Letter Agreement



 Exhibit 10.1 
 UNITED STATES DEPARTMENT OF THE TREASURY 
 1500 PENNSYLVANIA AVENUE, NW 
 WASHINGTON, D.C. 20220 

Dear Ladies and Gentlemen: 
 The company
set forth on the signature page hereto (the “Company”) intends to issue in a private placement the number of units of the series of its Preferred Membership Interests set forth on Schedule A hereto (the “Preferred
Interests”) and a warrant to purchase the number of units of the series of its Preferred Membership Interests set forth on Schedule A hereto (the “Warrant” and, together with the Preferred Interests, the “Purchased
Securities”) and the United States Department of the Treasury (the “Investor”) intends to purchase from the Company the Purchased Securities. 
 The purpose of this letter agreement is to confirm the terms and conditions of the purchase by the Investor of the Purchased Securities. Except to the extent supplemented or superseded by the terms set forth herein or
in the Schedules hereto, the provisions contained in the Securities Purchase Agreement – Standard Terms attached hereto as Exhibit A (the “Securities Purchase Agreement”) are incorporated by reference herein. Terms that are
defined in the Securities Purchase Agreement are used in this letter agreement as so defined. In the event of any inconsistency between this letter agreement and the Securities Purchase Agreement, the terms of this letter agreement shall govern.

 Each of the Company and the Investor hereby confirms its agreement with the other party with respect to the issuance by the Company of the
Purchased Securities and the purchase by the Investor of the Purchased Securities pursuant to this letter agreement and the Securities Purchase Agreement on the terms specified on Schedule A hereto. 
 This letter agreement (including the Schedules hereto), the Securities Purchase Agreement (including the Annexes thereto), the Disclosure Schedules and
the Warrant constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties, both written and oral, between the parties, with respect to the subject matter hereof. This letter agreement
constitutes the “Letter Agreement” referred to in the Securities Purchase Agreement. 
 This letter agreement may be executed in
any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Executed signature pages to this letter agreement may be delivered by
facsimile and such facsimiles will be deemed as sufficient as if actual signature pages had been delivered. 
 * * * 







 In witness whereof, this letter agreement has been duly executed and delivered by the duly authorized
representatives of the parties hereto as of the date written below. 
  

			
	UNITED STATES DEPARTMENT OF THE TREASURY
		
	By:	 	 /s/    Neel Kashkari

	Name:	 	Neel Kashkari
	Title:	 	Interim Assistant Secretary for Financial
		 	Stability
	
	GMAC LLC
		
	By:	 	 /s/    David C. Walker

	Name:	 	David C. Walker
	Title:	 	Treasurer and Group Vice President


 Date: December 29, 2008 







 Exhibit A 
  
  
 SECURITIES PURCHASE AGREEMENT 

STANDARD TERMS 
  
  







 TABLE OF CONTENTS 
  


					
	 	 	 	  	Page
		 	Article I	  	
			
		 	Purchase; Closing	  	
			
	 1.1
	 	Purchase	  	1
	 1.2
	 	Closing	  	2
	 1.3
	 	Interpretation	  	4
			
		 	Article II	  	
			
		 	Representations and Warranties	  	
			
	 2.1
	 	Disclosure	  	5
	 2.2
	 	Representations and Warranties of the Company	  	5
			
		 	Article III	  	
			
		 	Covenants	  	
			
	 3.1
	 	Commercially Reasonable Efforts	  	13
	 3.2
	 	Expenses	  	13
	 3.3
	 	Sufficiency of Authorized Warrant Preferred Interests; Exchange Listing	  	14
	 3.4
	 	Certain Notifications Until Closing	  	14
	 3.5
	 	Access, Information and Confidentiality	  	14
			
		 	Article IV	  	
			
		 	Additional Agreements	  	
			
	 4.1
	 	Purchase for Investment	  	16
	 4.2
	 	Legends	  	16
	 4.3
	 	Certain Transactions	  	18
	 4.4
	 	Transfer of Purchased Securities and Warrant Interests; Restrictions on	  	
		 	Exercise of the Warrant	  	18
	 4.5
	 	Registration Rights	  	18
	 4.6
	 	Depositary Shares	  	29
	 4.7
	 	Restriction on Distribution and Repurchases	  	29
	 4.8
	 	Executive Compensation	  	32
	 4.9
	 	Related Party Transactions	  	34
	 4.10
	 	Bank and Thrift Holding Company Status	  	34
	 4.11
	 	Predominantly Financial	  	34

  

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		  	Article V	  	
			
		  	Miscellaneous	  	
			
	 5.1
	  	Termination	  	35
	 5.2
	  	Survival of Representations and Warranties	  	35
	 5.3
	  	Amendment	  	35
	 5.4
	  	Waiver of Conditions	  	36
	 5.5
	  	Governing Law: Submission to Jurisdiction, Etc.	  	36
	 5.6
	  	Notices	  	36
	 5.7
	  	Definitions	  	36
	 5.8
	  	Assignment	  	37
	 5.9
	  	Severability	  	37
	 5.10
	  	No Third Party Beneficiaries	  	37

 LIST OF ANNEXES 
  

			
	ANNEX A:	 	FORM OF AMENDMENT FOR PREFERRED INTERESTS
		
	ANNEX B:	 	FORM OF AMENDMENT FOR WARRANT PREFERRED INTERESTS
		
	ANNEX C:	 	FORM OF WAIVER
		
	ANNEX D:	 	FORM OF OPINION
		
	ANNEX E:	 	FORM OF WARRANT

  

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 INDEX OF DEFINED TERMS 
  

			
	 Term
	  	 Location of
 Definition

	Affiliate	  	5.7(b)
	Agreement	  	Recitals
	Amendments	  	1.2(d)(iii)
	Appropriate Federal Banking Agency	  	2.2(s)
	Bank Holding Company	  	4.10
	Bankruptcy Exceptions	  	2.2(d)
	Benefit Plans	  	1.2(d)(iv)
	Board of Managers	  	2.2(f)
	Business Combination	  	5.8
	business day	  	1.3
	Capitalization Date	  	2.2(b)
	Closing	  	1.2(a)
	Closing Date	  	1.2(a)
	Code	  	2.2(n)
	Common Membership Interests	  	4.7(a)
	Company	  	Recitals
	Company Financial Statements	  	2.2(h)
	Company Material Adverse Effect	  	2.1(b)
	Company Reports	  	2.2(i)(i)
	Company Subsidiary; Company Subsidiaries	  	2.2(e)(ii)
	control; controlled by; under common control with	  	5.7(b)
	Controlled Group	  	2.2(n)
	Disclosure Schedule	  	2.1(a)
	EESA	  	1.2(d)(iv)
	ERISA	  	2.2(n)
	Exchange Act	  	4.5(c)(vi)(A)
	Expense Policy	  	4.8(c)
	Federal Reserve	  	4.10
	GAAP	  	2.1(b)
	GMAC Conversion	  	4.7(g)
	Governmental Entities	  	1.2(c)
	Holder	  	4.5(k)(i)
	Holders’ Counsel	  	4.5(k)(ii)
	Indemnitee	  	4.5(g)(i)
	Information	  	3.5(c)
	Investor	  	Recitals
	Junior Membership Interests	  	4.7(f)
	knowledge of the Company; Company’s knowledge	  	5.7(c)
	LLC Agreement	  	1.2(d)(iii)
	Letter Agreement	  	Recitals
	Membership Interests	  	2.2(b)
	officers	  	5.7(c)

  

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	 Term
	  	 Location of
 Definition

	Parity Membership Interests	  	4.7(f)
	Pending Underwritten Offering	  	4.5(l)
	Permitted Repurchases	  	4.7(c)
	Piggyback Registration	  	4.5(a)(iv)
	Plan	  	2.2(n)
	Preferred Interests	  	Recitals
	Previously Disclosed	  	2.1(c)
	Proprietary Rights	  	2.2(u)
	Purchase	  	Recitals
	Purchase Price	  	1.1
	Purchased Securities	  	Recitals
	register; registered; registration	  	4.5(k)(iii)
	Registrable Securities	  	4.5(k)(iv)
	Registration Expenses	  	4.5(k)(v)
	Regulatory Agreement	  	2.2(s)
	Rule 144; Rule 144A; Rule 159A; Rule 405; Rule 415	  	4.5(k)(vi)
	Savings and Loan Holding Company	  	4.10
	Schedules	  	Recitals
	SEC	  	2.2(k)
	Securities Act	  	2.2(a)
	Selling Expenses	  	4.5(k)(vii)
	Senior Employees	  	1.2(d)(vii)
	Senior Executive Officers	  	1.2(d)(v)
	Shelf Registration Statement	  	4.5(a)(ii)
	Signing Date	  	2.1(b)
	Special Registration	  	4.5(i)
	subsidiary	  	5.7(a)
	Tax; Taxes	  	2.2(o)
	Transfer	  	4.4
	Warrant	  	Recitals
	Warrant Preferred Interests	  	Recitals
	Warrant Interests	  	2.2(d)

  

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 SECURITIES PURCHASE AGREEMENT – STANDARD TERMS 
 Recitals: 
 WHEREAS, the United States
Department of the Treasury (the “Investor”) may from time to time agree to purchase shares of preferred securities and warrants from eligible companies pursuant to the Automotive Industry Financing Program created under the Troubled
Asset Relief Program; 
 WHEREAS, a company electing to participate in the Auto Program and issue securities to the Investor (referred to
herein as the “Company”) shall enter into a letter agreement (the “Letter Agreement”) with the Investor which incorporates this Securities Purchase Agreement – Standard Terms; 
 WHEREAS, the Company wishes to obtain financing from time to time to restore liquidity to its finance businesses, and to restore stability to the
domestic automobile industry in the United States, and the Investor has agreed, subject to the terms and conditions of this Agreement, to provide such financing to the Company; 
 WHEREAS, the financing provided hereunder will be used in a manner that (A) enables the Company and its Subsidiaries to develop a viable and
competitive business; (B) preserves and promotes the jobs of American workers employed directly by the Company and its Subsidiaries and in related industries; and (C) stimulates the sales of automobiles; 
 WHEREAS, the Company intends to issue in a private placement the number of units of the series of its Preferred Membership Interests (“Preferred
Interests”) set forth on Schedule A to the Letter Agreement (the “Preferred Interests”) and a warrant to purchase the number of units of its Preferred Membership Interests (“Warrant Preferred
Interests”) set forth on Schedule A to the Letter Agreement (the “Warrant” and, together with the Preferred Interests, the “Purchased Securities”) and the Investor intends to purchase (the
“Purchase”) from the Company the Purchased Securities; and 
 WHEREAS, the Purchase will be governed by this Securities
Purchase Agreement – Standard Terms and the Letter Agreement, including the schedules thereto (the “Schedules”), specifying additional terms of the Purchase. This Securities Purchase Agreement – Standard Terms (including
the Annexes hereto) and the Letter Agreement (including the Schedules thereto) are together referred to as this “Agreement”. All references in this Securities Purchase Agreement – Standard Terms to “Schedules” are to the
Schedules attached to the Letter Agreement. 
 NOW, THEREFORE, in consideration of the premises, and of the representations,
warranties, covenants and agreements set forth herein, the parties agree as follows: 
 Article I 
 Purchase; Closing 
 1.1
Purchase. On the terms and subject to the conditions set forth in this Agreement, the Company agrees to sell to the Investor, and the Investor agrees to purchase from the Company, at the Closing (as hereinafter defined), the Purchased
Securities for the price set forth on Schedule A (the “Purchase Price”). 







 1.2 Closing. 
 (a) On the terms and subject to the conditions set forth in this Agreement, the closing of the Purchase (the “Closing”) will take place at the location specified in Schedule A, at the time and
on the date set forth in Schedule A or as soon as practicable thereafter, or at such other place, time and date as shall be agreed between the Company and the Investor. The time and date on which the Closing occurs is referred to in this
Agreement as the “Closing Date”. 
 (b) Subject to the fulfillment or waiver of the conditions to the Closing in this
Section 1.2, at the Closing the Company will deliver the Preferred Interests and the Warrant, in each case as evidenced by one or more certificates dated the Closing Date and bearing appropriate legends as hereinafter provided for, in exchange
for payment in full of the Purchase Price by wire transfer of immediately available United States funds to a bank account designated by the Company on Schedule A. 
 (c) The respective obligations of each of the Investor and the Company to consummate the Purchase are subject to the fulfillment (or waiver by the Investor and the Company, as applicable) prior to the Closing of the
conditions that (i) any approvals or authorizations of all United States and other governmental, regulatory or judicial authorities (collectively, “Governmental Entities”) required for the consummation of the Purchase shall
have been obtained or made in form and substance reasonably satisfactory to each party and shall be in full force and effect and all waiting periods required by United States and other applicable law, if any, shall have expired and (ii) no
provision of any applicable United States or other law and no judgment, injunction, order or decree of any Governmental Entity shall prohibit the purchase and sale of the Purchased Securities as contemplated by this Agreement. 
 (d) The obligation of the Investor to consummate the Purchase is also subject to the fulfillment (or waiver by the Investor) at or prior to the Closing
of each of the following conditions: 
 (i) (A) the representations and warranties of the Company set forth in
(x) Section 2.2(g) of this Agreement shall be true and correct in all respects as though made on and as of the Closing Date, (y) Sections 2.2(a) through (f) shall be true and correct in all material respects as though made on and
as of the Closing Date (other than representations and warranties that by their terms speak as of another date, which representations and warranties shall be true and correct in all material respects as of such other date) and (z) Sections
2.2(h) through (v) (disregarding all qualifications or limitations set forth in such representations and warranties as to “materiality”, “Company Material Adverse Effect” and words of similar import) shall be true and
correct as though made on and as of the Closing Date (other than representations and warranties that by their terms speak as of another date, which representations and warranties shall be true and correct as of such other date), except to the extent
that the failure of such representations and warranties referred to in this Section 1.2(d)(i)(A)(z) to be so true and correct, individually or in the aggregate, does not have and would not reasonably be 

