Document:

EX-10.9

Exhibit 10.9

(Multicurrency — Cross Border)

International Swap Dealers Association, Inc.

MASTER
AGREEMENT

dated as of August 14, 2008

	 	 	 	 	 
	GMAC
LLC and RESIDENTIAL CAPITAL, LLC

have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that
are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”),
and the documents and other confirming evidence (each a “Confirmation”) exchanged between the
parties confirming those Transactions.

Accordingly, the parties agree as follows:

1. Interpretation

(a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings
therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and
the other provisions of this Master Agreement, the Schedule will prevail. In the event of any
inconsistency between the provisions of any Confirmation and this Master Agreement (including the
Schedule), such Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master
Agreement and all Confirmations form a single agreement between the parties (collectively
referred to as this “Agreement”), and the parties would not otherwise enter into any
Transactions.

2. Obligations

	(a)	 	General Conditions.

(i) Each party will make each payment or delivery specified in each Confirmation to be
made by it, subject to the other provisions of this Agreement.

(ii) Payments under this Agreement will be made on the due date for value on that
date in the place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner customary for
payments in the required currency. Where settlement is by delivery (that is, other than by
payment), such delivery will be made for receipt on the due date in the manner customary
for the relevant obligation unless otherwise specified in the relevant Confirmation or
elsewhere in this Agreement.

(iii) Each obligation of each party under Section 2(a)(i) is subject to (I) the condition
precedent that no Event of Default or Potential Event of Default with respect to the other
party has occurred and is continuing, (2) the condition precedent that no Early
Termination Date in respect of the relevant Transaction has occurred or been effectively
designated and (3) each other applicable condition precedent specified in this Agreement.

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(b) Change of Account. Either party may change its account for receiving a payment or delivery
by giving notice to the other party at least five Local Business Days prior to the scheduled date
for the payment or delivery to which such change applies unless such other party gives timely
notice of a reasonable objection to such change.

(c) Netting. If on any date amounts would otherwise be payable:—

	 	(i)	 	in the same currency; and
	 
	 	(ii)	 	in respect of the same Transaction,

by each party to the other, then, on such date, each party’s obligation to make payment of any
such amount will be automatically satisfied and discharged and, if the aggregate amount that would
otherwise have been payable by one party exceeds the aggregate amount that would otherwise have
been payable by the other party, replaced by an obligation upon the party by whom the larger
aggregate amount would have been payable to pay to the other party the excess of the larger
aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount will be
determined in respect of all amounts payable on the same date in the same currency in respect of
such Transactions, regardless of whether such amounts are payable in respect of the same
Transaction. The election may be made in the Schedule or a Confirmation by specifying that
subparagraph (ii) above will not apply to the Transactions identified as being subject to the
election, together with the starting date (in which case subparagraph (ii) above will not, or will
cease to, apply to such Transactions from such date). This election may be made separately for
different groups of Transactions and will apply separately to each pairing of Offices through which
the parties make and receive payments or deliveries.

(d) Deduction or Withholding for Tax.

(i) Gross-Up. All payments under this Agreement will be made without any deduction or
withholding for or on account of any Tax unless such deduction or withholding is required by
any applicable law, as modified by the practice of any relevant governmental revenue
authority, then in effect. If a party is so required to deduct or withhold, then that party
(“X”) will:—

(1) promptly notify the other party (“Y”) of such requirement;

(2) pay to the relevant authorities the full amount required to be deducted or
withheld (including the full amount required to be deducted or withheld from any
additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of
determining that such deduction or withholding is required or receiving notice that
such amount has been assessed against Y;

(3) promptly forward to Y an official receipt (or a certified copy), or other
documentation reasonably acceptable to Y, evidencing such payment to such authorities;
and

(4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to
which Y is otherwise entitled under this Agreement, such additional amount as is
necessary to ensure that the net amount actually received by Y (free and clear of
Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y
would have received had no such deduction or withholding been required. However, X will
not be required to pay any additional amount to Y to the extent that it would not be
required to be paid but for:—

(A) the failure by Y to comply with or perform any agreement contained in Section
4(a)(i), 4(a)(iii) or 4(d); or

(B) the failure of a representation made by Y pursuant to Section 3(f) to be
accurate and true unless such failure would not have occurred but for (I) any
action taken by a taxing authority, or brought in a court of competent
jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to
this Agreement) or (10 a Change in Tax Law.

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(ii) Liability. If:—

(1) X is required by any applicable law, as modified by the practice of any
relevant governmental revenue authority, to make any deduction or withholding in
respect of which X would not be required to pay an additional amount to Y under
Section 2(d)(i)(4);

(2) X does not so deduct or withhold; and

(3) a liability resulting from such Tax is assessed directly against X,

then, except to the extent Y has satisfied or then satisfies the liability resulting from
such Tax, Y will promptly pay to X the amount of such liability (including any related
liability for interest, but including any related liability for penalties only if Y has
failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or
4(d)).

(e) Default
Interest; Other Amounts. Prior to the occurrence or effective designation of an
Early Termination Date in respect of the relevant Transaction, a party that defaults in the
performance of any payment obligation will, to the extent permitted by law and subject to Section
6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the
other party on demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of actual payment, at the
Default Rate. Such interest will be calculated on the basis of daily compounding and the actual
number of days elapsed. If, prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other party on demand if and
to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

3. Representations

Each party represents to the other party (which representations will be deemed to be repeated by
each party on each date on which a Transaction is entered into and, in the case of the
representations in Section 3(f), at all times until the termination of this Agreement) that:—

(a) Basic Representations.

(i) Status. It is duly organised and validly existing under the laws of the
jurisdiction of its organisation or incorporation and, if relevant under such laws, in good
standing;

(ii) Powers. It has the power to execute this Agreement and any other documentation
relating to this Agreement to which it is a party, to deliver this Agreement and any other
documentation relating to this Agreement that it is required by this Agreement to deliver
and to perform its obligations under this Agreement and any obligations it has under any
Credit Support Document to which it is a party and has taken all necessary action to
authorise such execution, delivery and performance;

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate
or conflict with any law applicable to it, any provision of its constitutional documents,
any order or judgment of any court or other agency of government applicable to it or any of
its assets or any contractual restriction binding on or affecting it or any of its assets;

(iv) Consents. All governmental and other consents that are required to have been
obtained by it with respect to this Agreement or any Credit Support Document to which it is
a party have been obtained and are in full force and effect and all conditions of any such
consents have been complied with; and

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support
Document to which it is a party constitute its legal, valid and binding obligations,
enforceable in accordance with their respective terms (subject to applicable bankruptcy,
reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally
and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law)).

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(b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its
knowledge, Termination Event with respect to it has occurred and is continuing and no such event or
circumstance would occur as a result of its entering into or performing its obligations under this
Agreement or any Credit Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or
any of its Affiliates any action, suit or proceeding at law or in equity or before any court,
tribunal, governmental body, agency or official or any arbitrator that is likely to affect the
legality, validity or enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this Agreement or such Credit
Support Document.

(d) Accuracy of Specified Information. All applicable information that is furnished in writing by
or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the
Schedule is, as of the date of the information, true, accurate and complete in every material
respect.

(e) Pyer Tax Representation. Each representation specified in the Schedule as being made by it for
the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as being made
by it for the purpose of this Section 3(f) is accurate and true.

4. Agreements

Each party agrees with the other that, so long as either party has or may have any obligation
under this Agreement or under any Credit Support Document to which it is a party:—

(a) Furnish Specified Information. It will deliver to the other party or, in certain cases under
subparagraph (iii) below, to such government or taxing authority as the other party reasonably
directs:—

(i) any forms, documents or certificates relating to taxation specified in the Schedule or
any Confirmation;

(ii) any other documents specified in the Schedule or any Confirmation; and

(iii) upon reasonable demand by such other party, any form or document that may be
required or reasonably requested in writing in order to allow such other party or its
Credit Support Provider to make a payment under this Agreement or any applicable Credit
Support Document without any deduction or withholding for or on account of any Tax or with
such deduction or withholding at a reduced rate (so long as the completion, execution or
submission of such form or document would not materially prejudice the legal or commercial
position of the party in receipt of such demand), with any such form or document to be
accurate and completed in a manner reasonably satisfactory to such other party and to be
executed and to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if none is
specified, as soon as reasonably practicable.

