit B FHA/GNMA-WD to the Loan Agreement is hereby deleted and
replaced with Exhibit B FHA/GNMA-WD attached hereto. 
 (k) Exhibit B Freddie Mac Program Plus Loans to the
Loan Agreement is hereby deleted and replaced with Exhibit B Freddie Mac Program Plus Loans attached hereto. 
 (l)
For the avoidance of doubt, the current Exhibit N to the Loan Agreement (Investors) is attached hereto as Exhibit N, which Exhibit N remains subject to all applicable provisions of the Loan Agreement, including the
definition of “Investor” therein. 
 2. Temporary Increase of Warehousing Commitment Amounts and Warehousing
Credit Limit. 
 (a) Subject to the terms and conditions of this Section 2 and applicable provisions of the Loan
Agreement, for the period (the “Temporary Commitment Increase Period”) commencing on the Effective Date to, and including, subject to the payment required pursuant to Section 2(c) of this Amendment, the Temporary Commitment
Increase Termination Date (as hereafter defined), the Lender’s Warehousing Commitment Amount, and, accordingly, the Warehousing Credit Limit, shall be temporarily increased by $300,000,000.00 (so that, during the Temporary Commitment Increase
Period, the Lender’s Warehousing Commitment Amount and the Warehousing Credit Limit will be $725,000,000.00) (referred to herein as, the “Temporary Warehousing Commitment Increase”). On the Temporary Commitment Increase
Termination Date, automatically, without notice or demand, the Warehousing Credit Limit and the Lender’s Warehousing Commitment Amount shall be restored to $425,000,000.00. 

(b) Other than to reflect the temporary increase in the Lender’s Warehousing Commitment Amount and in the Warehousing
Credit Limit and except as expressly set forth in this Section 2, no provisions of the Credit Agreement applicable to Warehousing Advances or the Warehousing Commitment shall be affected, including, without limitation, as to the conditions for
making Warehousing Advances, the accrual and payment of interest, and the payment and repayment of the principal amount of Warehousing Advances. 

(c) By 4:00 p.m. (Boston time) on the Temporary Commitment Increase Termination Date, the Borrower shall, without notice or
demand, make a principal payment to the Credit Agent (with accrued and unpaid interest thereon), for the account of the Lender, in an amount as shall be necessary — together with any other prepayments of the Loan made on such date — to
reduce the outstanding principal amount of the Loan to an amount that shall not then exceed the maximum principal balance of the Loan then permitted to be outstanding under the Loan Agreement, after giving effect to the expiration of the Temporary
Commitment Increase Period and the resulting reduction in 

  
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the Lender’s Warehousing Commitment Amount and in the Warehousing Credit Limit. The failure of the Borrower to comply with the foregoing provision shall constitute an immediate Event of
Default without notice or demand by the Credit Agent or the Lender. 
 (d) To evidence the Temporary Warehousing Commitment
Increase, the Borrower shall execute and deliver to the Lender a promissory note payable to the order of the Lender in the stated principal amount of $300,000,000.00 (the “Temporary Increase Note”). 

(e) As used herein: 

(i) The term “Temporary Commitment Increase Termination Date” means the earliest to occur of (A) the
Temporary Increase Maturity Date (as hereafter defined), (B) an Event of Default, and (C) the termination of the Warehousing Commitment. 

(ii) The term “Temporary Increase Maturity Date” means 4:00 p.m., Boston, Massachusetts time, on
December 5, 2014. 
 3. Acknowledgments by Borrower. The Borrower acknowledges, confirms and agrees that: 

(a) This Amendment, the Fee Letter and the Temporary Increase Note are Loan Documents. 

(b) From and after the Effective Date, all references to the Loan Agreement in any Loan Document shall be to the Loan Agreement
as amended by this Amendment and as it from time to time hereafter may be amended, supplemented, restated, or otherwise modified. 

(c) 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 (A) matters which speak to a specific date, (B) changes in the ordinary course to the
extent permitted and contemplated by the Loan Agreement, and (C) as reflected in the Updated Exhibits (as hereafter defined). 

  
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 (iii) The Borrower has the power and authority and legal right to execute,
deliver and perform this Amendment, the Fee Letter, the Temporary Increase Note, and any other documents to be executed and delivered by the Borrower in connection with this Amendment (this Amendment, the Fee Letter, the Temporary Increase Note and
such other documents, collectively, the “Amendment Documents”), has taken all necessary action to authorize the execution, delivery, and performance of the Amendment Documents, and the person executing and delivering the Amendment
Documents on behalf of the Borrower is, or, as applicable, will be, duly authorized to do so. 
 (iv) This Amendment has
been, and all other Amendment Documents will be, duly executed and delivered by the Borrower, and constitutes or will constitute upon their respective execution and delivery, 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. 
 (v) Exhibits E, F, G, and J attached hereto (the “Updated
Exhibits”) are true, correct, and complete updates as of the Effective Date of the corresponding Exhibits to the Loan Agreement. 

(d) 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 Lender in connection with this Amendment and any prior matters involving the Loan. 

(e) The Borrower does not have any offsets, defenses, claims, counterclaims or causes of action of any kind or nature against
the Credit Agent or any Lender with respect to any of its liabilities and obligations to the Credit Agent or any Lender, and, in any event, the Borrower specifically waives, releases, and forever relinquishes all claims, demands, obligations,
liabilities, and causes of action of whatever kind or nature, whether known or unknown, at law or in equity, which it has or may have, from the beginning of the world to both the date hereof and the Effective Date, against the Credit Agent, or any
Lender or their respective current or former 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 related to the Loan, the Obligations, the Loan Agreement, any other Loan Documents, or the administration thereof. 

4. Conditions Precedent. This Amendment shall be effective upon the satisfaction by the Borrower of, or written waiver
by the Credit Agent and the Lender of, the following 

  
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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, 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 this Amendment and all related documents shall
be null and void at the option of the Credit Agent: 
 (a) Delivery by the Borrower to the Credit Agent of the following:

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

(ii) A fee letter (the “Fee Letter”) setting forth certain fees to be paid by the Borrower, duly executed by
the Borrower. 
 (iii) The Temporary Increase Note, duly executed by the Borrower. 

(iv) A copy of the Borrower’s certificate of formation and limited liability company agreement, as amended and in effect
on the Effective Date, certified by an appropriate officer of the Borrower. 
 (v) Such certificates of resolutions or other
actions, incumbency certificates and/or other certificates of an authorized officer of the Borrower as the Credit Agent may require evidencing (A) the authority of the Borrower to enter into this Amendment and any other documents to be executed
and delivered in connection herewith, and (B) the identity, authority and capacity of each officer of the Borrower authorized to act on its behalf in connection with this Amendment and the other Loan Documents. 

(vi) An opinion of counsel to the Borrower in form and substance satisfactory to the Credit Agent. 

(vii) 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 all fees due on or before the Effective Date pursuant to the Fee Letter.

 (c) No Default or Event of Default shall have occurred and be continuing, or will be caused by or result from the
Borrower’s execution and delivery of this Amendment and the documents, instruments, and agreements related hereto, or the performance by the Borrower of its obligations hereunder or thereunder. 

(d) The representations and warranties of the Borrower contained in this Amendment or in any document, instrument, or agreement
delivered or to be delivered in connection with this Amendment (i) shall have been true and correct in all material 

  
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respects on the date that such representations and warranties were made (except for those which expressly relate to an earlier date, which shall be true and correct as of such earlier date), and
(ii) shall be true and correct in all material respects on the Effective Date as if made on and as of such date (except for those which expressly relate to an earlier date, which shall be true and correct as of such earlier date). 

(e) 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 the receipt of an appropriate invoice therefor, pay or reimburse the Credit Agent and the 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. 
 5. 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 originally signed counterparts of this Amendment to each other party, upon request. 

(c) This Amendment, together with the other Amendment Documents, constitutes the complete agreement among the Borrower, the
Credit Agent, and the Lender with respect to the subject matter thereof 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] 

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

 

			
	WALKER & DUNLOP, LLC
		
	By	 	 /s/ Stephen P. Theobald

	Name:	 	Stephen P. Theobald
	Title:	 	 Executive Vice President, Chief
 Financial
Officer & Treasurer

  

			
	BANK OF AMERICA, N.A., as Credit Agent and Lender
		
	By	 	 /s/ Jane E. Huntington

	Name:	 	Jane E. Huntington
	Title:	 	Senior Vice President

  

  
 [Signature page to Eighth
Amendment Warehousing Credit and Security Agreement] 

 EXHIBIT B - FNMA/DUS 

PROCEDURES AND DOCUMENTATION FOR WAREHOUSING FANNIE 

MAE DUS AND OTHER FANNIE MAE MORTGAGE LOANS 

Walker & Dunlop, LLC 

Walker & Dunlop, LLC (“Borrower”) must observe the following procedures and documentation requirements in all respects. All
documents must be satisfactory to Bank of America, N.A., as Credit Agent (“Credit Agent”) in its sole discretion. Capitalized terms used in this Exhibit without further definition have the meanings set forth in the Warehousing Credit and
Security Agreement among Borrower, Credit Agent, and the lenders party thereto (as amended, restated, renewed or replaced, the “Agreement”). Fannie Mae form numbers used in this Exhibit are for convenience only and Borrower must use the
equivalent forms required at the time of delivery of a Pledged Loan or a Pledged Security. 
 I. AT LEAST 3 BUSINESS DAYS PRIOR TO THE REQUESTED
WAREHOUSING ADVANCE DATE: 
 Credit Agent must receive a letter or email from Borrower providing the following information on the Pledged
Loan: 
 (1) Mortgagor’s name. 

(2) Project name. 
 (3)
Borrower’s case/loan number. 
 (4) Expected Warehousing Advance date. 

(5) Mortgage Note Amount. 
 (6)
Name, street address, email address, telephone number and fax number of (a) the contact person for the title company/settlement attorney, and (b) the person who will be responsible for the custody and delivery of the original note and
other documents to Credit Agent. 
 (7) Name of Investor [must comply with requirements of Agreement]. 