  

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expected to have a Company Material Adverse Effect and (B) the Company shall have performed in all material respects all obligations required to be
performed by it under this Agreement at or prior to the Closing; 
 (ii) the Investor shall have received a certificate signed
on behalf of the Company by a senior executive officer certifying to the effect that the conditions set forth in Section 1.2(d)(i) have been satisfied; 
 (iii) the Company shall have duly adopted the amendments to its Amended and Restated Limited Liability Company Operating Agreement of GMAC
LLC, dated as of November 30, 2006, as amended (the “LLC Agreement”) in substantially the forms attached hereto as Annex A and Annex B (the “Amendments”); 
 (iv) a waiver shall have been duly executed by the Company and delivered to the Investor, in substantially the form attached hereto as
Exhibit G-1, releasing the Investor from any claims that the Company may otherwise have as a result of (A) any modifications to the terms of any compensation, bonus, incentive and other benefit plans, arrangements and agreements (including
golden parachutes, severance and employment agreements) (collectively, “Benefit Plans”) to eliminate any provisions that would not be in compliance with the executive compensation and corporate governance requirements of
Section 111 of the Emergency Economic Stabilization Act of 2008 (“EESA”) and the guidelines set forth in Notice 2008-PSSFI and (B) the Company’s failure to pay or accrue any bonus or incentive compensation as a result
of any action referenced in this Agreement; 
 (v) a waiver shall have been duly executed by each of the Senior Executive
Officers and delivered to the Investor, in substantially the form attached hereto as Exhibit G-2, releasing the Investor from any claims that any Senior Executive Officer may otherwise have as a result of any modifications to the terms of any
Benefit Plans, arrangements and agreements to eliminate any provisions that would not be in compliance with the executive compensation and corporate governance requirements of Section 111 of the EESA and the guidelines set forth in Notice
2008-PSSFI (“Senior Executive Officers” means the Company’s “senior executive officers” as defined in subsection 111 (b)(3) of the EESA and regulations issued thereunder, including the rules set forth in 31 C.F.R.
Part 30.); 
 (vi) a consent and waiver shall have been duly executed by each Senior Executive Officer and delivered to the
Company (with a copy to the Investor), in substantially the form attached hereto as Exhibit G-3, releasing the Company from any claims that any Senior Executive Officer may otherwise have as a result of any modification of the terms of any Benefit
Plans, arrangements and agreements to eliminate any provisions that would not be in compliance with the executive compensation and corporate governance requirements of Section 111 of the EESA and the guidelines set forth in Notice 2008-PSSFI;

 (vii) a waiver shall have been duly executed by each of the Company’s top 20 most highly compensated employees (other
than the Senior Executive Officers) (such 

  

 3 








 
employees, the “Senior Employees”) and delivered to the Investor, in substantially the form attached hereto as Exhibit G-4, releasing the
Investor from any claims that any Senior Employees may otherwise have as a result of the Company’s failure to pay or accrue any bonus or incentive compensation as a result of any action referenced in this Agreement; 
 (viii) a consent and waiver shall have been duly executed by each Senior Employee and delivered to the Company (with a copy to the
Investor), in substantially the form attached hereto as Exhibit G-5, releasing the Company from any claims that any Senior Employee may otherwise have as a result of the Company’s failure to pay or accrue any bonus or incentive compensation as
a result of any action referenced in this Agreement; 
 (ix) the Company shall have delivered to the Investor a written
opinion from counsel to the Company (which may be internal counsel), addressed to the Investor and dated as of the Closing Date, in substantially the form attached hereto as Annex D; 
 (x) the Company shall have delivered evidence of certificates in book-entry form, evidencing the Preferred Interests to Investor or its
designee(s); and 
 (xi) the Company shall have duly executed the Warrant in substantially the form attached hereto as
Annex E and delivered such executed Warrant to the Investor or its designee(s). 
 1.3 Interpretation. When a reference is made
in this Agreement to “Recitals,” “Articles,” “Sections,” or “Annexes” such reference shall be to a Recital, Article or Section of, or Annex to, this Securities Purchase Agreement – Standard Terms, and a
reference to “Schedules” shall be to a Schedule to the Letter Agreement, in each case, unless otherwise indicated. The terms defined in the singular have a comparable meaning when used in the plural, and vice versa. References to
“herein”, “hereof”, “hereunder” and the like refer to this Agreement as a whole and not to any particular section or provision, unless the context requires otherwise. The table of contents and headings contained in this
Agreement are for reference purposes only and are not part of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed followed by the words “without
limitation.” No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement of this Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by
counsel. All references to “$” or “dollars” mean the lawful currency of the United States of America. Except as expressly stated in this Agreement, all references to any statute, rule or regulation are to the statute, rule or
regulation as amended, modified, supplemented or replaced from time to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and to any section of any statute, rule or regulation include any successor
to the section. References to a “business day” shall mean any day except Saturday, Sunday and any day on which banking institutions in the State of New York generally are authorized or required by law or other governmental actions to
close. 
  

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 Article II 
 Representations and Warranties 
 2.1 Disclosure. 
 (a) On or prior to the Signing Date, the Company delivered to the Investor a schedule (“Disclosure Schedule”) setting forth, among other
things, items the disclosure of which is necessary or appropriate either in response to an express disclosure requirement contained in a provision hereof or as an exception to one or more representations or warranties contained in Section 2.2.

 (b) “Company Material Adverse Effect” means a material adverse effect on (i) the business, results of operation or
financial condition of the Company and its consolidated subsidiaries taken as a whole; provided, however, that Company Material Adverse Effect shall not be deemed to include the effects of (A) changes after the date of the Letter
Agreement (the “Signing Date”) in general business, economic or market conditions (including changes generally in prevailing interest rates, credit availability and liquidity, currency exchange rates and price levels or trading
volumes in the United States or foreign securities or credit markets), or any outbreak or escalation of hostilities, declared or undeclared acts of war or terrorism, in each case generally affecting the industries in which the Company and its
subsidiaries operate, (B) changes or proposed changes after the Signing Date in generally accepted accounting principles in the United States (“GAAP”) or regulatory accounting requirements, or authoritative
interpretations thereof, or (C) changes or proposed changes after the Signing Date in securities, banking and other laws of general applicability or related policies or interpretations of Governmental Entities (in the case of each of these
clauses (A), (B) and (C), other than changes or occurrences to the extent that such changes or occurrences have or would reasonably be expected to have a materially disproportionate adverse effect on the Company and its consolidated
subsidiaries taken as a whole relative to comparable U.S. banking or financial services organizations); or (ii) the ability of the Company to consummate the Purchase and other transactions contemplated by this Agreement and the Warrant and
perform its obligations hereunder or thereunder on a timely basis. 
 (c) “Previously Disclosed” means information set forth
on the Disclosure Schedule, provided, however, that disclosure in any section of such Disclosure Schedule shall apply only to the indicated section of this Agreement except to the extent that it is reasonably apparent from the face of such
disclosure that such disclosure is relevant to another section of this Agreement. 
 2.2 Representations and Warranties of the
Company. Except as Previously Disclosed, the Company represents and warrants to the Investor that as of the Signing Date and as of the Closing Date (or such other date specified herein): 
 (a) Organization, Authority and Significant Subsidiaries. The Company has been duly formed and is validly existing as a limited liability company
in good standing under the laws of its jurisdiction of organization, with the necessary power and authority to own its properties and conduct its business in all material respects as currently conducted, and except as has not, individually or in the
aggregate, had and would not reasonably be expected to have a Company Material Adverse Effect, has been duly qualified as a foreign entity for the transaction 

  

 5 








 
of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require
such qualification; each subsidiary of the Company that would be considered a “significant subsidiary” within the meaning of Rule 1-02(w) of Regulation S-X under the Securities Act of 1933 (the “Securities Act”),
has been duly organized and is validly existing in good standing under the laws of its jurisdiction of organization. The LLC Agreement and all amendments thereto, copies of which have been provided to the Investor prior to the Signing Date, are
true, complete and correct copies of such documents as in full force and effect as of the Signing Date. 
 (b) Capitalization. The
outstanding membership interests of the Company (including securities convertible into, or exercisable or exchangeable for, equity securities of the Company) as of the most recent fiscal month-end preceding the Signing Date (the
“Capitalization Date”) is set forth on Schedule B. The outstanding membership interests of the Company have been duly authorized and are validly issued and outstanding and were not issued in violation of any preemptive
rights. As of the Signing Date, the Company does not have outstanding any securities or other obligations providing the holder the right to acquire its Membership Interests (“Membership Interests”) that are not reserved for issuance
as specified on Schedule B, and the Company has not made any other commitment to authorize, issue or sell any Membership Interests. Since the Capitalization Date, the Company has not issued any Membership Interests, other than (i) the
Membership Interests issued upon the exercise of options or delivered under other equity-based awards or other convertible securities or warrants which were issued and outstanding on the Capitalization Date and disclosed on Schedule B and
(ii) Membership Interests disclosed on Schedule B. Each holder of 5% or more of any class of equity securities of the Company and such holder’s primary address are set forth on Schedule B. 
 (c) Preferred Interests. The Preferred Interests have been duly and validly authorized, and, when issued and delivered pursuant to this Agreement,
such Preferred Interests will be duly and validly issued, will not be issued in violation of any preemptive rights, and will rank pari passu with or senior to all other series or classes of Preferred Interests, whether or not issued or
outstanding, with respect to distribution rights and the distribution of assets in the event of any dissolution, liquidation or winding up of the Company. 
 (d) The Warrant and Warrant Interests. The Warrant has been duly authorized and, when executed and delivered as contemplated hereby, will constitute a valid and legally binding obligation of the Company
enforceable against the Company in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and
general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity (“Bankruptcy Exceptions”). The Warrant Preferred Interests issuable upon exercise of the Warrant (the
“Warrant Interests”) have been duly authorized and reserved for issuance upon exercise of the Warrant and when so issued in accordance with the terms of the Warrant will be validly issued, and will rank pari passu with or
senior to all other series or classes of Preferred Interests, whether or not issued or outstanding, with respect to distribution rights and the distribution of assets in the event of any dissolution, liquidation or winding up of the Company.

  

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 (e) Authorization, Enforceability. 
 (i) The Company has the requisite power and authority to execute and deliver this Agreement and the Warrant and to carry out its
obligations hereunder and thereunder (which includes the issuance of the Preferred Interests, Warrant and Warrant Interests). The execution, delivery and performance by the Company of this Agreement and the Warrant and the consummation of the
transactions contemplated hereby and thereby have been duly authorized by all necessary company action on the part of the Company and its members, and no further approval or authorization is required on the part of the Company. This Agreement is a
valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the Bankruptcy Exceptions. 
 (ii) The execution, delivery and performance by the Company of this Agreement and the Warrant and the consummation of the transactions contemplated hereby and thereby and compliance by the Company with the provisions
hereof and thereof, will not (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result in the
termination of, or accelerate the performance required by, or result in a right of termination or acceleration of, or result in the creation of, any lien, security interest, charge or encumbrance upon any of the properties or assets of the Company
or any subsidiary of the Company (each a “Company Subsidiary” and, collectively, the “Company Subsidiaries”) under any of the terms, conditions or provisions of (i) its organizational documents or (ii) any
note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Company or any Company Subsidiary is a party or by which it or any Company Subsidiary may be bound, or to which the Company or
any Company Subsidiary or any of the properties or assets of the Company or any Company Subsidiary may be subject, or (B) subject to compliance with the statutes and regulations referred to in the next paragraph, violate any statute, rule or
regulation or any judgment, ruling, order, writ, injunction or decree applicable to the Company or any Company Subsidiary or any of their respective properties or assets except, in the case of clauses (A)(ii) and (B), for those occurrences that,
individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect. 
 (iii) Other than such filings and approvals as are required to be made or obtained under any state “blue sky” laws and such as have been made or obtained, no notice to, filing with, exemption or review by, or authorization,
consent or approval of, any Governmental Entity is required to be made or obtained by the Company in connection with the consummation by the Company of the Purchase except for any such notices, filings, exemptions, reviews, authorizations, consents
and approvals the failure of which to make or obtain would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 
 (f) Anti-takeover Provisions and Rights Plan. The Board of Managers of the Company (the “Board of Managers”) has taken all necessary action to ensure that the transactions contemplated by this
Agreement and the Warrant and the consummation of the transactions contemplated hereby and thereby, including the exercise of the Warrant in accordance with its terms, will be exempt from any anti-takeover or similar provisions of the Company’s
LLC Agreement, and any other provisions of any applicable “moratorium”, “control share”, “fair price”, “interested stockholder” or other anti-takeover laws and regulations of any jurisdiction. 
  

