Document:

EXECUTION VERSION

       

      MEMBERSHIP
INTEREST PURCHASE AGREEMENT

       

      between

       

      RESIDENTIAL
CAPITAL, LLC,

       

      as
Seller

      

      and

       

      GMAC
LLC,

       

      as
Purchaser

      

      January
30, 2009

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      TABLE
OF CONTENTS

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	 
      	 
      	 
      	 
      	
                                                    Page

                                                  
	 
      	 
      	 
      	 
      	 
      
	
                                                    ARTICLE
      1. DEFINITIONS; INTERPRETATION

                                                  	 
      	
                                                    2

                                                  
	 
      	
                                                    1.1

                                                  	 
      	
                                                    Definitions

                                                  	 
      	
                                                    2

                                                  
	 
      	
                                                    1.2

                                                  	 
      	
                                                    Interpretation

                                                  	 
      	
                                                    7

                                                  
	
                                                    ARTICLE
      2. PURCHASE AND SALE

                                                  	 
      	
                                                    8

                                                  
	 
      	
                                                    2.1

                                                  	 
      	
                                                    Purchase
      of Class M Common Units

                                                  	 
      	
                                                    8

                                                  
	 
      	
                                                    2.2

                                                  	 
      	
                                                    Consideration

                                                  	 
      	
                                                    8

                                                  
	 
      	
                                                    2.3

                                                  	 
      	
                                                    Closing

                                                  	 
      	
                                                    8

                                                  
	 
      	
                                                    2.4

                                                  	 
      	
                                                    Deliveries
      of Seller. At the Closing, Seller shall deliver to
    Purchaser:

                                                  	 
      	
                                                    8

                                                  
	 
      	
                                                    2.5

                                                  	 
      	
                                                    Deliveries
      of Purchaser

                                                  	 
      	
                                                    8

                                                  
	
                                                    ARTICLE
      3. REPRESENTATIONS AND WARRANTIES OF SELLER

                                                  	 
      	
                                                    8

                                                  
	 
      	
                                                    3.1

                                                  	 
      	
                                                    Authority
      of Seller

                                                  	 
      	
                                                    9

                                                  
	 
      	
                                                    3.2

                                                  	 
      	
                                                    Ownership
      of the Transferred Class M Common Units

                                                  	 
      	
                                                    9

                                                  
	 
      	
                                                    3.3

                                                  	 
      	
                                                    Consents
      and Approvals

                                                  	 
      	
                                                    9

                                                  
	 
      	
                                                    3.4

                                                  	 
      	
                                                    Financial
      Statements

                                                  	 
      	
                                                    10

                                                  
	 
      	
                                                    3.5

                                                  	 
      	
                                                    No
      Material Adverse Change

                                                  	 
      	
                                                    10

                                                  
	 
      	
                                                    3.6

                                                  	 
      	
                                                    Litigation

                                                  	 
      	
                                                    10

                                                  
	 
      	
                                                    3.7

                                                  	 
      	
                                                    Compliance
      With Agreements and Law

                                                  	 
      	
                                                    10

                                                  
	 
      	
                                                    3.8

                                                  	 
      	
                                                    Compliance
      with Affiliate Agreements

                                                  	 
      	
                                                    10

                                                  
	 
      	
                                                    3.9

                                                  	 
      	
                                                    Compliance
      with Laws

                                                  	 
      	
                                                    10

                                                  
	 
      	
                                                    3.10

                                                  	 
      	
                                                    Brokers
      or Finders

                                                  	 
      	
                                                    11

                                                  
	 
      	
                                                    3.11

                                                  	 
      	
                                                    Limitation
      of Representations and Warranties

                                                  	 
      	
                                                    11

                                                  
	 
      	
                                                    4.1

                                                  	 
      	
                                                    Authority
      of Purchaser

                                                  	 
      	
                                                    12

                                                  
	 
      	
                                                    4.2

                                                  	 
      	
                                                    Ownership
      of the Transferred Notes

                                                  	 
      	
                                                    12

                                                  
	 
      	
                                                    4.3

                                                  	 
      	
                                                    Consents
      and Approvals

                                                  	 
      	
                                                    12

                                                  
	 
      	
                                                    4.4

                                                  	 
      	
                                                    Brokers
      and Finders

                                                  	 
      	
                                                    12

                                                  
	 
      	
                                                    4.5

                                                  	 
      	
                                                    No
      Knowledge of Breach

                                                  	 
      	
                                                    12

                                                  
	
                                                    ARTICLE
      5. COVENANTS

                                                  	 
      	
                                                    13

                                                  
	 
      	
                                                    5.1

                                                  	 
      	
                                                    Subsequent
      Actions

                                                  	 
      	
                                                    13

                                                  
	 
      	
                                                    5.2

                                                  	 
      	
                                                    Third
      Party Consents

                                                  	 
      	
                                                    13

                                                  
	 
      	
                                                    5.3

                                                  	 
      	
                                                    Records;
      Post-Closing Access to Information

                                                  	 
      	
                                                    13

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

          

            
              
                 

              

              
                -i-

                
                  

                

              

              
                 

              

            

          

        

      

      

      
        
          TABLE
OF CONTENTS

          (continued)

          

          
            
              
                
                  
                    
                      
                        