(8) In the event Borrower self-funded the Mortgage Loan with unencumbered funds (a “Pre-funded Mortgage Loan”), then in alternative
to clause I, 6 above, the original closing date of the Pre-funded Mortgage Loan. 
 Upon receipt of such letter or email, with all the
required information, and in form and substance satisfactory to Credit Agent, Credit Agent will issue its escrow instructions letter to the specified title company and/or the settlement attorney and other applicable person identified pursuant to
item (6), above, and which will include wiring information, bailee clauses and contact 
 information at the Credit Agent for the delivery of
the original Mortgage Note and related Collateral Documents. 
  

  
 Exhibit B - FNMA/DUS Page
1 

 II. AT LEAST 1 BUSINESS DAY PRIOR TO THE REQUESTED WAREHOUSING ADVANCE DATE: 

Credit Agent must receive the following: 
  

	(1)	An original or facsimile (with the original to be forwarded via overnight delivery) of the Warehousing Advance Request (Exhibit A). 

  

	(2)	Closing settlement statement, if available, otherwise must be delivered on the date of the Warehousing Advance, prior to funding. 

  

	(3)	For Other Fannie Mae Mortgage Loans, a copy of the Fannie Mae Multifamily Commitment printed from the C& D System. 

  

	(4)	For Fannie Mae DUS Mortgage Loans, a copy of the confirmed Fannie Mae Multifamily MBS/DUS Commitment printed from the C&D System. 

 

	(5)	If a Mortgage-backed Security is to be issued, a copy (or the original if requested by the Credit Agent) of the Purchase Commitment for the Pledged Security (which must conform to the requirements of the Agreement, with
purchase price and expiration date, and, if Fannie Mae is acquiring such Mortgage-backed Security, must be a copy of the standard one page confirmation from Fannie Mae). 

 

	(6)	Original or facsimile of Credit Agent’s escrow instructions letter to the title company or the settlement attorney, countersigned by an authorized representative of the title company or the settlement attorney
involved with the transaction. The foregoing conditions shall not be applicable in the event the Warehousing Advance is to be used to reimburse Borrower for any Pre-funded Mortgage Loan. 

 

	(7)	If applicable, original or facsimile of the Credit Agent’s closing instructions letter to the Borrower’s attorney, countersigned by the attorney involved with the transaction. 

 

	(8)	Original assignment of the Mortgage, endorsed by the Borrower in blank, in recordable form but unrecorded (copy is acceptable for funding, with the original to be forwarded via overnight mail). 

 

	(9)	Original assignment of the security agreement, if applicable, endorsed by the Borrower in blank, in recordable form but unrecorded (copy is acceptable for funding, with the original to be forwarded via overnight mail).

 No Warehousing Advance will be made by Lenders prior to Credit Agent’s receipt of all Collateral Documents required under Section II
or otherwise required under the Agreement. Credit Agent has a reasonable time (1 Business Day under ordinary circumstances) to examine Borrower’s Warehousing Advance Request and the Collateral Documents to be delivered by Borrower before
funding the requested Warehousing Advance, and may reject any Mortgage Loan that does not meet the requirements of this Exhibit, the Agreement or of the related Purchase Commitment. 

 

  
 Exhibit B - FNMA/DUS Page
2 

 Borrower must hold or cause the applicable title company or settlement attorney to hold, in trust and as agent
and bailee for Credit Agent, those original Collateral Documents of which only copies are required to be delivered to Credit Agent under this Exhibit. Promptly upon request by Credit Agent or, if the recorded Collateral Documents have not yet been
returned from the recording office, immediately upon receipt by Borrower or its custodian of those recorded Collateral Documents, Borrower must deliver or cause its custodian to deliver to Credit Agent any or all of the original Collateral
Documents. 
 To fund Warehousing Advances under the Exhibit and the Agreement upon compliance by Borrower with the terms of the Loan Documents and in
accordance with the procedures set forth in the Agreement, and upon funding by the Lenders of their respective Commitment Percentages of the requested Warehousing Advance to the Credit Agent or, at Credit agent’s option, in its sole discretion,
as otherwise provided in the Agreement, Credit Agent will advance funds to the Operating Account. Borrower shall wire the proceeds of the Warehousing Advance to the title company or the settlement attorney, which must be held in an escrow account of
the title company or the settlement attorney and disbursed in accordance with the closing letter of Borrower or its counsel when authorized by the terms of the escrow instruction letter of Credit Agent. 

Disbursement will be authorized only after the title company or settlement attorney takes possession, on behalf of and as agent and bailee for Credit Agent
pursuant to a bailee letter provided by Credit Agent, of the signed Mortgage Note, endorsed by Borrower in blank and without recourse, and the title company has confirmed that it is prepared to issue its title insurance policy. Immediately after
disbursement, the title company, settlement attorney or other attorney must transmit the Mortgage Note. In the event that the Pledged Loan is not closed, or the related Mortgage is not recorded, or title insurance is not issued or committed to be
issued, by 
3:00 p.m. on the date of the Warehousing Advance, or in the event the Borrower becomes aware of the fact that the closing of the Pledged Loan will not occur, the title company or the settlement attorney must return the Warehousing
Advance immediately and in any event by 12:00 p.m. on the Business Day following the date of the Warehousing Advance to the account reflected in the Credit Agent’s escrow instructions. 

The foregoing arrangements, which permit Credit Agent and Lenders to fund the Warehousing Advance after the Mortgage Note has been delivered to a third person
on behalf of, and as agent and bailee for, Credit Agent, and before the Mortgage Note is received by Credit Agent, are for the convenience of Borrower. Borrower retains all risk of loss or non-delivery of the Mortgage Note, and neither Credit Agent
nor any Lender has any liability or responsibility for those risks. 
 For any Warehousing Advance relating to a Pre-funded Mortgage Loan, the parties shall
not engage a Closing Agent or utilize an Escrow Letter. 
  

  
 Exhibit B - FNMA/DUS Page
3 

 III. ON THE FIRST BUSINESS DAY AFTER THE WAREHOUSING ADVANCE DATE: 

Credit Agent must receive the following: 
  

	 	(1)	The original Mortgage Note, endorsed by Borrower in blank and without recourse, endorsed by Borrower in blank, in recordable form but unrecorded. 

 

	 	(2)	A copy of the title insurance policy or the title insurance commitment to issue a policy marked to show the final policy exceptions, which: 

 

	 	(a)	Names as insured Borrower and/or the Investor, and their successors and assigns, as their interests may appear; 

  

	 	(b)	Shows an effective date and time which is as of the date and time of disbursement of the Warehousing Advance from escrow; 

  

	 	(c)	Sets forth an insured amount which is equal to or greater than the Warehousing Advance amount; and 

  

	 	(d)	Contains recording information, if such information is not available, such information will be provided within 24 hours after such information becomes available, filled in on the schedules pertaining to the Pledged
Loan. 

  

	 	(3)	Originals of items 1, 8 and 9 noted above in Section II. 

 IV. AS SOON AS POSSIBLE FOLLOWING THE ADVANCE
DATE, AND NO LATER THAN 1 BUSINESS DAY PRIOR TO THE DATE THE INVESTOR OR THE APPROVED CUSTODIAN MUST RECEIVE THE PLEDGED LOAN: 
 Credit
Agent must receive the following: 
  

	 	(1)	Signed shipping instructions for the delivery of the Pledged Loan, including the following: 

  

	 	(a)	Name and address of the Investor or the Approved Custodian to which the Collateral Documents are to be shipped, the desired shipping date and the preferred method of delivery (which must be a shipper ordinarily utilized
by Credit Agent) with Borrower’s billing account information for such shipper; 

  

	 	(b)	Name of project securing the Pledged Loan; 

  

	 	(c)	Date by which the Investor or the Approved Custodian must receive the Pledged Loan; and 

  

	 	(d)	Instructions for endorsement of the Mortgage Note. 

  

	 	(2)	For Other Fannie Mae Mortgage Loans and Fannie Mae DUS Mortgage Loans, the following additional documents must be received: 

  

	 	(a)	Executed bailee letter with the appropriate applicable Schedule (in form approved by Fannie Mae and Lender). 

  

  
 Exhibit B - FNMA/DUS Page
4 

	 	(b)	For cash payments, the signed original Wire Transfer Request (Fannie Mae Form 4639) or Fannie Mae Wiring Instructions printed from the C & D System, specifying the Borrower’s Cash Collateral Account as the
receiving account for loan purchase proceeds. Wire instructions as of the Closing Date are as follows: 

 Bank
of America, N.A. 
 ABA#: 

Account Name: Walker & Dunlop LLC, Cash Collateral Account 

Account #: 
  

	 	(c)	If a Mortgage-backed Security is to be issued by Fannie Mae, a copy of the Fannie Mae Wiring Instructions printed from the C&D System, instructing Fannie Mae to issue the Mortgage-backed Security in Borrower’s
name and to deliver the Pledged Security to Credit Agent’s custody account using the following instructions: 

Bk of NYC/BOATRUST 

ABA#: 

Ref: A/C Walker & Dunlop LLC 

Ref: A/C 
  

	 	(d)	If a Mortgage-backed Security is to be issued, completed and signed Security Delivery Instructions, in the form attached as Schedule I to this Exhibit. 

 

	 	(3)	The remainder of the documents required for shipping to the Investor as specified by the Investor or in the applicable Seller/Servicer Guide. 

Unless otherwise agreed in writing with Borrower, Credit Agent exclusively will deliver the Mortgage Note and other original Collateral
Documents required by this Exhibit evidencing the Pledged Loan, together with a bailee letter, to an Investor or an Approved Custodian. Upon instruction by Borrower, Credit Agent will complete the endorsement of the Mortgage Note. If no
Mortgage-backed Security is to be issued, Credit Agent will deliver the Mortgage Note and the other documents required for shipping to the Investor as specified by the Investor or in the applicable Seller/Servicer Guide with a bailee letter to the
Investor that issued the Purchase Commitment for the Pledged Loan or to an Approved Custodian for the Investor. If a Mortgage-backed Security is to be issued, Agent will deliver the Mortgage Note and the other documents required for shipping with a
bailee letter to an Approved Custodian and, upon Agent’s receipt of the Mortgage-backed Security, Agent will deliver the Mortgage-backed Security to the appropriate Approved Custodian solely on a delivery versus payment basis. 