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 (g) No Company Material Adverse Effect. Since the last day of the last completed fiscal period for
which financial statements are included in the Company Financial Statements (as defined below), no fact, circumstance, event, change, occurrence, condition or development has occurred that, individually or in the aggregate, has had or would
reasonably be expected to have a Company Material Adverse Effect. 
 (h) Company Financial Statements. The Company has Previously
Disclosed each of the consolidated financial statements of the Company and its consolidated subsidiaries for each of the last three completed fiscal years of the Company (which shall be audited to the extent audited financial statements are
available prior to the Signing Date) and each completed quarterly period since the last completed fiscal year (collectively the “Company Financial Statements”). The Company Financial Statements present fairly in all material
respects the consolidated financial position of the Company and its consolidated subsidiaries as of the dates indicated therein and the consolidated results of their operations for the periods specified therein; and except as stated therein, such
financial statements (A) were prepared in conformity with GAAP applied on a consistent basis (except as may be noted therein) and (B) have been prepared from, and are in accordance with, the books and records of the Company and the Company
Subsidiaries. 
 (i) Reports. 
 (i) Since December 31, 2006, the Company and each Company Subsidiary has filed all reports, registrations, documents, filings, statements and submissions, together with any amendments thereto, that it was
required to file with any Governmental Entity (the foregoing, collectively, the “Company Reports”) and has paid all fees and assessments due and payable in connection therewith, except, in each case, as would not, individually or in
the aggregate, reasonably be expected to have a Company Material Adverse Effect. As of their respective dates of filing, the Company Reports complied in all material respects with all statutes and applicable rules and regulations of the applicable
Governmental Entities. 
 (ii) The records, systems, controls, data and information of the Company and the Company
Subsidiaries are recorded, stored, maintained and operated under means (including any electronic, mechanical or photographic process, whether computerized or not) that are under the exclusive ownership and direct control of the Company or the
Company Subsidiaries or their accountants (including all means of access thereto and therefrom), except for any non-exclusive ownership and non-direct control that would not reasonably be expected to have a material adverse effect on the system of
internal accounting controls described below in this Section 2.2(i)(ii). The Company (A) has implemented and maintains adequate disclosure controls and procedures to ensure that material information relating to the Company, including the
consolidated Company Subsidiaries, is made known to the chief executive officer and the chief financial officer of the Company by others within those entities, and (B) has disclosed, based on its most recent evaluation prior to the Signing
Date, to the Company’s outside auditors and the 

  

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audit committee of the Board of Managers (x) any significant deficiencies and material weaknesses in the design or operation of internal controls that
are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information and (y) any fraud, whether or not material, that involves management or other employees who have a significant
role in the Company’s internal controls over financial reporting. 
 (j) No Undisclosed Liabilities. Neither the Company nor any
of the Company Subsidiaries has any liabilities or obligations of any nature (absolute, accrued, contingent or otherwise) which are not properly reflected or reserved against in the Company Financial Statements to the extent required to be so
reflected or reserved against in accordance with GAAP, except for (A) liabilities that have arisen since the last fiscal year end in the ordinary and usual course of business and consistent with past practice and (B) liabilities that,
individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect. 
 (k)
Offering of Securities. Neither the Company nor any person acting on its behalf has taken any action (including any offering of any securities of the Company under circumstances which would require the integration of such offering with the
offering of any of the Purchased Securities under the Securities Act, and the rules and regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder), which might subject the offering, issuance or sale of
any of the Purchased Securities to Investor pursuant to this Agreement to the registration requirements of the Securities Act. 
 (l)
Litigation and Other Proceedings. Except (i) as set forth on Schedule C or (ii) as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, there is no (A) pending
or, to the knowledge of the Company, threatened, claim, action, suit, investigation or proceeding, against the Company or any Company Subsidiary or to which any of their assets are subject nor is the Company or any Company Subsidiary subject to any
order, judgment or decree or (B) unresolved violation, criticism or exception by any Governmental Entity with respect to any report or relating to any examinations or inspections of the Company or any Company Subsidiaries. 
 (m) Compliance with Laws. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect,
the Company and the Company Subsidiaries have all permits, licenses, franchises, authorizations, orders and approvals of, and have made all filings, applications and registrations with, Governmental Entities that are required in order to permit them
to own or lease their properties and assets and to carry on their business as presently conducted and that are material to the business of the Company or such Company Subsidiary. Except as set forth on Schedule D, the Company and the Company
Subsidiaries have complied in all respects and are not in default or violation of, and none of them is, to the knowledge of the Company, under investigation with respect to or, to the knowledge of the Company, have been threatened to be charged with
or given notice of any violation of, any applicable domestic (federal, state or local) or foreign law, statute, ordinance, license, rule, regulation, policy or guideline, order, demand, writ, injunction, decree or judgment of any Governmental
Entity, other than such noncompliance, defaults or violations that would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse 

  

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Effect. Except for statutory or regulatory restrictions of general application or as set forth on Schedule D, no Governmental Entity has placed any
restriction on the business or properties of the Company or any Company Subsidiary that would, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 
 (n) Employee Benefit Matters. Except as would not reasonably be expected to have, either individually or in the aggregate, a Company Material
Adverse Effect: (A) each “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) providing benefits to any current or
former employee, officer or director of the Company or any member of its “Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal
Revenue Code of 1986, as amended (the “Code”)) that is sponsored, maintained or contributed to by the Company or any member of its Controlled Group and for which the Company or any member of its Controlled Group would have any
liability, whether actual or contingent (each, a “Plan”) has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations, including ERISA and the Code; (B) with
respect to each Plan subject to Title IV of ERISA (including, for purposes of this clause (B), any plan subject to Title IV of ERISA that the Company or any member of its Controlled Group previously maintained or contributed to in the six years
prior to the Signing Date), (1) no “reportable event” (within the meaning of Section 4043(c) of ERISA), other than a reportable event for which the notice period referred to in Section 4043(c) of ERISA has been waived, has
occurred in the three years prior to the Signing Date or is reasonably expected to occur, (2) no “accumulated funding deficiency” (within the meaning of Section 302 of ERISA or Section 412 of the Code), whether or not
waived, has occurred in the three years prior to the Signing Date or is reasonably expected to occur, (3) the fair market value of the assets under each Plan exceeds the present value of all benefits accrued under such Plan (determined based on
the assumptions used to fund such Plan) and (4) neither the Company nor any member of its Controlled Group has incurred in the six years prior to the Signing Date, or reasonably expects to incur, any liability under Title IV of ERISA (other
than contributions to the Plan or premiums to the PBGC in the ordinary course and without default) in respect of a Plan (including any Plan that is a “multiemployer plan”, within the meaning of Section 4001(c)(3) of ERISA); and
(C) each Plan that is intended to be qualified under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service with respect to its qualified status that has not been revoked, or such a
determination letter has been timely applied for but not received by the Signing Date, and nothing has occurred, whether by action or by failure to act, which could reasonably be expected to cause the loss, revocation or denial of such qualified
status or favorable determination letter. 
 (o) Taxes. Except as would not, individually or in the aggregate, reasonably be expected
to have a Company Material Adverse Effect, (i) the Company and the Company Subsidiaries have filed all federal, state, local and foreign income and franchise Tax returns required to be filed through the Signing Date, subject to permitted
extensions, and have paid all Taxes due thereon, and (ii) no Tax deficiency has been determined adversely to the Company or any of the Company Subsidiaries, nor does the Company have any knowledge of any Tax deficiencies. “Tax”
or “Taxes” means any federal, state, local or foreign income, gross receipts, property, sales, use, license, excise, franchise, employment, payroll, withholding, alternative or add on minimum, ad valorem, transfer or excise tax, or
any other tax, custom, duty, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest or penalty, imposed by any Governmental Entity. 
  

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 (p) Properties and Leases. Except as would not, individually or in the aggregate, reasonably be
expected to have a Company Material Adverse Effect, the Company and the Company Subsidiaries have good and marketable title to all real properties and all other properties and assets owned by them, in each case free from liens, encumbrances, claims
and defects that would affect the value thereof or interfere with the use made or to be made thereof by them. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, the Company and
the Company Subsidiaries hold all leased real or personal property under valid and enforceable leases with no exceptions that would interfere with the use made or to be made thereof by them. 
 (q) Environmental Liability. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse
Effect: 
 (i) there is no legal, administrative, or other proceeding, claim or action of any nature seeking to impose, or
that would reasonably be expected to result in the imposition of, on the Company or any Company Subsidiary, any liability relating to the release of hazardous substances as defined under any local, state or federal environmental statute, regulation
or ordinance, including the Comprehensive Environmental Response, Compensation and Liability Act of 1980, pending or, to the Company’s knowledge, threatened against the Company or any Company Subsidiary; 
 (ii) to the Company’s knowledge, there is no reasonable basis for any such proceeding, claim or action; and 
 (iii) neither the Company nor any Company Subsidiary is subject to any agreement, order, judgment or decree by or with any court,
Governmental Entity or third party imposing any such environmental liability. 
 (r) Risk Management Instruments. Except as would not,
individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, all derivative instruments, including, swaps, caps, floors and option agreements, whether entered into for the Company’s own account, or for the
account of one or more of the Company Subsidiaries or its or their customers, were entered into (i) only in the ordinary course of business, (ii) in accordance with prudent practices and in all material respects with all applicable laws,
rules, regulations and regulatory policies and (iii) with counterparties believed to be financially responsible at the time; and each of such instruments constitutes the valid and legally binding obligation of the Company or one of the Company
Subsidiaries, enforceable in accordance with its terms, except as may be limited by the Bankruptcy Exceptions. Neither the Company or the Company Subsidiaries, nor, to the knowledge of the Company, any other party thereto, is in breach of any of its
obligations under any such agreement or arrangement other than such breaches that would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 
 (s) Agreements with Regulatory Agencies. Except as set forth on Schedule E, neither the Company nor any Company Subsidiary is subject to
any material cease-and-desist or other 

  

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similar order or enforcement action issued by, or is a party to any material written agreement, consent agreement or memorandum of understanding with, or is
a party to any commitment letter or similar undertaking to, or is subject to any capital directive by, or since December 31, 2006, has adopted any board resolutions at the request of, any Governmental Entity (other than the Appropriate Federal
Banking Agencies with jurisdiction over the Company and the Company Subsidiaries) that currently restricts in any material respect the conduct of its business or that in any material manner relates to its capital adequacy, its liquidity and funding
policies and practices, its ability to pay distributions, its credit, risk management or compliance policies or procedures, its internal controls, its management or its operations or business (each item in this sentence, a “Regulatory
Agreement”), nor has the Company or any Company Subsidiary been advised since December 31, 2006 by any such Governmental Entity that it is considering issuing, initiating, ordering, or requesting any such Regulatory Agreement. The
Company and each Company Subsidiary are in compliance in all material respects with each Regulatory Agreement to which it is party or subject, and neither the Company nor any Company Subsidiary has received any notice from any Governmental Entity
indicating that either the Company or any Company Subsidiary is not in compliance in all material respects with any such Regulatory Agreement. “Appropriate Federal Banking Agency” means the “appropriate Federal banking
agency” with respect to the Company or such Company Subsidiaries, as applicable, as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(q)). 
 (t) Insurance. The Company and the Company Subsidiaries are insured with reputable insurers against such risks and in such amounts as the
management of the Company reasonably has determined to be prudent and consistent with industry practice. The Company and the Company Subsidiaries are in material compliance with their insurance policies and are not in default under any of the
material terms thereof, each such policy is outstanding and in full force and effect, all premiums and other payments due under any material policy have been paid, and all claims thereunder have been filed in due and timely fashion, except, in each
case, as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 
 (u)
Intellectual Property. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) the Company and each Company Subsidiary owns or otherwise has the right to use, all
intellectual property rights, including all trademarks, trade dress, trade names, service marks, domain names, patents, inventions, trade secrets, know-how, works of authorship and copyrights therein, that are used in the conduct of their existing
businesses and all rights relating to the plans, design and specifications of any of its branch facilities (“Proprietary Rights”) free and clear of all liens and any claims of ownership by current or former employees, contractors,
designers or others and (ii) neither the Company nor any of the Company Subsidiaries is materially infringing, diluting, misappropriating or violating, nor has the Company or any or the Company Subsidiaries received any written (or, to the
knowledge of the Company, oral) communications alleging that any of them has materially infringed, diluted, misappropriated or violated, any of the Proprietary Rights owned by any other person. Except as would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect, to the Company’s knowledge, no other person is infringing, diluting, misappropriating or violating, nor has the Company or any or the Company Subsidiaries sent any written
communications since January 1, 2006 alleging that any person has infringed, diluted, misappropriated or violated, any of the Proprietary Rights owned by the Company and the Company Subsidiaries. 
  

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 (v) Brokers and Finders. No broker, finder or investment banker is entitled to any financial
advisory, brokerage, finder’s or other fee or commission in connection with this Agreement or the Warrant or the transactions contemplated hereby or thereby based upon arrangements made by or on behalf of the Company or any Company Subsidiary
for which the Investor could have any liability. 
 (w) Bank Holding Company. The Company is a bank holding company under the Bank
Holding Company Act of 1956, as amended. 
 (x) Certain Other Transactions. Prior to the execution of this Agreement, the Company
(1) accepted approximately $20.9 billion in aggregate principal amount of bonds tendered in the separate private exchange offers and cash tender offers to purchase and/or exchange certain of its and its subsidiaries’ and Residential
Capital, LLC’s outstanding notes; (2) completed the transactions contemplated by that certain Exchange Agreement, dated as of the date hereof, by and among the Company, General Motors Corporation (“GM”) and FIM Holdings
LLC (“FIM”) and (3) entered into that certain Membership Interest Subscription Agreement, dated as of the date hereof, by and among the Company, GM and FIM providing for the purchase by GM and FIM, and sale by the Company, of
membership interests in the Company for an aggregate consideration of $1,250,000,000 (the “Rights Offering”). 
 Article
III 
 Covenants 
 3.1
Commercially Reasonable Efforts. Subject to the terms and conditions of this Agreement, each of the parties will use its commercially reasonable efforts in good faith to take, or cause to be taken, all actions, and to do, or cause to be done,
all things necessary, proper or desirable, or advisable under applicable laws, so as to permit consummation of the Purchase as promptly as practicable and otherwise to enable consummation of the transactions contemplated hereby and shall use
commercially reasonable efforts to cooperate with the other party to that end. 
 3.2 Expenses. (a) Unless otherwise provided in
this Agreement or the Warrant, each of the parties hereto will bear and pay all costs and expenses incurred by it or on its behalf in connection with the transactions contemplated under this Agreement and the Warrant, including fees and expenses of
its own financial or other consultants, investment bankers, accountants and counsel. 
 (b) The Company agrees to bear and pay all costs and
expenses incurred in connection with the establishment and operation of any trust, including the fees and expenses of the trustee of such trust, established by the Investor in connection with the Rights Offering for as long as such trust holds
common membership interests, or equivalent securities, issued by the Company in the Rights Offering. 
  

