Document:

Exhibit 10.21

 

INDEMNIFICATION AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is
entered into as of 
[    ], 2010, by and among Walker & Dunlop, Inc.,
a Maryland corporation (the “Company” or the
“Indemnitor”) and
[                                    ]
(the “Indemnitee”).

 

WHEREAS, the Indemnitee is an officer [or][and] a member of the Board of Directors of the Company and in
such [capacity][capacities] is performing a valuable service for the Company;

 

WHEREAS, Maryland law permits the Company
to enter into contracts with its officers or members of its Board of Directors
with respect to indemnification of, and advancement of expenses to, such
persons;

 

WHEREAS, the Articles of Amendment and
Restatement of the Company (the “Charter”)
provide that the Company shall indemnify and advance expenses to its directors
and officers to the maximum extent permitted by Maryland law in effect from
time to time;

 

WHEREAS, the Amended and Restated Bylaws
of the Company (the “Bylaws”)
provide that each director and officer of the Company shall be indemnified by
the Company to the maximum extent permitted by Maryland law in effect from time
to time and shall be entitled to advancement of expenses consistent with
Maryland law; and

 

WHEREAS, to induce the Indemnitee to
provide services to the Company as an officer [or][and] a member of
the Board of Directors, and to provide the Indemnitee with specific contractual
assurance that indemnification will be available to the Indemnitee regardless
of, among other things, any amendment to or revocation of the Charter or the
Bylaws, or any acquisition transaction relating to the Company, the Indemnitor
desires to provide the Indemnitee with protection against personal liability as
set forth herein.

 

NOW,
THEREFORE, in consideration of the premises and the covenants
contained herein, the Indemnitor and the Indemnitee hereby agree as follows:

 

1.                                      DEFINITIONS

 

For
purposes of this Agreement:

 

(A)                               “Change in
Control” shall have the definition set forth in the Walker &
Dunlop, Inc. 2010 Equity Incentive Plan.

 

 

(B)                               “Corporate Status”
describes the status of a person who is or was a director or officer of the
Company or is or was serving at the request of the Company as a director,
officer, partner (limited or general), member, director, employee or agent of
any other foreign or domestic corporation, partnership, joint venture, limited
liability company, trust, other enterprise (whether conducted for profit or not
for profit) or employee benefit plan. The Company shall be deemed to have
requested the Indemnitee to serve an employee benefit plan where the
performance of the Indemnitee’s duties to the Company also imposes or imposed
duties on, or otherwise involves or involved services by, the Indemnitee to the
plan or participants or beneficiaries of the plan.

 

(C)                               “Expenses”
shall include all attorneys’ and paralegals’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service
fees, and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, or being or preparing to be a witness in a Proceeding.

 

(D)                               “Proceeding”
includes any action, suit, arbitration, alternate dispute resolution mechanism,
investigation (including any formal or informal internal investigation to which
the Indemnitee is made a party by reason of the Corporate Status of the
Indemnitee), administrative hearing, or any other proceeding, including appeals
therefrom, whether civil, criminal, administrative, or investigative, except
one initiated by the Indemnitee pursuant to paragraph 8 of this Agreement to
enforce such Indemnitee’s rights under this Agreement.

 

(E)                                “Special
Legal Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporate law and neither presently is, or in the
past two years has been, retained to represent (i) the Indemnitor or the
Indemnitee in any matter material to either such party, or (ii) any other
party to the Proceeding giving rise to a claim for indemnification hereunder.

 

2.                                      INDEMNIFICATION

 

The
Indemnitee shall be entitled to the rights of indemnification provided in this
paragraph 2 and under applicable law, the Charter, the Bylaws, any other
agreement, a vote of stockholders or resolution of the Board of Directors or
otherwise if, by reason of such Indemnitee’s Corporate Status, such Indemnitee
is, or is threatened to be made, a party to any threatened, pending, or
completed Proceeding, including a Proceeding by or in the right of the
Company.  Unless prohibited by paragraph
13 hereof and subject to the other provisions of this Agreement, the Indemnitee
shall be indemnified hereunder, to the maximum extent permitted by Maryland law
in effect from time to time, against judgments, penalties, fines 

 

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and
settlements and reasonable Expenses actually incurred by or on behalf of such
Indemnitee in connection with such Proceeding or any claim, issue or matter
therein; provided, however, that if such Proceeding was initiated by or in the
right of the Company, indemnification may not be made in respect of such
Proceeding if the Indemnitee shall have been finally adjudged to be liable to
the Company.  For purposes of this
paragraph 2, excise taxes assessed on the Indemnitee with respect to an
employee benefit plan pursuant to applicable law shall be deemed fines.

 

3.                                      INDEMNIFICATION
FOR EXPENSES IN CERTAIN CIRCUMSTANCES

 

(A)                               Without limiting the effect of any
other provision of this Agreement (including the Indemnitee’s rights to
indemnification under paragraph 2 and advancement of expenses under paragraph
4), without regard to whether the Indemnitee is entitled to indemnification
under paragraph 2 and without regard to the provisions of paragraph 6 hereof,
to the extent that the Indemnitee is successful, on the merits or otherwise, in
any Proceeding to which the Indemnitee is a party by reason of such Indemnitee’s
Corporate Status, such Indemnitee shall be indemnified against all reasonable
Expenses actually incurred by or on behalf of such Indemnitee in connection
therewith. (1)

 

(B)                               If the Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as
to one or more but less than all claims, issues, or matters in such Proceeding,
the Indemnitor shall indemnify the Indemnitee against all reasonable Expenses
actually incurred by or on behalf of such Indemnitee in connection with each
successfully resolved claim, issue or matter.

 

(C)                               For purposes of this paragraph (3) and
without limitation, the termination of any claim, issue or matter in such
Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.