Cash proceeds of the sale of a Pledged Loan or a Pledged Security will be deposited into the Borrower’s Cash Collateral Account and
applied to the related Warehousing Advance. As long as no Default or Event of Default exists, Credit Agent will return any excess proceeds from the sale of such Pledged Loan or Pledged Security, after repayment of the related Warehousing Advance, to
the Borrower (by transfer to the Borrower’s Operating Account), unless otherwise instructed in writing by the Borrower. 
  

  
 Exhibit B - FNMA/DUS Page
5 

 SCHEDULE I TO EXHIBIT B - FNMA/DUS 

BANK OF AMERICA, N.A. 

SECURITY DELIVERY INSTRUCTIONS 

INSTRUCTIONS MUST BE RECEIVED 2 BUSINESS DAYS IN ADVANCE OF PICK-UP/DELIVERY 
  

			
	Custodial Account Number:	  	
	Custodial Account Name:	  	Walker & Dunlop, LLC
	Agent’s Master Account:	  	
	 ABA #:
	  	
	 Telegraphic Abbreviation:
	  	BKofNYC/BOA Trust
		
	Cash Collateral Account:	  	

  

			
	BOOK-ENTRY DATE:            	  	SETTLEMENT DATE:            
		
	ISSUER:             	  	SECURITY: $            

 CUSIP NO.
                                        

  

					
	Pool No.                       	  	MI No.
                                    

 Coupon Rate:
                                         
        
 Issue Date (M/D/Y):
                                       Maturity Date
(M/D/Y):                                      

POOL TYPE:             

DELIVERY INSTRUCTIONS:                 DVP AMOUNT $ 

PROJECT NAME:
                                         
        
 AUTHORIZED
SIGNATURE:                                       
       
 PRINTED NAME:
                                     

TITLE:
                                         
              
 Exhibit B - FNMA/DUS Page 6 

 EXHIBIT B-FNMA/NT 

PROCEDURES AND DOCUMENTATION FOR WAREHOUSING 

SPECIAL FANNIE MAE MORTGAGE LOANS 

Walker & Dunlop LLC 

Walker & Dunlop LLC (“Borrower”) must observe the following procedures and documentation requirements in all respects. All
documents must be satisfactory to Bank of America, N.A., as Credit Agent (“Credit Agent”) in its sole discretion. Capitalized terms used in this Exhibit without further definition have the meanings set forth in the Warehousing Credit and
Security Agreement among Borrower, Credit Agent, and the lenders party thereto (as amended, restated, renewed or replaced, the “Agreement”). 

To the extent the documents required herein have previously been delivered to Credit Agent, they are not required to be redelivered unless
Credit Agent requests. 
 I. AT LEAST 5 BUSINESS DAYS PRIOR TO THE REQUESTED WAREHOUSING ADVANCE DATE: 

Credit Agent must receive a letter or email from the Borrower, providing the following information on the Pledged Loan: 

 

	 	(1)	A copy or draft copy of the Master Credit Facility Agreement, including any amendments. 

  

	 	(2)	As applicable, copy or draft copy of the Special Fannie Mae Pool Purchase Contract (“SPPK”) or MATS Addendum to Mortgage Selling and Servicing Contract (“MATS Addendum”) related to the Special Fannie
Mae Mortgage Loans to be made under the Master Credit Facility Agreement. 

 II. AT LEAST 3 BUSINESS DAYS PRIOR TO THE WAREHOUSING ADVANCE
DATE: 
 Credit Agent must receive a letter or email from the Borrower, providing the following information on the Pledged Loan: 

(1) Mortgagor’s name. 
 (2)
Project name. 
 (3) Borrower’s case/loan number. 

(4) Expected Warehousing Advance date. 

(5) Mortgage Note Amount, or in the case of a variable rate funding, the estimated amount. 

 

  
 Exhibit B – FNMA/NT
Page 1 

	 	(6)	Name, street address, e-mail address, telephone number and telecopier number of (a) the title company and settlement attorney and contact person, and (b) the person who will be responsible for custody of
closing documents and delivery of required items to Credit Agent. 

 III. AT LEAST 1 BUSINESS DAY PRIOR TO THE WAREHOUSING ADVANCE DATE:

  

	 	Credit	Agent must receive the following: 

  

	 	(1)	An original or facsimile (with the original to be forwarded via overnight delivery) of the Warehousing Advance Request (Exhibit A). 

  

	 	(2)	Closing settlement statement, if available, otherwise must be delivered on the date of the Warehousing Advance, prior to funding. 

  

	 	(3)	A copy of the fully-executed Master Credit Facility Agreement, including any amendments. 

  

	 	(4)	A copy of the fully-executed SPPK or MATS Addendum, as applicable. 

  

	 	(5)	Copy of the applicable Modified Risk Supplement to Delegated Servicing Master Loss Sharing Agreement between 
Fannie Mae and Borrower. 

 

	 	(6)	Copy of each Mortgage Note and amendments, if applicable, with respect to the Master Credit Facility Agreement against which the Warehousing Advance is requested to be made. 

 

	 	(7)	For variable-rate advances under a Master Credit Facility Agreement, a copy of the Advance Confirmation Instrument evidencing the advance under the Master Credit Facility Agreement. 

 

	 	(8)	A copy of the Fannie Mae Participation Certificate to be issued evidencing Fannie Mae’s 100% participation interest in the Special Fannie Mae Mortgage Loan. 

 

	 	(9)	Original or copy of Credit Agent’s and Borrower’s escrow instructions letters to the title company or the settlement attorney, countersigned by an authorized representative of the title company or the
settlement attorney involved with the transaction. 

  

	 	(10)	Original Fannie Mae Warehouse Lender Letter signed by Fannie Mae’s counsel as agent. 

  

	 	(11)	A copy of the Fannie Mae Multifamily MBS or DMBS Structured Facility Detail page printed from the Multifamily Structured Facility Management System (“MSFMS”). The MSFMS should be in the approved state. The
document reflected “completed” should be forwarded to the Credit Agent post closing. 

  

	 	(12)	A copy of the Purchase Commitment (which must conform to the requirements of the Agreement) in the case of MBS and Trade Confirmation in the case of DMBS for the Pledged Security. 

 

  
 Exhibit B – FNMA/NT
Page 2 

	 	(13)	Original of assignment of Mortgage(s), endorsed by Borrower in blank, in recordable form but unrecorded. 

  

	 	(14)	Copy of Borrower’s delivery instructions to Fannie Mae through MSFMS. For cash payments, including the following wire transfer instructions: 

Bank of America, N.A. 

ABA#: 

Account Name: Walker & Dunlop LLC, Cash Collateral Account 

Account #: 
 and
for Mortgage-backed Securities in Borrower’s name, for delivery of the Pledged Security to Credit Agent’s custody account using the following instructions: 

Bk of NYC/BOATRUST 

ABA#: 

Ref: A/C Walker & Dunlop LLC 

Ref: A/C 
 Upon
receipt of Borrower’s letters and the documents required under Sections I and II, in form and substance satisfactory to Credit Agent, Credit Agent will issue its escrow instructions letter to the title company or the settlement attorney. 

No Warehousing Advance will be made by Lenders prior to Credit Agent’s receipt of all Collateral Documents required under Section III or
otherwise required under the Agreement. Credit Agent has a reasonable time (1 Business Day under ordinary circumstances) to examine Borrower’s Warehousing Advance Request and the Collateral Documents to be delivered by Borrower before funding
the requested Warehousing Advance, and may reject any Mortgage Loan that does not meet the requirements of this Exhibit, the Agreement or of the related Purchase Commitment or Trade Confirmation. 

Borrower must hold or cause its custodian or the applicable title company or settlement attorney to hold, in trust and as agent and bailee for
Credit Agent, those original Collateral Documents of which only copies are required to be delivered to Credit Agent under this Exhibit. Promptly upon request by Credit Agent or, if the recorded Collateral Documents have not yet been returned from
the recording office, immediately upon receipt by Borrower or its custodian of those recorded Collateral Documents, Borrower must deliver or cause its custodian to deliver to Credit Agent any or all of the original Collateral Documents. 

To fund Warehousing Advances under the Exhibit and the Agreement upon compliance by Borrower with the terms of the Loan Documents and in
accordance with the procedures set forth in the Agreement, and upon funding by the Lenders of their respective Commitment Percentages of the requested Warehousing Advance to the Credit Agent or, at Credit agent’s option, in its sole discretion,
as otherwise provided in the Agreement, Credit Agent will advance funds to the Operating Account. Borrower shall wire the proceeds of the Warehousing Advance to the title company or the settlement attorney, which must be held in an escrow account of
the title 

  
 Exhibit B – FNMA/NT
Page 3 

 
company or the settlement attorney and disbursed in accordance with the closing letter of Borrower or its counsel when authorized by the terms of the escrow instruction letter of Credit Agent.

 Disbursement will be authorized only after Fannie Mae’s attorney takes possession, on behalf of Fannie Mae and as bailee for Credit
Agent pursuant to a bailee letter in the form approved by Fannie Mae and Credit Agent, of the signed Mortgage Note, endorsed by Borrower in blank and without recourse, and the title company has confirmed that it is prepared to issue its title
insurance policy. In the event that the Pledged Loan is not closed, or the related Mortgage is not recorded, or title insurance is not issued or committed to be issued, by 3:00 p.m. on the date of the Warehousing Advance, or in the event the
Borrower becomes aware of the fact that the closing of the Pledged Loan will not occur, the title company or the settlement attorney must return the Warehousing Advance immediately and in any event by 12:00 p.m. on the Business Day following the
date of the Warehousing Advance to the account reflected in the Credit Agent’s escrow instructions. 
 The foregoing arrangements, which
permit Credit Agent and Lenders to fund the Warehousing Advance after the Mortgage Note has been delivered to a third person on behalf of, and as agent and bailee for, Credit Agent, and before the Mortgage Note is received by Credit Agent, are for
the convenience of Borrower. Borrower retains all risk of loss or non-delivery of the Mortgage Note, and neither Credit Agent nor any Lender has any liability or responsibility for those risks. 