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 3.3 Sufficiency of Authorized Warrant Preferred Interests; Exchange Listing. 
 (a) During the period from the Closing Date until the date on which the Warrant has been fully exercised, the Company shall at all times have reserved for
issuance, free of preemptive or similar rights, a sufficient number of authorized and unissued Warrant Interests to effectuate such exercise. 
 (b) If the Company lists its Membership Interests on any national securities exchange, the Company shall, if requested by the Investor, promptly use its reasonable best efforts to cause the Preferred Interests and Warrant Interests to be
approved for listing on a national securities exchange as promptly as practicable following such request. 
 3.4 Certain Notifications
Until Closing. From the Signing Date until the Closing, the Company shall promptly notify the Investor of (i) any fact, event or circumstance of which it is aware and which would reasonably be expected to cause any representation or
warranty of the Company contained in this Agreement to be untrue or inaccurate in any material respect or to cause any covenant or agreement of the Company contained in this Agreement not to be complied with or satisfied in any material respect and
(ii) except as Previously Disclosed, any fact, circumstance, event, change, occurrence, condition or development of which the Company is aware and which, individually or in the aggregate, has had or would reasonably be expected to have a
Company Material Adverse Effect; provided, however, that delivery of any notice pursuant to this Section 3.4 shall not limit or affect any rights of or remedies available to the Investor; provided, further, that a failure to
comply with this Section 3.4 shall not constitute a breach of this Agreement or the failure of any condition set forth in Section 1.2 to be satisfied unless the underlying Company Material Adverse Effect or material breach would
independently result in the failure of a condition set forth in Section 1.2 to be satisfied. 
 3.5 Access, Information and
Confidentiality. 
 (a) From the Signing Date until the date when the Investor holds an amount of Preferred Interests having an aggregate
capital amount of less than 10% of the Purchase Price, the Company and each of its direct and indirect subsidiaries shall permit the (i) Investor and its agents, consultants, contractors and advisors acting through the Appropriate Federal
Banking Agency, or otherwise, (ii) the Special Inspector General of the Troubled Asset Relief Program, and (iii) the Comptroller General of the United States access to personnel and any books, papers, records or other data in each case to
the extent relevant to ascertaining compliance with the financing terms and conditions, to make copies thereof and discuss the affairs, finances and accounts of the Company. The Investor represents that it has been informed by the Special Inspector
General of the Troubled Asset Relief Program and the Comptroller General of the United States that they, before making any request for access or information relating to an audit, will establish a protocol to avoid, to the extent reasonably possible,
duplicative requests. Nothing in this section shall be construed to limit the authority that the Special Inspector General of the Troubled Asset Relief Program or the Comptroller General of the United States have under law. The Borrower and the
Investor further agree that all out-of-pocket costs and expenses incurred by the Investor in connection with the Investor’s or Special Inspector General of the Troubled Assets Relief Program’s activities pursuant to this
Section 3.5(a) shall be paid by the Company. 
  

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 (b) From the Signing Date until the date on which all of the Preferred Interests and Warrant Interests
have been redeemed in whole, the Company will deliver, or will cause to be delivered, to the Investor: 
 (i) as soon as
available after the end of each fiscal year of the Company, and in any event within 90 days thereafter, a consolidated balance sheet of the Company as of the end of such fiscal year, and consolidated statements of income, retained earnings and cash
flows of the Company for such year, in each case prepared in accordance with GAAP and setting forth in each case in comparative form the figures for the previous fiscal year of the Company, and which shall be audited to the extent audited financial
statements are available; 
 (ii) as soon as available after the end of the first, second and third quarterly periods in each
fiscal year of the Company, a copy of any quarterly reports provided to other members of the Company or Company management; 
 (iii) within fifteen (15) days after the conclusion of each calendar month the Company shall deliver to the Investor a certification signed by the principal executive officer (or person acting in similar capacity) of the Company that
(i) the Expense Policy (as defined in Section 4.8(c) of this Agreement) conforms to the requirements set forth herein; (ii) the Company and its Subsidiaries are in compliance with the Expense Policy; and (iii) there have been no
material amendments to the Expense Policy or deviations from the Expense Policy other than those that have been disclosed to and approved by the Investor; and 
 (iv) within fifteen (15) days after the conclusion of each calendar month the Company shall deliver to the Investor a certification
signed by principal executive officer (or person acting in similar capacity) of the Company that all Benefit Plans with respect to Senior Executive Officers are in compliance with the covenants made under Sections 4.8(a)(i)(A), (D), (E) and
(F) of this Agreement. 
 (c) The Investor will use reasonable best efforts to hold, and will use reasonable best efforts to cause its
agents, consultants, contractors and advisors, and United States executive branch officials and employees, to hold (or abide by such other reasonable confidentiality protections as may be agreed to between the Company and the Special Inspector
General and/or Comptroller General), in confidence all nonpublic records, books, contracts, instruments, computer data and other data and information (collectively, “Information”) concerning the Company furnished or made available
to it by the Company or its representatives pursuant to this Agreement (except to the extent that such information can be shown to have been (i) previously known by such party on a non-confidential basis, (ii) in the public domain through
no fault of such party or (iii) later lawfully acquired from other sources by the party to which it was furnished (and without violation of any other confidentiality obligation)); provided that nothing herein shall prevent the Investor
from disclosing any Information to the extent required by applicable laws or regulations or by any subpoena or similar legal process. The Investor understands that the Information may contain commercially sensitive confidential information entitled
to an exception from the Freedom of Information Act request. 
  

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 (d) The Investor’s information rights pursuant to Section 3.5(b) may be assigned by the
Investor to a transferee or assignee of the Purchased Securities or the Warrant Interests or with a capital amount or, in the case of the Warrant, the capital amount of the underlying units of Warrant Preferred Interests, no less than an amount
equal to 2% of the initial aggregate capital amount of the Preferred Interests. 
 Article IV 
 Additional Agreements 
 4.1 Purchase
for Investment. The Investor acknowledges that the Purchased Securities and the Warrant Interests have not been registered under the Securities Act or under any state securities laws. The Investor (a) is acquiring the Purchased Securities
pursuant to an exemption from registration under the Securities Act solely for investment with no present intention to distribute them to any person in violation of the Securities Act or any applicable U.S. state securities laws, (b) will not
sell or otherwise dispose of any of the Purchased Securities or the Warrant Interests, except in compliance with the registration requirements or exemption provisions of the Securities Act and any applicable U.S. state securities laws, and
(c) has such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of the Purchase and of making an informed investment decision. 
 4.2 Legends. 
 (a) The Investor agrees
that all certificates or other instruments representing the Warrant will bear a legend substantially to the following effect: 
 “THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION 
 STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT
OR SUCH LAWS. 
 THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT
BETWEEN THE ISSUER OF THESE SECURITIES AND THE INVESTOR REFERRED TO THEREIN, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT.
ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.” 
 (b) In addition, the Investor agrees that all
certificates or other instruments representing the Preferred Interests and the Warrant Interests will bear a legend substantially to the following effect: 
 “THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

  

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 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO
LONG AS THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES
FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
 THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT BETWEEN THE ISSUER OF THESE
SECURITIES AND THE INVESTOR REFERRED TO THEREIN, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT. ANY SALE OR OTHER TRANSFER
NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.” 
 (c) In the event that any Purchased Securities or Warrant Interests
(i) become registered under the Securities Act or (ii) are eligible to be transferred without restriction in accordance with Rule 144 or another exemption from registration under the Securities Act (other 

  

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than Rule 144A), the Company shall issue new certificates or other instruments representing such Purchased Securities or Warrant Interests, which shall not
contain the applicable legends in Sections 4.2(a) and (b) above; provided that the Investor surrenders to the Company the previously issued certificates or other instruments. 
 4.3 Certain Transactions. The Company will not merge or consolidate with, or sell, transfer or lease all or substantially all of its property or
assets to, any other party unless the successor, transferee or lessee party (or its ultimate parent entity), as the case may be (if not the Company), expressly assumes the due and punctual performance and observance of each and every covenant,
agreement and condition of this Agreement to be performed and observed by the Company. 
 4.4 Transfer of Purchased Securities and Warrant
Interests; Restrictions on Exercise of the Warrant. Subject to compliance with applicable securities laws, the Investor shall be permitted to transfer, sell, assign or otherwise dispose of (“Transfer”) all or a portion of the
Purchased Securities or Warrant Interests at any time, and the Company shall take all steps as may be reasonably requested by the Investor to facilitate the Transfer of the Purchased Securities and the Warrant Interests; provided that on or
prior to December 29, 2009, the Investor shall not Transfer any Purchased Securities or Warrant Interests if, prior to a conversion of the Company into a corporation or the listing of the Company’s membership interests on a national
securities exchange, such Transfer would be in violation of Section 9.6 of the LLC Agreement. In furtherance of the foregoing, the Company shall provide reasonable cooperation to facilitate any Transfers of the Purchased Securities or Warrant
Interests, including, as is reasonable under the circumstances, by furnishing such information concerning the Company and its business as a proposed transferee may reasonably request (including such information as is required by Section 4.5(k))
and making management of the Company reasonably available to respond to questions of a proposed transferee in accordance with customary practice, subject in all cases to the proposed transferee agreeing to a customary confidentiality agreement.

 4.5 Registration Rights. 
 (a) Registration. 
 (i) Subject to the terms and conditions of this Agreement, the Company covenants and
agrees that within 30 days of the Closing Date, the Company shall prepare and file with the SEC a Shelf Registration Statement covering all Registrable Securities (or otherwise designate an existing Shelf Registration Statement filed with the SEC to
cover the Registrable Securities), and, to the extent the Shelf Registration Statement has not theretofore been declared effective or is not automatically effective upon such filing, the Company shall use reasonable best efforts to cause such Shelf
Registration Statement to be declared or become effective and to keep such Shelf Registration Statement continuously effective and in compliance with the Securities Act and usable for resale of such Registrable Securities for a period from the date
of its initial effectiveness until such time as there are no Registrable Securities remaining (including by refiling such Shelf Registration Statement (or a new Shelf Registration Statement) if the initial Shelf Registration Statement expires).
Notwithstanding the foregoing, if the Company is not eligible to file a registration statement on Form S-3, then the Company shall not be obligated to file a Shelf Registration Statement unless and until requested to do so in writing by the
Investor. 
  

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 (ii) Any registration pursuant to Section 4.5(a)(i) shall be effected by means of a
shelf registration on an appropriate form under Rule 415 under the Securities Act (a “Shelf Registration Statement”). If the Investor or any other Holder intends to distribute any Registrable Securities by means of an underwritten
offering it shall promptly so advise the Company and the Company shall take all reasonable steps to facilitate such distribution, including the actions required pursuant to Section 4.5(c); provided that the Company shall not be required
to facilitate an underwritten offering of Registrable Securities unless the expected gross proceeds from such offering exceed (i) 2% of the initial aggregate capital amount of the Preferred Interests if such initial aggregate capital amount is
less than $2 billion and (ii) $200 million if the initial aggregate capital amount of the Preferred Interests is equal to or greater than $2 billion. The lead underwriters in any such distribution shall be selected by the Holders of a majority
of the Registrable Securities to be distributed; provided that to the extent appropriate and permitted under applicable law, such Holders shall consider the qualifications of any broker-dealer Affiliate of the Company in selecting the lead
underwriters in any such distribution. 
 (iii) The Company shall not be required to effect a registration (including a resale
of Registrable Securities from an effective Shelf Registration Statement) or an underwritten offering pursuant to Section 4.5(a): (A) with respect to securities that are not Registrable Securities; or (B) if the Company has notified
the Investor and all other Holders that in the good faith judgment of the Board of Managers, it would be materially detrimental to the Company or its securityholders for such registration or underwritten offering to be effected at such time, in
which event the Company shall have the right to defer such registration for a period of not more than 45 days after receipt of the request of the Investor or any other Holder; provided that such right to delay a registration or underwritten
offering shall be exercised by the Company (1) only if the Company has generally exercised (or is concurrently exercising) similar black-out rights against holders of similar securities that have registration rights and (2) not more than
three times in any 12-month period and not more than 90 days in the aggregate in any 12-month period. 
 (iv) If during any
period when an effective Shelf Registration Statement is not available, the Company proposes to register any of its equity securities, other than a registration pursuant to Section 4.5(a)(i) or a Special Registration, and the registration form
to be filed may be used for the registration or qualification for distribution of Registrable Securities, the Company will give prompt written notice to the Investor and all other Holders of its intention to effect such a registration (but in no
event less than ten days prior to the anticipated filing date) and will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten business days after the
date of the Company’s notice (a “Piggyback Registration”). Any such person that has made such a written request may withdraw its Registrable Securities from such Piggyback Registration by giving written notice to the Company
and the managing underwriter, if any, on or before the fifth business day prior to the planned effective date of such Piggyback Registration. The Company may terminate or withdraw any registration under this Section 4.5(a)(iv) prior to the
effectiveness of such registration, whether or not Investor or any other Holders have elected to include Registrable Securities in such registration. 
  