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and
effect all consents of any governmental or other authority that are required to be obtained by it
with respect to this Agreement or any Credit Support Document to which it is a party and will use
all reasonable efforts to obtain any that may become necessary in the future.

(c) Comply with Laws. It will comply in all material respects with all applicable laws and orders
to which it may be subject if failure so to comply would materially impair its ability to perform
its obligations under this Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made by it under Section
3(f) to be accurate and true promptly upon learning of such failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed
upon it or in respect of its execution or performance of this Agreement by a jurisdiction in
which it is incorporated,

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organised, managed and controlled, or considered to have its seat, or in which a branch or
office through which it is acting for the purpose of this Agreement is located (“Stamp Tax
Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the
other party or in respect of the other party’s execution or performance of this Agreement by any
such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other
party.

5. Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if applicable,
any Credit Support Provider of such party or any Specified Entity of such party of any of the
following events constitutes an event of default (an “Event of Default”) with respect to such
party:—

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment
under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if
such failure is not remedied on or before the third Local Business Day after notice of such
failure is given to the party;

(ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or
obligation (other than an obligation to make any payment under this Agreement or delivery
under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or
obligation under Section 4(a)(i). 4(a)(iii) or 4(d)) to be complied with or performed by the
party in accordance with this Agreement if such failure is not remedied on or before the
thirtieth day after notice of such failure is given to the party;

(iii) Credit Support Default.

(1) Failure by the party or any Credit Support Provider of such party to comply
with or perform any agreement or obligation to be complied with or performed by it in
accordance with any Credit Support Document if such failure is continuing after any
applicable grace period has elapsed;

(2) the expiration or termination of such Credit Support Document or the failing
or ceasing of such Credit Support Document to be in full force and effect for the
purpose of this Agreement (in either case other than in accordance with its terms)
prior to the satisfaction of all obligations of such party under each Transaction to
which such Credit Support Document relates without the written consent of the other
party; or

(3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, such Credit Support
Document;

(iv) Misrepresentation. A representation (other than a representation under Section 3(e) or
(f)) made or repeated or deemed to have been made or repeated by the party or any Credit
Support Provider of such party in this Agreement or any Credit Support Document proves to
have been incorrect or misleading in any material respect when made or repeated or deemed to
have been made or repeated;

(v) Default under Specified Transaction. The party, any Credit Support Provider of such
party or any applicable Specified Entity of such party (1) defaults under a Specified
Transaction and, after giving effect to any applicable notice requirement or grace period,
there occurs a liquidation of, an acceleration of obligations under, or an early termination
of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice
requirement or grace period, in making any payment or delivery due on the last payment,
delivery or exchange date of, or any payment on early termination of, a Specified
Transaction (or such default continues for at least three Local Business Days if there is no
applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or
rejects, in whole or in part, a Specified Transaction (or such action is taken by any person
or entity appointed or empowered to operate it or act on its behalf);

(vi) Cross Default. if “Cross Default” is specified in the Schedule as applying to the
party, the occurrence or existence of (1) a default, event of default or other similar
condition or event (however

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described) in respect of such party, any Credit Support Provider of such party or any
applicable Specified Entity of such party under one or more agreements or instruments
relating to Specified Indebtedness of any of them (individually or collectively) in an
aggregate amount of not less than the applicable Threshold Amount (as specified in the
Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable
at such time of being declared, due and payable under such agreements or instruments,
before it would otherwise have been due and payable or (2) a default by such party, such
Credit Support Provider or such Specified Entity (individually or collectively) in making
one or more payments on the due date thereof in an aggregate amount of not less than the
applicable Threshold Amount under such agreements or instruments (after giving effect to
any applicable notice requirement or grace period);

(vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable
Specified Entity of such party: —

(1) is dissolved (other than pursuant to a consolidation, amalgamation or
merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in
writing its inability generally to pay its debts as they become due; (3) makes a
general assignment, arrangement or composition with or for the benefit of its
creditors; (4) institutes or has instituted against it a proceeding seeking a judgment
of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law
or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the making
of an order for its winding-up or liquidation or (B) is not dismissed, discharged,
stayed or restrained in each case within 30 days of the institution or presentation
thereof; (5) has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger); (6)
seeks or becomes subject to the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or other similar official for it
or for all or substantially all its assets; (7) has a secured party take possession of
all or substantially all its assets or has a distress, execution, attachment,
sequestration or other legal process levied, enforced or sued on or against all or
substantially all its assets and such secured party maintains possession, or any such
process is not dismissed, discharged, stayed or restrained, in each case within 30
days thereafter; (8) causes or is subject to any event with respect to it which, under
the applicable laws of any jurisdiction, has an analogous effect to any of the events
specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance
of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing acts; or

(viii) Merger Without Assumption. The party or any Credit Support Provider of such party
consolidates or amalgamates with, or merges with or into, or transfers all or substantially
all its assets to, another entity and, at the time of such consolidation, amalgamation,
merger or transfer:

(1) the resulting, surviving or transferee entity fails to assume all the obligations
of such party or such Credit Support Provider under this Agreement or any Credit
Support Document to which it or its predecessor was a party by operation of law or
pursuant to an agreement reasonably satisfactory to the other party to this Agreement;
or

(2) the benefits of any Credit Support Document fail to extend (without the consent of
the other party) to the performance by such resulting, surviving or transferee entity
of its obligations under this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or, if applicable,
any Credit Support Provider of such party or any Specified Entity of such party of any event
specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if
the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii)
below, and, if specified to be applicable, a Credit Event

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Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event if
the event is specified pursuant to (v) below:—

(i) Illegality. Due to the adoption of, or any change in, any applicable law after the date
on which a Transaction is entered into, or due to the promulgation of, or any change in, the
interpretation by any court, tribunal or regulatory authority with competent jurisdiction of
any applicable law after such date, it becomes unlawful (other than as a result of a breach
by the party of Section 4(b)) for such party (which will be the Affected Party):—

(1) to perform any absolute or contingent obligation to make a payment or delivery or
to receive a payment or delivery in respect of such Transaction or to comply with any
other material provision of this Agreement relating to such Transaction; or

(2) to perform, or for any Credit Support Provider of such party to perform, any
contingent or other obligation which the party (or such Credit Support Provider) has
under any Credit Support Document relating to such Transaction;

(ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a
court of competent jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to this
Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or
there is a substantial likelihood that it will, on the next succeeding Scheduled Payment
Date (1) be required to pay to the other party an additional amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be
deducted or withheld for or on account of a Tax (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such
Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

(iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding
Scheduled Payment Date will either (1) be required to pay an additional amount in respect of
an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or
withheld for or on account of any Indemnifiable Tax in respect of which the other party is
not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or
(B)), in either case as a result of a party consolidating or amalgamating with, or merging
with or into, or transferring all or substantially all its assets to, another entity (which
will be the Affected Party) where such action does not constitute an event described in
Section 5(a)(viii);

(iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the
Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any
applicable Specified Entity of X consolidates or amalgamates with, or merges with or into,
or transfers all or substantially all its assets to, another entity and such action does not
constitute an event described in Section 5(a)(viii) but the creditworthiness of the
resulting, surviving or transferee entity is materially weaker than that of X, such Credit
Support Provider or such Specified Entity, as the case may be, immediately prior to such
action (and, in such event, X or its successor or transferee, as appropriate, will be the
Affected Party); or

(v) Additional Termination Event. if any “Additional Termination Event” is specified in the
Schedule or any Confirmation as applying, the occurrence of such event (and, in such event,
the Affected Party or Affected Parties shall be as specified for such Additional Termination
Event in the Schedule or such Confirmation).