 

4.                                      ADVANCEMENT
OF EXPENSES

 

Notwithstanding
anything in this Agreement to the contrary, but subject to paragraph 13 hereof,
if the Indemnitee is or was or becomes a party to or is otherwise involved in
any Proceeding (including as a witness), or is or was threatened to be made a
party to or a participant (including as a witness) in any such Proceeding, by
reason of the Indemnitee’s Corporate Status, or by reason of (or arising in
part out of) any actual or alleged event or occurrence related to the
Indemnitee’s Corporate Status, or by reason of any actual or alleged

 

(1)                                 Note: paragraph 3(a) recites
the statutory requirement to indemnify for expenses in a successful proceeding,
unless limited by charter.  Paragraph 2
provides for mandatory indemnification, including for expenses, to the maximum
extent provided by Maryland law and the charter and by-laws of the Corporation.

 

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act or omission
on the part of the Indemnitee taken or omitted in or relating to the Indemnitee’s
Corporate Status, then the Indemnitor shall advance all reasonable Expenses
incurred by the Indemnitee in connection with any such Proceeding within twenty
(20) days after the receipt by the Indemnitor of a statement from the
Indemnitee requesting such advance from time to time, whether prior to or after
final disposition of such Proceeding; provided that, such statement shall
reasonably evidence the Expenses incurred or to be incurred by the Indemnitee
and shall include or be preceded or accompanied by (i) a written
affirmation by the Indemnitee of the Indemnitee’s good faith belief that the
standard of conduct necessary for indemnification by the Indemnitor as
authorized by this Agreement has been met and (ii) a written undertaking
by or on behalf of the Indemnitee to repay the amounts advanced if it should
ultimately be determined that the standard of conduct has not been met.  The undertaking required by clause (ii) of
the immediately preceding sentence shall be an unlimited general obligation of
the Indemnitee but need not be secured and may be accepted without reference to
financial ability to make the repayment.

 

5.                                      WITNESS
EXPENSES

 

Notwithstanding
any other provision of this Agreement, to the extent that the Indemnitee is, by
reason of such Indemnitee’s Corporate Status, a witness for any reason in any
Proceeding to which such Indemnitee is not a named defendant or respondent,
such Indemnitee shall be indemnified by the Indemnitor against all Expenses
actually incurred by or on behalf of such Indemnitee in connection therewith.

 

6.                                      DETERMINATION
OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION

 

(A)                               To obtain indemnification under
this Agreement, the Indemnitee shall submit to the Indemnitor a written
request, including therewith such documentation and information reasonably
necessary to determine whether and to what extent the Indemnitee is entitled to
indemnification.

 

(B)                               Indemnification under this
Agreement may not be made unless authorized for a specific Proceeding after a
determination has been made in accordance with this paragraph 6(B) that
indemnification of the Indemnitee is permissible in the circumstances because
the Indemnitee has met the following standard of conduct: the Indemnitor shall
indemnify the Indemnitee in accordance with the provisions of paragraph 2
hereof, unless  it is established that: (a) the
act or omission of the Indemnitee was material to the matter giving rise to the
Proceeding and (x) was committed in bad faith or (y) was the result
of active and deliberate dishonesty; (b) the Indemnitee actually received
an improper personal benefit in money, property or services; or (c) in the
case of any criminal proceeding, the Indemnitee had reasonable cause to believe
that the act or omission was unlawful. 
Upon receipt by the Indemnitor of the Indemnitee’s written request for
indemnification pursuant to subparagraph

 

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6(A), a
determination as to whether the applicable standard of conduct has been met
shall be made within the period specified in paragraph 6(E):  (i) if a Change in Control shall have
occurred, by Special Legal Counsel in a written opinion to the Board of
Directors, a copy of which shall be delivered to the Indemnitee, with Special
Legal Counsel selected by the Indemnitee (the Indemnitee shall give prompt
written notice to the Indemnitor advising the Indemnitor of the identity of the
Special Legal Counsel so selected); or (ii) if a Change in Control shall
not have occurred, (A) by the Board of Directors by a majority vote of a
quorum consisting of directors not, at the time, parties to the Proceeding, or,
if such quorum cannot be obtained, then by a majority vote of a committee of
the Board of Directors consisting solely of two or more directors not, at the
time, parties to such Proceeding and who were duly designated to act in the
matter by a majority vote of the full Board of Directors in which the
designated directors who are parties may participate, (B) if the requisite
quorum of the full Board of Directors cannot be obtained therefor and the
committee cannot be established (or, even if such quorum is obtainable or such
committee can be established, if such quorum or committee so directs), by
Special Legal Counsel in a written opinion to the Board of Directors, a copy of
which shall be delivered to Indemnitee, with Special Legal Counsel selected by
the Board of Directors or a committee of the Board of Directors by vote as set
forth in clause (ii)(A) of this paragraph 6(B) (or, if the requisite
quorum of the full Board of Directors cannot be obtained therefor and the
committee cannot be established, by a majority of the full Board of Directors
in which directors who are parties to the Proceeding may participate) (if the
Indemnitor selects Special Legal Counsel to make the determination under this
clause (ii), the Indemnitor shall give prompt written notice to the Indemnitee
advising him or her of the identity of the Special Legal Counsel so selected)
or (C) if so directed by a majority of the members of the Board of
Directors, by the stockholders of the Company. 
If it is so determined that the Indemnitee is entitled to
indemnification, payment to the Indemnitee shall be made within ten (10) days
after such determination. Authorization of indemnification and determination as
to reasonableness of Expenses shall be made in the same manner as the
determination that indemnification is permissible. However, if the
determination that indemnification is permissible is made by Special Legal
Counsel under clause (ii)(B) above, authorization of indemnification and
determination as to reasonableness of Expenses shall be made in the manner
specified under clause (ii)(B) above for the selection of such Special
Legal Counsel.

 

(C)                               The Indemnitee shall cooperate with
the person or entity making such determination with respect to the Indemnitee’s
entitlement to indemnification, including providing upon reasonable advance
request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to the Indemnitee
and reasonably necessary

 

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to such
determination.  Any reasonable costs or
expenses (including reasonable attorneys’ fees and disbursements) incurred by
the Indemnitee in so cooperating shall be borne by the Indemnitor (irrespective
of the determination as to the Indemnitee’s entitlement to indemnification) and
the Indemnitor hereby indemnifies and agrees to hold the Indemnitee harmless
therefrom.