                          
                            	 
      	 
      	 
      	 
      	
                                    Page

                                  
	 	 	 	 	 	 
	 
      	
                                    5.4

                                  	 
      	
                                    Solicitation
      of Third-Party Purchasers

                                  	 
      	
                                    14

                                  
	 
      	
                                    5.5

                                  	 
      	
                                    Services
      Between GMAC Bank and Seller

                                  	 
      	
                                    18

                                  
	
                                    ARTICLE
      6. CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER

                                  	 
      	
                                    18

                                  
	 
      	
                                    6.1

                                  	 
      	
                                    Deliveries
      by Seller

                                  	 
      	
                                    18

                                  
	 
      	
                                    6.2

                                  	 
      	
                                    Injunctions

                                  	 
      	
                                    19

                                  
	 
      	
                                    6.3

                                  	 
      	
                                    Laws

                                  	 
      	
                                    19

                                  
	
                                    ARTICLE
      7. CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER

                                  	 
      	
                                    19

                                  
	 
      	
                                    7.1

                                  	 
      	
                                    Deliveries
      by Purchaser

                                  	 
      	
                                    19

                                  
	 
      	
                                    7.2

                                  	 
      	
                                    Injunctions

                                  	 
      	
                                    19

                                  
	 
      	
                                    7.3

                                  	 
      	
                                    Laws

                                  	 
      	
                                    19

                                  
	 
      	
                                    7.4

                                  	 
      	
                                    Fairness
      Opinion

                                  	 
      	
                                    19

                                  
	
                                    ARTICLE
      8. SURVIVAL AND INDEMNIFICATION

                                  	 
      	
                                    19

                                  
	 
      	
                                    8.1

                                  	 
      	
                                    Survival

                                  	 
      	
                                    19

                                  
	 
      	
                                    8.2

                                  	 
      	
                                    Indemnification
      by Seller

                                  	 
      	
                                    20

                                  
	 
      	
                                    8.3

                                  	 
      	
                                    Indemnification
      by Purchaser

                                  	 
      	
                                    20

                                  
	 
      	
                                    8.4

                                  	 
      	
                                    Limitations
      on Liability

                                  	 
      	
                                    21

                                  
	 
      	
                                    8.5

                                  	 
      	
                                    Claims

                                  	 
      	
                                    21

                                  
	 
      	
                                    8.6

                                  	 
      	
                                    Notice
      of Third Party Claims; Assumption of Defense

                                  	 
      	
                                    22

                                  
	 
      	
                                    8.7

                                  	 
      	
                                    Settlement
      or Compromise

                                  	 
      	
                                    23

                                  
	 
      	
                                    8.8

                                  	 
      	
                                    Net
      Losses; Subrogation; Mitigation

                                  	 
      	
                                    23

                                  
	 
      	
                                    8.9

                                  	 
      	
                                    Special
      Rule for Fraud

                                  	 
      	
                                    24

                                  
	
                                    ARTICLE
      9. TAX MATTERS

                                  	 
      	
                                    24

                                  
	 
      	
                                    9.1

                                  	 
      	
                                    Transfer
      Taxes

                                  	 
      	
                                    24

                                  
	 
      	
                                    9.2

                                  	 
      	
                                    Liability
      for Taxes and Related Matters

                                  	 
      	
                                    24

                                  
	 
      	
                                    9.3

                                  	 
      	
                                    Cooperation

                                  	 
      	
                                    25

                                  
	 
      	
                                    9.4

                                  	 
      	
                                    Refunds

                                  	 
      	
                                    25

                                  
	
                                    ARTICLE
      10. MISCELLANEOUS

                                  	 
      	
                                    25

                                  
	 
      	
                                    10.1

                                  	 
      	
                                    Expenses

                                  	 
      	
                                    25

                                  
	 
      	
                                    10.2

                                  	 
      	
                                    Amendment

                                  	 
      	
                                    25

                                  
	 
      	
                                    10.3

                                  	 
      	
                                    Notices

                                  	 
      	
                                    25

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
           

        

        
          -ii-

          
            

          

        

        
           

        

      

      TABLE
OF CONTENTS

      (continued)

      
        
          

          
            
              
                
                  
                    
                      
                        
                          	 
      	 
      	 
      	 
      	
                                  Page

                                
	 	 	 	 	 	 
	 
      	
                                  10.4

                                	 
      	
                                  Waivers

                                	 
      	
                                  26

                                
	 
      	
                                  10.5

                                	 
      	
                                  Counterparts

                                	 
      	
                                  26

                                
	 
      	
                                  10.6

                                	 
      	
                                  Applicable
      Law

                                	 
      	
                                  26

                                
	 
      	
                                  10.7

                                	 
      	
                                  Assignment

                                	 
      	
                                  27

                                
	 
      	
                                  10.8

                                	 
      	
                                  No
      Third Party Beneficiaries

                                	 
      	
                                  27

                                
	 
      	
                                  10.9

                                	 
      	
                                  Waiver
      of Jury Trial

                                	 
      	
                                  27

                                
	 
      	
                                  10.10

                                	 
      	
                                  Written
      Disclosures

                                	 
      	
                                  27

                                
	 
      	
                                  10.11

                                	 
      	
                                  Incorporation

                                	 
      	