IV. ON THE FIRST BUSINESS DAY AFTER THE WAREHOUSING ADVANCE DATE: 

Credit Agent must receive the following: 
  

	 	(1)	A copy of the original fully-executed Mortgage Note or amendments. 

  

	 	(2)	A copy of the title insurance policy or the title insurance commitment to issue a policy marked to show the final policy exceptions, which: 

 

	 	(a)	Names as insured Borrower and/or the Investor, and their successors and assigns, as their interests may appear; 

  

	 	(b)	Shows effective date and time which is as of the date and time of disbursement of the Warehousing Advance from escrow; 

  

	 	(c)	Sets forth an insured amount, which is equal to or greater than the Warehousing Advance amount; and 

  

	 	(d)	Contains recording information, if such information is not available, such information will be provided within 24 hours after such information becomes available, filled in on the schedules pertaining to the Pledged
Loan. 

  

  
 Exhibit B – FNMA/NT
Page 4 

 V. AS SOON AS POSSIBLE FOLLOWING THE WAREHOUSING ADVANCE DATE, AND NO LATER THAN 1 BUSINESS DAY PRIOR TO THE
DATE THE INVESTOR OR APPROVED CUSTODIAN MUST RECEIVE THE PLEDGED LOAN: 
 Credit Agent must receive the following: 

 

	 	(1)	Completed and signed Security Delivery Instructions, in the form attached as Schedule I to this Exhibit. 

Upon receipt of a Pledged Security, Credit Agent will deliver the Pledged Security to the Investor that issued the Purchase Commitment or if
applicable, the Trade Confirmation, for the Pledged Security, solely on a delivery versus payment basis. Cash proceeds of the sale of a Pledged Loan or a Pledged Security will be deposited into the Borrower’s Cash Collateral Account and applied
to the related Warehousing Advance. As long as no Default or Event of Default exists, Credit Agent will return any excess proceeds from the sale of such Pledged Loan or Pledged Security, after repayment of the related Warehousing Advance, to the
Borrower (by transfer to the Borrower’s Operating Account), unless otherwise instructed in writing by the Borrower. 
  

  
 Exhibit B – FNMA/NT
Page 5 

 SCHEDULE I TO EXHIBIT B-FNMA/NT 

BANK OF AMERICA, N.A. 

SECURITY DELIVERY INSTRUCTIONS 

INSTRUCTIONS MUST BE RECEIVED 2 BUSINESS DAYS IN ADVANCE OF PICK-UP/DELIVERY 
  

			
	Custodial Account Number:	  	
	Custodial Account Name:	  	Walker & Dunlop, LLC
	Agent’s Master Account:	  	
	 ABA #:
	  	
	 Telegraphic Abbreviation:
	  	BKofNYC/BOA Trust
		
	Cash Collateral Account:	  	

  

					
	BOOK-ENTRY DATE:            	  		  	SETTLEMENT DATE:            
			
	ISSUER:         	  		  	SECURITY: $            
			
	 PURCHASE PRICE:             
	  		  	
			
	 ACCRUED INTEREST:             
	  		  	

 CUSIP NO.
                                        

					
	Pool No.                       	  	MI No.
                                    

 Coupon Rate:
                                         
        
 Issue Date (M/D/Y):
                                       Maturity Date
(M/D/Y):                                      

POOL TYPE: 
 DELIVERY TO:
        DVP AMOUNT $ 
 AUTHORIZED
SIGNATURE:                                       
       
 PRINTED NAME:
                                     

TITLE:
                                         
              
 Exhibit B – FNMA/NT Page 6 

 EXHIBIT B - FHA/GNMA-WD 

 

	
	  

PROCEDURES AND DOCUMENTATION FOR WAREHOUSING
FHA PERMANENT MORTGAGE LOANS, FHA CONSTRUCTION
MORTGAGE
LOANS, AND RELATED GINNIE MAE MORTGAGE-BACKED SECURITIES

 Walker & Dunlop, LLC (the
“Company” or the “Borrower”) must observe the following procedures and documentation requirements in all respects. All documents must be satisfactory to BANK OF AMERICA, N.A., as Credit Agent (the “Credit
Agent”), in its sole discretion. Capitalized terms used in this Exhibit without further definition have the meanings set forth in the Warehousing Credit and Security Agreement dated as of September 4, 2012 among the Company, Credit
Agent, and the lenders party thereto (as amended, restated, renewed or replaced, the “Agreement”). HUD form numbers used in this Exhibit are for convenience only, and the Company must use the equivalent forms required at the time of
delivery of a Pledged Mortgage or a Pledged Security. 
  

	I.	AT LEAST 3 BUSINESS DAYS PRIOR TO THE REQUESTED WAREHOUSING ADVANCE DATE: 

 Credit Agent must receive a
letter or email from the Company providing the following information on the Pledged Mortgage or Security: 
  

	 	(1)	Mortgagor’s name. 

  

	 	(2)	Project name. 

  

	 	(3)	The Company’s case/loan number. 

  

	 	(4)	HUD’s case/loan number. 

  

	 	(5)	Expected Warehousing Advance date. 

  

	 	(6)	Mortgage Note Amount (if an FHA Construction Loan, also include the amount and date of the initial and each subsequent advance thereunder). 

 

	 	(7)	Name and address of the Company’s counsel to be present at closing. 

  

	 	(8)	Name, street address, e-mail address, telephone number and telecopier number of (a) the title company and settlement attorney and contact person, and (b) the person who will be responsible for custody of
closing documents and delivery of required items to Credit Agent. 

  

	 	(9)	In the event the Mortgage Loan is a Pre-funded Mortgage Loan, then in the alternative to clause I, 8 above, the original closing date of the Pre-funded Mortgage Loan. 

 

	 	(10)	Name of Investor [must comply with requirements of Agreement]. 

  
 Exhibit B – FHA/GNMA
Page 1 

 Upon receipt of such letter or email communication, with all of the required information, and in form and
substance satisfactory to Credit Agent, Credit Agent will issue its escrow instructions letter to the specified title company and/or the settlement attorney, which will include wiring information, bailee clauses and contact information at the Credit
Agent for the delivery of the original Mortgage Note and related Collateral Documents. 
  

	II.	AT LEAST 1 BUSINESS DAY PRIOR TO THE REQUESTED WAREHOUSING DATE: 

 Credit Agent must receive the
following: 
  

	 	(1)	An original or facsimile (with original to be forwarded via overnight delivery) of the Warehousing Advance Request (Exhibit A). 

 

	 	(2)	Closing settlement statement, if available, otherwise must be delivered on the date of the Warehousing Advance, prior to funding. 

  

	 	(3)	Copy of current FHA Firm Commitment to insure with all amendments. 

  

	 	(4)	If no mortgage-backed Security is to be issued, a copy of the Purchase Commitment (which must conform to the requirements of the Agreement) for the Pledged Mortgage (or the original thereof if requested by Credit
Agent). 

  

	 	(5)	If a mortgage-backed Security is to be issued, a copy of the Purchase Commitment (which must conform to the requirements of the Agreement) for the Mortgage-backed Security (or the original thereof if requested by Credit
Agent). 

  

	 	(6)	If a participation certificate is to be issued, a copy of the participation and servicing agreement. 

  

	 	(7)	Original or facsimile of Credit Agent’s closing instructions letter to the Company’s attorney, countersigned by the attorney involved with transaction. The foregoing conditions shall not be applicable in the
event the Warehousing Advance is to be used to reimburse Borrower for any Pre-funded Mortgage Loan. 

  

	 	(8)	Original or facsimile of Credit Agent’s escrow instructions letter to the title company or the settlement attorney, countersigned by an authorized representative of the title company or the settlement attorney
involved with the transaction. 

  

	 	(9)	For FHA Construction Mortgage Loans, a copy of the Application for Insurance of Advance of Mortgage Proceeds (HUD Form 92403) to be submitted to HUD. 

 

	 	(10)	Original or copy (with original to be forwarded via overnight delivery) of Assignment of the Mortgage endorsed by the Company in blank, in recordable form but unrecorded. 

  
 Exhibit B – FHA/GNMA
Page 2 

	 	(11)	Original assignment of the security agreement, if applicable, endorsed by the Borrower in blank, in recordable form but unrecorded (copy is acceptable for funding, with the original to be forwarded via overnight mail).

 No Warehousing Advance will be made by Lenders prior to Credit Agent’s receipt of all Collateral Documents required under Section II
or otherwise required under the Agreement. Credit Agent has a reasonable time (1 Business Day under ordinary circumstances) to examine Borrower’s Warehousing Advance Request and the Collateral Documents to be delivered by Borrower before
funding the requested Warehousing Advance, and may reject any Mortgage Loan that does not meet the requirements of this Exhibit, the Agreement or of the related Purchase Commitment. 

Borrower must hold or cause the applicable title company or settlement attorney to hold, in trust and as agent and bailee for Credit Agent, those original
Collateral Documents of which only copies are required to be delivered to Credit Agent under this Exhibit. Promptly upon request by Credit Agent or, if the recorded Collateral Documents have not yet been returned from the recording office,
immediately upon receipt by Borrower or its custodian of those recorded Collateral Documents, Borrower must deliver or cause its custodian to deliver to Credit Agent any or all of the original Collateral Documents. 

To fund Warehousing Advances under the Exhibit and the Agreement upon compliance by Borrower with the terms of the Loan Documents and in accordance with the
procedures set forth in the Agreement, and upon funding by the Lenders of their respective Commitment Percentages of the requested Warehousing Advance to the Credit Agent or, at Credit agent’s option, in its sole discretion, as otherwise
provided in the Agreement, Credit Agent will advance funds to the Operating Account. Borrower shall wire the proceeds of the Warehousing Advance to the title company or the settlement attorney, which must be held in an escrow account of the title
company or the settlement attorney and disbursed in accordance with the closing letter of Borrower or its counsel when authorized by the terms of the escrow instruction letter of Credit Agent. 