 

(D)                                In the event the determination of
entitlement to indemnification is to be made by Special Legal Counsel pursuant
to paragraph 6(B) hereof, the Indemnitee, or the Indemnitor, as the case
may be, may, within seven days after such written notice of selection shall
have been given, deliver to the Indemnitor or to the Indemnitee, as the case
may be, a written objection to such selection. 
Such objection may be asserted only on the grounds that the Special
Legal Counsel so selected does not meet the requirements of “Special Legal
Counsel” as defined in paragraph 1 of this Agreement.  If such written objection is made, the
Special Legal Counsel so selected may not serve as Special Legal Counsel until a
court has determined that such objection is without merit.  If, within twenty (20) days after submission
by the Indemnitee of a written request for indemnification pursuant to paragraph
6(A) hereof, no Special Legal Counsel shall have been selected or, if
selected, shall have been objected to, either the Indemnitor or the Indemnitee
may petition a court for resolution of any objection which shall have been made
by the Indemnitor or the Indemnitee to the other’s selection of Special Legal
Counsel and/or for the appointment as Special Legal Counsel of a person
selected by the court or by such other person as the court shall designate, and
the person with respect to whom an objection is so resolved or the person so
appointed shall act as Special Legal Counsel under paragraph 6(B) hereof.  The Indemnitor shall pay all reasonable fees
and expenses of Special Legal Counsel incurred in connection with acting
pursuant to paragraph 6(B) hereof, and all reasonable fees and expenses
incident to the selection of such Special Legal Counsel pursuant to this
paragraph 6(D).  In the event that a
determination of entitlement to indemnification is to be made by Special Legal
Counsel and such determination shall not have been made and delivered in a
written opinion within ninety (90) days after the receipt by the Indemnitor of
the Indemnitee’s request in accordance with paragraph 6(A), upon the due
commencement of any judicial proceeding in accordance with paragraph 8(A) of
this Agreement, Special Legal Counsel shall be discharged and relieved of any
further responsibility in such capacity.

 

(E)                                If the person or entity making the
determination whether the Indemnitee is entitled to indemnification shall not
have made a determination within forty-five (45) days after receipt by the
Indemnitor of the request therefor, the requisite determination of entitlement
to indemnification shall be deemed to have been made and the Indemnitee shall
be entitled to such indemnification,

 

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absent:  (i) a misstatement by the Indemnitee of a
material fact, or an omission of a material fact necessary to make the
Indemnitee’s statement not materially misleading, in connection with the
request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.  Such 45-day period
may be extended for a reasonable time, not to exceed an additional fifteen (15)
days, if the person or entity making said determination in good faith requires
additional time for the obtaining or evaluating of documentation and/or
information relating thereto.  The
foregoing provisions of this paragraph 6(E) shall not apply: (i) if
the determination of entitlement to indemnification is to be made by the
stockholders and if within fifteen (15) days after receipt by the Indemnitor of
the request for such determination the Board of Directors resolves to submit
such determination to the stockholders for consideration at an annual or
special meeting thereof to be held within seventy-five (75) days after such
receipt and such determination is made at such meeting, or (ii) if the
determination of entitlement to indemnification is to be made by Special Legal
Counsel pursuant to paragraph 6(B) of this Agreement.

 

7.                                      PRESUMPTIONS

 

(A)                               In making a determination with
respect to entitlement or authorization of indemnification hereunder, the
person or entity making such determination shall presume that the Indemnitee is
entitled to indemnification under this Agreement and the Indemnitor shall have
the burden of proof to overcome such presumption.

 

(B)                               The termination of any Proceeding
by conviction, or upon a plea of nolo contendere or its equivalent, or an entry
of an order of probation prior to judgment, creates a rebuttable presumption
that the Indemnitee did not meet the requisite standard of conduct described
herein for indemnification.

 

8.                                      REMEDIES

 

(A)                               In the event that:  (i) a determination is made in
accordance with the provisions of paragraph 6 that the Indemnitee is not
entitled to indemnification under this Agreement, or (ii) advancement of
reasonable Expenses is not timely made pursuant to this Agreement, or (iii) payment
of indemnification due the Indemnitee under this Agreement is not timely made,
the Indemnitee shall be entitled to an adjudication in an appropriate court of
competent jurisdiction of such Indemnitee’s entitlement to such indemnification
or advancement of Expenses.

 

(B)                               In the event that a determination
shall have been made pursuant to paragraph 6 of this Agreement that the
Indemnitee is not entitled to indemnification, any judicial proceeding
commenced pursuant to this paragraph 8 shall be

 

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conducted
in all respects as a de novo trial on the merits.  The fact that a determination had been made
earlier pursuant to paragraph 6 of this Agreement that the Indemnitee was not
entitled to indemnification shall not be taken into account in any judicial
proceeding commenced pursuant to this paragraph 8 and the Indemnitee shall not
be prejudiced in any way by reason of that adverse determination.  In any judicial proceeding commenced pursuant
to this paragraph 8, the Indemnitor shall have the burden of proving that the
Indemnitee is not entitled to indemnification or advancement of Expenses, as
the case may be.

 

(C)                               If a determination shall have been
made or deemed to have been made pursuant to this Agreement that the Indemnitee
is entitled to indemnification, the Indemnitor shall be bound by such
determination in any judicial proceeding commenced pursuant to this paragraph
8, absent:  (i) a misstatement by
the Indemnitee of a material fact, or an omission of a material fact necessary
to make the Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law.

 

(D)                               The Indemnitor shall be precluded
from asserting in any judicial proceeding commenced pursuant to this paragraph
8 that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court that the Indemnitor is
bound by all the provisions of this Agreement.