                                  27

                                
	 
      	
                                  10.12

                                	 
      	
                                  Complete
      Agreement

                                	 
      	
                                  27

                                
	 
      	
                                  10.13

                                	 
      	
                                  Public
      Announcements

                                	 
      	
                                  28

                                
	 
      	
                                  10.14

                                	 
      	
                                  Further
      Assurances

                                	 
      	
                                  28

                                
	 
      	
                                  10.15

                                	 
      	
                                  Severability

                                	 
      	
                                  28

                                

                        

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          -iii-

          
            

          

        

        
           

        

      

       

      
        
          
            
              
                	
                        Exhibits

                      	 
      	 
      
	 	 	 
	
                        Exhibit A

                      	 
      	
                        Unit Assignment

                      
	
                        Exhibit
      B

                      	 
      	
                        Effective
      IB Finance LLC Agreement

                      
	
                        Exhibit
      C

                      	 
      	
                        Note
      Forgiveness Agreement

                      
	
                        Exhibit
      D

                      	 
      	
                        Purchaser
      Unit Assignment

                      
	
                        Exhibit
      E

                      	 
      	
                        Form
      of Confidentiality
Agreement

                      

              

            

          

        

      

      

      
        
          
            
              	
                      Schedules

                    	 
      	 
      
	 
      	 
      	 
      
	
                      Schedule
      1.1

                    	 
      	
                      Purchaser’s
      Knowledge

                    
	
                      Schedule
      1.2

                    	 
      	
                      Seller’s
      Knowledge

                    

            

          

        

      

      
        
           

        

        
          -iv-

          
            

          

        

        
           

        

      

      

      MEMBERSHIP INTEREST PURCHASE
AGREEMENT

       

      This
MEMBERSHIP INTEREST PURCHASE AGREEMENT is entered into on the 30th day of
January, 2009 between Residential Capital, LLC, a Delaware limited liability
company (“Seller”), and GMAC
LLC, a Delaware limited liability company (“Purchaser”).

       

      WHEREAS,
on the date hereof, Purchaser has amended that certain loan agreement, dated as
of November 20, 2008, among Passive Asset Transactions, LLC and RFC Asset
Holdings II, LLC, as borrowers, Residential Funding Company, LLC, GMAC Mortgage,
LLC and Seller, as guarantors, and Purchaser, as lender agent and initial
lender, to extend the maturity of the $430 million revolving credit facility
provided under such agreement to March 31, 2009;

       

      WHEREAS,
immediately prior to the consummation of the transactions contemplated hereby,
Purchaser has exercised its right under that certain Exchange Agreement, dated
as of March 31, 2008 (the “Exchange Agreement”),
among Purchaser, Seller and IB Finance Holding Company, LLC, a Delaware limited
liability company (“IB
Finance”) to exchange on a one-for-one basis (the “Exchange”) all of its
units of preferred membership interests of Seller (the “Seller Preferred
Units”) for an equivalent number of IB Finance non-voting,
non-cumulative, non-participating, perpetual preferred interests (the “Class M Preferred
Units”);

       

      WHEREAS,
pursuant to the Exchange Notice (as defined in the Exchange Agreement), Seller
and Purchaser agreed to effect the Exchange on the date hereof immediately prior
to consummating the transactions contemplated by this Agreement;

       

      WHEREAS,
prior to giving effect to the Exchange, (i) Purchaser owned 806,344 Seller
Preferred Units and (ii) Seller owned 2,000,000 Class M limited liability
company interests of IB Finance (the “Class M Common
Units”);

       

      WHEREAS,
in the Exchange and in accordance with Section 2.6 of that certain Amended and
Restated Limited Liability Company Agreement of IB Finance, dated and effective
as of March 31, 2008 (the “IB Finance LLC
Agreement”), between GMAC Mortgage Group LLC and Purchaser, the number of
Class M Common Units held by Seller was reduced by the number of Class M
Preferred Units issued to Purchaser;

       

      WHEREAS,
immediately prior to the consummation of this transaction, (i) Purchaser owns
806,344 Class M Preferred Units and (ii) Seller owns 1,193,656 Class M Common
Units, representing all of the issued and outstanding Class M Common
Units;

       

      WHEREAS,
after giving effect to such exchange and immediately prior to the consummation
of the transactions contemplated hereby, IB Finance, Purchaser and Seller have
amended and restated the IB Finance LLC Agreement and entered into that certain
Second Amended and Restated Limited Liability Company Agreement of IB Finance on
the date hereof, the form of which is attached hereto as Exhibit B (the “Effective IB Finance LLC
Agreement”);

       

      WHEREAS,
IB Finance owns all of the issued and outstanding capital stock of GMAC Bank, a
Utah-chartered, nonmember, industrial bank (the “Bank”);
and

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      WHEREAS,
pursuant to the terms and conditions of this Agreement, Seller desires to sell,
assign and transfer to Purchaser, and Purchaser desires to purchase from Seller,
and take assignment and delivery of, the Transferred Class M Common Units (as
hereinafter defined).

       

      NOW,
THEREFORE, in consideration of the premises and the mutual promises herein
contained, Seller and Purchaser agree as follows:

       

      ARTICLE
1.