At closing, the title company or the settlement attorney must take possession on behalf of, and as agent and bailee for, Credit Agent of (a) the signed
Mortgage Note, endorsed by the Company in blank and without recourse, and (b) a copy of the title insurance policy, after which the title company or the settlement attorney may release the Mortgage Note and the title insurance policy or
commitment to the Company’s counsel pursuant to an escrow letter signed by the Company’s counsel, in a form approved by Credit Agent. In the escrow letter, the Company’s counsel must (a) acknowledge receipt of the Mortgage Note,
(b) acknowledge Credit Agent’s security interest in the Mortgage Note, (c) agree that the Mortgage Note is being delivered to the Company’s counsel solely for the purpose of obtaining HUD’s endorsement and (d) agree to
deliver the Mortgage Note, endorsed by HUD, and the title insurance policy directly to Credit Agent. The title company or the settlement attorney may disburse the Warehousing Advance from escrow upon advice of the Company’s counsel (which may
be telephonic) that HUD has endorsed the Mortgage Note. In the event the Pledged Loan is not closed, or the related Mortgage is not recorded, or title insurance is not issued or committed to be issued, by 3:00 p.m. on the date of the Warehousing
Advance, or in the event the Borrower becomes aware of the fact that the closing of the Pledged Loan will not occur, the title company or the settlement attorney must 

  
 Exhibit B – FHA/GNMA
Page 3 

 
return the Warehousing Advance immediately and in any event by 12:00 p.m. on the following Business Day after the date of the Warehousing Advance to the account reflected in the Credit
Agent’s escrow instructions. 
 The foregoing arrangements, which permit the Credit Agent and Lenders to fund the Warehousing Advance after the
Mortgage Note has been delivered to a third person on behalf of, and as agent and bailee for, Credit Agent, and before the Mortgage Note is received by Credit Agent, are for the convenience of the Company. The Company retains all risk of loss or
non-delivery of the Mortgage Note, and neither Credit Agent nor any Lender has any liability or responsibility for those risks. 
 For any Warehousing
Advance relating to a Pre-funded Mortgage Loan, the parties shall not engage a settlement attorney or closing counsel, or utilize an Escrow Letter. 
  

	III.	ON THE SECOND BUSINESS DAY AFTER THE WAREHOUSING ADVANCE DATE: 

 Credit Agent must receive the following:

  

	 	(1)	Original signed Mortgage Note, endorsed by the Company in blank and without recourse and endorsed for insurance by HUD. 

  

	 	(2)	A copy of the title insurance policy or commitment, which: 

  

	 	(a)	Contains recording information filled in on the schedules pertaining to the Pledged Loan and regulatory agreement. 

  

	 	(b)	Names as insured the “Mortgagee and/or the Secretary of the Department of Housing and Urban Development, and their successors and assigns, as their interests may appear.” 

 

	 	(c)	Shows an effective date and time that is as of the date and time of disbursement of the Warehousing Advance from escrow. 

  

	 	(d)	Sets forth an insured amount that is equal to or greater than the Warehousing Advance amount. 

  

	 	(3)	For FHA Construction Mortgage Loans, a copy of the Application for Insurance of Advance of Mortgage Proceeds (HUD Form 92403), signed by an authorized representative of HUD. 

 

	 	(4)	If a participation certificate has been issued, (a) the original participation certificate evidencing one hundred percent (100%) of the undivided interests in the pool of Pledged Loans and (b) original
signed stock/bond power or equivalent assignment for the participation certificate issued from the Company to Credit Agent (or from the Investor to Credit Agent if the participation certificate was issued in the name of the Investor).

  
 Exhibit B – FHA/GNMA
Page 4 

	 	(5)	Originals of items 1, 10, and 11 noted above in Section II. 

 FOR SUBSEQUENT WAREHOUSING ADVANCES FOR FHA
CONSTRUCTION MORTGAGE LOAN 
  

	IV.	WAREHOUSING ADVANCES: 

  

	 	(1)	AT LEAST 1 BUSINESS DAY PRIOR TO THE DATE OF THE WAREHOUSING ADVANCE: Credit Agent must receive the following: 

  

	 	(a)	Original or facsimile (with original to be forwarded via overnight delivery) of the signed Warehousing Advance Request (Exhibit A). 

 

	 	(b)	An Application for Insurance of Advance of Mortgage Proceeds (HUD Form 92403), signed by an authorized representative of HUD. 

  

	 	(2)	ON THE DAY OF THE WAREHOUSING ADVANCE: 

 Credit Agent must receive evidence of the insurance
coverage in an amount at least equal to the aggregate amount of all Warehousing Advances related to such Mortgage Loan (including the requested Warehousing Advance), with a copy of the title insurance policy endorsement immediately following
closing. 
  

	 	(3)	ON THE FIRST BUSINESS DAY AFTER THE WAREHOUSING ADVANCE DATE: 

 If a participation certificate
has been issued in connection with a subsequent Warehousing Advance for an FHA Mortgage Loan, Credit Agent must receive (a) the original participation certificate evidencing one hundred percent (100%) of the undivided interests in the pool
of Pledged Mortgages and (b) original signed stock/bond powers or equivalent assignments for the participation certificate issued from the Company to Credit Agent (or from the Investor to Credit Agent if the participation certificate was issued
in the name of the Investor). 
  

	V.	AS SOON AS POSSIBLE AFTER THE WAREHOUSING ADVANCE DATE, AND NO LATER THAN ONE BUSINESS DAY PRIOR TO THE DATE THE INVESTOR OR THE APPROVED CUSTODIAN MUST RECEIVE THE PLEDGED MORTGAGE: 

Credit Agent must receive signed shipping instructions for the delivery of the Pledged Loan, including the following: 

 

	 	(1)	Name and address of the Investor or the Approved Custodian to which the Collateral Documents are to be shipped, the desired shipping date and the preferred method of delivery (which must be a shipper utilized by Credit
Agent), with the Company’s billing account information for such shipper. 

  
 Exhibit B – FHA/GNMA
Page 5 

	 	(2)	For delivery of a participation certificate, the name and address of the Investor to which the participation certificate is to be delivered. 

 

	 	(3)	Name of the project securing the Pledged Loan. 

  

	 	(4)	Date by which the Investor or the Approved Custodian must receive the Pledged Loan. 

  

	 	(5)	Instructions for endorsement of the Mortgage Note. For an FHA Construction Mortgage Loan, Credit Agent will, if instructed, endorse and deliver the Mortgage Note following the initial Warehousing Advance for that
Mortgage Loan. 

  

	 	(6)	Completed but not signed Release of Security Interest (HUD Form 11711A), to be signed and delivered by Credit Agent. With respect to Warehousing Advances against FHA Construction Mortgage Loans, Credit Agent will only
sign and deliver a Release of Security Interest (HUD Form 11711A) for the initial and the last Warehousing Advances for that Mortgage Loan. 

  

	VI.	IF A GINNIE MAE SECURITY IS TO BE ISSUED, AS SOON AS POSSIBLE FOLLOWING CLOSING, BUT NO LATER THAN 1 BUSINESS DAY PRIOR TO SETTLEMENT DATE FOR A SECURITY: 

Credit Agent must receive: 
  

	 	(1)	A signed copy of the Schedule of Subscribers (HUD Form HUD-11705), instructing Ginnie Mae to issue the mortgage-backed Security in the Company’s name, and to deliver the Security to Credit Agent’s custody
account at The Bank of New York/Bank of America Trust (ABA #021000018). 

  

	 	(2)	Completed and signed Securities Delivery Instructions, in the form set forth below in this Exhibit. 

 Unless
otherwise agreed in writing with the Company, Credit Agent exclusively will deliver the Mortgage Note, any participation certificates and other original Collateral Documents relating to the Collateral required by this Exhibit evidencing a Pledged
Loan, together with a bailee letter, to an Investor or an Approved Custodian. Upon instruction by the Company, Credit Agent will complete the endorsement of the Mortgage Note. 

If no Mortgage-backed Security is to be issued, Credit Agent will deliver the Mortgage Note with a bailee letter to the Investor that issued the Purchase
Commitment for the Pledged Loan or an Approved Custodian for the Investor. 
 If a Mortgage-backed Security is to be issued, Credit Agent will deliver the
Mortgage Note and the Release of Security Interest with a Bailee Letter to an Approved Custodian for Ginnie Mae. Credit Agent will deliver the Mortgage-backed Security to the Investor that issued the Purchase Commitment solely on a delivery versus
payment basis. The Pledged Security will be released to the Investor only upon payment of the purchase proceeds to Credit Agent. 

  
 Exhibit B – FHA/GNMA
Page 6 

 Cash proceeds of the sale of a Pledged Loan or a Pledged Security will be applied to the related Warehousing
Advance. As long as no Default or Event of Default exists, Credit Agent will return any excess proceeds from the sale of a Pledged Loan or a Pledged Security to the Company (by transfer to the Company’s Operating Account), unless otherwise
instructed in writing by the Company. 

  
 Exhibit B – FHA/GNMA
Page 7 

 BANK OF AMERICA, N.A. 