 

(E)                                In the event that the Indemnitee,
pursuant to this paragraph 8, seeks a judicial adjudication of such Indemnitee’s
rights under, or to recover damages for breach of, this Agreement, if
successful on the merits or otherwise as to all or less than all claims, issues
or matters in such judicial adjudication, the Indemnitee shall be entitled to
recover from the Indemnitor, and shall be indemnified by the Indemnitor
against, any and all reasonable Expenses actually incurred by such Indemnitee
in connection with each successfully resolved claim, issue or matter.

 

9.                                      NOTIFICATION
AND DEFENSE OF CLAIMS

 

The Indemnitee agrees promptly to
notify the Indemnitor in writing upon being served with any summons, citation,
subpoena, complaint, indictment, information, or other document relating to any
Proceeding or matter which may be subject to indemnification or advancement of
Expenses covered hereunder, but the failure so to notify the Indemnitor will
not relieve the Indemnitor from any liability that the Indemnitor may have to
Indemnitee under this Agreement unless the Indemnitor is materially prejudiced
thereby.  With respect to any such
Proceeding as to which Indemnitee notifies the Indemnitor of the commencement
thereof:

 

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(A)                              The Indemnitor will be entitled to
participate therein at its own expense.

 

(B)                               Except as otherwise provided below, the Indemnitor will be
entitled to assume the defense thereof, with counsel reasonably satisfactory to
Indemnitee.  After notice from the
Indemnitor to Indemnitee of the Indemnitor’s election to assume the defense
thereof, the Indemnitor will not be liable to Indemnitee under this Agreement
for any legal or other expenses subsequently incurred by Indemnitee in
connection with the defense thereof other than reasonable costs of
investigation or as otherwise provided below. 
Indemnitee shall have the right to employ Indemnitee’s own counsel in
such Proceeding, but the fees and disbursements of such counsel incurred after
notice from the Indemnitor of the Indemnitor’s assumption of the defense
thereof shall be at the expense of Indemnitee unless (a) the employment of
counsel by the Indemnitee has been authorized by the Indemnitor, (b) the
Indemnitee shall have reasonably concluded that there may be a conflict of
interest between the Indemnitor and the Indemnitee in the conduct of the
defense of such action, (c) such Proceeding seeks penalties or other
relief against the Indemnitee with respect to which the Indemnitor could not
provide monetary indemnification to the Indemnitee (such as injunctive relief
or incarceration) or (d) the Indemnitor shall not in fact have employed
counsel to assume the defense of such action, in each of which cases the fees
and disbursements of counsel shall be at the expense of the Indemnitor.  The Indemnitor shall not be entitled to
assume the defense of any Proceeding brought by or on behalf of the Indemnitor,
or as to which the Indemnitee shall have reached the conclusion specified in
clause (b) above, or which involves penalties or other relief against the
Indemnitee of the type referred to in clause (c) above.

 

(C)                                The Indemnitor shall not be liable
to indemnify the Indemnitee under this Agreement for any amounts paid in
settlement of any action or claim effected without the Indemnitor’s written
consent.  The Indemnitor shall not settle
any action or claim in any manner that would impose any penalty or limitation
on the Indemnitee without the Indemnitee’s written consent.  Neither the Indemnitor nor Indemnitee will unreasonably
withhold or delay consent to any proposed settlement.

 

10.                               NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE SUBROGATION

 

(A)                               The rights of indemnification and
to receive advancement of reasonable Expenses as provided by this Agreement
shall not be deemed exclusive of any other rights to which the Indemnitee may
at any time be entitled under applicable law, the Charter, the Bylaws, any
other agreement, a vote of stockholders, a resolution of the Board of Directors
or otherwise, except that 

 

9

 

any
payments otherwise required to be made by the Indemnitor hereunder shall be
offset by any and all amounts received by the Indemnitee from any other
indemnitor or under one or more liability insurance policies maintained by an
indemnitor or otherwise and shall not be duplicative of any other payments
received by an Indemnitee from the Indemnitor in respect of the matter giving
rise to the indemnity hereunder; provided, however, that if indemnification rights
are provided by an Additional Indemnitor as defined in Section 18(B) hereof,
such Section shall govern.  No
amendment, alteration or repeal of this Agreement or any provision hereof shall
be effective as to the Indemnitee with respect to any action taken or omitted
by the Indemnitee prior to such amendment, alteration or repeal.

 

(B)                               To the extent that the Company
maintains an insurance policy or policies providing liability insurance for
directors and officers of the Company, the Indemnitee shall be covered by such
policy or policies in accordance with its or their terms to the maximum extent
of the coverage available and upon any “Change in Control” the Company shall
use commercially reasonable efforts to obtain or arrange for continuation
and/or “tail” coverage for the Indemnitee to the maximum extent obtainable at
such time.

 

(C)                               Except as otherwise provided in Section 18(B) hereof,
in the event of any payment under this Agreement, the Indemnitor shall be
subrogated to the extent of such payment to all of the rights of recovery of
the Indemnitee, who shall execute all papers required and take all actions
necessary to secure such rights, including execution of such documents as are
necessary to enable the Indemnitor to bring suit to enforce such rights.

 

(D)                               Except as otherwise provided in Section 18(B) hereof,
the Indemnitor shall not be liable under this Agreement to make any payment of
amounts otherwise indemnifiable hereunder if and to the extent that the
Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement, or otherwise.

 

11.                               CONTINUATION
OF INDEMNITY

 

(A)                               All agreements and obligations of
the Indemnitor contained herein shall continue during the period the Indemnitee
is an officer or a member of the Board of Directors of the Company and shall
continue thereafter so long as the Indemnitee shall be subject to any
threatened, pending or completed Proceeding by reason of such Indemnitee’s
Corporate Status and during the period of statute of limitations for any act or
omission occurring during the Indemnitee’s term of Corporate Status.  This Agreement shall be binding upon the
Indemnitor and its respective successors and assigns and shall inure to the

 

10

 

benefit of
the Indemnitee and such Indemnitee’s heirs, executors and administrators.