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 (v) If the registration referred to in Section 4.5(a)(iv) is proposed to be
underwritten, the Company will so advise Investor and all other Holders as a part of the written notice given pursuant to Section 4.5(a)(iv). In such event, the right of Investor and all other Holders to registration pursuant to
Section 4.5(a) will be conditioned upon such persons’ participation in such underwriting and the inclusion of such person’s Registrable Securities in the underwriting if such securities are of the same class of securities as the
securities to be offered in the underwritten offering, and each such person will (together with the Company and the other persons distributing their securities through such underwriting) enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such underwriting by the Company; provided that the Investor (as opposed to other Holders) shall not be required to indemnify any person in connection with any registration. If any participating
person disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written notice to the Company, the managing underwriters and the Investor (if the Investor is participating in the underwriting). 
 (vi) If either (x) the Company grants “piggyback” registration rights to one or more third parties to include their
securities in an underwritten offering under the Shelf Registration Statement pursuant to Section 4.5(a)(ii) or (y) a Piggyback Registration under Section 4.5(a)(iv) relates to an underwritten offering on behalf of the Company, and in
either case the managing underwriters advise the Company that in their reasonable opinion the number of securities requested to be included in such offering exceeds the number which can be sold without adversely affecting the marketability of such
offering (including an adverse effect on the per share offering price), the Company will include in such offering only such number of securities that in the reasonable opinion of such managing underwriters can be sold without adversely affecting the
marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority: (A) first, in the case of a Piggyback Registration under
Section 4.5(a)(iv), the securities the Company proposes to sell, (B) then the Registrable Securities of the Investor and all other Holders who have requested inclusion of Registrable Securities pursuant to Section 4.5(a)(ii) or
Section 4.5(a)(iv), as applicable, pro rata on the basis of the aggregate number of such securities or shares owned by each such person and (C) lastly, any other securities of the Company that have been requested to be so included,
subject to the terms of this Agreement; provided, however, that if the Company has, prior to the Signing Date, entered into an agreement with respect to its securities that is inconsistent with the order of priority contemplated hereby then
it shall apply the order of priority in such conflicting agreement to the extent that it would otherwise result in a breach under such agreement. 
 (b) Expenses of Registration. All Registration Expenses incurred in connection with any registration, qualification or compliance hereunder shall be borne by the Company. All Selling Expenses incurred in connection with any
registrations hereunder shall be borne by the holders of the securities so registered pro rata on the basis of the aggregate offering or sale price of the securities so registered. 
  

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 (c) Obligations of the Company. Whenever required to effect the registration of any Registrable
Securities or facilitate the distribution of Registrable Securities pursuant to an effective Shelf Registration Statement, the Company shall, as expeditiously as reasonably practicable: 
 (i) Prepare and file with the SEC a prospectus supplement or post-effective amendment with respect to a proposed offering of Registrable
Securities pursuant to an effective registration statement, subject to Section 4.5(c), keep such registration statement effective and keep such prospectus supplement current until the securities described therein are no longer Registrable
Securities. 
 (ii) Prepare and file with the SEC such amendments and supplements to the applicable registration statement and
the prospectus or prospectus supplement used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement. 
 (iii) Furnish to the Holders and any underwriters such number of copies of the applicable registration statement
and each such amendment and supplement thereto (including in each case all exhibits) and of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably
request in order to facilitate the disposition of Registrable Securities owned or to be distributed by them. 
 (iv) Use its
reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders or any managing underwriter(s),
to keep such registration or qualification in effect for so long as such registration statement remains in effect, and to take any other action which may be reasonably necessary to enable such seller to consummate the disposition in such
jurisdictions of the securities owned by such Holder; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such
states or jurisdictions. 
 (v) Notify each Holder of Registrable Securities at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event as a result of which the applicable prospectus, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 
 (vi)
Give written notice to the Holders: 
 (A) when any registration statement filed pursuant to Section 4.5(a) or any
amendment thereto has been filed with the SEC (except for any amendment effected by the filing of a document with the SEC pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”) and when such registration statement or
any post-effective amendment thereto has become effective; 
  

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 (B) of any request by the SEC for amendments or supplements to any registration statement
or the prospectus included therein or for additional information; 
 (C) of the issuance by the SEC of any stop order
suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose; 
 (D) of
the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the applicable Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose; 
 (E) of the happening of any event that requires the Company to make changes in any effective registration
statement or the prospectus related to the registration statement in order to make the statements therein not misleading (which notice shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been
made); and 
 (F) if at any time the representations and warranties of the Company contained in any underwriting agreement
contemplated by Section 4.5(c)(x) cease to be true and correct. 
 (vii) Use its reasonable best efforts to prevent the
issuance or obtain the withdrawal of any order suspending the effectiveness of any registration statement referred to in Section 4.5(c)(vi)(C) at the earliest practicable time. 
 (viii) Upon the occurrence of any event contemplated by Section 4.5(c)(v) or 4.5(c)(vi)(E), promptly prepare a post-effective
amendment to such registration statement or a supplement to the related prospectus or file any other required document so that, as thereafter delivered to the Holders and any underwriters, the prospectus will not contain an untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders in accordance with Section 4.5(c)(vi)(E) to
suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Holders and any underwriters shall suspend use of such prospectus and use their reasonable best efforts to return to the Company all copies of
such prospectus (at the Company’s expense) other than permanent file copies then in such Holders’ or underwriters’ possession. The total number of days that any such suspension may be in effect in any 12-month period shall not exceed
90 days. 
 (ix) Use reasonable best efforts to procure the cooperation of the Company’s transfer agent in settling any
offering or sale of Registrable Securities, including with respect to the transfer of physical certificates into book-entry form in accordance with any procedures reasonably requested by the Holders or any managing underwriter(s). 
  

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 (x) If an underwritten offering is requested pursuant to Section 4.5(a)(ii), enter
into an underwriting agreement in customary form, scope and substance and take all such other actions reasonably requested by the Holders of a majority of the Registrable Securities being sold in connection therewith or by the managing
underwriter(s), if any, to expedite or facilitate the underwritten disposition of such Registrable Securities, and in connection therewith in any underwritten offering (including making members of management and executives of the Company available
to participate in “road shows”, similar sales events and other marketing activities), (A) make such representations and warranties to the Holders that are selling members and the managing underwriter(s), if any, with respect to the
business of the Company and its subsidiaries, and the Shelf Registration Statement, prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in customary form, substance and scope, and, if true,
confirm the same if and when requested, (B) use its reasonable best efforts to furnish the underwriters with opinions of counsel to the Company, addressed to the managing underwriter(s), if any, covering the matters customarily covered in such
opinions requested in underwritten offerings, (C) use its reasonable best efforts to obtain “cold comfort” letters from the independent certified public accountants of the Company (and, if necessary, any other independent certified
public accountants of any business acquired by the Company for which financial statements and financial data are included in the Shelf Registration Statement) who have certified the financial statements included in such Shelf Registration Statement,
addressed to each of the managing underwriter(s), if any, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters, (D) if an underwriting agreement is entered into, the same
shall contain indemnification provisions and procedures customary in underwritten offerings (provided, that the Investor shall not be obligated to provide any indemnity), and (E) deliver such documents and certificates as may be
reasonably requested by the Holders of a majority of the Registrable Securities being sold in connection therewith, their counsel and the managing underwriter(s), if any, to evidence the continued validity of the representations and warranties made
pursuant to clause (i) above and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 
 (xi) Make available for inspection by a representative of Holders that are selling members, the managing underwriter(s), if any, and any
attorneys or accountants retained by such Holders or managing underwriter(s), at the offices where normally kept, during reasonable business hours, financial and other records, pertinent company documents and properties of the Company, and cause the
officers, directors and employees of the Company to supply all information in each case reasonably requested (and of the type customarily provided in connection with due diligence conducted in connection with a registered public offering of
securities) by any such representative, managing underwriter(s), attorney or accountant in connection with such Shelf Registration Statement. 
 (xii) Use reasonable best efforts to cause all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the Company are then listed or, if no similar
securities issued by the Company are then listed on any national securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on such securities exchange as the Investor may designate. 
  

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 (xiii) If requested by Holders of a majority of the Registrable Securities being
registered and/or sold in connection therewith, or the managing underwriter(s), if any, promptly include in a prospectus supplement or amendment such information as the Holders of a majority of the Registrable Securities being registered and/or sold
in connection therewith or managing underwriter(s), if any, may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus supplement or such amendment as soon as
practicable after the Company has received such request. 
 (xiv) Timely provide to its security holders earning statements
satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 
 (d) Suspension of Sales. Upon
receipt of written notice from the Company that a registration statement, prospectus or prospectus supplement contains or may contain an untrue statement of a material fact or omits or may omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading or that circumstances exist that make inadvisable use of such registration statement, prospectus or prospectus supplement, the Investor and each Holder of Registrable Securities shall
forthwith discontinue disposition of Registrable Securities until the Investor and/or Holder has received copies of a supplemented or amended prospectus or prospectus supplement, or until the Investor and/or such Holder is advised in writing by the
Company that the use of the prospectus and, if applicable, prospectus supplement may be resumed, and, if so directed by the Company, the Investor and/or such Holder shall deliver to the Company (at the Company’s expense) all copies, other than
permanent file copies then in the Investor and/or such Holder’s possession, of the prospectus and, if applicable, prospectus supplement covering such Registrable Securities current at the time of receipt of such notice. The total number of days
that any such suspension may be in effect in any 12-month period shall not exceed 90 days. 
 (e) Termination of Registration Rights.
A Holder’s registration rights as to any securities held by such Holder (and its Affiliates, partners, members and former members) shall not be available unless such securities are Registrable Securities. 
 (f) Furnishing Information. 
 (i) Neither the Investor nor any Holder shall use any free writing prospectus (as defined in Rule 405) in connection with the sale of Registrable Securities without the prior written consent of the Company. 
 (ii) It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 4.5(c) that Investor
and/or the selling Holders and the underwriters, if any, shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to
effect the registered offering of their Registrable Securities. 
  

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 (g) Indemnification. 
 (i) The Company agrees to indemnify each Holder and, if a Holder is a person other than an individual, such Holder’s officers,
directors, employees, agents, representatives and Affiliates, and each Person, if any, that controls a Holder within the meaning of the Securities Act (each, an “Indemnitee”), against any and all losses, claims, damages, actions,
liabilities, costs and expenses (including reasonable fees, expenses and disbursements of attorneys and other professionals incurred in connection with investigating, defending, settling, compromising or paying any such losses, claims, damages,
actions, liabilities, costs and expenses), joint or several, arising out of or based upon any untrue statement or alleged untrue statement of material fact contained in any registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto or any documents incorporated therein by reference or contained in any free writing prospectus (as such term is defined in Rule 405) prepared by the Company or authorized by it in
writing for use by such Holder (or any amendment or supplement thereto); or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading; provided, that the Company shall not be liable to such Indemnitee in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is
based upon (A) an untrue statement or omission made in such registration statement, including any such preliminary prospectus or final prospectus contained therein or any such amendments or supplements thereto or contained in any free writing
prospectus (as such term is defined in Rule 405) prepared by the Company or authorized by it in writing for use by such Holder (or any amendment or supplement thereto), in reliance upon and in conformity with information regarding such Indemnitee or
its plan of distribution or ownership interests which was furnished in writing to the Company by such Indemnitee for use in connection with such registration statement, including any such preliminary prospectus or final prospectus contained therein
or any such amendments or supplements thereto, or (B) offers or sales effected by or on behalf of such Indemnitee “by means of” (as defined in Rule 159A) a “free writing prospectus” (as defined in Rule 405) that was not
authorized in writing by the Company. 
 (ii) If the indemnification provided for in Section 4.5(g)(i) is unavailable to
an Indemnitee with respect to any losses, claims, damages, actions, liabilities, costs or expenses referred to therein or is insufficient to hold the Indemnitee harmless as contemplated therein, then the Company, in lieu of indemnifying such
Indemnitee, shall contribute to the amount paid or payable by such Indemnitee as a result of such losses, claims, damages, actions, liabilities, costs or expenses in such proportion as is appropriate to reflect the relative fault of the Indemnitee,
on the one hand, and the Company, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, actions, liabilities, costs or expenses as well as any other relevant equitable considerations. The
relative fault of the Company, on the one hand, and of the Indemnitee, on the other hand, shall be determined by reference to, among other factors, whether the untrue statement of a material fact or omission to state a material fact relates to
information supplied by the Company or by the Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such 

  

 25 








 
statement or omission; the Company and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 4.5(g)(ii)
were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 4.5(g)(i). No Indemnitee guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from the Company if the Company was not guilty of such fraudulent misrepresentation. 
 (h) Assignment of Registration Rights. The rights of the Investor to registration of Registrable Securities pursuant to Section 4.5(a) may be
assigned by the Investor to a transferee or assignee of Registrable Securities with a capital amount or, in the case of the Warrant, the capital amount of the underlying units of Warrant Preferred Interests, no less than an amount equal to
(i) 2% of the initial aggregate capital amount of the Preferred Interests if such initial aggregate capital amount is less than $2 billion and (ii) $200 million if the initial aggregate capital amount of the Preferred Interests is equal to
or greater than $2 billion; provided, however, the transferor shall, within ten days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the number and type of Registrable
Securities that are being assigned. 
 (i) Clear Market. With respect to any underwritten offering of Registrable Securities by the
Investor or other Holders pursuant to this Section 4.5, the Company agrees not to effect (other than pursuant to such registration or pursuant to a Special Registration) any public sale or distribution, or to file any Shelf Registration
Statement (other than such registration or a Special Registration) covering any preferred membership interests of the Company or any securities convertible into or exchangeable or exercisable for preferred membership interests of the Company, during
the period not to exceed ten days prior and 60 days following the effective date of such offering or such longer period up to 90 days as may be requested by the managing underwriter for such underwritten offering. The Company also agrees to cause
such of its directors and senior executive officers to execute and deliver customary lock-up agreements in such form and for such time period up to 90 days as may be requested by the managing underwriter. “Special Registration”
means the registration of (A) equity securities and/or options or other rights in respect thereof solely registered on Form S-4 or Form S-8 (or successor form) or (B) shares of equity securities and/or options or other rights in respect
thereof to be offered to directors, members of management, employees, consultants, customers, lenders or vendors of the Company or Company Subsidiaries or in connection with dividend reinvestment plans. 
 (j) Rule 144; Rule 144A. With a view to making available to the Investor and Holders the benefits of certain rules and regulations of the SEC
which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its reasonable best efforts to: 
 (i) make and keep public information available, as those terms are understood and defined in Rule 144(c)(1) or any similar or analogous rule promulgated under the Securities Act, at all times after the Signing Date;

 (ii) (A) file with the SEC, in a timely manner, all reports and other documents required of the Company under the
Exchange Act, and (B) if at any time the Company is 

  

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not required to file such reports, make available, upon the request of any Holder, such information necessary to permit sales pursuant to Rule 144A
(including the information required by Rule 144A(d)(4) under the Securities Act); 
 (iii) so long as the Investor or a Holder
owns any Registrable Securities, furnish to the Investor or such Holder forthwith upon request: a written statement by the Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act, and of the Exchange Act; a
copy of the most recent annual or quarterly report of the Company; and such other reports and documents as the Investor or Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such securities
to the public without registration; and 
 (iv) take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act. 
 (k)
As used in this Section 4.5, the following terms shall have the following respective meanings: 
 (i)
“Holder” means the Investor and any other holder of Registrable Securities to whom the registration rights conferred by this Agreement have been transferred in compliance with Section 4.5(h) hereof. 
 (ii) “Holders’ Counsel” means one counsel for the selling Holders chosen by Holders holding a majority interest in
the Registrable Securities being registered. 
 (iii) “Register,” “registered,” and
“registration” shall refer to a registration effected by preparing and (A) filing a registration statement or amendment thereto in compliance with the Securities Act and applicable rules and regulations thereunder, and the
declaration or ordering of effectiveness of such registration statement or amendment thereto or (B) filing a prospectus and/or prospectus supplement in respect of an appropriate effective registration statement on Form S-3. 
 (iv) “Registrable Securities” means (A) all Preferred Interests, (B) the Warrant (subject to
Section 4.5(p)) and (C) any equity securities issued or issuable directly or indirectly with respect to the securities referred to in the foregoing clauses (A) or (B) by way of conversion, exercise or exchange thereof, including
the Warrant Interests, or distribution or split or in connection with a combination of securities, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization, provided that, once issued, such
securities will not be Registrable Securities when (1) they are sold pursuant to an effective registration statement under the Securities Act, (2) except as provided below in Section 4.5(o), they may be sold pursuant to Rule 144
without limitation thereunder on volume or manner of sale, (3) they shall have ceased to be outstanding or (4) they have been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the
transferee of the securities. No Registrable Securities may be registered under more than one registration statement at any one time. 
  