(c) Event of Default and illegality. If an event or circumstance which would otherwise
constitute or give rise to an Event of Default also constitutes an Illegality, it will be
treated as an illegality and will not constitute an Event of Default.

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6. Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of Default with
respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party
(the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party
specifying the relevant Event of Default, designate a day not earlier than the day such notice is
effective as an Early Termination Date in respect of all outstanding Transactions. If, however,
“Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early
Termination Date in respect of all outstanding Transactions will occur immediately upon the
occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1),
(3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding
the institution of the relevant proceeding or the presentation of the relevant petition upon the
occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or,
to the extent analogous thereto, (8).

(b) Right to Terminate Following Termination Event.

(i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming
aware of it, notify the other party, specifying the nature of that Termination Event and each
Affected Transaction and will also give such other information about that Termination Event
as the other party may reasonably require.

(ii) Transfer to Avoid Termination Event. If either an Illegality under Section
5(b)(1)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon
Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a
condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, excluding immaterial,
incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i)
all its rights and obligations under this Agreement in respect of the Affected Transactions
to another of its Offices or Affiliates so that such Termination Event ceases to exist.

If the Affected Party is not able to make such a transfer it will give notice to the
other party to that effect within such 20 day period, whereupon the other party may effect
such a transfer within 30 days after the notice is given under Section 6(b)(i).

Any such transfer by a party under this Section 6(b)(ii) will be subject to and
conditional upon the prior written consent of the other party, which consent will not be
withheld if such other party’s policies in effect at such time would permit it to enter into
transactions with the transferee on the terms proposed.

(iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event
occurs and there are two Affected Parties, each party will use all reasonable efforts to
reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action
to avoid that Termination Event.

(iv) Right to Terminate. If:

(1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as
the case may be, has not been effected with respect to all Affected Transactions within
30 days after an Affected Party gives notice under Section 6(b)(i); or

(2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an
Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened
Party is not the Affected Party,

either party in the case of an Illegality, the Burdened Party in the case of a Tax Event
Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event
if there is more than one Affected Party, or the party which is not the Affected Party in the
case of a Credit Event Upon Merger or an Additional Termination Event if there is only one
Affected Party may, by not more than 20 days notice to the other party and provided that the
relevant Termination Event is then

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continuing, designate a day not earlier than the day such notice is effective as an Early
Termination Date in respect of all Affected Transactions.

(c) Effect of Designation.

(i) If notice designating an Early Termination Date is given under Section 6(a) or (b),
the Early Termination Date will occur on the date so designated, whether or not the relevant
Event of Default or Termination Event is then continuing.

(ii) Upon the occurrence or effective designation of an Early Termination Date, no further
payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated
Transactions will be required to be made, but without prejudice to the other provisions of
this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be
determined pursuant to Section 6(e).

(d) Calculations.

(i) Statement. On or as soon as reasonably practicable following the occurrence of an
Early Termination Date, each party will make the calculations on its part, if any,
contemplated by Section 6(e) and will provide to the other party a statement (I) showing, in
reasonable detail, such calculations (including all relevant quotations and specifying any
amount payable under Section 6(e)) and (2) giving details of the relevant account to which
any amount payable to it is to be paid. In the absence of written confirmation from the
source of a quotation obtained in determining a Market Quotation, the records of the party
obtaining such quotation will be conclusive evidence of the existence and accuracy of such
quotation.

(ii) Payment Date. An amount calculated as being due in respect of any Early Termination
Date under Section 6(e) will be payable on the day that notice of the amount payable is
effective (in the case of an Early Termination Date which is designated or occurs as a result
of an Event of Default) and on the day which is two Local Business Days after the day on
which notice of the amount payable is effective (in the case of an Early Termination Date
which is designated as a result of a Termination Event). Such amount will be paid together
with (to the extent permitted under applicable law) interest thereon (before as well as after
judgment) in the Termination Currency, from (and including) the relevant Early Termination
Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such interest
will be calculated on the basis of daily compounding and the actual number of days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the following
provisions shall apply based on the parties’ election in the Schedule of a payment measure, either
“Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second
Method”. If the parties fail to designate a payment measure or payment method in the Schedule, it
will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The
amount, if any, payable in respect of an Early Termination Date and determined pursuant to this
Section will be subject to any Set-off.

(i)
Events of Default. if the Early Termination Date results from an Event of Default: —

(1) First Method and Market Quotation. If the First Method and Market Quotation
apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a
positive number, of (A) the sum of the Settlement Amount (determined by the
Non-defaulting Party) in respect of the Terminated Transactions and the Termination
Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B)
the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting
Party.

(2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party
will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s
Loss in respect of this Agreement.

(3) Second Method and Market Quotation. If the Second Method and Market Quotation
apply, an amount will be payable equal to (A) the sum of the Settlement Amount
(determined by the

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Non-defaulting Party) in respect of the Terminated Transactions and the
Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party
less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the
Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it
to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will
pay the absolute value of that amount to the Defaulting Party.

(4) Second Method and Loss. If the Second Method and Loss apply, an amount will be
payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If that
amount is a positive number, the Defaulting Party will pay it to the Non-defaulting
Party; if it is a negative number, the Non-defaulting Party will pay the absolute value
of that amount to the Defaulting Party.

(ii) Termination
Events. If the Early Termination Date results from a Termination Event:

(1) One Affected Party. If there is one Affected Party. the amount payable will be
determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or
Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the
Defaulting Party and to the Non-defaulting Party will be deemed to be references to the
Affected Party and the party which is not the Affected Party, respectively, and, if Loss
applies and fewer than all the Transactions are being terminated, Loss shall be
calculated in respect of all Terminated Transactions.

(2) Two Affected Parties. If there are two Affected Parties: —

(A) if Market Quotation applies, each party will determine a Settlement Amount
in respect of the Terminated Transactions, and an amount will be payable equal to
(I) the sum of (a) one-half of the difference between the Settlement Amount of the
party with the higher Settlement Amount (“X”) and the Settlement Amount of the party
with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent
of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of
the Unpaid Amounts owing to Y; and

(B) if Loss applies, each party will determine its Loss in respect of this
Agreement (or, if fewer than all the Transactions are being terminated, in respect
of all Terminated Transactions) and an amount will be payable equal to one-half of
the difference between the Loss of the party with the higher Loss (“X”) and the Loss
of the party with the lower Loss (“Y”).

If the amount payable is a positive number, Y will pay it to X; if it is a negative
number, X will pay the absolute value of that amount to Y.

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs
because “Automatic Early Termination” applies in respect of a party, the amount determined
under this Section 6(e) will be subject to such adjustments as are appropriate and permitted
by law to reflect any payments or deliveries made by one party to the other under this
Agreement (and retained by such other party) during the period from the relevant Early
Termination Date to the date for payment determined under Section 6(d)(ii).

(iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount
recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty.
Such amount is payable for the loss of bargain and the loss of protection against future risks
and except as otherwise provided in this Agreement neither party will be entitled to recover
any additional damages as a consequence of such losses.

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7. Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under
this Agreement may be transferred (whether by way of security or otherwise) by either party without
the prior written consent of the other party, except that: —

(a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation
with, or merger with or into, or transfer of all or substantially all its assets to, another entity
(but without prejudice to any other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any amount payable to it
from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the
relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the
extent permitted by applicable law, any obligation to make payments under this Agreement in the
Contractual Currency will not be discharged or satisfied by any tender in any currency other than
the Contractual Currency, except to the extent such tender results in the actual receipt by the
party to which payment is owed, acting in a reasonable manner and in good faith in converting the
currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency
of all amounts payable in respect of this Agreement. If for any reason the amount in the
Contractual Currency so received falls short of the amount in the Contractual Currency payable in
respect of this Agreement, the party required to make the payment will, to the extent permitted by
applicable law, immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency
so received exceeds the amount in the Contractual Currency payable in respect of this Agreement,
the party receiving the payment will refund promptly the amount of such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed
in a currency other than the Contractual Currency is rendered (i) for the payment of any amount
owing in respect of this Agreement, (ii) for the payment of any amount relating to any early
termination in respect of this Agreement or (iii) in respect of a judgment or order of another
court for the payment of any amount described in (i) or (ii) above, the party seeking recovery,
after recovery in full of the aggregate amount to which such party is entitled pursuant to the
judgment or order, will be entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence of sums paid in such
other currency and will refund promptly to the other party any excess of the Contractual Currency
received by such party as a consequence of sums paid in such other currency if such shortfall or
such excess arises or results from any variation between the rate of exchange at which the
Contractual Currency is converted into the currency of the judgment or order for the purposes of
such judgment or order and the rate of exchange at which such party is able, acting in a reasonable
manner and in good faith in converting the currency received into the Contractual Currency, to
purchase the Contractual Currency with the amount of the currency of the judgment or order actually
received by such party. The term “rate of exchange” includes, without limitation, any premiums and
costs of exchange payable in connection with the purchase of or conversion into the Contractual
Currency.