SECURITY DELIVERY INSTRUCTIONS 
  

 
 INSTRUCTIONS MUST BE RECEIVED 2 BUSINESS DAYS IN
ADVANCE OF PICK-UP/DELIVERY 
  

			
	Custodial Account Number:	  	
	Custodial Account Name:	  	Walker & Dunlop, LLC
	Agent’s Master Account:	  	
	 ABA #:
	  	
	 Telegraphic Abbreviation:
	  	BKofNYC/BOA Trust
		
	 Cash Collateral Account:
	  	 

  

					
	BOOK-ENTRY DATE:                             	  		  	SETTLEMENT DATE:                             
	ISSUER:
                                        
            	  		  	
	$
                                         
                        	  		  	SECURITY:
	NO. OF CERTIFICATES:                         	  		  	1)
                                         
                       
		  		  	2)
                                         
                       
		  		  	3)
                                         
                       
			
	CUSIP NO.:
                                         
   	  		  	
	Pool No.                  MI No.
                  	  		  	Coupon Rate:
                                         
    
	Issue Date (MM/DD/YYYY):                 	  		  	Maturity Dated (MM/DD/YYYY):           

 POOL TYPE (circle one): 

					
	Ginnie Mae:	  	GINNIE MAE I	  	GINNIE MAE II
			
	Freddie Mac:	  	FIXED ARM	  	DISCOUNT NOTE
			
	Fannie Mae:	  	FIXED ARM	  	DISCOUNT NOTE DEBENTURES REMIC
			
	DELIVER TO:	  	                                     
               	  	(  ) Versus Payment
		  	                                     
               	  	DVP AMOUNT $                         
	DELIVER TO:	  	                                     
               	  	(  ) Versus Payment
		  	                                     
               	  	DVP AMOUNT $                         
	DELIVER TO:	  	                                     
               	  	(  ) Versus Payment
		  	                                     
               	  	DVP AMOUNT $                         

 CLIENT:
                                         
                                         
                                         
                                         
         
 PROJECT:
                                         
                                         
                                         
                                         
       
 AUTHORIZED SIGNATURE:
                                         
                                         
                                         
                
 TITLE:
                                         
                                         
                                         
                                         
               
 Exhibit B – FHA/GNMA Page 8 

 EXHIBIT B-FREDDIE MAC PROGRAM PLUS LOANS 

 

	
	  
  

PROCEDURES AND DOCUMENTATION FOR WAREHOUSING
FREDDIE MAC PROGRAM PLUS LOANS

 

 Walker &
Dunlop, LLC (the “Company”) must observe the following procedures and documentation requirements in all respects. All documents must be satisfactory to BANK OF AMERICA, N.A., Credit Agent (the “Credit Agent”), in
its sole discretion. Capitalized terms used in this Exhibit without further definition have the meanings set forth in the Warehousing Credit and Security Agreement, dated as of September 4, 2012, among the Company, Credit Agent, and the lenders
party thereto (as amended, restated, renewed or replaced, “Agreement”). Freddie Mac form numbers are used in this Exhibit for convenience only and the Company must use the equivalent forms required at the time of delivery of a
Pledged Loan or a Security. 
  

	I.	AT LEAST 3 BUSINESS DAYS PRIOR TO THE REQUESTED WAREHOUSING ADVANCE DATE: 

 Credit Agent must receive a
letter or email from the Company, providing the following information on the Pledged Mortgage: 
  

	 	(1)	Mortgagor’s name. 

  

	 	(2)	Project name. 

  

	 	(3)	The Company’s case/loan number. 

  

	 	(4)	Expected Warehousing Advance Date. 

  

	 	(5)	Amount of the Mortgage Note. 

  

	 	(6)	Name, street address, email address, telephone number and fax number of (a) the contact person for the title company/settlement attorney, and (b) the person who will be responsible for the custody and delivery
of the original note and other documents to Credit Agent. 

  

	 	(7)	In the event the Mortgage Loan is a Pre-funded Mortgage Loan, then in the alternative to clause I, 6 above, the original closing date of the Pre-funded Mortgage Loan. 

Upon receipt of such letter or email, with all the required information, and in form and substance satisfactory to Credit Agent, Credit Agent will issue its
escrow instructions letter to the specified title company and/or the settlement attorney and other applicable person identified pursuant to item (6), above, and which will include wiring information, bailee clauses and contact information at the
Credit Agent for the delivery of the original Mortgage Note and related Collateral Documents. 

  
 Exhibit B-Freddie Mac
Page 1 

	II.	AT LEAST 1 BUSINESS DAY PRIOR TO THE REQUESTED WAREHOUSING ADVANCE DATE: 

 Credit Agent must receive the
following: 
  

	 	(1)	An original or facsimile (with original to be forwarded via overnight delivery) of the Warehousing Advance Request (Exhibit A). 

 

	 	(2)	Closing settlement statement, if available, otherwise must be delivered on the date of the Warehousing Advance, prior to funding. 

  

	 	(3)	A copy of the executed Purchase Commitment, with all executed exhibits (which must conform to requirements of the Agreement). 

  

	 	(4)	Original or facsimile of Credit Agent’s escrow instructions letter to the title company or the settlement attorney, countersigned by an authorized representative of the title company or the settlement attorney
involved with the transaction. 

  

	 	(5)	If applicable, original or facsimile of Credit Agent’s closing instructions letter to the Company’s attorney, countersigned by the attorney involved with the transaction. The foregoing conditions shall not be
applicable in the event the Warehousing Advance is to be used to reimburse Borrower for a Pre-funded Mortgage Loan. 

  

	 	(6)	Original or facsimile (with original to be forwarded via overnight delivery) Assignment of the Mortgage, endorsed by the Company in blank, in recordable form but unrecorded. 

 

	 	(7)	Original assignment of the security agreement, if applicable, endorsed by the Borrower in blank, in recordable form but unrecorded (copy is acceptable for funding, with the original to be forwarded via overnight mail).

 No Warehousing Advance will be made by the Lenders prior to Credit Agent’s receipt of all documents required under Section II above or
otherwise required under the Agreement. Credit Agent has a reasonable time (one (1) Business Day under ordinary circumstances) to examine the Company’s Warehousing Advance Request and the related documents to be delivered by the Company
before funding the requested Warehousing Advance, and may reject any Mortgage Loan that does not meet the requirements of this Exhibit, the Agreement or of the related Purchase Commitment. 

The Company must hold or cause the applicable title company or settlement attorney to hold, in trust and as agent and bailee for Credit Agent, those original
Collateral Documents of which only copies are required to be delivered to Credit Agent under this Exhibit. Promptly upon request by Credit Agent or, if the recorded Collateral Documents have not yet been returned from the recording office,
immediately upon receipt by the Company or its custodian of those recorded Collateral Documents, the Company must deliver or cause its custodian to deliver to Credit Agent any or all of the original Collateral Documents. 

  
 Exhibit B-Freddie Mac
Page 2 

 To fund Warehousing Advances under the Exhibit and the Agreement upon compliance by the Company with the terms of
the Loan Documents and in accordance with the procedures set forth in the Agreement, and upon funding by the Lenders of their respective Commitment Percentages of the requested Warehousing Advance to the Credit Agent or, at Credit agent’s
option, in its sole discretion, as otherwise provided in the Agreement, Credit Agent will advance funds to the Operating Account. The Company shall wire the proceeds of the Warehousing Advance to the title company or the settlement attorney, which
must be held in an escrow account of the title company or the settlement attorney and disbursed in accordance with the closing letter of the Company or its counsel when authorized by the terms of the escrow instruction letter of Credit Agent. 

Disbursement will be authorized only after the title company or settlement attorney takes possession, on behalf of and as agent and bailee for Credit Agent
pursuant to a bailee letter provided by Credit Agent, of the signed Mortgage Note, endorsed by the Company in blank and without recourse, and the title company has confirmed that it is prepared to issue its title insurance policy. Immediately after
disbursement, the title company, settlement attorney or other attorney must transmit the Mortgage Note. In the event that the Pledged Loan is not closed, or the related Mortgage is not recorded, or title insurance is not issued or committed to be
issued, by 3:00 p.m. on the date of the Warehousing Advance, or in the event the Company becomes aware of the fact that the closing of the Pledged Loan will not occur, the title company or the settlement attorney must return the Warehousing Advance
immediately and in any event by 12:00 p.m. on the Business Day following the date of the Warehousing Advance to the account reflected in the Credit Agent’s escrow instructions. 

The foregoing arrangements, which permit the Credit Agent and Lenders to fund the Warehousing Advance after the Mortgage Note has been delivered to a third
person on behalf of, and as agent and bailee for, Credit Agent, and before the Mortgage Note is received by Credit Agent, are for the convenience of the Company. The Company retains all risk of loss or nondelivery of the Mortgage Note, and neither
Credit Agent nor any Lender has any liability or responsibility for those risks. 
 For any Warehousing Advance relating to a Pre-funded Mortgage Loan, the
parties shall not engage a Closing Agent or utilize an Escrow Letter. 
  

	III.	ON THE FIRST BUSINESS DAY AFTER THE WAREHOUSING ADVANCE DATE (OR ON SUCH OTHER DATE INDICATED BELOW): 

Credit Agent must receive the following: 
  

	 	(1)	The original signed Mortgage Note, endorsed by the Company in blank and without recourse; and 

  

	 	(2)	A copy of the first page of the title insurance policy or the title insurance commitment to issue a policy marked to show the final policy exceptions, which: 

 

	 	(a)	Names as insured the Company and/or the Investor, and their successors and assigns, as their interests may appear; 

  
 Exhibit B-Freddie Mac
Page 3 

	 	(b)	Shows effective date and time which is as of the date and time of disbursement of the Warehousing Advance from escrow; 

  

	 	(c)	Sets forth an insured amount which is equal to or greater than the Warehousing Advance amount; and 

  

	 	(d)	Contains recording information, if such information is not available, such information will be provided within 24 hours after such information becomes available, filled in on the schedules pertaining to the Pledged
Loan. 

  

	IV.	AS SOON AS POSSIBLE FOLLOWING THE WAREHOUSING ADVANCE DATE, AND NO LATER THAN 1 BUSINESS DAY PRIOR TO THE DATE THE INVESTOR OR THE APPROVED CUSTODIAN MUST RECEIVE THE PLEDGED LOAN: 

Credit Agent must receive the following: 
  

	 	(1)	Signed shipping instructions for the delivery of the Pledged Loan, including the following: 

  

	 	(a)	Name and address of the Investor or the Approved Custodian to which the Collateral Documents are to be shipped, the desired shipping date and the preferred method of delivery (which must be a shipper utilized by Credit
Agent), with the Company’s billing account information for such shipper; 

  

	 	(b)	Name of project securing the Pledged Loan; 

  

	 	(c)	Date by which the Investor or the Approved Custodian must receive the Pledged Loan; and 

  

	 	(d)	Instructions for endorsement of the Mortgage Note. 

  

	 	(2)	For all Freddie Mac Loans, the following additional documents must be received: 

  

	 	(a)	For cash payments, the signed original Wire Transfer Authorization for a Cash Warehouse Delivery (Multifamily) (Freddie Mac Form 987M), specifying the Cash Collateral Account as the receiving account for loan purchase
proceeds. 

  

	 	(b)	Warehouse Lender Release of Security Interest (Multifamily) (Freddie Mac Form 996M). 

  

	 	(3)	The remainder of the documents required for shipping to the Investor, as specified by the Investor or in the applicable seller/servicer guide. 