       

      DEFINITIONS;
INTERPRETATION

       

      1.1           Definitions.  The
following terms shall have the following meanings for the purposes of this
Agreement:

       

      “Additional Cash
Consideration” shall have the meaning set forth in Section
5.4(d).

       

      “Affiliate” means any
Person controlling, controlled by or under common control with another
Person.  For purposes of this definition only, “control” shall mean
the ownership, directly or indirectly, of 50% or more of the outstanding common
stock or other equity interest of a Person.  For purposes of this
Agreement, Purchaser and Seller shall not be considered Affiliates.

       

      “Affiliate Agreements”
means the agreements Previously Disclosed for such purpose.

       

      “Agreement” means this
Membership Interest Purchase Agreement, including all Exhibits and Schedules
hereto and all Previously Disclosed schedules pursuant to the terms of this
Agreement.

       

      “Bank” shall have the
meaning set forth in the preamble.

       

      “Basket Amount” shall
have the meaning set forth in Section
8.4(a).

       

      “Broker-Dealer” shall
have the meaning set forth in Section
5.4(f).

       

      “Business Day” means
any day of the year, other than (i) any Saturday or Sunday or (ii) any other day
on which banks located in New York, New York generally are closed for
business.

       

      “Cash Portion” shall
have the meaning set forth in Section
5.4(c).

       

      “Class M Common Units”
shall have the meaning set forth in the preamble.

       

      “Class M Preferred
Units” shall have the meaning set forth in the preamble.

       

      “Closing” means the
closing of the purchase of the Transferred Class M Common Units.

       

      “Closing Date” shall
have the meaning set forth in Section
2.3.

       

      “Confidentiality
Agreement” shall have the meaning set forth in Section
5.4(b).

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      “Consents” shall have
the meaning set forth in Section
5.2.

       

      “Debt Consideration”
shall have the meaning set forth in Section
5.4(d).

       

      “Effective IB Finance LLC
Agreement” shall have the meaning set forth in the preamble.

       

      “Exchange” shall have
the meaning set forth in the preamble.

       

      “Exchange Agreement”
shall have the meaning set forth in the preamble.

       

      “Excluded
Representations” means the representations and warranties of the parties
hereto contained in Sections 3.1, 3.2, 3.10, 4.1, 4.2 and 4.4.

       

      “FDIC” means the
Federal Deposit Insurance Corporation.

       

      “First Partial Value”
shall mean the value of the Partial Debt Consideration as of 11:00 a.m. eastern
time on the date the Membership Interest Purchase Letter Agreement is executed
as finally determined in accordance with Section
5.4(f)(i).

       

      “First Value” shall
mean the value of the Debt Consideration as of 11:00 a.m. eastern time on the
date the Membership Interest Purchase Letter Agreement is executed as finally
determined in accordance with Section
5.4(f)(i).

       

      “Governmental
Authority” means any U.S., state, provincial or municipal entity, any
foreign government and any political subdivision or other executive,
legislative, administrative, judicial, quasi-judicial or other governmental
department, commission, court, board, bureau, agency or instrumentality,
domestic or foreign.

       

      “GMAC Revolver” means
the Loan Agreement, dated as of June 4, 2008, as amended, by and among
Residential Funding Company, LLC and GMAC Mortgage, LLC, as borrowers, Seller,
GMAC Residential Holding Company, LLC, GMAC-RFC Holding Company, LLC
and Homecomings Financial, LLC, as guarantors, certain other of their
Affiliates party thereto, as obligors, Wells Fargo Bank, N.A., as first priority
collateral agent, and Purchaser, as initial lender and as lender
agent.

       

      “IB Finance” shall
have the meaning set forth in the preamble.

       

      “IB Finance LLC
Agreement” shall have the meaning set forth in the preamble.

       

      “Indemnification Cap”
shall have the meaning set forth in Section
8.4(a).

       

      “Indemnified
Person” means the Person or Persons entitled to, or claiming a right to,
indemnification under Article
8.

       

      “Indemnifying
Person” means the Person or Persons owing payment, or making payment for
purposes of indemnification under Article 8.

       

      “Initial
Notice” shall have the meaning set forth in Section 8.6.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      “Law” means any law,
statute, regulation, ordinance, rule, order, decree, judgment, consent decree or
governmental requirement enacted, promulgated, entered into, agreed to or
imposed by any Governmental Authority.

       

      “Lien” means any title
defect, conflicting or adverse claim of ownership, mortgage, deed of trust,
hypothecation, security interest, lien, pledge, claim, right of first refusal,
option, charge, restrictive covenant, lease, order, decree, judgment,
stipulation, settlement, attachment, objection or other encumbrance of any
nature whatsoever.

       

      “Loss” or “Losses” means any and
all damages, losses, actions, proceedings, causes of action, obligations,
liabilities, claims, Liens, penalties, fines, demands, assessments, awards,
judgments, settlements, costs and expenses, including (i) court costs and
similar costs of litigation, (ii) reasonable attorneys’ and consultants’ fees,
including those incurred in connection with (a) investigating or attempting to
avoid the matter giving rise to the Losses or (b) successfully establishing a
valid right to indemnification for Losses and (iii) interest awarded as part of
a judgment or settlement, if any, but in any event shall exclude consequential,
punitive, special or incidental damages or lost profits claimed, incurred or
suffered by any Indemnified Person (which exclusion does not include any
consequential, punitive, special or incidental damages or lost profits for which
such Indemnified Person is liable to a third party as a direct, out-of-pocket
cost of such Indemnified Person).