(c) Separate Indemnities. To the extent permitted by applicable law, these indemnities
constitute separate and independent obligations from the other obligations in this Agreement, will
be enforceable as separate and independent causes of action, will apply notwithstanding any
indulgence granted by the party to which any payment is owed and will not be affected by judgment
being obtained or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to
demonstrate that it would have suffered a loss had an actual exchange or purchase been made.

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9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the
parties with respect to its subject matter and supersedes all oral communication and prior writings
with respect thereto.

(b) Amendments. No amendment, modification or waiver in respect of this Agreement will be effective
unless in writing (including a writing evidenced by a facsimile transmission) and executed by each
of the parties or confirmed by an exchange of telexes or electronic messages on an electronic
messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the
obligations of the parties under this Agreement will survive the termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and
privileges provided in this Agreement are cumulative and not exclusive of any rights, powers,
remedies and privileges provided by law.

(e) Counterparts and Confirmations.

(i) This Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission), each of which
will be deemed an original.

(ii) The parties intend that they are legally bound by the terms of each Transaction
from the moment they agree to those terms (whether orally or otherwise). A Confirmation
shall be entered into as ‘ soon as practicable and may be executed and delivered in
counterparts (including by facsimile transmission) or be created by an exchange of telexes
or by an exchange of electronic messages on an electronic messaging system, which in each
case will be sufficient for all purposes to evidence a binding supplement to this Agreement.
The parties will specify therein or through another effective means that any such
counterpart, telex or electronic message constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in
respect of this Agreement will not be presumed to operate as a waiver, and a single or partial
exercise of any right, power or privilege will not be presumed to preclude any subsequent or
further exercise, of that right, power or privilege or the exercise of any other right, power or
privilege.

(g) Headings. The headings used in this Agreement are for convenience of reference only and are
not to affect the construction of or to be taken into consideration in interpreting this
Agreement.

10. Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a
Transaction through an Office other than its head or home office represents to the other party
that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation
of such party, the obligations of such party are the same as if it had entered into the Transaction
through its head or home office. This representation will be deemed to be repeated by such party on
each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives payments or deliveries
for the purpose of a Transaction without the prior written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make
and receive payments or deliveries under any Transaction through any Office listed in the Schedule,
and the Office through which it makes and receives payments or deliveries with respect to a
Transaction will be specified in the relevant Confirmation.

11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all
reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party
by reason of the enforcement and protection of its rights under this Agreement or any Credit
Support Document

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to which the Defaulting Party is a party or by reason of the early termination of any Transaction,
including, but not limited to, costs of collection.

12. Notices

(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given
in any manner set forth below (except that a notice or other communication under Section 5 or 6 may
not be given by facsimile transmission or electronic messaging system) to the address or number or
in accordance with the electronic messaging system details provided (see the Schedule) and will be
deemed effective as indicated:—

(i) if in writing and delivered in person or by courier, on the date it is delivered;

(ii) if sent by telex, on the date the recipient’s answerback is received;

(iii) if sent by facsimile transmission, on the date that transmission is received by a
responsible employee of the recipient in legible form (it being agreed that the burden of
proving receipt will be on the sender and will not be met by a transmission report
generated by the sender’s facsimile machine);

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date that mail is delivered or its delivery is
attempted; or

(v) if sent by electronic messaging system, on the date that electronic message is
received,

unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is
not a Local Business Day or that communication is delivered (or attempted) or received, as
applicable, after the close of business on a Local Business Day, in which case that communication
shall be deemed given and effective on the first following day that is a Local Business Day.

(b) Change ofAddresses. Either party may by notice to the other change the address, telex or
facsimile number or electronic messaging system details at which notices or other communications
are to be given to it.

13. Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law
specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement
(“Proceedings”), each party irrevocably:—

(i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be
governed by English law, or to the non-exclusive jurisdiction of the courts of the State of
New York and the United States District Court located in the Borough of Manhattan in New
York City, if this Agreement is expressed to be governed by the laws of the State of New
York; and

(ii) waives any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings have been
brought in an inconvenient forum and further waives the right to object, with respect to
such Proceedings, that such court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in any other
jurisdiction (outside, if this Agreement is expressed to be governed by English law, the
Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or
any modification, extension or re-enactment thereof for the time being in force) nor will the
bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in
any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent (if any) specified
opposite its name in the Schedule to receive, for it and on its behalf, service of process in
any Proceedings. If for any

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reason any party’s Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to the other party.
The parties irrevocably consent to service of process given in the manner provided for notices in
Section J 2. Nothing in this Agreement will affect the right of either party to serve process in
any other manner permitted by law.

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by
applicable law, with respect to itself and its revenues and assets (irrespective of their use or
intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit,
(ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance
or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and
(v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise
be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the
extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

14. Definitions

As used in
this Agreement: —

“Additional Termination Event” has the meaning specified in Section 5(b).

“Affected Party” has the meaning specified in Section 5(b).

“Affected Transactions” means (a) with respect to any Termination Event consisting of an
Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such
Termination Event and (b) with respect to any other Termination Event, all Transactions.

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled,
directly or indirectly, by the person, any entity that controls, directly or indirectly, the person
or any entity directly or indirectly under common control with the person. For this purpose,
“control” of any entity or person means ownership of a majority of the voting power of the entity
or person.

“Applicable
Rate” means: —

(a) in respect of obligations payable or deliverable (or which would have been but for Section
2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after
the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the
Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and

(d) in all other cases, the Termination Rate.

“Burdened Party” has the meaning specified in Section 5(b).

“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any
change in or amendment to, any law (or in the application or official interpretation of any law)
that occurs on or after the date on which the relevant Transaction is entered into.

“consent” includes a consent, approval, action, authorisation, exemption, notice, filing,
registration or exchange control consent.

“Credit Event Upon Merger” has the meaning specified in Section 5(b).

“Credit Support Document” means any agreement or instrument that is specified as such in this
Agreement.

“Credit Support Provider” has the meaning specified in the Schedule.

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any
actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the
relevant amount plus 1% per annum.

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“Defaulting Party” has the meaning specified in Section 6(a).

“Early Termination Date” means the date determined in accordance with Section 6(a) or
6(b)(iv). 

“Event of Default” has the meaning specified in Section 5(a) and, if applicable,
in the Schedule. 

“Illegality” has the meaning specified in Section 5(b).

Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a
payment under this Agreement but for a present or former connection between the jurisdiction of the
government or taxation authority imposing such Tax and the recipient of such payment or a person
related to such recipient (including, without limitation, a connection arising from such recipient
or related person being or having been a citizen or resident of such jurisdiction, or being or
having been organised, present or engaged in a trade or business in such jurisdiction, or having or
having had a permanent establishment or fixed place of business in such jurisdiction, but excluding
a connection arising solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this Agreement or a Credit
Support Document).

“law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters,
by the practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be
construed accordingly.

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open
for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation
to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or,
if not so specified, as otherwise agreed by the parties in writing or determined pursuant to
provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other
payment, in the place where the relevant account is located and, if different, in the principal
financial centre, if any, of the currency of such payment, (c) in relation to any notice or other
communication, including notice contemplated under Section 5(a)(i), in the city specified in the
address for notice provided by the recipient and, in the case of a notice contemplated by Section
2(b), in the place where the relevant new account is to be located and (d) in relation to Section
5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction.

“Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the
case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably
determines in good faith to be its total losses and costs (or gain, in which case expressed as a
negative number) in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at
the election of such party but without duplication, loss or cost incurred as a result of its
terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any
gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each applicable condition
precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid
duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a
party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine
its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as
of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine
its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in
the relevant markets.

“Market Quotation” means, with respect to one or more Terminated Transactions and a party
making the determination, an amount determined on the basis of quotations from Reference
Market-makers. Each quotation will be for an amount, if any, that would be paid to such party
(expressed as a negative number) or by such party (expressed as a positive number) in consideration
of an agreement between such party (taking into account any existing Credit Support Document with
respect to the obligations of such party) and the quoting Reference Market-maker to enter into a
transaction (the “Replacement Transaction”) that would have the effect of preserving for such party
the economic equivalent of any payment or delivery (whether the underlying obligation was absolute
or contingent and assuming the satisfaction of each applicable condition precedent) by the parties
under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions
that would, but for the occurrence of the relevant Early Termination Date, have

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been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated
Transaction or group of Terminated Transactions are to be excluded but, without limitation, any
payment or delivery that would, but for the relevant Early Termination Date, have been required
(assuming satisfaction of each applicable condition precedent) after that Early Termination Date is
to be included. The Replacement Transaction would be subject to such documentation as such party
and the Reference Market-maker may, in good faith, agree. The party making the determination (or
its agent) will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different time zones) on or
as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of
which those quotations are to be obtained will be selected in good -faith by the party obliged to
make a determination under Section 6(e), and, if each party is so obliged, after consultation with
the other. If more than three quotations are provided, the Market Quotation will be the arithmetic
mean of the quotations, without regard to the quotations having the highest and lowest values. If
exactly three such quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more than one quotation
has the same highest value or lowest value, then one of such quotations shall be disregarded. If
fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of
such Terminated Transaction or group of Terminated Transactions cannot be determined.

“Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any
actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant
amount.

“Non-defaulting Party” has the meaning specified in Section 6(a).

“Office” means a branch or office of a party, which may be such party’s head or home office.

“Potential Event of Default” means any event which, with the giving of notice or the lapse of
time or both, would constitute an Event of Default.

“Reference Market-makers” means four leading dealers in the relevant market selected by the
party determining a Market Quotation in good faith (a) from among dealers of the highest credit
standing which satisfy all the criteria that such party applies generally at the time in deciding
whether to offer or to make an extension of credit and (b) to the extent practicable, from among
such dealers having an office in the same city.

“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the
party is incorporated, organised, managed and controlled or considered to have its seat, (b) where
an Office through which the party is acting for purposes of this Agreement is located, (c) in which
the party executes this Agreement and (d) in relation to any payment, from or through which such
payment is made.

“Scheduled Payment Date” means a date on which a payment or delivery is to be made under
Section 2(a)(i) with respect to a Transaction.

“Set-off” means set-off, offset, combination of accounts, right of retention or withholding or
similar right or requirement to which the payer of an amount under Section 6 is entitled or subject
(whether arising under this Agreement, another contract, applicable law or otherwise) that is
exercised by, or imposed on, such payer.

“Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of:—

(a) the Termination Currency Equivalent of the Market Quotations (whether positive or
negative) for each Terminated Transaction or group of Terminated Transactions for which a Market
Quotation is determined; and

(b) such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts)
for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation
cannot be determined or would not (in the reasonable belief of the party making the determination)
produce a commercially reasonable result.

“Specified Entity” has the meanings specified in the Schedule.

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“Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or
future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money.

“Specified
Transaction”means, subject to the Schedule, (a) any transaction (including an
agreement with respect thereto) now existing or hereafter entered into between one party to this
Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such
party) and the other party to this Agreement (or any Credit Support Provider of such other party or
any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including any option with
respect to any of these transactions), (b) any combination of these transactions and (c) any other
transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

“Stamp Tax” means any stamp, registration, documentation or similar tax.

“Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any
nature (including interest, penalties and additions thereto) that is imposed by any government or
other taxing authority in respect of any payment under this Agreement other than a stamp,
registration, documentation or similar tax.

“Tax Event” has the meaning specified in Section 5(b).

“Tax Event Upon Merger” has the meaning specified in Section 5(b).

“Terminated Transactions” means with respect to any Early Termination Date (a) if resulting
from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default,
all Transactions (in either case) in effect immediately before the effectiveness of the notice
designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately
before that Early Termination Date).

“Termination Currency” has the meaning specified in the Schedule.

“Termination Currency Equivalent” means, in respect of any amount denominated in the
Termination Currency, such Termination Currency amount and, in respect of any amount denominated in
a currency other than the Termination Currency (the “Other Currency”), the amount in the
Termination Currency determined by the party making the relevant determination as being required to
purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the
relevant Market Quotation or Loss (as the case may be), is determined as of a later date, that
later date, with the Termination Currency at the rate equal to the spot exchange rate of the
foreign exchange agent (selected as provided below) for the purchase of such Other Currency with
the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent
is located) on such date as would be customary for the determination of such a rate for the
purchase of such Other Currency for value on the relevant Early Termination Date or that later
date. The foreign exchange agent will, if only one party is obliged to make a determination under
Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties.

“Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if
specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.

“Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without
proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund
or of funding such amounts.

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the
aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or
that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or
prior to such Early Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was
(or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on
or prior to such Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market

ISDA® 1992

This ISDA Document is protected by copyright law. No electronic copy may be copied, published,
transmitted, transferred, sold, distributed or displayed, except in accordance with the Terms and
Conditions agreed to by your firm.

17

 

value of that which was (or would have been) required to be delivered as of the originally
scheduled date for delivery, in each case together with (to the extent permitted under applicable
law) interest, in the currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to (but excluding) such
Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. The fair market value of any
obligation referred to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it shall be the average
of the Termination Currency Equivalents of the fair market values reasonably determined by both
parties.

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified
below with effect from the date specified on the first page of this document.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	GMAC LLC
	 	 	 	 	 	RESIDENTIAL CAPITAL, LLC	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	(Name of Party)
	 	 	 	 	 	(Name of Party)	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ David C. Walker
	 	 	 	By:	 	/s/ Elizabeth T. Kelly	 	 
	 

	 	 

Name: David C. Walker
	 	 	 	 	 	 

Name: Elizabeth T. Kelly
	 	 
	 

	 	Title: Group Vice President & Treasurer
	 	 	 	 	 	Title: Assistant Treasurer	 	
	 

	 	Date:
	 	 	 	 	 	Date:	 	 

ISDA® 1992

This ISDA Document is protected by copyright law. No electronic copy may be copied, published,
transmitted, transferred, sold, distributed or displayed, except in accordance with the Terms and
Conditions agreed to by your firm.

18EX-10.10

Exhibit 10.10

EXECUTION VERSION

SCHEDULE

to the

Master Agreement

dated as of August 14, 2008

between GMAC LLC and RESIDENTIAL CAPITAL, LLC

(“Party A”)            (“Party B”)

All capitalized terms used herein and not otherwise defined shall have the meaning assigned to such
terms in the Loan Agreement, dated as of June 4, 2008, among Residential Funding Company, LLC, GMAC
Mortgage, LLC (collectively, “Borrowers”), Residential Capital, LLC, and certain other Affiliates
of the Borrowers party thereto as Guarantors, certain Affiliates of the Borrowers and the
Guarantors party thereto as Obligors, GMAC LLC, as Initial Lender and as Lender Agent and certain
other financial institutions and persons from time to time party thereto as Lenders, (as amended
from time to time, the “Loan Agreement”).

Part 1. Termination Provisions.