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 (v) “Registration Expenses” mean all expenses incurred by the Company in
effecting any registration pursuant to this Agreement (whether or not any registration or prospectus becomes effective or final) or otherwise complying with its obligations under this Section 4.5, including all registration, filing and listing
fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses, expenses incurred in connection with any “road show”, the reasonable fees and disbursements of Holders’ Counsel, and expenses of
the Company’s independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration, but shall not include Selling Expenses. 
 (vi) “Rule 144”, “Rule 144A”, “Rule 159A”, “Rule 405” and
“Rule 415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be amended from time to time. 
 (vii) “Selling Expenses” mean all discounts, selling commissions and transfer taxes applicable to the sale of Registrable
Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of Holders’ Counsel included in Registration Expenses). 
 (l) At any time, any holder of Securities (including any Holder) may elect to forfeit its rights set forth in this Section 4.5 from that date forward; provided, that a Holder forfeiting such rights shall
nonetheless be entitled to participate under Section 4.5(a)(iv) – (vi) in any Pending Underwritten Offering to the same extent that such Holder would have been entitled to if the holder had not withdrawn; and provided, further,
that no such forfeiture shall terminate a Holder’s rights or obligations under Section 4.5(f) with respect to any prior registration or Pending Underwritten Offering. “Pending Underwritten Offering” means, with respect
to any Holder forfeiting its rights pursuant to this Section 4.5(l), any underwritten offering of Registrable Securities in which such Holder has advised the Company of its intent to register its Registrable Securities either pursuant to
Section 4.5(a)(ii) or 4.5(a)(iv) prior to the date of such Holder’s forfeiture. 
 (m) Specific Performance. The parties
hereto acknowledge that there would be no adequate remedy at law if the Company fails to perform any of its obligations under this Section 4.5 and that the Investor and the Holders from time to time may be irreparably harmed by any such
failure, and accordingly agree that the Investor and such Holders, in addition to any other remedy to which they may be entitled at law or in equity, to the fullest extent permitted and enforceable under applicable law shall be entitled to compel
specific performance of the obligations of the Company under this Section 4.5 in accordance with the terms and conditions of this Section 4.5. 
 (n) No Inconsistent Agreements. The Company shall not, on or after the Signing Date, enter into any agreement with respect to its securities that may impair the rights granted to the Investor and the
Holders under this Section 4.5 or that otherwise conflicts with the provisions hereof in any manner that may impair the rights granted to the Investor and the Holders under this Section 4.5. In the event the Company has, prior to the
Signing Date, entered into any agreement with respect to its securities that is inconsistent with the rights granted to the Investor and the Holders under this Section 4.5 (including agreements that are inconsistent with the order 

  

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of priority contemplated by Section 4.5(a)(vi)) or that may otherwise conflict with the provisions hereof, the Company shall use its reasonable best
efforts to amend such agreements to ensure they are consistent with the provisions of this Section 4.5. 
 (o) Certain Offerings by
the Investor. In the case of any securities held by the Investor that cease to be Registrable Securities solely by reason of clause (2) in the definition of “Registrable Securities,” the provisions of Sections 4.5(a)(ii), clauses
(iv), (ix) and (x)-(xii) of Section 4.5(c), Section 4.5(g) and Section 4.5(i) shall continue to apply until such securities otherwise cease to be Registrable Securities. In any such case, an “underwritten” offering
or other disposition shall include any distribution of such securities on behalf of the Investor by one or more broker-dealers, an “underwriting agreement” shall include any purchase agreement entered into by such broker-dealers, and any
“registration statement” or “prospectus” shall include any offering document approved by the Company and used in connection with such distribution. 
 (p) Registered Sales of the Warrant. The Holders agree to sell the Warrant or any portion thereof under the Shelf Registration Statement only beginning 30 days after notifying the Company of any such sale,
during which 30-day period the Investor and all Holders of the Warrant shall take reasonable steps to agree to revisions to the Warrant to permit a public distribution of the Warrant, including entering into a warrant agreement and appointing a
warrant agent. 
 4.6 Depositary Shares. Upon request by the Investor at any time following the Closing Date, the Company shall
promptly enter into a depositary arrangement, pursuant to customary agreements reasonably satisfactory to the Investor and with a depositary reasonably acceptable to the Investor, pursuant to which the Preferred Interests or the Warrant Interests
may be deposited and depositary interests, each representing a fraction of a Preferred Interests or Warrant Interests, as applicable, as specified by the Investor, may be issued. From and after the execution of any such depositary arrangement, and
the deposit of any Preferred Interests or Warrant Interests, as applicable, pursuant thereto, the depositary interests issued pursuant thereto shall be deemed “Preferred Interests”, “Warrant Interests” and, as applicable,
“Registrable Securities” for purposes of this Agreement. 
 4.7 Restriction on Distributions and Repurchases. 
 (a) Prior to the earlier of (x) the third anniversary of the Closing Date and (y) the date on which all of the Preferred Interests and Warrant
Interests have been redeemed in whole or the Investor has transferred all of the Preferred Interests and Warrant Interests to third parties which are not Affiliates of the Investor, neither the Company nor any Company Subsidiary shall, without the
consent of the Investor, or, in the case of tax distributions on Junior Membership Interests, without the consent of the President’s Designee (as defined in H.R. 7321), declare or pay any dividend or distribution on any capital stock or other
equity securities of any kind of the Company or any Company Subsidiary (other than (i) regular quarterly cash dividends or distributions of not more than the amount of the last quarterly cash dividend or distribution per share of capital stock
or membership interest declared or, if lower, announced to its holders of capital stock or Membership Interests an intention to declare, on the capital stock or Membership Interests prior to November 17, 2008, as adjusted for any membership
interests issued in a rights 
  

 29 








 
offering, split, distribution, reverse split, reclassification or similar transaction, (ii) distributions payable solely in Common Membership Interests
of the Company (“Common Membership Interests”), (iii) regular distributions on preferred membership interests in accordance with the terms thereof and which are permitted under the terms of the Preferred Interests and the
Warrant Interests, (iv) dividends or distributions by any wholly-owned Company Subsidiary or (v) dividends or distributions by any Company Subsidiary required pursuant to binding contractual agreements entered into prior to
November 17, 2008). For the avoidance of doubt, tax distributions on Junior Membership Interests that are consented to by the President’s Designee will not be prohibited by this Section 4.7(a). 
 (b) During the period beginning on the third anniversary of the Closing Date and ending on the earlier of (i) the tenth anniversary of the Closing
Date and (ii) the date on which all of the Preferred Interests and Warrant Interests have been redeemed in whole or the Investor has transferred all of the Preferred Interests and Warrant Interests to third parties which are not Affiliates of
the Investor, neither the Company nor any Company Subsidiary shall, without the consent of the Investor, or, in the case of tax distributions on Junior Membership Interests, without the consent of the President’s Designee, (A) pay any per
share dividend or distribution on capital stock or other equity securities of any kind of the Company at a per annum rate that is in excess of 103% of the aggregate per share dividend and distributions for the immediately prior fiscal year (other
than regular distributions on preferred membership interests in accordance with the terms thereof and which are permitted under the terms of the Preferred Interests and the Warrant Interests); provided that no increase in the aggregate amount
of distributions on Common Membership Interests shall be permitted as a result of any distributions paid in Common Membership Interests, any split or any similar transaction or (B) pay aggregate dividends or distributions on capital stock or
other equity securities of any kind of any Company Subsidiary that is in excess of 103% of the aggregate dividend and distributions paid for the immediately prior fiscal year (other than in the case of this clause (B), (1) regular distributions
on preferred membership interests or distribution in accordance with the terms thereof and which are permitted under the terms of the Preferred Interests and the Warrant Interests, (2) dividends or distributions by any wholly-owned Company
Subsidiary, (3) dividends or distributions by any Company Subsidiary required pursuant to binding contractual agreements entered into prior to November 17, 2008 or (4) distributions on newly issued Membership Interests for cash or
other property). For the avoidance of doubt, tax distributions on Junior Membership Interests that are consented to by the President’s Designee will not be prohibited by this Section 4.7(b). 
 (c) Prior to the earlier of (x) the tenth anniversary of the Closing Date and (y) the date on which all of the Preferred Interests and Warrant
Interests have been redeemed in whole or the Investor has transferred all of the Preferred Interests and Warrant Interests to third parties which are not Affiliates of the Investor, neither the Company nor any Company Subsidiary shall, without the
consent of the Investor, redeem, purchase or acquire any Common Membership Interests or other equity securities of any kind of the Company or any Company Subsidiary, or any trust preferred securities issued by the Company or any Affiliate of the
Company, other than (i) redemptions, purchases or other acquisitions of the Preferred Interests and Warrant Interests, (ii) in connection with the administration of any employee benefit plan in the ordinary course of business and
consistent with past practice, (iii) the acquisition by the Company or any of the Company Subsidiaries of record ownership in Junior Membership Interests or Parity Membership Interests for the beneficial ownership of any other persons (other
than the Company 
  

 30 








 
or any other Company Subsidiary), including as trustees or custodians, (iv) the exchange or conversion of Junior Membership Interests for or into other
Junior Membership Interests or Parity Membership Interest or trust preferred securities for or into other Parity Membership Interest respectively (with the same or lesser aggregate capital amount) or Junior Membership Interests, in each case set
forth in this clause (iv), solely to the extent required pursuant to binding contractual agreements entered into prior to the Signing Date or any subsequent agreement for the accelerated exercise, settlement or exchange thereof for Membership
Interests (clauses (ii) and (iii), collectively, the “Permitted Repurchases”), (v) redemptions of securities held by the Company or any wholly-owned Company Subsidiary or (vi) redemptions, purchases or other
acquisitions of capital stock or other equity securities of any kind of any Company Subsidiary required pursuant to binding contractual agreements entered into prior to November 17, 2008. 
 (d) Until such time as the Investor ceases to own any Preferred Interests or Warrant Interests, the Company shall not repurchase any Preferred Interests
or Warrant Interests from any holder thereof, whether by means of open market purchase, negotiated transaction, or otherwise, other than Permitted Repurchases, unless it offers to repurchase a ratable portion of the Preferred Interests or Warrant
Interests, as the case may be, then held by the Investor on the same terms and conditions. 
 (e) During the period beginning on the tenth
anniversary of the Closing and ending on the date on which all of the Preferred Interests and Warrant Interests have been redeemed in whole or the Investor has transferred all of the Preferred Interests and Warrant Interests to third parties which
are not Affiliates of the Investor, neither the Company nor any Company Subsidiary shall, without the consent of the Investor, or, in the case of tax distributions on Junior Membership Interests, without the consent of the President’s Designee,
(i) declare or pay any dividend or make any distribution on capital stock or other equity securities of any kind of the Company or any Company Subsidiary; or (ii) redeem, purchase or acquire any equity securities of any kind of the Company
or any Company Subsidiary, or any trust preferred securities issued by the Company or any Affiliate of the Company, other than (A) redemptions, purchases or other acquisitions of the Preferred Interests and Warrant Interests, (B) regular
dividends on preferred membership interests in accordance with the terms thereof and which are permitted under the terms of the Preferred Interests and the Warrant Interests, or (C) dividends or distributions by any wholly-owned Company
Subsidiary. For the avoidance of doubt, tax distributions on Junior Membership Interests that are consented to by the President’s Designee will not be prohibited by this Section 4.7(e). 
 (f) “Junior Membership Interests” means Common Membership Interests and any class or series of equity securities, including Membership
Interests of the Company the terms of which expressly provide that it ranks junior to the Preferred Interests as to distribution rights and/or as to rights on liquidation, dissolution or winding up of the Company. “Parity Membership
Interests” means any class or series of equity securities of the Company, including Membership Interests the terms of which do not expressly provide that such class or series will rank senior or junior to the Preferred Interests as to
distribution rights and/or as to rights on liquidation, dissolution or winding up of the Company (in each case without regard to whether distribution accrue cumulatively or non-cumulatively). 
  