       

      “Material Adverse
Effect” means any condition, circumstance, change or effect that,
individually or when taken together with all other conditions, circumstances,
changes or effects, is materially adverse to the Mortgage Division, taken as a
whole; provided, that, for
purposes of this Agreement, a Material Adverse Effect shall not include any
condition, circumstance, change or effect to the Mortgage Division resulting
from or arising out of (i) conditions, circumstances, changes or effects that
are generally applicable to Person engaged in the industry or markets in which
the Mortgage Division is operated, (ii) the announcement or disclosure of the
execution of this Agreement or of the transactions contemplated herein, (iii)
general economic, regulatory or political conditions or changes in the countries
in which the Mortgage Division is operated, (iv) military action or acts of
terrorism, (v) changes in applicable Law  after the date hereof, (vi)
compliance with the terms of this Agreement, or (vii) the conditions in or
changes to any financial, banking or securities markets (including any
disruption thereof and any decline in the price of any security or market
index); and provided, further, that in the
case of each of clauses (i), (iii), (iv), (v) and (vii), the Mortgage
Division is not materially disproportionately affected by such condition,
circumstance, change or effect compared to other Persons engaged in the conduct
of businesses similar to the Mortgage Division.

       

      “Membership Interest Purchase
Letter Agreement” shall have the meaning
set forth in Section
5.4(c).

       

      “Mortgage Division”
means the Mortgage Division of the Bank.

       

      “Mortgage Loan
Documents” means, for each Mortgage Loan, all documents pertaining to
such Mortgage Loan, including the Mortgage Note, the mortgage or deed of trust
and all assignments of the mortgage or deed of trust, all endorsements and
allonges to the Mortgage Note, the title insurance policy with all endorsements
thereto, any security agreement and financing statements, any account
agreements, and any assignments, assumptions, modifications, continuations or
amendments to any of the foregoing.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      “Mortgage Loans” means
any residential mortgage loan or other extension of credit secured by a Lien on
real property of a borrower originated or purchased by Seller or the Bank and
included as part of the “Mortgage loans held for sale, net” or “Mortgage loans
held for investment” or is otherwise a mortgage loan asset on the consolidated
balance sheet of the Bank as of the Closing Date, including any related REO
Properties.

       

      “Mortgage Note” means,
with respect to a residential Mortgage Loan, a promissory note or notes, or
other evidence of indebtedness, with respect to such Mortgage Loan secured by a
mortgage or mortgages, together with any assignment, reinstatement, extension,
endorsement or modification thereof.

       

      “Mortgaged Property”
means a fee simple property (or such other estate in real property as is
commonly accepted as collateral for Mortgage Loans that are subject to secondary
mortgage sales or securitizations) that secures a Mortgage Note and that is
subject to a mortgage.

       

      “New Purchase
Agreement” shall have the meaning set forth in Section
5.4(d).

       

      “New Purchase Agreement
Closing Date” means the date on which the closing under the New Purchase
Agreement occurs.

       

      “New Purchase Price”
shall have the meaning set forth in Section 5.4(c).

       

      “New Purchaser” shall
have the meaning set forth in Section
5.4(c).

       

      “Note Forgiveness
Agreement” means the agreement with respect to the Transferred Notes in
the form of Exhibit
C attached hereto.

       

      “Partial Debt
Consideration” shall have the meaning set forth in Section
5.4(c).

       

      “Person” means any
individual, corporation, partnership, association, limited liability company,
trust, governmental or quasi-governmental authority or body or other entity or
organization in any jurisdiction.

       

      “Previously Disclosed”
means information set forth on a schedule delivered by Seller to Purchaser on
the date hereof; provided, however, that
disclosure of such information or disclosure in any section of such schedule
shall apply only to the indicated defined term or section of this Agreement
except to the extent that it is reasonably apparent from the face of such
disclosure that such disclosure is relevant to another defined term or section
of this Agreement.

       

      “Proposed Amendments”
shall have the meaning set forth in Section
5.4(c).

       

      “Purchase Price” shall
mean $608,522,330.63.

       

      “Purchaser” shall have
the meaning set forth in the preamble.

       

      “Purchaser Indemnified
Parties” shall have the meaning set forth in Section
8.2.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      “Purchaser’s
Knowledge,” or variations thereof, means the actual knowledge of the
Persons set forth on Schedule 1.1 hereto.

       

      “Purchaser Unit
Assignment” means the Assignment and Assumption of Limited Liability
Company Interests in the form of Exhibit D attached
hereto.

       

      “REO Property” means a
Mortgaged Property acquired through foreclosure, acceptance of a deed in lieu of
foreclosure or otherwise in connection with the default or imminent default of a
Mortgage Loan.

       

      “Second Lien Notes”
means Seller’s 8.5% Notes due May 15, 2010.

       

      “Second Partial Value”
shall mean the value of the Partial Debt Consideration as of 11:00 a.m. eastern
time on the New Purchase Agreement Closing Date as finally determined in
accordance with Section
5.4(f)(ii).