	(a)	 	“Specified Entity” means in relation to Party A for the purpose of:

          Section 5(a)(v), Not applicable

          Section 5(a)(vi), Not applicable

          Section 5(a)(vii), Not applicable

          Section 5(b)(v), Not applicable

and in relation to Party B for the purpose of:

          Section 5(a)(v), Borrowers and Obligors

          Section 5(a)(vi), Borrowers, Subsidiaries and Obligors

          Section 5(a)(vii), Borrowers and Obligors

          Section 5(b)(v), Not applicable

	(b)	 	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement.
	 
	(c)	 	The “Cross-Default” provisions of Section 5(a)(vi) will apply to Party A and will apply to
Party B provided that the following language shall be added to the end thereof:
“Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an
Event of Default if (i) the default was caused solely by error or omission of an
administrative or operational nature; (ii) funds were available to enable the party to make
the payment when due; and (iii) the payment is made within three Local Business Days of such
party’s receipt of written notice of its failure to pay.”.

 

 

	 	 	“Specified Indebtedness” will have the meaning specified in Section 14 of this Agreement.
	 
	 	 	“Threshold Amount” means with respect to Party A or its Credit Support Provider, 3% of
stockholders’ equity (determined in accordance with United States generally accepted
accounting principles, consistently applied) and, with respect to Party B, US$25,000,000.00;
provided, however, with respect to a default under the Loan Agreement, Party B’s Threshold
Amount shall be zero.
	 
	(d)	 	The “Credit Event Upon Merger” provisions of Section 5(b)(v) will not apply to Party A and
will not apply to Party B.
	 
	(e)	 	The “Automatic Early Termination” provision of Section 6(a) will not apply to Party A and
will not apply to Party B.
	 
	(f)	 	Payment on Early Termination. Market Quotation and Second Method; provided, however, with
respect to an Early Termination Date in which Party B is the Defaulting Party or Affected
Party or a Partial Termination Date (as defined in Part 1(h)(iv) below), if Party A, in its
sole discretion, enters into a replacement transaction with a Reference Market-maker to
replace a Terminated Transaction or partially terminated Transaction, the quotation provided
by such Reference Market-maker and accepted by Party A shall be deemed to be the Market
Quotation for such Terminated Transaction or partially terminated Transaction, as applicable.
	 
	(g)	 	“Termination Currency” means with respect to payments made by Party A: U.S. Dollars and with
respect payments made by Party B: Euros.
	 
	(h)	 	The “Additional Termination Event” provisions of Section 5(b)(v) will apply. The following
shall be Additional Termination Event with respect to Party B as the sole Affected Party:

	 	(i)	 	The Loan Agreement ceases to be in full force and effect (including in
accordance with its terms).
	 
	 	(ii)	 	Party B, any Borrower or Obligor disaffirms, disclaims, repudiates or
rejects, in whole or in part, any Credit Support Document or Party B’s obligations to
Party A under this Agreement cease to be secured under any Credit Support Document.
	 
	 	(iii)	 	Any Credit Support Document with respect to Party B is amended, modified,
supplemented, restated, or any provision of such document is waived which may have a
material adverse effect on the rights of Party A hereunder or the ability of Party A
to enforce its rights hereunder or under any Credit Support Document without the prior
written consent of Party A; provided, however, that this Additional Termination Event
shall not be applicable if GMAC LLC has consented to such amended, modified,
supplemented, restated, or waiver in its capacity as Lender or Lender Agent under the
Loan Agreement.
	 
	 	(iv)	 	Partial Termination. If there is a material reduction in the aggregate
outstanding balance of the exposure under the Loan Agreement intended to be hedged
hereunder (as determined by the Calculation Agent in good faith), Party B may, subject
to Section 7.02(e) of the Loan Agreement, request a reduction in the notional amount
of a Transaction in an amount corresponding to such reduction in the aggregate
outstanding balance of such exposure by sending written notice to Party A designating
a Partial Termination Date which date shall be no earlier than three Business Days
after such

2

 

	 	 	 	written notice is received (the “Partial Termination Date”). Upon any such
termination or reduction of a Notional Amount (as defined in the relevant
Confirmation), a termination payment with respect to the portion of the notional
amount terminated or reduced shall become payable by Party A and Party B. The
Market Quotation amount will be calculated by Party A under Section 6(e) of this
Agreement as though the portion of the relevant Transaction were early terminated
and as if Party A were the party which is not the Affected Party for purposes of
Section 6(e)(ii)(1) of this Agreement, as modified in Part 1(f) above. Any such
amount payable by Party A and Party B shall be payable as of the Partial Termination
Date. The partial termination payment owed by Party A to Party B shall be an amount
is US Dollars equal to the sum of (i) (A) the amount of the reduction in the
Notional Amount multiplied by (B) the Partial Termination Ratio plus (ii) the Market
Quotation (expressed as a positive or negative, as determined by Party A). The
partial termination payment owed by Party B shall be an amount in Euros equal to the
amount of the reduction in the Notional Amount of the Transaction.
	 
	 	 	 	“Partial Termination Ratio” means a fraction in which the numerator is the amount
expressed in US Dollars corresponding to the heading “Amount and currency payable by
Party A” in the relevant Confirmation and the denominator is the amount expressed in
Euros corresponding to the heading “Amount and currency payable by Party B” in such
Confirmation.

Part 2. Tax Representations.

	(a)	 	Payer Representations. For the purpose of Section 3(e) of this Agreement, each of Party A
and Party B makes the following representation:

It is not required by any applicable law, as modified by the
practice of any relevant governmental revenue authority, of any Relevant
Jurisdiction to make any deduction or withholding for or on account of any Tax
from any payment (other than interest under Section 9(h) of this Agreement) to
be made by it to the other party under this Agreement. In making this
representation, it may rely on (i) the accuracy of any representations made by
the other party pursuant to Section 3(f) of this Agreement, (ii) the
satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this
Agreement and the accuracy and effectiveness of any document provided by the
other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii)
the satisfaction of the agreement of the other party contained in Section 4(d)
of this Agreement, except that it will not be a breach of this representation
where reliance is placed on clause (ii) above and the other party does not
deliver a form or document under Section 4(a)(iii) by reason of material
prejudice to its legal or commercial position.

	(b)	 	Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party
B make the following representations:

	 	(i)	 	It is a limited liability company established under the laws of the State of
Delaware and its U.S. taxpayer identification number is 38-0572512.
	 
	 	(ii)	 	The following representations will apply to Party B:
	 
	 	 	 	It is a limited liability company established under the laws of the State of Delaware
and its U.S. taxpayer identification number is 20-1770738.

3

 

Part 3. Agreement to Deliver Documents.

For the purpose of Sections 4(a)(i) and 4(a)(ii) of this Agreement, each party agrees to deliver
the following documents, as applicable:

	 	(a)	 	Tax forms, documents or certificates to be delivered are:

	 	 	 	 	 
	Party required to	 	 	 	 
	deliver document	 	Form/Document/Certificate	 	Date by which to be delivered
	Party A & B

	 	A correct, complete and
executed U.S. Internal
Revenue Service Form
W-9, or any successor
thereto.
	 	Upon
request.

	(b)	 	Other documents to be delivered are:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Covered by
	Party required to	 	 	 	Date by which to be delivered	 	Section 3(d)
	deliver document	 	Form/Document/Certificate	 	 	 	Representation
	Party A & B

	 	Certificate of authority
and specimen signatures
of individuals executing
this Agreement,
Confirmations (as
applicable)
	 	Upon request
	 	Yes
	 
	 	 	 	 	 	 
	Party A & B

	 	Certified copies of all
corporate or company
authorizations and any
other documents with
respect to the
execution, delivery and
performance of this
Agreement
	 	Upon request
	 	Yes
	 
	 	 	 	 	 	 
	Party B

	 	Credit Support Documents
specified in Part 4 of
the Schedule, such
Credit Support Document
being duly executed if
required.
	 	Upon request
	 	Yes
	 
	 	 	 	 	 	 
	Party B

	 	Each of the financial
statements, reports,
notices and other
documents required to be
delivered by Party B (or
on its behalf) pursuant
to Loan Agreement.
	 	At the time that
such documents are
required to be
delivered pursuant
to the Loan
Agreement; provided
that if such
documents are
delivered to the
Lender Agent on
behalf of the
Lenders, such
documents will be
deemed to be
delivered to Party
A under this
Agreement.
	 	No
	 
	 	 	 	 	 	 
	Party B

	 	Any proposed amendment,
supplement, waiver,
modification or
restatement to the Loan
Agreement or any
Security Document.
	 	Promptly upon
receipt of such
document, provided
that if such
documents are
	 	No

4

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Covered by
	Party required to	 	 	 	Date by which to be delivered	 	Section 3(d)
	deliver document	 	Form/Document/Certificate	 	 	 	Representation
	 

	 	 	 	delivered to the
Lender Agent on
behalf of the
Lenders, such
documents will be
deemed to be
delivered to Party
A under this
Agreement.	 	 
	 