 

(B)                               The Company shall require and cause
any successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
reasonably satisfactory to the Indemnitee, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

 

12.                               SEVERABILITY

 

If any
provision or provisions of this Agreement shall be held to be invalid, illegal
or unenforceable for any reason whatsoever, (i) the validity, legality,
and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any paragraph of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby, and (ii) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any paragraph
of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested by the provisions held
invalid, illegal or unenforceable.

 

13.                               EXCEPTIONS
TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES

 

Notwithstanding
any other provisions of this Agreement, the Indemnitee shall not be entitled to
indemnification or advancement of reasonable Expenses under this Agreement with
respect to (i) any Proceeding initiated by such Indemnitee against the
Indemnitor other than a proceeding commenced pursuant to paragraph 8 hereof, or
(ii) any Proceeding for an accounting of profits arising from the purchase
and sale by Indemnitee of securities of the Company in violation of
Section 16(b) of the Exchange Act, rules and regulations
promulgated thereunder, or any similar provisions of any federal, state or
local statute.

 

14.          NOTICE TO
THE COMPANY STOCKHOLDERS

 

Any
indemnification of, or advancement of reasonable Expenses, to an Indemnitee in
accordance with this Agreement, if arising out of a Proceeding by or in the
right of the Company, shall be reported in writing to the stockholders of the
Company with the notice of the next Company stockholders’ meeting or prior to
the meeting.

 

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15.          HEADINGS

 

The
headings of the paragraphs of this Agreement are inserted for convenience only
and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

16.          MODIFICATION
AND WAIVER

 

No
supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by each of the parties hereto.  No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

 

17.          NOTICES

 

All
notices, requests, demands, and other communications hereunder shall be in
writing and shall be deemed to have been duly given if (i) delivered by
hand and received by the party to whom said notice or other communication shall
have been directed, or (ii) mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so
mailed, if so delivered or mailed, as the case may be, to the following
addresses:

 

If to the
Indemnitee, to the address set forth in the records of the Company.

 

If to the
Indemnitor, to:

 

Walker &
Dunlop, Inc.

7501
Wisconsin Avenue

Suite 1200

Bethesda,
MD 20814

Attention:  Chairman, President and Chief Executive
Officer

Fax
No.:     (301) 215-5500

 

or to such
other address as may have been furnished to the Indemnitee by the Indemnitor or
to the Indemnitor by the Indemnitee, as the case may be.

 

18.          CONTRIBUTION

 

(A)                               To the fullest extent permissible under applicable law, if
the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee,
shall contribute to the amount incurred by Indemnitee, whether for judgments,
penalties, fines and settlements and reasonable expenses actually incurred by
or on behalf of an Indemnitee, in connection with any claim relating to an
indemnifiable event under this Agreement, in such proportion as is deemed 

 

12

 

fair and reasonable in light
of all of the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the
event(s) and/or transaction(s) giving cause to such Proceeding;
and/or (ii) the relative fault of the Company (and its directors,
officers, employees and agents) and Indemnitee in connection with such event(s) and/or
transaction(s).

 

(B)                               The Company acknowledges and agrees that as between the
Company and any other entity that has provided indemnification rights in
respect of Indemnitee’s service as a director of the Company at the request of
such entity (an “Additional Indemnitor”), the Company shall be primarily liable
to Indemnitee as set forth in this Agreement for any indemnification claim
(including, without limitation, any claim for advancement of Expenses) by
Indemnitee in respect of any Proceeding for which Indemnitee is entitled to
indemnification hereunder.  In the event
the Additional Indemnitor is liable to any extent to Indemnitee by virtue of
indemnification rights provided by the Additional Indemnitor to Indemnitee in
respect of Indemnitee’s service on the Board at the request of the Additional
Investor and Indemnitee is also entitled to indemnification under this
Agreement (including, without limitation, for advancement of Expenses) as a
result of any Proceeding, the Company shall pay, in the first instance, the
entire amount of any indemnification claim (including, without limitation, any
claim for advancement of Expenses) brought by the Indemnitee against the
Company under this Agreement (including, without limitation, any claim for
advancement of Expenses) without requiring the Additional Indemnitor to
contribute to such payment and the Company hereby waives and relinquishes any
right of contribution, subrogation or any other right of recovery of any kind
it may have against the Additional Indemnitor in respect thereof.  The
Company further agrees that no advancement or payment by the Additional
Indemnitor on behalf of Indemnitee with respect to any claim for which Indemnitee has sought
indemnification from the Company shall affect the foregoing and the Additional
Indemnitor shall be subrogated to the extent of such advancement or payment to
all of the rights of recovery of Indemnitee against the Company.

 

19.          GOVERNING LAW

 

The
parties agree that this Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Maryland, without
application of the conflict of laws principles thereof.

 

13

 

20.          NO
ASSIGNMENTS

 

The
Indemnitee may not assign its rights or delegate obligations under this
Agreement without the prior written consent of the Indemnitor.  Any assignment or delegation in violation of
this paragraph 19 shall be null and void.

 

21.          NO THIRD
PARTY RIGHTS

 

Except
for the rights of an Additional Indemnitor under paragraph 18(B) hereof:
(a), nothing expressed or referred to in this Agreement will be construed to
give any person other than the parties to this Agreement any legal or equitable
right, remedy or claim under or with respect to this Agreement or any provision
of this Agreement; and (b) this Agreement and all of its provisions are
for the sole and exclusive benefit of the parties to this Agreement and their
successors and permitted assigns.

 

22.          COUNTERPARTS

 

This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together constitute an agreement binding
on all of the parties hereto.