       

      “Second Value” shall
mean the value of the Debt Consideration as of 11:00 a.m. eastern time on the
New Purchase Agreement Closing Date as finally determined in accordance with
Section
5.4(f)(ii).

       

      “Seller” shall have
the meaning set forth in the preamble.

       

      “Seller Indemnified
Parties” shall have the meaning set forth in Section
8.3.

       

      “Seller LLC Agreement”
means the Amended and Restated Limited Liability Company Agreement of Seller,
dated and effective as of March 31, 2008, between GMAC Mortgage Group LLC and
Purchaser.

       

      “Seller Notes” means
all secured and unsecured debt securities of Seller that are outstanding as of
the Closing Date.

       

      “Seller Preferred
Units” shall have the meaning set forth in the preamble.

       

      “Seller’s Knowledge,”
or variations thereof, means the actual knowledge of the Persons set forth on
Schedule 1.2 hereto.

       

      “Servicing Agreements”
means the servicing agreements, pooling and servicing agreements, subservicing
agreements, master servicing agreements, interim servicing agreements and
related agreements, including all documents attached as an exhibit or schedule
to or incorporated by reference into any Servicing Agreement and any amendment
thereto, pursuant to which the Mortgage Loans are serviced.

       

      “Superior Offer
Notice” shall have the meaning set forth in Section
5.4(c).

       

      
        
           

        

        
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      “Tax” or “Taxes” mean all
taxes, charges, fees, duties, levies or other assessments, including income,
gross receipts, capital stock, net proceeds, ad valorem, turnover, real,
personal and other property (tangible and intangible), goods and services,
sales, use, franchise, excise, value added, stamp, leasing, lease, user,
transfer, fuel, excess profits, occupational, interest equalization, windfall
profits, unitary, severance and employees’ income withholding, unemployment and
Social Security taxes, duties, assessments and charges (including the recapture
of any tax items such as investment tax credits), which are imposed by the
United States, Canada or any Governmental Authority, including any interest,
penalties or additions to tax related thereto imposed by any Governmental
Authority (including any interest or penalties with respect to such
Taxes).

       

      “Tax Return” means all
returns and reports of or with respect to Taxes required to be filed with any
Governmental Authority or depository.

       

      “Third Lien Notes”
means Seller’s 9.625% Notes due May 15, 2015.

       

      “Third-Party Letter of
Intent” shall have the meaning set forth in Section
5.4(a).

       

      “Third-Party
Purchaser” shall have the meaning set forth
in Section
5.4(a).

       

      “Transaction
Documents” means this Agreement, the Note Forgiveness Agreement and the
Unit Assignment.

       

      “Transferred Class M Common
Units” shall have the meaning set forth in Section
2.1.

       

      “Transferred Notes”
shall have the meaning set forth in Section
2.2.

       

      “Transfer Taxes” shall
have the meaning set forth in Section
9.1.

       

      “Unit Assignment”
means the Assignment and Assumption of Limited Liability Company Interests in
the form of Exhibit
A attached hereto.

       

      1.2           Interpretation.  The
headings preceding the text of Articles and Sections included in this Agreement
and the Exhibits hereto are for convenience only and shall not be deemed part of
this Agreement or be given any effect in interpreting this
Agreement.  The use of the masculine, feminine or neuter gender or the
singular or plural form of words herein shall not limit any provision of this
Agreement.  The use of the terms “including” or “include” shall in all
cases herein mean “including, without limitation” or “include, without
limitation,” respectively.  Reference to any Person includes such
Person’s successors and assigns to the extent such successors and assigns are
permitted by the terms of any applicable agreement.  Reference to a
Person in a particular capacity excludes such Person in any other capacity or
individually.  Reference to any agreement (including this Agreement),
document or instrument means such agreement, document or instrument as amended
or modified and in effect from time to time in accordance with the terms thereof
and, if applicable, the terms hereof.  Underscored references to
Articles, Sections, paragraphs, clauses or Exhibits  shall refer to those
portions of this Agreement.  The use of the terms “hereunder,”
“hereby,” “hereof,” “hereto” and words of similar import shall refer to this
Agreement as a whole and not to any particular Article, Section, paragraph or
clause of, or Exhibit to, this Agreement.

       

      
        
           

        

        
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      ARTICLE
2.

       

      PURCHASE
AND SALE

       

      2.1           Purchase of Class M Common
Units.  On the terms and conditions set forth in this
Agreement, at the Closing, Seller shall sell, assign and transfer to Purchaser,
and Purchaser shall purchase from Seller, and take assignment and delivery of,
1,193,656 Class M Common Units (the “Transferred Class M Common
Units”) for the consideration set forth in Section
2.2.

       

      2.2           Consideration.  At
the Closing, Purchaser shall deliver to Seller $830,511,000 outstanding
principal amount of the Second Lien Notes, plus any accrued but unpaid interest
relating thereto as of the Closing Date (the “Transferred Notes”),
in consideration of the receipt of the Transferred Class M Common
Units.

       

      2.3           Closing.  The
Closing shall take place at the offices of Mayer Brown LLP, 71 South Wacker
Drive, Chicago, Illinois 60606, at 5:00 p.m. eastern time on the date hereof
(the “Closing
Date”).