	 	 	 	 	 	 
	Party B

	 	Legal opinions in a form
satisfactory to Party A.
	 	Upon execution of
this Agreement.
	 	No

Part 4. Miscellaneous.

	(a)	 	Addresses for Notices. For the purpose of Section 12(a) of this Agreement:
	 
	 	 	Address for notices or communications to Party A:

GMAC LLC

200 Renaissance Center

Mail Code: 482-B12-C24

Detroit, MI 48265-2000

Attention: Swaps Administration Group

Facsimile No.: (313) 656-6275

Telephone No.: (313) 656-5518

Attention: Janice Barry

Telephone No.: 313-656-6280

Email: janice.barry@gmacfs.com

With a copy to:

Attention: Hector Teran

Telephone No.: 917-369-2345

Facsimile No.: 917-369-2416

Email: hector.teran@gmacfs.com

With a copy to:

	 	 	 	 	 
	 

	 	Address:
	 	GMAC LLC
	 

	 	 	 	767 Fifth Avenue
	 

	 	 	 	24th Floor
	 

	 	 	 	New York, New York 10153
	 
	 	 	 	 
	 

	 	Attention:
	 	Swap Group

Fax No.: (917) 369-2416

5

 

Address for notices or communications to Party B:

Residential Capital, LLC

Attention: John Malloy

Address: 1100 Virginia Drive

Fort Washington, PA 19034

Telephone No.: (215) 682-3238

Facsimile No.: (215) 734-8866

E-mail: john.malloy@gmacrescap.com

With Copies to:

Attention: Mike Rowan

Telephone No.: (215) 734-5883

Facsimile No.: (215) 734-8880

E-mail: Mike.Rowan@gmacrescap.com

Attention: Melissa White

Telephone No.: (952) 857-6182

Facsimile No.: (866) 502-1250

E-mail: Melissa.white@gmacrfc.com

	(b)	 	Process Agent. For the purpose of Section 13(c) of this Agreement:
	 
	 	 	Party A appoints as its Process Agent: not applicable
	 
	 	 	Party B appoints as its Process Agent: not applicable
	 
	(c)	 	Offices. The provisions of Section 10(a) will apply to this Agreement.
	 
	(d)	 	Multibranch Party. For the purpose of Section 10(b) of this Agreement:
	 
	 	 	Party A is not a Multibranch party.
	 
	 	 	Party B is not a Multibranch party.
	 
	(e)	 	Calculation Agent. The Calculation Agent is Party A.
	 
	(f)	 	Credit Support Document. Details of any Credit Support Document:
	 
	 	 	Party A: Not applicable
	 
	 	 	Party B: The Loan Agreement, the Security Agreement and the Hedge Pledge and Security
Agreement and Irrevocable Proxy, dated as of August 14, 2008 among Party A, as Hedge
Counterparty and as Hedge Collateral Agent and Party B and the other Borrowers, Grantors and
Obligors party thereto from time to time as grantors.
	 
	(g)	 	Credit Support Provider. Credit Support Provider means in relation to Party A, none
	 
	 	 	Credit Support Provider means in relation to Party B, the Obligors and Grantors.

6

 

	(h)	 	Governing Law. This Agreement will be governed by and construed in accordance with the laws
of the State of New York (without reference to choice of law doctrine other than Section
5-1401 of the New York General Obligations Law).
	 
	(i)	 	Netting of Payments. “Subparagraph (ii) of Section 2(c) of this Agreement will apply to all
Transactions. Section 2(c) of the Agreement shall not be applicable with respect to a partial
termination as set forth in Part 1(h)(iv) hereof. For the avoidance of doubt, there shall be
no netting of any payments between the parties on a Partial Termination Date.
	 
	(j)	 	“Affiliate” will have the meaning specified in Section 14 of this Agreement.

Part 5. Other Provisions.

	(a)	 	Additional Representations. For the purpose of Section 3 of this Agreement, the following
will constitute an Additional Representation:

(i) Relationship Between Parties. Each party will be deemed to represent to the other party
on the date on which it enters into a Transaction that (absent a written agreement between
the parties that expressly imposes affirmative obligations to the contrary for that
Transaction):—

	 	(1)	 	Non-Reliance. It is acting for its own account, and it has made
its own independent decisions to enter into that Transaction and as to whether
that Transaction is appropriate or proper for it based upon its own judgment and
upon advice from such advisers as it has deemed necessary. No communication
(written or oral) received from the other party will be deemed to be an
assurance or guarantee as to the expected results of that Transaction.
	 
	 	(2)	 	Assessment and Understanding. It is capable of assessing the
merits of and understanding (on its own behalf or through independent
professional advice), and understands and accepts, the terms, conditions and
risks of that Transaction. It is also capable of assuming, and assumes, the
risks of that Transaction.
	 
	 	(3)	 	Status of Parties. The other party is not acting as a fiduciary
for it in respect of that Transaction.
	 
	 	(4)	 	No Agency. It is entering into this Agreement and each
Transaction as principal (and not as agent or in any other capacity, fiduciary
or otherwise).
	 
	 	(5)	 	Other Transactions. It understands and acknowledges that the other
party may, either in connection with entering into a Transaction or from time to
time thereafter, engage in open market transactions that are designed to hedge or
reduce the risks incurred by it in connection with such Transaction and that the
effect of such open market transactions may be to affect or reduce the value of
such Transaction.

	(b)	 	Recording of Conversations. Each party (i) consents to the recording of telephone
conversations between the trading, marketing and other relevant personnel of the parties in
connection with this Agreement or any potential Transaction, (ii) agrees to obtain any
necessary consent of, and give any necessary notice of such recording to, its relevant
personnel and (iii) agrees, to the extent permitted by applicable law, that recordings may be
submitted in evidence in any Proceedings.

7

 

	(c)	 	Eligible Contract Participant. Each party represents to the other party (which representation
will be deemed to be repeated by each party on each date on which a Transaction is entered
into) that it is an “eligible contract participant”, as defined in Section 1a(12) of the
Commodity Exchange Act (7 U.S.C. 1a), as amended by the Commodity Futures Modernization Act of
2000.

	(d)	 	Set-off. Section 6 of this Agreement is hereby amended by adding the following new
subsection 6(f):

	 	(f)	 	Set-off.
	 
	 	(i)	 	In addition to any rights of set-off a party may have as a matter of law or
otherwise, upon the occurrence of an Event of Default or a Termination Event (other
than a partial termination pursuant to Part 1(h)(iv) hereof), and the designation of an
Early Termination Date pursuant to Section 6 of the Agreement with respect to a
party (“X”), the other party (“Y”) will have the right (but not be obliged) without
prior notice to X or any other person to set-off or apply any obligation of X owed to Y
(whether or not matured or contingent and whether or not arising under this Agreement,
and regardless of the currency, place of payment or booking office of the obligation)
against any obligation of Y owed to X (whether or not matured or contingent and
whether or not arising under this Agreement, and regardless of the currency, place of
payment or booking office of the obligation).
	 
	 	(ii)	 	For the purpose of cross-currency set-off, Y may convert either obligation at
the applicable market exchange rate selected by Y on the relevant date.
	 