 

[Signature page follows]

 

14

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

 

	
   

  	
  WALKER & DUNLOP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  William M.
  Walker

  
	
   

  	
  Title:

  	
  Chairman,
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:Exhibit
10.26

 

FOURTH AMENDMENT TO AMENDED AND RESTATED
WAREHOUSING

CREDIT AND SECURITY AGREEMENT

 

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED
WAREHOUSING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is made as
of November 29, 2010, by and among WALKER & DUNLOP, LLC (the “Borrower”),
BANK OF AMERICA, N.A., as credit agent (the “Credit Agent”), and the
lenders party hereto (the “Lenders”). 
Capitalized terms used herein without definition have the meanings
specified therefor in that certain Amended and Restated Warehousing Credit and
Security Agreement dated as of October 15, 2009, among the Borrower, the
Credit Agent, and the Lenders, as amended (the “Loan Agreement”).

 

R E C I T A L S

 

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

 

B.                                     In addition, the Borrower has informed the Credit Agent and the Lenders
that the Borrower has formed W&D Balanced Real Estate Fund I GP, LLC (“Fund
GP”) and Green Park Express, LLC (“GPFE”) as Subsidiaries, and has
requested that the Credit Agent and the Lenders waive any Event of Default
under Section 8.3 of the Loan Agreement resulting therefrom and consent to
the continuation of Fund GP and GPFE as Subsidiaries of the Borrower, and the
Credit Agent and the Lenders have agreed to provide the requested waiver 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 as of the Effective Date, the Loan
Agreement is amended as follows:

 

(a)                                  Clause (a) of Section 1.2 of the Loan Agreement is hereby
amended by replacing the date “November 29, 2010” where it appears therein
with the date “November 28, 2011.”

 

(b)                                 Section 13.1 of the Loan Agreement is hereby amended by deleting
the following definition in its entirety, and replacing it with the following:

 

“Applicable Margin”
means (a) for LIBOR Loans, 2.50%, and (b) for Base Rate Loans, 2.50%.

 

(c)                                  Exhibits C and L to the Loan
Agreement are hereby deleted in their entirety and replaced with the forms of Exhibits
C and L annexed hereto.

 

2.                                       Consent and Waiver.  On and subject to the terms and conditions
set forth in this Agreement, as of the Effective Date the Credit Agent and the
Lenders consent to, and waive any 

 

 

Event of Default caused by,
the prior formation by the Borrower of Fund GP and GPFE as Subsidiaries, and
consent to Fund GP and GPFE remaining as direct, wholly-owned Subsidiaries of
the Borrower; provided, however (i) no
funds of any kind shall be made available to, or for the benefit or the account
of, GP Fund or GPFE by the Borrower or any direct or indirect holder of any
Equity Interests in the Borrower, whether by way of capital contribution or
other equity investment, loan, or otherwise, after the date of this Agreement
(whether or not the Effective Date occurs), and (ii) for the purposes of
the Loan Agreement, including, without limitation for the determination of
compliance with the financial covenants set forth in Section 8 of the Loan
Agreement, Fund GP and GPFE, including the Borrower’s investment therein and
all related income and expenses, shall be disregarded as a Subsidiaries of the
Borrower and excluded from all financial statements and reports of the
Borrower.

 

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

 

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

 

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

 

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

 

(ii)                                  the representations and warranties made by the Borrower in the Loan Agreement
and the other Loan Documents are true and correct as of the date hereof, and
will be true and correct as of the Effective Date, except as to (1) matters
which speak to a specific date, (2) changes in the ordinary course to the
extent permitted and contemplated by the Loan Agreement, and (3) as
reflected in the updated Exhibits annexed to this Amendment.

 

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

 

(iv)                              this Amendment constitutes the legal, valid and binding obligation of
the Borrower, enforceable against the Borrower in accordance with its terms,
subject to the effect of applicable bankruptcy and other similar laws affecting
the 

 

2

 

rights
of creditors generally and the effect of equitable principles whether applied
in an action at law or a suit in equity.

 

(v)                                 Exhibits D, E, F, G, H, J, and K
attached hereto are true, correct, and complete updates as of the Effective
Date of the corresponding Exhibits to the Loan Agreement.

 

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

 

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

 

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

 

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

 

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

 

(ii)                                  Such certificates of resolutions or other actions, incumbency
certificates and/or other certificates of an authorized officer 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.

 

3

 

(iii)                               A copy of the Operating Agreement of the Borrower, as amended and in
effect as of the Effective Date certified by an appropriate officer thereof.

 

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

 

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

 

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

 

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

 

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

 

(e)                                  The Borrower shall have executed and delivered to (i) the Credit
Agent, and (ii) the Lenders, separate Fee Letters, in form and substance
acceptable to the Credit Agent and the Lenders, respectively, and the Credit
Agent and the Lenders shall have received payment in immediately available
funds of all amounts payable thereunder in connection with 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 original signed counterparts of this Amendment to
each other party, upon request.

 

4

 

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

 

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

 

[Remainder of page intentionally left
blank]

 

5

 

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

 

 

	
   

  	
  WALKER
  & DUNLOP, LLC

  
	
   

  	
   

  
	
   

  	
  By
  

  	
  /s/
  William M. Walker

  
	
   

  	
  Name:
  

  	
  William
  M. Walker

  
	
   

  	
  Title:
  

  	
  President
  and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Jane E. Huntington

  
	
   

  	
  Name:

  	
  Jane
  E. Huntington

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TD
  BANK, N.A., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  William J. Olsen

  
	
   

  	
  Name:

  	
  William
  J. Olsen

  
	
   

  	
  Title:

  	
  S.V.P.

  

 

Signature
page to Fourth Amendment to Amended and Restated Warehousing Credit and
Security Agreement

 

 

EXHIBIT C

 

ELIGIBLE LOANS AND OTHER ASSETS

 

Walker & Dunlop LLC

 

LIMITATIONS ON WAREHOUSING ADVANCES
AGAINST MORTGAGE LOANS

 

Lenders’ obligation to make Warehousing Advances under
the Agreement is subject to the following limitations:

 

1.             No
Warehousing Advance will be made against any Mortgage Loan that has been
previously sold or pledged to obtain financing (whether or not such financing
constitutes Indebtedness) under another warehousing financing arrangement or a
gestation agreement.