       

      2.4           Deliveries of Seller.
At the Closing, Seller shall deliver to Purchaser:

       

      (a)           the
Unit Assignment duly executed by Seller;

       

      (b)           the
Note Forgiveness Agreement duly executed by Seller;

       

      (c)           the
Effective IB Finance LLC Agreement duly executed by Seller and IB
Finance;

       

      (d)           such
other documents as may be reasonably requested by Purchaser to accomplish the
transactions contemplated hereby.

       

      2.5           Deliveries of
Purchaser.  At the Closing, Purchaser shall deliver to
Seller:

       

      (a)           the
Unit Assignment duly executed by Purchaser;

       

      (b)           the
Note Forgiveness Agreement duly executed by Purchaser;

       

      (c)           the
Effective IB Finance LLC Agreement duly executed by Purchaser;

       

      (d)           such
other documents as may be reasonably requested by Purchaser to accomplish the
transactions contemplated hereby.

       

      ARTICLE
3.

       

      REPRESENTATIONS
AND WARRANTIES OF SELLER

       

      Seller
represents and warrants to Purchaser as of the date hereof as
follows:

       

      
        
           

        

        
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      3.1           Authority of
Seller.  Seller is a limited liability company validly
existing, duly formed and in good standing under the laws of the State of
Delaware, and has all requisite limited liability company power and authority to
own, lease and operate its properties and assets and to carry on its business as
now being conducted.  Seller has all requisite limited liability
company power and authority to enter into this Agreement and the other
Transaction Documents to which it is a party and to carry out the transactions
contemplated in this Agreement and the other Transaction Documents to which it
is a party.  The execution, delivery and performance by Seller of this
Agreement and the other Transaction Documents to which it is a party have been
duly authorized by all necessary limited liability company action on the part of
Seller, including the approval of the independent directors of Seller under
Section 2(b) of the Amended and Restated Operating Agreement, dated as of
November 27, 2006, between General Motors Corporation, Purchaser and
Seller.  This Agreement has been, and each other Transaction Document
to which it is a party, when executed and delivered at the Closing will be duly
and validly executed and delivered by Seller and this Agreement constitutes, and
each of the other Transaction Documents to which it is a party will constitute,
the legal, valid and binding obligation of Seller, enforceable against Seller in
accordance with its terms, except as such enforceability may be limited by
principles of public policy and subject to the laws of general application
relating to bankruptcy, insolvency, and the relief of debtors and to rules of
law governing specific performance, injunctive relief and other equitable
remedies.

       

      3.2           Ownership of the Transferred
Class M Common Units.  Seller is the owner of all right, title
and interest (record and beneficial) in and to the Transferred Class M Common
Units, free and clear of any Lien, other than (i) Liens under federal and state
securities laws, (ii) Liens securing the GMAC Revolver, the Second Lien Notes
and the Third Lien Notes (which Liens will be released as of the Closing Date)
and (iii) obligations under the Effective IB Finance LLC
Agreement.  The Transferred Class M Common Units constitute all of the
Class M Common Units owned by Seller.  The transfer and delivery to
Purchaser of the Transferred Class M Common Units hereunder will transfer to
Purchaser legal and valid title to all of the Transferred Class M Common Units,
free and clear of any Lien, other than Liens under federal and state securities
laws and obligations under the Effective IB Finance LLC Agreement.  No
Person (other than Purchaser) has any agreement or option, or any right or
privilege (whether pre-emptive, contractual or otherwise) capable of becoming an
agreement or option, to acquire the Transferred Class M Common
Units.

       

      3.3           Consents and
Approvals.  No consent of, or declaration, filing or
registration with, the FDIC or any other Governmental Authority or any other
Person is required to be obtained or made, as applicable, by Seller in
connection with the execution, delivery and performance of this Agreement and
the other Transaction Documents, or the consummation of the transactions
contemplated by this Agreement or by any other Transaction Document, except for
consents, declarations, filings and registrations the failure to have which,
individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect or a material adverse effect on the ability of Seller to
consummate the transactions contemplated hereby and satisfy all its obligations
hereunder.

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      3.4           Financial
Statements.

       

      (a)           Seller has delivered to Purchaser on the date
hereof the unaudited consolidated balance sheet
and consolidated income statement of the Mortgage Division for the 12 months
ended December 31, 2008 (the “Financial
Statements”).  To Seller’s Knowledge, (i) the Financial
Statements were prepared from the books and records of Seller, the Bank and its
Subsidiaries and (ii) the Financial Statements, subject to normal year-end and
quarterly adjustments and the absence of notes, fairly present in all material
respects the financial condition and the results of operations of the Mortgage
Division as of the date of and for the period referred to in such Financial
Statements.

       

      (b)           To
Seller’s Knowledge, there are no liabilities or obligations relating to the
Mortgage Division of any nature, whether accrued, contingent or otherwise,
except for liabilities or obligations (i) reflected in the Financial Statements,
(ii) that were incurred since the date of the Financial Statements in the
ordinary course of business, (iii) that were incurred in connection with this
Agreement or any Transaction Document or the transactions contemplated hereby or
thereby, or (iv) that individually or in the aggregate (including liabilities
referred to in clauses (i) through (iii) above) have not had and would not
reasonably be expected to have a Material Adverse Effect.