Unless otherwise agreed in writing with the Company, Credit Agent exclusively will deliver the Mortgage Note and other original
Collateral Documents relating to the 

  
 Exhibit B-Freddie Mac
Page 4 

 
Collateral required by this Exhibit evidencing the Pledged Loan, together with a bailee letter, to an Investor or an Approved Custodian. Upon instruction by the Borrower, Credit Agent will
complete the endorsement of the Mortgage Note. The Credit Agent will deliver the Mortgage Note and the other documents required for shipping along with a signed Warehouse Lender Release of Security Interest (Multifamily) (Freddie Mac Form 996M) to
the applicable Investor or Approved Custodian. 
 Cash proceeds of the sale of a Pledged Loan will be deposited into the
Borrower’s Cash Collateral Account and applied to the related Warehousing Advance. As long as no Default or Event of Default exists, Credit Agent will return any excess proceeds from the sale of a Pledged Loan to the Company (by transfer to the
Company’s Operating Account), unless otherwise instructed in writing by the Company. 

  
 Exhibit B-Freddie Mac
Page 5 

 Exhibit E 

Master Credit Facilities 
  

									
	 Borrower

Name
	  	Commitment
Amount	 	  	UPB
as of September 30, 2014	 
	 Milestone
	  	$	278,684,000.00	  	  	$	278,684,000.00	  
	 UDR
	  	$	250,000,000.00	  	  	$	228,131,438.63	  
	 Benchmark Investments X LLC
	  	$	549,000,000.00	  	  	$	423,550,016.09	  
	 ECI Properties Inc.
	  	$	100,808,000.00	  	  	$	82,072,371.00	  

  
 Exhibit E 

 Exhibit F 

Subsidiaries of Walker & Dunlop, LLC 
  

									
	 Subsidiary Name
	  	Address	  	Jurisdiction of
Organization	  	Foreign
Qualifications	  	Percentage of
Ownership
Interests Held
	W&D Balanced Real Estate Fund I GP, LLC	  	7501 Wisconsin
 Avenue
 Suite 1200

Bethesda, MD
20814-6531
	  	Delaware	  	None	  	100%
	Walker & Dunlop Capital, LLC	  	7501 Wisconsin
 AvenueSuite 1200
 Bethesda,
MD
20814-6531
	  	Massachusetts	  	Alabama,
Florida,
 MarylandPennsylvania,
Rhode Island,
Texas
	  	100%
	ARA Finance LLC	  	7501 Wisconsin
 AvenueSuite 1200
 Bethesda,
MD
20814-6531
	  	Delaware	  	Massachusetts,
California	  	100%
 (through
Walker &

Dunlop Capital,
LLC)

  
 Exhibit F 

 Exhibit G 

Assumed Names 
 None. 

  
 Exhibit G 

 Exhibit J 

Lines of Credit 
  

	1.	Warehousing Credit and Security Agreement, dated as of September 24, 2014, as amended, by and among Walker & Dunlop, LLC, as borrower, TD Bank, N.A. and the other lenders party thereto from time to time,
and TD Bank, N.A., as credit agent, as amended. Committed amount of $200 million, interest rate of LIBOR plus 1.40%, maturing September 23, 2015. 

  

	2.	Credit Agreement, dated as of December 20, 2013, by and among Walker & Dunlop, Inc., as borrower, the lenders referred to therein, Wells Fargo Bank, National Association, as administrative agent, and Wells
Fargo Securities, LLC, as sole lead arranger and sole bookrunner. Original committed amount of $175 million with current outstanding of $173.7 million after amortization, interest at LIBOR plus 4.50% with a LIBOR floor of 1.00%, maturing
December 20, 2020. 

  

	3.	Amended and Restated Warehousing Credit and Security Agreement, dated as of June 25, 2013, by and between Walker & Dunlop, LLC, as borrower, Walker & Dunlop, Inc., as parent, and PNC Bank, N.A.,
as lender, as amended. Committed amount of $650 million, interest rate of LIBOR plus 1.50%, maturing June 23, 2015. 

  
 Exhibit J 

 EXHIBIT N 

As of October 29, 2014 

INVESTORS 
 AFL CIO Housing
Investment Trust 
 Amherst Securities Group (provided that the aggregate amount of obligations of Amherst Securities Group under all outstanding Purchase
Commitments shall not exceed, at any time, $25,000,000) 
 Bank of America Securities 

Barclays Capital 
 BB&T Securities 

BMO Capital Markets Group 
 BNP Paribas 

Cantor Fitzgerald & Co. 
 Chimera Investment
Corporation 
 Citigroup/Smith Barney Securities 
 Credit
Suisse Securities 
 Deutsche Securities 
 Duncan-Williams,
Inc. 
 Fannie Mae 
 Freddie Mac 

Goldman Sachs Securities 
 Jefferies & Co. 

JP Morgan Securities Inc. 
 KeyBank 

MLPF&S 
 Mizuho Securities USA, Inc. 

Morgan Stanley Securities 
 Nomura Securities 

Oppenheimer 
 Piper Jaffray & Co. 

PNC Bank/PNC Capital Markets 
 Raymond James & Co. 

  
 Exhibit N page 1 

 RBC Securities 

RBS Securities 
 Red Capital Markets (limited to GNMA purchases;
provided that the aggregate amount of obligations of Red Capital Markets under all outstanding Purchase Commitments shall not exceed, at any time, $15,000,000) 

Robert W. Baird & Co. 
 Sandler O’Neill
Partnership (provided that the aggregate amount of obligations of Sandler O’Neill Partnership under all outstanding Purchase Commitments shall not exceed, at any time, $25,000,000) 

SunTrust Robinson Humphrey, Inc. 
 Stephens Inc. 

UBS Securities 
 Wells Fargo Securities 

  
 Exhibit N page 2EX-10.1

 Exhibit 10.1 
  

 
 October 31, 2014 

PERSONAL AND CONFIDENTIAL 
 Robert B. McKnight,
Jr. 
 c/o Quiksilver, Inc. 
 15202 Graham Street 

Huntington Beach, California 92649 
  

	 	Re:	Retirement Agreement 

 Dear Bob: 

You have informed Quiksilver, Inc. (“Quiksilver” or the “Company”) of your intent to retire from the Company effective October 31,
2014 (your “Retirement Date”). The Company desires your continued support, following your Retirement Date, in the transition of your duties and certain other matters, and you are willing to provide such support, as a consultant on the
terms of consultancy set forth below. This letter (“Agreement”) will confirm the agreement and understanding we have reached regarding these matters. In that regard, we have agreed as follows: 

 

	1.	Retirement/Final Wages/Severance. 

  

	 	A.	You hereby resign your position as Executive Chairman of the Company, as an employee of the Company, and from each and every other position (as an officer, director, employee, member, manager and in any other capacity)
with the Company and each of its affiliates that you may hold, effective on your Retirement Date, except that you are not resigning as a member of the Company’s Board of Directors. 

 

	 	B.	 Your current base salary and current participation in the Company’s benefit plans will continue through your Retirement Date. On or before your
Retirement Date, you will be paid your accrued and unpaid base salary through your Retirement Date. You will not be eligible for a bonus for 2014 or any additional equity or incentive-based compensation. Your stock option and restricted stock unit
awards previously granted by the Company will be treated as provided in Paragraph 2 below. You agree that any business expenses you have incurred that have not yet been reimbursed are consistent with your past practices, and you will submit to the
Company, not later than your Retirement Date, such expenses for reimbursement in accordance with (and subject to) the Company’s usual expense reimbursement policies. Following your Retirement Date, you will no longer be eligible to participate
in the benefit plans and programs of the Company or any of its affiliates, provided that this Agreement does not impact any of your rights under the Consolidated Omnibus Budget Reconciliation Act of 1985 or similar state law (“COBRA”).
Other insurance coverages may be subject to continuation or conversion at your own expense, subject to the provisions of the particular 

  
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plan. Your accrued and vested benefits under the Company’s 401(k) plan, and under any Company health, life, disability or other welfare benefit plan, will be paid in accordance with the
terms of the applicable plan. Except as set forth above, you agree that you have been paid all compensation and benefits due from the Company and each of its affiliates, and that all payments due to you from the Company or any of its affiliates
after the date hereof will be determined under this Agreement. Except as provided in Paragraph 2.C below, you are not eligible for severance benefits under any severance plan, policy or arrangement of, or agreement with, the Company or any of
its affiliates. 

  

	 	C.	You and the Company agree that you are entitled to the severance benefits described in the following sentence pursuant to Section 9(d) of your employment agreement with the Company dated January 2, 2013 (your
“Employment Agreement”). The Company will pay you (as severance) $83,333.33 per month, less applicable withholdings and deductions, commencing with November 2014 and continuing through (and ending with) October 2016 (“Severance
Payments”). You agree that you are not entitled to any benefit pursuant to Section 9(d) of your Employment Agreement other than the Severance Payments described in the preceding sentence. 

 

	 	D.	Except for your continuing obligations under Section 10 of your Employment Agreement (“Trade Secrets; Confidential and/or Proprietary Information”) and the Severance Payments described above, you have no
further right, and the Company has no further obligation, under the Employment Agreement. Except for Section 10 of your Employment Agreement and the Severance Payments described above, any and all employment agreements you may have with the
Company or any of its affiliates are deemed fully terminated and of no further force or effect. You have no right to any additional compensation, equity or benefits under any such employment agreement. 

 

	2.	Stock Options and Restricted Stock Units. 

  

	 	A.	Attached hereto as Attachment “A” is a copy of your current Optionee Statement listing your vested and unvested stock options granted to you by the Company that are currently outstanding (your
“Options”) and your restricted stock units granted to you by the Company that are currently outstanding (your “RSUs”). 