 

2.             No
Warehousing Advance will be made against any Mortgage Loan that Credit Agent
believes may be based on untrue, incomplete or inaccurate or fraudulent
information or may otherwise be subject to fraud.

 

3.             No
Warehousing Advance will be made against a Mortgage Loan if the Warehousing
Advance will exceed the Advance Rate applicable to that type of Eligible Loan
at the time it is pledged.

 

4.             No
Warehousing Advance will be made against any Third Party Originated Loan.

 

5.             No
Warehousing Advance will be made against a Special Fannie Mae Mortgage Loan
unless (A) no Person other than Lenders has an outstanding advance to
Borrower against the related Master Credit Facility Agreement,  and (B) the related Mortgage Note is in
the possession of Credit Agent or a Person other than Borrower or an Affiliate
of Borrower, subject to an appropriate bailee arrangement acceptable to Credit
Agent, for the benefit of Credit Agent (as agent for Lenders).

 

6.             No
Warehousing Advance will be made against an FHA Construction Mortgage Loan
unless (a) Credit Agent has at one time had or will obtain (as provided in
Exhibit B-  FHA/GNMA)
possession of the related Mortgage Note, and (b) the related Mortgage Note
is in the possession of a Person other than the Borrower or an Affiliate of the
Borrower, subject to an appropriate bailee arrangement acceptable to Credit
Agent, for the benefit of Credit Agent (as agent for Lenders).

 

ELIGIBLE LOANS AND TERMS OF
WAREHOUSING ADVANCES

 

Subject to compliance with the terms and limitations
set forth below, and the terms, representations and warranties and the
covenants in the Agreement (including applicable 

 

1

 

Exhibits), each of the following Mortgage Loans is an
Eligible Loan for purposes of the Agreement:

 

1.             Fannie
Mae DUS Mortgage Loan

 

(a)           Definition:   A permanent Mortgage Loan on a Multifamily
Property originated by a Borrower  under
Fannie Mae’s Delegated Underwriting and Servicing Guide.

 

(b)           Subordinate
Mortgage Loan:  Only Second Mortgage
Loans and Third Mortgage Loans permitted.

 

(c)           Committed/Uncommitted:
Purchase Commitment required.

 

(d)           Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or  (ii) the Committed Purchase
Price.

 

(e)           Warehouse
Period: 45 days for cash transactions. 45 days for an Agency Security
issued by Fannie Mae.

 

(f)            Shipped
Period: 45 days for cash transactions. 45 days for an Agency Security
issued by Fannie Mae.

 

2.             Special
Fannie Mae Mortgage Loan

 

(a)           Definition:
A permanent Mortgage Loan on one or more Multifamily Properties originated by a
Borrower under a Master Credit Facility Agreement and evidenced by one or more
Mortgage Notes in the possession of Credit Agent (or a bailee for the benefit
of Credit Agent, as agent for Lenders) or Fannie Mae (under an applicable
bailee or other arrangement recognizing Credit Agent’s first priority security
interest therein, as agent for Lenders).

 

(b)           Subordinate
Mortgage Loan: Not permitted.

 

(c)           Committed/Uncommitted:
Purchase Commitment required.

 

(d)           Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or  (ii) the Committed Purchase
Price.

 

(e)           Warehouse
Period: 45 days for cash transactions. 45 days for an Agency Security
issued by Fannie Mae.

 

(f)            Shipped
Period: 45 days for cash transactions. 45 days for an Agency Security
issued by Fannie Mae.

 

3.             Other
Fannie Mae Mortgage Loan

 

(a)           Definition:
A permanent Mortgage Loan originated by Borrower on a Multifamily Property 

 

2

 

covered by a Purchase Commitment issued by Fannie Mae,
other than (i) a Fannie Mae DUS Mortgage Loan or (ii) a Special
Fannie Mae Mortgage Loan.

 

(b)           Subordinate
Mortgage Loan: Not permitted.

 

(c)           Committed/Uncommitted:
Purchase Commitment required.

 

(d)           Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or  (ii) the Committed Purchase
Price.

 

(e)           Warehouse
Period: 45 days for cash transactions. 45 days
for an Agency Security issued by Fannie Mae.

 

(f)            Shipped
Period: 45 days for cash transactions. 45 days for an Agency Security issued
by Fannie Mae.

 

4.             FHA
Permanent Mortgage Loan

 

(a)           Definition:
A permanent FHA fully-insured Mortgage Loan secured by a mortgage on a
Multi-Family Property.

 

(b)           Subordinate
Mortgage Loans: Only second mortgage loans permitted.

 

(c)           Committed/Uncommitted:
Purchase Commitment required.

 

(d)           Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or  (ii) the Committed Purchase
Price.

 

(e)           Warehouse
Period: 45 days.

 

(f)            Shipped
Period: 45 days.

 

5.             FHA
Construction Mortgage Loan

 

(a)           Definition.
An FHA fully-insured Mortgage Loan for the construction or substantial
rehabilitation of a Multi-Family Property.

 

(b)           Subordinate
Mortgage Loans: Not permitted.

 

(c)           Committed/Uncommitted:
Purchase Commitment required.

 

(d).          Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or  (ii) the Committed Purchase
Price.

 

(e)           Warehouse
Period: 45 days.

 

(f).           Shipped
Period: 45 days.

 

3

 

6.             Freddie
Mac Program Plus Loan

 

(a)           Definition:
Multi-Family Loans sold to Freddie Mac pursuant to the Freddie Mac Program Plus
Seller/Servicer program.

 

(b)           Subordinate
Mortgage Loans: Only Second Mortgage Loans or Third Mortgage Loans
permitted.

 

(c)           Committed/Uncommitted:
Purchase Commitment required.

 

(d).          Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or  (ii) the Committed Purchase
Price.

 

(e).          Warehouse
Period: 45 days.

 

(f).           Shipped
Period: 45 days.