	 	(iii)	 	If the amount of an obligation is unascertained, Y may in good faith estimate
that amount and set-off in respect of the estimate, subject to the relevant party
accounting to the other when the amount of the obligation is ascertained.
	 
	 	(iv)	 	This clause (f) shall not constitute a mortgage, charge, lien or other security
interest upon any of the property or assets of either party to this Agreement.

	(e)	 	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law,
any right it may have to a trial by jury in respect of any suit, action or proceeding relating
to this Agreement or any Credit Support Document. Each party (i) certifies that no
representative, agent or attorney of the other party or any Credit Support Provider has
represented, expressly or otherwise, that such other party would not, in the event of such a
suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it
and the other party have been induced to enter into this Agreement and provide for any Credit
Support Document, as applicable, by, among other things, the mutual waivers and certifications
in this Section.

	(f)	 	Definitions. Unless otherwise specified in a Confirmation and except in the case of FX
Transactions and Currency Option Transactions (as defined below), each Confirmation shall be
deemed to incorporate the 2006 ISDA Definitions (the “2006 Definitions”), published by the
International Swap Dealers Association, Inc.. In the event of any inconsistency (1) between
the provisions of the Definitions and this Agreement, this Agreement will prevail, (2) between
the provisions of a Confirmation and the Definitions, the Confirmation will prevail, and (3)
between the provisions of a Confirmation and this Agreement, such Confirmation will prevail
for the purpose of the relevant Transaction.

	(g)	 	Change of Account. Section 2(b) is hereby amended by adding the following at the end
thereof:

8

 

	 	 	“and provided that, unless the other party consents (which consent shall not be unreasonably
withheld), such new account shall be in the same tax jurisdiction as the original account.”

	(h)	 	All Confirmations. With respect to each Transaction, Party A will, on or promptly after the
Trade Date thereof, send Party B a Confirmation substantially in the form of Confirmation used
by Party A or in such other form as agreed by the parties. Party B will promptly thereafter
(a) confirm the accuracy of such Confirmation or (b) request the correction of such
Confirmation, indicating how the terms of such Confirmation should be correctly stated and
such other terms should be added to or deleted from such Confirmation to make it correct.
	 
	(i)	 	Transfer. The following amendments are hereby made to Section 7:

	 	(a)	 	In the third line, insert the words “which consent will not be arbitrarily
withheld or delayed,” immediately before the word “except”; and
	 
	 	(b)	 	In clause (a), insert the words “or reorganization, incorporation,
reincorporation, or reconstitution into or as,” immediately before the word “another.”

	(j)	 	Severability. If any term, provision, covenant, or condition of this Agreement, or the
application thereof to any party or circumstance, shall be held to be illegal, invalid or
unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants
and conditions hereof shall continue in full force and effect as if this Agreement had been
executed with the illegal, invalid or unenforceable portion eliminated, so long as this
Agreement as so modified continues to express, without material change, the original
intentions of the parties as to the subject matter of this Agreement and the deletion of such
portion of this Agreement will not substantially impair the respective benefits or
expectations of the parties to this Agreement. It shall in particular be understood that this
Severability clause shall not affect the “single agreement” concept of Section 1(c) of the
Master Agreement.

     PART 6: Additional Terms for Foreign Exchange and Foreign Exchange Option Transactions

	(a)	 	Incorporation of Definitions. The 1998 FX and Currency Option Definitions (the
“Definitions”), published by the International Swaps and Derivatives Association, Inc., the
Emerging Markets Traders Association and the Foreign Exchange Committee, are hereby
incorporated by reference with respect to FX Transactions (as defined in the Definitions) and
Currency Option Transactions (as defined in the Definitions). Terms defined in the Definitions
shall have the same meanings in this Part 6.

	(b)	 	Scope. Unless otherwise agreed in writing by the parties, each FX Transaction and Currency
Option Transaction entered into between the parties before, on or after the date of this
Agreement shall be a Transaction under this Agreement and shall be part of, subject to and
governed by this Agreement. FX Transactions and Currency Option Transactions shall be part of,
subject to and governed by this Agreement even if the Confirmation in respect thereof does not
state that such FX Transaction or Currency Option Transaction is subject to or governed by
this Agreement or does not otherwise reference this Agreement.

	(c)	 	Where an FX Transaction or Currency Option is confirmed by means of exchange of electronic
messages on an electronic messaging system or other document or other confirming evidence
exchanged between the parties confirming such Transaction such messages, document or evidence

9

 

	 	 	will constitute a Confirmation for the purposes of this Agreement even where not so
specified therein

10

 

EXECUTION VERSION

     IN WITNESS WHEREOF, the parties hereto have duly executed this Schedule to the Master
Agreement as of the date first set forth above.

	 	 	 	 	 	 	 	 	 
	GMAC LLC	 	 	 	RESIDENTIAL CAPITAL, LLC
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ David C. Walker
	 	 	 	By:
	 	/s/ Elizabeth T. Kelly
	 

	 	Name: David C. Walker
	 	 	 	 	 	Name: Elizabeth T. Kelly
	 

	 	Title: Group Vice President & Treasurer
	 	 	 	 	 	Title: Assistant Treasurer

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FOREIGN EXCHANGE FORWARD CONFIRMATION

	 	 	 
	Date:

	 	August 18, 2008
	 
	 	 
	To:

	 	RESIDENTIAL CAPITAL, LLC (“Party B”)
	 
	 	 
	From:

	 	GMAC LLC (“Party A”)
	 
	 	 
	Transaction Reference Number:

	 	US1614

The purpose of this letter agreement is to set forth the terms and conditions of the Transaction
entered into between us on the Trade Date referred to below. This letter constitutes a
“Confirmation” as referred to in the Master Agreement specified below.

The definitions and provisions contained in the 1998 FX and Currency Option Definitions (as
published by the International Swaps and Derivatives Association, Inc., as such definitions are
modified and amended by the Schedule to the Master Agreement) (the “Definitions”) are
incorporated into this Confirmation. In the event of any inconsistency between those definitions
and provisions and this Confirmation, this Confirmation will govern.

This Confirmation supplements, forms a part of, and is subject to, the ISDA Master Agreement dated
as of August 14, 2008, as amended or supplemented from time to time (the “Master
Agreement”) between you and us. All provisions contained in the Master Agreement shall govern
this Confirmation except as expressly modified below.

The terms of the particular Transaction to which this Confirmation relates are as follows:

	 	 	 
	Trade Date:

	 	August 18, 2008
	 
	 	 
	Notional Amount:

	 	EUR 128,000,000, subject to reduction on any Partial Termination Date
pursuant to Part 1(h)(iv) of the Schedule.
	 
	 	 
	Amount and currency payable by Party A:

	 	USD 184,910,464, subject to partial payment and reduction on any Partial Termination Date
pursuant to Part 1(h)(iv) of the Schedule.
	 
	 	 
	Amount and currency payable by Party B:

	 	EUR 128,000,000, subject to partial payment and reduction on any Partial Termination Date
pursuant to Part 1(h)(iv) of the Schedule.
	 
	 	 
	Settlement Date:

	 	April 30, 2010, subject to partial termination pursuant to Part 1(h)(iv)
of the Schedule.

Other terms and conditions:

	 	 	 
	Business Day Convention:

	 	Following
	 
	 	 
	Business Day:

	 	New York

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	Calculation Agent:

	 	Party A
	 
	 	 
	No Netting on Partial 

Termination Date:

	 	The parties agree that there is no netting of payments on any Partial Early
Termination Date unless the parties agree in writing to net any such payments.

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Account Details:

                    Payments to Party A: To be provided in written instructions.

                    Payments to Party B: To be provided in written instructions.

[Signature Page Follows]

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     Please confirm that the foregoing correctly sets forth the terms of our agreement by executing
the copy of this Confirmation enclosed for that purpose and returning it to us.

	 	 	 	 	 
	 	GMAC LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Accepted
and confirmed as of
the date first above written:

RESIDENTIAL CAPITAL, LLC

	 	 	 
	By
	 	 
	 

	 	Name:

6

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