Document:

EX-10.2

 Exhibit 10.2 

SEVENTH AMENDMENT TO WAREHOUSING 

CREDIT AND SECURITY AGREEMENT 

THIS SEVENTH AMENDMENT TO WAREHOUSING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is made as of August 26, 2014, 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”). 

R E C I T A L S 

The Borrower, the Credit Agent, and the Lenders 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 Lenders desire to 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: 

Clause (a) of Section 1.3 is hereby amended by replacing the date “ September 2, 2014” where it appears therein with
the date “November 3, 2014.” 
 2. Acknowledgments by Borrower. The Borrower acknowledges, confirms and agrees that: 

(a) This Amendment and the Amendment Fee Letters (as hereafter defined) are Loan Documents. 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. 

(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 (A) matters which speak to a specific date, and (B) changes in the ordinary course to
the extent permitted and contemplated by the Loan Agreement. 
 (iii) The Borrower has the power and authority and legal
right to execute, deliver and perform the Amendment Documents (as hereafter defined), 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 and will be duly authorized to do so. 
 (iv) Each Amendment Document has
been or will be duly executed and delivered by the Borrower, and constitutes or will constitute the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to the effect of
applicable bankruptcy and other similar laws affecting the rights of creditors generally and the effect of equitable principles whether applied in an action at law or a suit in equity. 

(c) 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 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, the matters addressed in and contemplated by, this Amendment,
and any prior matters involving the Loan. 
 (d) 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, 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. 

  
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 3. Conditions Precedent. This Amendment shall be effective upon the satisfaction by the
Borrower of, or written waiver by the Credit Agent and the Lenders of, the following conditions, and any other conditions set forth in this Amendment (with the date, if at all, by which such conditions have been satisfied or waived being referred to
herein as, the “Effective Date”): 
 (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 of the Borrower as the Credit Agent may require evidencing (A) the authority of the Borrower to enter into this Amendment, the Fee Letters, and any other documents to be executed and delivered in connection herewith (collectively, the
“Amendment Documents”) , 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. 

(iii) Fee letters (the “Amendment Fee Letters”) setting forth certain fees to be paid by the Borrower, duly
executed by the Borrower and the Credit Agent. 
 (b) The Borrower shall have paid to the Credit Agent all fees due on or
before the Effective Date pursuant to the Amendment Fee Letters. 
 (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 thereunder. 

(d) The representations and warranties of the Borrower contained in this Amendment or in any other Amendment Document
(i) shall have been true and correct in all material 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). 

4. Miscellaneous. 

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

  
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 (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 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] 

  
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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:	 	 	 	EVP, CFO & Treasurer

  

					
	 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/ Richard F. Hay
	Name:	 	 	 	Richard F. Hay
	Title:	 	 	 	Vice President

 [Signature page to Seventh Amendment Warehousing Credit and Security Agreement]iorg8kex101082814.htm

Exhibit 10.1

First Letter of Addendum and First Amendment to

June 19, 2011, 8% Revolving Credit Note

By and Between INTREOrg Systems, Inc. and J.H. Brech, LLC

Dated:  August 25, 2014

Whereas, INTREOrg Systems, Inc. (“IORG” or “Borrower”) and J.H. Brech, LLC (“JHB” or “Holder”) are party to a 8% Revolving Credit Note, executed on June 19, 2011, (the “Note”);

Whereas, the Parties wish to amend the provisions of the note to provide for conversion of the principal.

Now therefore, in consideration for the mutual consideration set forth herein, the parties do hereby agree to amend the Note as follows:

I.           Amendment to Paragraph 1.d

The Parties acknowledge and agree that no payment of principal has been made or received.  Therefore, the Parties agree to amend the conversion rights of the Note to include not only the interest, but also the principal.  Paragraph 1.d will be replaced in its entirety as follows:

(d) The Holder shall have the right from time to time, and at any time during the period beginning on the date of this Second Amendment, to convert all or any part of the outstanding and unpaid principal and/or interest amount of this Note into fully paid and non- assessable shares of Common Stock; provided, however, that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates , and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock.  For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso, provided, further, however, that the limitations on conversion may be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to the Borrower, and the provisions of the conversion limitation shall continue.  The conversion shall be valued as follows:

(i) if the Company's Common Stock is not listed for trading on an exchange or quoted for trading on the OTC Bulletin Board or the Pink Sheets, Principal and Interest Shares shall be valued at the lesser of $0.25 per share or the fair market value as determined in good faith by the Company based upon the most recent arms-length transaction, or

(ii) if the Company's is listed for trading on an exchange or quoted for trading on the OTC Bulletin Board or the Pink Sheets, Principal and Interest Shares shall be valued at the lesser of (A) the closing price of the Common Stock as reported on the Company's primary market on the trading day immediately preceding the date the interest payment is due and payable, or (B) $0.25 per share.

 

 

  

  

  

II.           Assignability.

The Parties agree to and acknowledge the addition of the following language regarding the assignability of the Note.  The following paragraph 10 will be added as follows:

10.0           Assignability.  This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns.  Each transferee of this Note must be an “accredited investor” (as defined in Rule 501(a) of the 1933 Act).  Notwithstanding anything in this Note to the contrary, this Note may be pledged as collateral in connection with a bona fide margin account or other lending arrangement.

[Signature Page Follows]

Accepted and Agreed to by:

INTREOrg Systems, Inc.

By: /s/ Darren C. Dunckel

Darren C. Dunckel

President

Date:  August 25, 2014

And,

J. H. Brech, LLC

By:  C.E. McMillan Family Trust

Its:  Managing Member

By: /s/ Harry N. McMillan

Harry N. McMillan

Trustee of the C.E. McMillan Family Trust

Date:  August 25, 2014

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