 31 








 (g) Notwithstanding anything to the contrary in this Agreement, a GMAC Conversion shall be deemed not to
be adverse to the Preferred Interests or the Warrant Preferred Interests and shall not require consent of holders of such preferred interests provided that (i) the Preferred Interests are converted into or exchanged for preferred stock of the
resulting corporation having terms substantially the same as the terms of the Preferred Interests, (ii) the Warrant Preferred Interests are converted into or exchanged for (or, in the case of the Warrant, amended to be a right to receive)
preferred stock of the resulting corporation having terms substantially the same as the terms of the Warrant Preferred Interests and (iii) the holders of the Preferred Interests and the Warrant Preferred Interests will maintain a substantially
equivalent economic interest, based on the capital amounts of their respective interests, in the Company after the GMAC Conversion as they held prior to the GMAC Conversion. “GMAC Conversion” means, together with related transactions, a
conversion of the Company into a corporation through a statutory conversion, the creation of a holding company above the Company and the exchange of all or substantially all of the Company’s outstanding equity interests for equity interests of
such holding company, the direct or indirect acquisition by Preferred Blocker Inc. (“Blocker Sub”) of all or substantially all of the Company’s outstanding equity interests in exchange for stock of Blocker Sub, the merger of the
Company with and into Blocker Sub, and any other direct or indirect incorporation of the assets and liabilities of the Company, including, without limitation, by merger, consolidation or recapitalization; statutory conversion; direct or indirect,
sale, transfer, exchange, pledge or other disposal of economic, voting or other rights; sale, exchange or other acquisition of shares, equity interests or assets; contribution of assets and/or liabilities; liquidation; exchange of securities;
conversion of entity, migration of entity or formation of new entity; or other transaction or group of related transactions. 
 4.8
Executive Privileges and Compensation. 
 (a) Executive Compensation. 
 (i) From the Closing Date, until such time as the Investor ceases to own any Preferred Interests or Warrant Interests, the Company shall
comply with the following restrictions on executive privileges and compensation, except as set forth on Schedule 4.8: 
 (A)
Until such time as the Investor ceases to own any equity securities of the Company acquired pursuant to this Agreement or the Warrant, the Company shall take all necessary action to ensure that its Benefit Plans with respect to the Senior Executive
Officers comply in all respects with Section 111(b) of the EESA, including the provisions for the Capital Purchase Program, as implemented by any guidance or regulation thereunder that has been issued and is in effect as of the Closing Date,
including the rules set forth in 31 CFR Part 30 and the provisions prohibiting severance payments to Senior Executive Officers, and shall not adopt any new Benefit Plan with respect to its Senior Executive Officers that does not comply therewith.
For purposes of applying section 111(b) of the EESA with respect to this Section 4.8(a), a “golden parachute payment” means any payment in the nature of compensation to (or for the benefit of) a Senior Executive Officer made on
account of an applicable severance from employment (except that the vesting of equity denominated awards granted prior to the Closing Date and settled solely in equity shall not be included in such limit on “golden parachute payments” to
Senior Executive Officers); 
  

 32 








 (B) [RESERVED.]; 
 (C) The Company shall be subject to the limits on annual executive compensation deductibles imposed by Section 162(m)(5) of the Code,
as applicable; 
 (D) The Company shall not pay or accrue any bonus or incentive compensation to the Senior Executive Officers
or the Senior Employees unless otherwise approved in writing by the President’s Designee (as defined in H.R. 7321); 
 (E) The Company shall not adopt or maintain any compensation plan that would encourage manipulation of its reported earnings to enhance the compensation of any of its employees; and 
 (F) The Company shall maintain all suspensions and other restrictions of contributions to Benefit Plans that are in place or initiated as
of the Closing Date. 
 Until such time as the Investor ceases to own any Preferred Interests or Warrant Interests, the Investor shall have
the right to require the Company to claw back any bonuses or other compensation, including golden parachutes, paid to any Senior Executive Officers or Senior Employees in violation of any of the foregoing. 
 (ii) Within 120 days after the Closing Date, the principal executive officer (or person acting in a similar capacity) of the Company shall
certify in writing to the Investor’s Chief Compliance Officer that the Company’s compensation committee has reviewed the compensation arrangements of the Senior Executive Officers with its senior risk officers and determined that the
compensation arrangements do not encourage the Senior Executive Officers to take unnecessary and excessive risks that threaten the value of the Company. The Company shall preserve appropriate documentation and records to substantiate such
certification in an easily accessible place for a period not less than three (3) years following the date on which all of the Preferred Interests and Warrant Interests have been redeemed in whole or the Investor has transferred all of the
Preferred Interests and Warrant Interests to third parties which are not Affiliates of the Investor. 
 (b) Asset Divestiture. With
respect to any private passenger aircraft or interest in such aircraft that is owned or held by any the Company or any of its respective Subsidiaries immediately prior to the Closing Date, such party shall demonstrate to the satisfaction of the
President’s Designee that it is taking all reasonable steps to divest itself of such aircraft or interest. In addition, the Company shall not acquire or lease any private passenger aircraft or interest in private passenger aircraft after the
Closing Date. 
  

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 (c) Restrictions on Expenses. 
 (i) At all times throughout the term of this Agreement, the Company shall maintain and implement an Expense Policy (the “Expense
Policy”) and distribute the Expense Policy to all employees covered under the Expense Policy. Any material amendments to the Expense Policy shall require the prior written consent of the President’s Designee, and any material
deviations from the Expense Policy, whether in contravention thereof or pursuant to waivers provided for thereunder, shall promptly be reported to the President’s Designee. 
 (ii) The Expense Policy shall, at a minimum: (i) require compliance with all applicable law, (ii) apply to the Company and all
of its Subsidiaries, (iii) govern (A) the hosting, sponsorship or other payment for conferences and events, (B) travel accommodations and expenditures, (C) consulting arrangements with outside service providers, (D) any new
lease or acquisition of real estate, (E) expenses relating to office or facility renovations or relocations, and (F) expenses relating to entertainment or holiday parties; and (iv) provide for (A) internal reporting and
oversight, and (B) mechanisms for addressing non-compliance with the Expense Policy. 
 4.9 Related Party Transactions. Until
such time as the Investor ceases to own any Purchased Interests or Warrant Preferred Interests, the Company and the Company Subsidiaries shall not enter into transactions with Affiliates or related persons (within the meaning of Item 404 under
the SEC’s Regulation S-K) (other than Company Subsidiaries) unless (i) such transactions are on terms no less favorable to the Company and the Company Subsidiaries than could be obtained from an unaffiliated third party and (ii) if
otherwise required by applicable law, rule or regulation (including any requirement of the New York Stock Exchange), have been approved by the audit committee of the Board of Managers or comparable body of independent Managers of the Company,
provided that this Section 4.9 shall not restrict the performance of transactions pursuant to binding contractual agreements entered into prior to the date hereof. 
 4.10 Bank and Thrift Holding Company Status. If the Company is a Bank Holding Company or a Savings and Loan Holding Company on the Signing Date,
then the Company shall maintain its status as a Bank Holding Company or Savings and Loan Holding Company, as the case may be, for as long as the Investor owns any Purchased Securities or Warrant Interests. The Company shall redeem all Purchased
Securities and Warrant Interests held by the Investor prior to terminating its status as a Bank Holding Company or Savings and Loan Holding Company, as applicable. “Bank Holding Company” means a company registered as such with the
Board of Governors of the Federal Reserve System (the “Federal Reserve”) pursuant to 12 U.S.C. § 1842 and the regulations of the Federal Reserve promulgated thereunder. “Savings and Loan Holding Company” means
a company registered as such with the Office of Thrift Supervision pursuant to 12 U.S.C. § 1467(a) and the regulations of the Office of Thrift Supervision promulgated thereunder. 
 4.11 Predominantly Financial. For as long as the Investor owns any Purchased Securities or Warrant Interests, the Company, to the extent it is not
itself an insured depository institution, agrees to remain predominantly engaged in financial activities. A company is predominantly engaged in financial activities if the annual gross revenues derived by the company and all subsidiaries of the
company (excluding revenues derived from subsidiary depository institutions), on a consolidated basis, from engaging in activities that are financial in 

  

 34 








 
nature or are incidental to a financial activity under subsection (k) of Section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k))
represent at least 85 percent of the consolidated annual gross revenues of the company. 
 4.12 Joinder Agreement. On the Closing
Date, the Investor and the Company shall execute an agreement under which the Investor agrees to be bound by all the applicable terms of the Amended and Restated Limited Liability Company Operating Agreement of GMAC LLC, dated as of
November 30, 2006, as amended, in substantially the form attached hereto as Annex F. 
 Article V 
 Miscellaneous 
 5.1 Termination.
This Agreement may be terminated at any time prior to the Closing: 
 (a) by either
the Investor or the Company if the Closing shall not have occurred by the 30th calendar day following the Signing Date; provided, however,
that in the event the Closing has not occurred by such 30th calendar day, the parties will consult in good faith to determine whether to extend
the term of this Agreement, it being understood that the parties shall be required to consult only until the fifth day after such 30th calendar day
and not be under any obligation to extend the term of this Agreement thereafter; provided, further, that the right to terminate this Agreement under this Section 5.1(a) shall not be available to any party whose breach of any
representation or warranty or failure to perform any obligation under this Agreement shall have caused or resulted in the failure of the Closing to occur on or prior to such date; or 
 (b) by either the Investor or the Company in the event that any Governmental Entity shall have issued an order, decree or ruling or taken any other
action restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement and such order, decree, ruling or other action shall have become final and nonappealable; or 
 (c) by the mutual written consent of the Investor and the Company. 
 In the event of termination of this Agreement as provided in this Section 5.1, this Agreement shall forthwith become void and there shall be no liability on the part of either party hereto except that nothing herein shall relieve
either party from liability for any breach of this Agreement. 
 5.2 Survival of Representations and Warranties. All covenants and
agreements, other than those which by their terms apply in whole or in part after the Closing, shall terminate as of the Closing. The representations and warranties of the Company made herein or in any certificates delivered in connection with the
Closing shall survive the Closing without limitation. 
 5.3 Amendment. No amendment of any provision of this Agreement will be
effective unless made in writing and signed by an officer or a duly authorized representative of each party; provided that the Investor may unilaterally amend any provision of this Agreement to the extent required to comply with any changes
after the Signing Date in applicable federal statutes. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate 

  

 35 








 
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative of any rights or remedies provided by law. 
 5.4 Waiver of Conditions. The
conditions to each party’s obligation to consummate the Purchase are for the sole benefit of such party and may be waived by such party in whole or in part to the extent permitted by applicable law. No waiver will be effective unless it is in a
writing signed by a duly authorized officer of the waiving party that makes express reference to the provision or provisions subject to such waiver. 
 5.5 Governing Law: Submission to Jurisdiction, Etc. This Agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is
applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. Each of the parties hereto agrees (a) to submit to the exclusive jurisdiction and venue
of the United States District Court for the Southern District of New York and the United States Court of Federal Claims for any and all civil actions, suits or proceedings arising out of or relating to this Agreement or the Warrant or the
transactions contemplated hereby or thereby, and (b) that notice may be served upon (i) the Company at the address and in the manner set forth for notices to the Company in Section 5.6 and (ii) the Investor in accordance with
federal law. To the extent permitted by applicable law, each of the parties hereto hereby unconditionally waives trial by jury in any civil legal action or proceeding relating to this Agreement or the Warrant or the transactions contemplated hereby
or thereby. 
 5.6 Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other
will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, or (b) on the second business day following the date of dispatch if delivered
by a recognized next day courier service. All notices to the Company shall be delivered as set forth in Schedule A, or pursuant to such other instruction as may be designated in writing by the Company to the Investor. All notices to the
Investor shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the Investor to the Company. 
  

			
		 	If to the Investor:
		
		 	 United States Department of the Treasury

		 	 1500 Pennsylvania Avenue, NW, Room 2312

		 	 Washington, D.C. 20220

		 	 Attention: Assistant General Counsel (Banking and Finance)

		 	 Facsimile: (202) 622-1974


 5.7 Definitions 
 (a) When a reference is made in this Agreement to a subsidiary of a person, the term “subsidiary” means any corporation, partnership,
joint venture, limited liability company or other entity (x) of which such person or a subsidiary of such person is a general partner or (y) of which 

  

 36 








 
a majority of the voting securities or other voting interests, or a majority of the securities or other interests of which having by their terms ordinary
voting power to elect a majority of the board of directors or persons performing similar functions with respect to such entity, is directly or indirectly owned by such person and/or one or more subsidiaries thereof. 
 (b) The term “Affiliate” means, with respect to any person, any person directly or indirectly controlling, controlled by or under common
control with, such other person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect
to any person, means the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such person, whether through the ownership of voting securities by contract or otherwise. 
 (c) The terms “knowledge of the Company” or “Company’s knowledge” mean the actual knowledge after reasonable and
due inquiry of the “officers” (as such term is defined in Rule 3b-2 under the Exchange Act, but excluding any Vice President or Secretary) of the Company. 
 5.8 Assignment. Neither this Agreement nor any right, remedy, obligation nor liability arising hereunder or by reason hereof shall be assignable
by any party hereto without the prior written consent of the other party, and any attempt to assign any right, remedy, obligation or liability hereunder without such consent shall be void, except (a) an assignment, in the case of a merger,
consolidation, statutory share exchange or similar transaction that requires the approval of the Company’s members (a “Business Combination”) where such party is not the surviving entity, or a sale of substantially all of its
assets, to the entity which is the survivor of such Business Combination or the purchaser in such sale and (b) as provided in Sections 3.5 and 4.5. 
 5.9 Severability. If any provision of this Agreement or the Warrant, or the application thereof to any person or circumstance, is determined by a court of competent jurisdiction to be invalid, void or
unenforceable, the remaining provisions hereof, or the application of such provision to persons or circumstances other than those as to which it has been held invalid or unenforceable, will remain in full force and effect and shall in no way be
affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination, the parties shall negotiate in good
faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the parties. 
 5.10 No
Third Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer upon any person or entity other than the Company and the Investor any benefit, right or remedies, except that the provisions of
Section 4.5 shall inure to the benefit of the persons referred to in that Section. 
 * * * 
  