 

4

 

Exhibit D

 

Authorized Representatives

 

William
M Walker

Deborah
A Wilson

Debra
Casale

Veronica
Langhofer

Gregory
Florkowski

Judy
DiRienzo

Shanekwa
N. Harrison

Stacy
Kraft

 

 

Exhibit E

 

Master Credit Facilities

 

	
  UDRT

  	
   

  	
  $

  	
  250,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  MILESTONE

  	
   

  	
  $

  	
  322,113,900

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BENCHMARK

  	
   

  	
  $

  	
  480,030,000

  	
   

  

 

 

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

  	
  %

  
	
  Green
  Park Express, LLC

  	
   

  	
  7501
  Wisconsin Avenue

  Suite 1200

  Bethesda,
  MD 20814-6531

  	
   

  	
  Delaware

  	
   

  	
  California

  	
   

  	
  100

  	
  %

  

 

 

Exhibit G

 

Assumed Names

 

None.

 

 

Exhibit H

 

Servicing Portfolio

 

Attached
is the Servicing Portfolio of Walker & Dunlop, LLC as of September 30,
2010.

 

 

Walker &
Dunlop, LLC

 

Loan
Servicing Portfolio

Portfolio
Size and Number of Loans

 

	
   

  	
   

  	
  September 30, 2010

  	
   

  
	
  Fannie Mae

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fannie Mae-At Risk

  	
   

  	
  5,736,752,237

  	
   

  	
  (949

  	
  )

  
	
  Fannie Mae-No Risk

  	
   

  	
  1,433,510,718

  	
   

  	
  (68

  	
  )

  
	
  Fannie Mae-Modified Risk

  	
   

  	
  2,001,830,486

  	
   

  	
  (145

  	
  )

  
	
  Non-Fannie Mae

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ginnie Mae-HUD

  	
   

  	
  700,940,646

  	
   

  	
  (92

  	
  )

  
	
  Freddie Mac

  	
   

  	
  2,385,979,531

  	
   

  	
  (181

  	
  )

  
	
  CDT

  	
   

  	
  17,107,846

  	
   

  	
  (12

  	
  )

  
	
  Aegon Non-Cashier (Est.)

  	
   

  	
  472,528,911

  	
   

  	
  (29

  	
  )

  
	
  Prudential Mtg Non-Cashier (Est.)

  	
   

  	
  1,611,653

  	
   

  	
  (1

  	
  )

  
	
  PNC Non-Cashier (Est.)

  	
   

  	
  146,541,314

  	
   

  	
  (7

  	
  )

  
	
  Reliastar/ING

  	
   

  	
  12,934,914

  	
   

  	
  (4

  	
  )

  
	
  ING Investment Management

  	
   

  	
  61,392,568

  	
   

  	
  (10

  	
  )

  
	
  SunAmerica/AIG Life Ins. Co.

  	
   

  	
  305,982,535

  	
   

  	
  (15

  	
  )

  
	
  Berkadia (f.k.a Amresco)

  	
   

  	
  1,208,548

  	
   

  	
  (1

  	
  )

  
	
  Berkadia (formerly Capmark/GMAC)

  	
   

  	
  86,918,440

  	
   

  	
  (8

  	
  )

  
	
  Sun Life Assurance of Canada

  	
   

  	
  267,818,983

  	
   

  	
  (50

  	
  )

  
	
  American Equity Investment

  	
   

  	
  59,911,528

  	
   

  	
  (19

  	
  )

  
	
  Nationwide Life Insurance Co.

  	
   

  	
  144,989,925

  	
   

  	
  (10

  	
  )

  
	
  Wachovia Bank

  	
   

  	
  190,047,027

  	
   

  	
  (19

  	
  )

  
	
  Indianapolis Life Ins. Co. (AVIVA)

  	
   

  	
  34,323,093

  	
   

  	
  (3

  	
  )

  
	
  American Investors Life Ins. Co.

  	
   

  	
  94,498,627

  	
   

  	
  (5

  	
  )

  
	
  Ohio National Financial Services

  	
   

  	
  9,020,627

  	
   

  	
  (2

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  14,165,850,157

  	
   

  	
  (1,630

  	
  )

  
							

 

 

Exhibit J

 

Lines of Credit

 

Amended
and Restated Credit Agreement, dated as of January 30, 2009, by and among
Bank of America, N.A., as Administrative Agent and Collateral Agent, GPF
Acquisition, LLC, as Borrower, Walker & Dunlop Multifamily, Inc.,
Walker & Dunlop GP, LLC and Green Park Financial Limited Partnership,
as Guarantors, and Walker & Dunlop, LLC, as Pledgor, and the Lenders
Party thereto.

 

Warehousing
Credit and Security Agreement, dated as of June 30, 2010, by and between
Walker & Dunlop, LLC, as Borrower, and PNC Bank, N.A.

 

Master
Loan Purchase and Sale Agreement, dated as of March 30, 2010, by and
between Walker & Dunlop, LLC and Kemps Landing Capital Company

 

 

Exhibit K

 

Foreign Qualifications and Licenses

 

Walker &
Dunlop, LLC Foreign Qualification

 

Alabama,
California, Colorado, Georgia, Illinois, Louisiana, Maryland,
Massachusetts, New Jersey, New York, Ohio, Oklahoma, Texas, Wisconsin

 

Walker &
Dunlop, LLC Mortgage Lender and Mortgage Servicer Licenses

 

Freddie
Mac Multifamily Program Plus Approval

 

Fannie
Mae DUS Authority

 

California
Finance Lender License

 

South
Dakota Lender License

 

 

EXHIBIT L

 

MISCELLANEOUS FEES AND CHARGES

 

	
  Collateral Handling Fee:

  	
   

  	
  $250.00
  per transaction

  
	
   

  	
   

  	
   

  
	
  Annual Base Custody Fee:

  	
   

  	
  $3,500

  
	
   

  	
   

  	
   

  
	
  Custody Transaction Fees:

  	
   

  	
  $40.00
  per MBS transaction

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}]]