  

	 	B.	 The date upon which you cease to provide “Services” for purposes of your Options will be the later of the date that you cease to provide
consulting services to the Company pursuant to Paragraph 3 below and the date that you cease to serve as a member of the Company’s Board of Directors (such date of cessation of services is referred to as the “Services Cessation
Date”). In accordance with the existing terms of the Options, any unexercised Options on the Services Cessation Date which have not previously expired will (subject to the next sentence in the event the Services Cessation Date is caused by your
death or Permanent Disability [as such term is defined in your individual stock option agreements]) remain exercisable for a period of (i) ninety (90) days with respect to Options granted to you prior to May 25, 2005, and
(ii) twelve (12) months with respect to Options granted to you on or after May 25, 2005 (in each case, commencing with the 

  
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Services Cessation Date), after which they will expire and cease to be exercisable without payment of any consideration by the Company and without any other action by you; provided,
however, that in no event may such Options be exercised after their expiration date, and they may terminate and cease to be exercisable earlier in the event of a corporate transaction as provided in your individual stock option agreements. In the
event the Services Cessation Date is caused by your death or Permanent Disability, any unexercised Options on the Services Cessation Date which have not previously expired will remain exercisable until October 31, 2017, after which they will
expire and cease to be exercisable without payment of any consideration by the Company and without any other action by you; provided, however, that in no event may such Options be exercised after their expiration date, and they may terminate
and cease to be exercisable earlier in the event of a corporate transaction as provided in your individual stock option agreements. All other terms of your Options shall continue to be governed by the applicable plan pursuant to which they were
issued and the applicable stock option agreements. 

  

	 	C.	The only RSU awards that you hold are awards with a grant date of June 13, 2011, November 13, 2012 and January 2, 2013. Your Retirement Date is the date upon which you cease to provide
“Services” for purposes of your RSUs. Accordingly, on your Retirement Date, you will retain a total of 1,250,000 (40/64 x 2,000,000) of the RSUs originally awarded to you on June 13, 2011, November 13, 2012 and
January 2, 2013. These RSUs will remain subject to the vesting, termination and other provisions set forth in the applicable award Agreement. All remaining RSUs (750,000) shall be cancelled and forfeited as of the Retirement Date without
payment of any consideration by the Company and without any other action by you. 

  

	3.	Strategic Advisory Services. 

  

	 	A.	In light of your longstanding service to the Company, your institutional knowledge regarding its operations, and the ongoing projects in which you are involved, we have requested your continued availability on a
consulting basis. You have agreed that for a 36-month period following the Retirement Date, you shall make yourself available on an as-requested basis to the Company’s Chief Executive Officer or his or her designee to provide strategic advisory
and transition services. It is anticipated that you will provide most of such strategic advisory and transition services telephonically or electronically. Such services shall not be construed to create the relationship of employer and employee or
principal and agent between you and the Company. During the period you are providing strategic advisory and transition services pursuant to this Paragraph 3, you shall not be entitled to participate in any of the medical, dental, life or long
term disability insurance coverages provided by the Company for the benefit of its employees, other than your right to elect COBRA coverage. 

  

	 	B.	 The Company will pay you a consulting fee of $999,999.96 (the “Consulting Fee”), which will be paid in twelve installment payments of
$83,333.33 per installment, with the first installment payable in November 2016 and installments continuing monthly continuing through (and ending with) October 2017. The Consulting Fee installment payable in any particular month will be paid not
later 

  
 -3- 

	 	
than the last day of such month. In addition, should you elect continued group health insurance coverage under COBRA, the Company will pay on your behalf up to $894.33 per month for such coverage
during the period you are providing consulting services. The Company may terminate your consulting services at any time for any reason, but in such event the Company will continue to pay you the Consulting Fee and make the COBRA payments as though
your services had not been terminated before the end of the scheduled 36-month period. You may terminate your consulting services, but in such event you would not be entitled to any installment payment of the Consulting Fee or COBRA payments (except
for payment of any installment of the Consulting Fee and COBRA payment due for any month prior to the month in which such termination occurs, to the extent not theretofore paid). 

 

	4.	Full Understanding and Voluntary Acceptance. 

 There are both legal and tax
implications to you in executing this Agreement, and you agree to be solely liable and responsible for, and indemnify and hold the Company harmless from, any tax liability you personally may incur as a result of this Agreement. Quiksilver advises
you to consult an attorney and/or a tax professional prior to executing this Agreement. In entering into this Agreement, you agree that you have had the opportunity to seek the advice of an independent attorney and/or tax professional of your own
choice and that you understand all the terms of this Agreement. You are executing this Agreement voluntarily with full knowledge of its significance and, in doing so, are not relying upon any statements, advice or representations made by the
Company, its employees or its counsel. 
  

	5.	Confidentiality/Non-Solicitation. 

  

	 	A.	You agree (i) to preserve in confidence and not disclose any confidential, proprietary, or trade secret information relating to Quiksilver (or its affiliates), or their products, personnel, or financial data, and
(ii) not to download, copy or transfer any documents or software from the Company’s computers. 

  

	 	B.	You agree that, for a period of one (1) year after the Retirement Date, you shall not, without the prior written consent of the Company, directly or indirectly through the actions of any other individual or entity,
whether for your own benefit or for that of another individual or entity, (i) solicit, divert or induce, or attempt to solicit, divert or induce, any individual who is an employee of the Company or any of the Released Parties (as defined below)
to terminate his or her employment; or (ii) solicit, divert or induce, or attempt to solicit, divert or induce, any individual or entity who is a supplier, distributor, customer or client of the Company or any of the Released Parties not to
continue as a supplier, distributor, customer or client of the Company. 

  

	6.	Release of Claims. 

  

	 	A.	 In exchange for the consideration provided herein, you agree to, and by signing this Agreement do, forever waive and release Quiksilver and each of
its affiliated or related entities, divisions, subsidiaries, foundations, licensees, shareholders, 

  
 -4- 

	 	
officers, directors, employees, attorneys, agents, successors and assigns, including, without limitation, QS Wholesale, Inc. (collectively, “Quiksilver Releasees”), from all known and
unknown claims, rights, actions, complaints, charges, liabilities, obligations, promises, agreements, causes of action, suits, demands, damages, costs, losses, debts, and expenses of any nature whatsoever which you ever had, now have, or may claim
to have against any of the Quiksilver Releasees, including, without limitation, any claim arising out of (i) any aspect of your employment or the termination of your employment; and/or (ii) any federal, state or governmental constitution,
statute, regulation or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the California Fair Employment and Housing Act and the California Labor Code; provided,
however, that this release does not (a) affect rights or claims that may arise after the date it is executed, (b) waive rights or claims arising out of this Agreement, or (c) waive any rights you may have to indemnity under the
Company’s By-Laws, any individual indemnification agreement between you and the Company, California Labor Code § 2802 or as otherwise required by law. 

Your entitlement to payments and benefits under this Agreement are subject to and conditioned upon your execution and delivery to the Company
of this Agreement within 45 days following your Retirement Date and the passage of the seven (7)-day revocation period provided for in Section 13 hereof without your exercising such revocation right (and for the sake of clarity, notwithstanding
anything herein to the contrary, no such payments and benefits shall be paid or provided until such timely delivery of this Agreement, and expiration of such revocation period for this release). 

 

	 	B.	In exchange for the consideration provided herein, Quiksilver and each of its affiliated entities, divisions and subsidiaries (the “Quiksilver Parties”) agree to, and by signing this Agreement do, forever
waive and release you from all known and unknown claims, rights, actions, complaints, charges, liabilities, obligations, promises, agreements, causes of action, suits, demands, damages, costs, losses, debts, and expenses of any nature whatsoever
which they ever had, now have, or may claim to have against you, except for those arising from, or in connection with your knowing fraud, knowing violation of law, deliberate dishonesty, willful misconduct or in violation of your duty of loyalty to
the Company. 

  

	 	C.	Further, you and the Quiksilver Parties waive and relinquish all rights and benefits each may have under Section 1542 of the California Civil Code. Section 1542 reads as follows: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

  
 -5- 

	7.	Non-Admission. 

 Nothing contained in this Agreement shall be considered an
admission of any liability whatsoever. If you elect not to sign this Agreement, this Agreement is inadmissible in evidence to prove any liability or damage. 
  

	8.	Severability. 

 Should any portion, word, clause, phrase, sentence or
paragraph of this Agreement be declared void or unenforceable, such portion shall be considered independent and severable from the remainder, the validity of which shall remain unaffected. 

 

	9.	Successors and Assigns. 

 This Agreement, and all the terms and provisions hereof,
shall be binding upon and shall inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns. 
  

	10.	Entire Agreement and Arbitration. 

 This Agreement constitutes the entire
agreement between you and Quiksilver pertaining to the subject matter hereof and supersedes any and all prior agreements, understandings, negotiations and discussions, whether oral or written, pertaining to the subject matter hereof, including
without limitation the Employment Agreement. This Agreement may be executed in one or more counterparts, and the counterparts signed in the aggregate will constitute a single, original agreement. In addition, this Agreement may be executed and
delivered by facsimile (“fax”) or by electronic means (“pdf”), and copies by means of faxed or electronic signatures will have the same force and effect as copies executed and delivered with original ink signatures. After the
execution of this Agreement, to the fullest extent allowed by law, any controversy, claim or dispute between you and the Company (and/or any of the Quiksilver Parties) relating to or arising out of this Agreement or your employment or the cessation
of that employment will be submitted to final and binding arbitration in Orange County, California, for determination in accordance with the applicable rules of JAMS. 
  

	11.	Signature and Revocation Periods. 

 So that you can review this Agreement
as you deem appropriate, the Company advises you as follows: (i) this Agreement does not waive any rights or claims that may arise after it is signed by you; (ii) you will have forty-five (45) days to consider this Agreement and
return it to me, although you may sign it sooner than that if you so desire; (iii) you retain the right to revoke this Agreement at any time during the seven (7)-day period following the date that you sign it; and (iv) if I do not receive
your signed Agreement within the initial forty-five (45)-day period, this Agreement will be null and void. This Agreement shall not become effective or enforceable until such seven (7)-day revocation period has expired (“Effective Date”).

  
 -6- 

 By signing below, you voluntarily accept the terms contained in this Agreement. Bob, all of us thank you for your
service to Quiksilver, and we wish all the best for you and your family. 
 Sincerely, 

 

			
	QUIKSILVER, INC.
		
	By: 	 	  

		 	Carol E. Scherman
		 	Executive Vice President, Global Human Resources

  

					
	I HAVE READ, UNDERSTAND AND VOLUNTARILY AGREE TO THE ABOVE.	 		 	
			
	   
	 		 	   

	Robert B. McKnight, Jr.	 		 	Date

  
 -7-

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