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 ANNEX E 
 FORM OF WARRANT TO PURCHASE PREFERRED MEMBERSHIP INTERESTS 
 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT BETWEEN THE ISSUER
OF THESE SECURITIES AND THE INVESTOR REFERRED TO THEREIN, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT. ANY SALE OR OTHER
TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID. 
 WARRANT 
 to purchase 
  
  
 Units of Preferred Membership
Interests of GMAC LLC 
 Issue Date:
                                         
                                         
                   
 1. Definitions.
Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated. 
 “Board of
Managers” means the board of managers of the Company, including any duly authorized committee thereof. 
 “business
day” means any day except Saturday, Sunday and any day on which banking institutions in the State of New York generally are authorized or required by law or other governmental actions to close. 
 “Capital Amount” means the amount set forth in Item 4 of Schedule A hereto. 
 “Charter” means, with respect to any Person, its certificate or articles of incorporation, articles of association, or similar
organizational document. 
 “Company” means the Person whose name, corporate or other organizational form and jurisdiction
of organization is set forth in Item 1 of Schedule A hereto. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 







 “Expiration Time” has the meaning set forth in Section 3. 
 “Issue Date” means the date set forth in Item 3 of Schedule A hereto. 
 “Original Warrantholder” means the United States Department of the Treasury. Any actions specified to be taken by the Original
Warrantholder hereunder may only be taken by such Person and not by any other Warrantholder. 
 “Person” has the meaning
given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. 
 “Preferred Units” means the units of preferred membership interests set forth in Item 5 of Schedule A hereto. 
 “Purchase Agreement” means the Securities Purchase Agreement – Standard Terms incorporated into the Letter Agreement, dated as of the date set forth in Item 6 of Schedule A hereto, as amended from time to time,
between the Company and the United States Department of the Treasury (the “Letter Agreement”), including all annexes and schedules thereto. 
 “Regulatory Approvals” with respect to the Warrantholder, means, to the extent applicable and required to permit the Warrantholder to exercise this Warrant for Preferred Units and to own such
Preferred Units without the Warrantholder being in violation of applicable law, rule or regulation, the receipt of any necessary approvals and authorizations of, filings and registrations with, notifications to, or expiration or termination of any
applicable waiting period under, the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations thereunder. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means the Securities
Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 
 “Units” has the
meaning set forth in Section 2. 
 “Warrant” means this Warrant, issued pursuant to the Purchase Agreement. 

“Warrantholder” has the meaning set forth in Section 2. 
 2. Number of Units; Exercise Price. This certifies that, for value received, the United States Department of the Treasury or its permitted assigns
(the “Warrantholder”) is entitled, upon the terms and subject to the conditions hereinafter set forth, to acquire from the Company, in whole or in part, after the receipt of all applicable Regulatory Approvals, if any, up to an
aggregate of the number of fully paid and nonassessable units of preferred membership interests set forth in Item 7 of Schedule A hereto (the “Units”), at a purchase price per preferred membership unit equal to the Exercise
Price. 
 3. Exercise of Warrant; Term. Subject to Section 2, to the extent permitted by applicable laws and regulations, the
right to purchase the Units represented by this Warrant is 








 
exercisable, in whole or in part by the Warrantholder, at any time or from time to time after the execution and delivery of this Warrant by the Company on
the date hereof, but in no event later than 5:00 p.m., New York City time on the tenth anniversary of the Issue Date (the “Expiration Time”), by (A) the surrender of this Warrant and Notice of Exercise annexed hereto, duly
completed and executed on behalf of the Warrantholder, at the principal executive office of the Company located at the address set forth in Item 8 of Schedule A hereto (or such other office or agency of the Company in the United States as it
may designate by notice in writing to the Warrantholder at the address of the Warrantholder appearing on the books of the Company), and (B) payment of the Exercise Price for the Units thereby purchased, by having the Company withhold, from the
Preferred Units that would otherwise be delivered to the Warrantholder upon such exercise, Preferred Units issuable upon exercise of the Warrant with an aggregate Capital Amount equal in value to the aggregate Exercise Price as to which this Warrant
is so exercised. 
 If the Warrantholder does not exercise this Warrant in its entirety, the Warrantholder will be entitled to receive from
the Company within a reasonable time, and in any event not exceeding three business days, a new warrant in substantially identical form for the purchase of that number of Units equal to the difference between the number of Units subject to this
Warrant and the number of Units as to which this Warrant is so exercised. Notwithstanding anything in this Warrant to the contrary, the Warrantholder hereby acknowledges and agrees that its exercise of this Warrant for Units is subject to the
condition that the Warrantholder will have first received any applicable Regulatory Approvals. 
 4. Issuance of Units; Authorization.
Certificates for Units issued upon exercise of this Warrant will be issued in such name or names as the Warrantholder may designate and will be delivered to such named Person or Persons within a reasonable time, not to exceed three business days
after the date on which this Warrant has been duly exercised in accordance with the terms of this Warrant. The Company hereby represents and warrants that any Units issued upon the exercise of this Warrant in accordance with the provisions of
Section 3 will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or charges created by the Warrantholder, income and franchise taxes incurred in connection with
the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Units so issued will be deemed to have been issued to the Warrantholder as of the close of business on the date on
which this Warrant and payment of the Exercise Price are delivered to the Company in accordance with the terms of this Warrant, notwithstanding that the stock transfer books of the Company may then be closed or certificates representing such Units
may not be actually delivered on such date. The Company will at all times reserve and keep available, out of its authorized but unissued preferred units, solely for the purpose of providing for the exercise of this Warrant, the aggregate number of
Preferred Units then issuable upon exercise of this Warrant at any time. The Company will use reasonable best efforts to ensure that the Units may be issued without violation of any applicable law or regulation or of any requirement of any
securities exchange on which the Units are listed or traded. 
 5. No Rights as Stockholders; Transfer Books. This Warrant does not
entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the date of exercise hereof. The Company will at no time close its transfer books against transfer of this Warrant in any manner which interferes
with the timely exercise of this Warrant. 







 6. Charges, Taxes and Expenses. Issuance of certificates for Units to the Warrantholder upon the
exercise of this Warrant shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company.

 7. Transfer/Assignment. 
 (A) Subject to compliance with clause (B) of this Section 7, this Warrant and all rights hereunder are transferable, in whole or in part, upon the books of the Company by the registered holder hereof in person or by duly
authorized attorney, and a new warrant shall be made and delivered by the Company, of the same tenor and date as this Warrant but registered in the name of one or more transferees, upon surrender of this Warrant, duly endorsed, to the office or
agency of the Company described in Section 3. All expenses (other than stock transfer taxes) and other charges payable in connection with the preparation, execution and delivery of the new warrants pursuant to this Section 7 shall be paid
by the Company. 
 (B) The transfer of the Warrant and the Units issued upon exercise of the Warrant are subject to the restrictions set
forth in Section 4.4 of the Purchase Agreement. If and for so long as required by the Purchase Agreement, this Warrant shall contain the legends as set forth in Section 4.2(a) of the Purchase Agreement. 
 8. Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof by the Warrantholder to the Company, for a new
warrant or warrants of like tenor and representing the right to purchase the same aggregate number of Units. The Company shall maintain a registry showing the name and address of the Warrantholder as the registered holder of this Warrant. This
Warrant may be surrendered for exchange or exercise in accordance with its terms, at the office of the Company, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. 
 9. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and in the case of any such loss, theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender and
cancellation of this Warrant, the Company shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number of Units provided for in
such lost, stolen, destroyed or mutilated Warrant. 
 10. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day. 
 11. Rule 144 Information. The Company covenants that it will use its reasonable best efforts to timely file all reports and other documents
required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any 








 
Warrantholder, make publicly available such information as necessary to permit sales pursuant to Rule 144 under the Securities Act), and it will use
reasonable best efforts to take such further action as any Warrantholder may reasonably request, in each case to the extent required from time to time to enable such holder to, if permitted by the terms of this Warrant and the Purchase Agreement,
sell this Warrant without registration under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (B) any successor rule or
regulation hereafter adopted by the SEC. Upon the written request of any Warrantholder, the Company will deliver to such Warrantholder a written statement that it has complied with such requirements. 
 12. Adjustments and Other Rights. For so long as the Original Warrantholder holds this Warrant or any portion thereof, if any event occurs that,
in the good faith judgment of the Board of Managers of the Company, would require adjustment of the Exercise Price or number of Units into which this Warrant is exercisable in order to fairly and adequately protect the purchase rights of the
Warrants in accordance with the essential intent and principles of the Purchase Agreement and this Warrant, then the Board of Managers shall make such adjustments in the application of such provisions, in accordance with such essential intent and
principles, as shall be reasonably necessary, in the good faith opinion of the Board of Managers, to protect such purchase rights as aforesaid. 
 Whenever the Exercise Price or the number of Units into which this Warrant is exercisable shall be adjusted as provided in this Section 12, the Company shall forthwith file at the principal office of the Company a statement showing in
reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in effect and the number of Units into which this Warrant shall be exercisable after such adjustment, and the Company shall also cause a copy of such
statement to be sent by mail, first class postage prepaid, to each Warrantholder at the address appearing in the Company’s records. 
 13. No Impairment. The Company will not, by amendment of its limited liability company operating agreement or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this
Warrant and in taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholder. 
 14.
Governing Law. This Warrant will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable
to contracts made and to be performed entirely within such State. Each of the Company and the Warrantholder agrees (a) to submit to the exclusive jurisdiction and venue of the United States District Court for the District of Columbia for any
civil action, suit or proceeding arising out of or relating to this Warrant or the transactions contemplated hereby, and (b) that notice may be served upon the Company at the address in Section 17 below and upon the Warrantholder at the
address for the Warrantholder set forth in the registry maintained by the Company pursuant to Section 8 hereof. To the extent permitted by applicable law, each of the Company and the Warrantholder hereby unconditionally waives trial by jury in
any civil legal action or proceeding relating to the Warrant or the transactions contemplated hereby or thereby. 







 15. Binding Effect. This Warrant shall be binding upon any successors or assigns of the Company.

 16. Amendments. This Warrant may be amended and the observance of any term of this Warrant may be waived only with the written
consent of the Company and the Warrantholder. 
 17. Notices. Any notice, request, instruction or other document to be given hereunder
by any party to the other will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, or (b) on the second business day following the
date of dispatch if delivered by a recognized next day courier service. All notices hereunder shall be delivered as set forth in Item 9 of Schedule A hereto, or pursuant to such other instructions as may be designated in writing by the party to
receive such notice. 
 18. Entire Agreement. This Warrant, the forms attached hereto and Schedule A hereto (the terms of which are
incorporated by reference herein), and the Letter Agreement (including all documents incorporated therein), contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous
arrangements or undertakings with respect thereto. 
 [Remainder of page intentionally left blank] 







 [Form of Notice of Exercise] 
 Date:                      
 TO: GMAC LLC 
 RE: Election to Purchase Preferred Units 
 The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees to subscribe for and purchase the number of Preferred Units
set forth below covered by such Warrant. The undersigned, in accordance with Section 3 of the Warrant, hereby agrees to pay the aggregate Exercise Price for such Preferred Units in the manner set forth in Section 3(B) of the Warrant. A new
warrant evidencing the remaining Preferred Units covered by such Warrant, but not yet subscribed for and purchased, if any, should be issued in the name set forth below. 
 Number of Preferred Units                              
 Aggregate Exercise
Price:                               
  

			
	Holder:	 	  

	By:	 	  

	Name:	 	  

	Title:	 	  










 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by a duly authorized officer. 
 Dated:                      
  

			
	COMPANY: GMAC LLC
		
	By:	 	  

		 	Name:
		 	Title:
		
	Attest:	 	
		
	By:	 	  

		 	Name:
		 	Title:


 [Signature Page to Warrant] 







 SCHEDULE A 
 ADDITIONAL TERMS AND CONDITIONS 
 Company Information: 
  

			
	Name of the Company:	  	GMAC LLC
		
	Corporate or other organizational form:	  	Limited Liability Company
		
	Jurisdiction of Organization:	  	Delaware
		
	Appropriate Federal Banking Agency:	  	Board of Governors of the Federal Reserve System
		
	Notice Information:	  	GMAC LLC
		  	200 Renaissance Center
		  	P.O. Box 200, Detroit, Michigan
		  	48265-2000
		  	Attn: GMAC General Counsel
		  	Facsimile: (313) 656-6124
		
		  	With a copy to:
		
		  	Wachtell, Lipton, Rosen & Katz
		  	c/o David E. Shapiro, Esq.
		  	51 West 52nd St.
		  	New York, NY 10019
		  	Fax: (212) 403-2000

 Terms of the Purchase: 
  

			
	Series of Preferred Membership Interests Purchased:	  	Fixed Rate Cumulative Perpetual Preferred Membership Interests, Series D-1
		
	Per Unit Capital Amount of Membership Interests:	  	$ 1,000
		
	Number of Units of Preferred Membership Interests Purchased:	  	5,000,000
		
	Distribution Payment Dates on Preferred Membership Interests:	  	February 15, May 15, August 15, and November 15 of each year
		
	Series of Warrant Preferred Interests:	  	Fixed Rate Cumulative Perpetual Preferred Membership Interests, Series D-2









			
	Number of Warrant Interests:	  	250,002.50003
		
	Exercise Price of the Warrant:	  	$0.01
		
	Purchase Price:	  	$5,000,000,000

 Closing: 
  

			
	Location of Closing:	  	Thacher Proffitt & Wood
		
	Time of Closing:	  	9:00am EST
		
	Date of Closing:	  	December 29, 2008
		
	Wire Information for Closing:	  	[REDACTED]
		
	Contact for Confirmation of Wire Information:	  	[REDACTED]








 [ADDITIONAL ANNEXES AND SCHEDULES OMITTED]