       

      3.5           No Material Adverse
Change.  Except for general conditions, circumstances,
changes or effects since December 31, 2008 that may have affected
the particular mortgage related assets held or owned by the Mortgage
Division, to Seller’s Knowledge, since December 31, 2008, there has not occurred
any change in the business or operations of the Mortgage Division, in the
aggregate, that had, or would reasonably be expected to have, a Material Adverse
Effect.

       

      3.6           Litigation.  Except
as otherwise disclosed in writing by Seller to Purchaser on the date hereof, to
Seller’s Knowledge, there is no demand, claim, suit, action, arbitration or
legal, administrative or other proceeding pending or threatened against IB
Finance, the Bank or any of its Subsidiaries, officers, directors or employees
relating to the Mortgage Division or its assets or operations.

       

      3.7           Compliance With Agreements
and Law.  To Seller’s Knowledge, the origination and servicing
of the Mortgage Loans and the other assets in the Mortgage Division have been
performed in all material respects in compliance with all provisions of the
related Mortgage Loan Documents, applicable Servicing Agreements and
Law.

       

      3.8           Compliance with Affiliate
Agreements.  Seller has performed in all material respects all
of its obligations under the Affiliate Agreements relating to the Mortgage
Division and is in material compliance with all provisions of the Affiliate
Agreements relating to the Mortgage Division and applicable Law relating to such
agreements.

       

      3.9           Compliance with
Laws.  To Seller’s Knowledge, (i) the Bank is, in all material
respects, in compliance with all applicable Laws with respect to the Mortgage
Loans and Mortgage Division and (ii) the Bank is not in default with respect to
any judgment, order, injunction, settlement agreement or decree of any
Governmental Authority in connection with the Mortgage Loans and or Mortgage
Division (it being understood that the representation contained in this Section 3.9 shall not
apply to Tax matters).

       

      
        
           

        

        
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      3.10           Brokers or
Finders.  Except for Goldin Associates, L.L.C. and UBS
Securities LLC, whose fees will be paid by Seller, Seller has not incurred, nor
will it incur, directly or indirectly, any liability for brokerage or finders’
fees or agents’ commissions or any similar charges in connection with this
Agreement or the transactions contemplated hereby.

       

      3.11           Limitation of
Representations and Warranties.  EXCEPT FOR THE REPRESENTATIONS
AND WARRANTIES SET FORTH IN THIS AGREEMENT, SELLER IS NOT MAKING ANY OTHER
REPRESENTATIONS OR WARRANTIES, WRITTEN OR ORAL, STATUTORY, EXPRESS OR IMPLIED,
CONCERNING IB FINANCE, THE BANK, THE TRANSFERRED CLASS M COMMON UNITS, THE
MORTGAGE DIVISION OR THE ASSETS OR LIABILITIES OF IB FINANCE, BANK OR SELLER OR
THEIR RESPECTIVE SUBSIDIARIES.  PURCHASER ACKNOWLEDGES THAT, EXCEPT AS
EXPRESSLY PROVIDED IN THIS AGREEMENT, INCLUDING ARTICLE III, SELLER HAS NOT
MADE, AND SELLER HEREBY EXPRESSLY DISCLAIMS AND NEGATES, AND PURCHASER HEREBY
EXPRESSLY WAIVES, ANY REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED, AT COMMON
LAW, BY STATUTE OR OTHERWISE RELATING TO, AND PURCHASER HEREBY EXPRESSLY WAIVES
AND RELINQUISHES ANY AND ALL RIGHTS, CLAIMS AND CAUSES OF ACTION AGAINST SELLER
AND ITS REPRESENTATIVES IN CONNECTION WITH, THE ACCURACY, COMPLETENESS OR
MATERIALITY OF ANY INFORMATION, DATA OR OTHER MATERIALS (WRITTEN OR ORAL)
HERETOFORE FURNISHED TO PURCHASER AND ITS REPRESENTATIVES BY OR ON BEHALF OF IB
FINANCE, BANK OR SELLER.  WITHOUT LIMITING THE FOREGOING, SELLER IS
NOT MAKING ANY REPRESENTATION OR WARRANTY TO PURCHASER WITH RESPECT TO ANY
FINANCIAL PROJECTION OR FORECAST RELATING TO IB FINANCE, THE BANK, THE MORTGAGE
DIVISION, ANY SUBSIDIARIES, THE TRANSFERRED CLASS M COMMON UNITS OR
SELLER.  WITH RESPECT TO ANY PROJECTION OR FORECAST DELIVERED ON
BEHALF OF BANK, IB FINANCE OR SELLER TO PURCHASER OR ITS REPRESENTATIVES,
PURCHASER ACKNOWLEDGES THAT (A) THERE ARE UNCERTAINTIES INHERENT IN ATTEMPTING
TO MAKE SUCH PROJECTIONS AND FORECASTS, (B) IT IS FAMILIAR WITH SUCH
UNCERTAINTIES, (C) IT IS TAKING FULL RESPONSIBILITY FOR MAKING ITS OWN
EVALUATION OF THE ADEQUACY AND ACCURACY OF ALL SUCH PROJECTIONS AND FORECASTS
FURNISHED TO IT AND (D) IT SHALL HAVE NO CLAIM AGAINST SELLER OR ITS AFFILIATES
WITH RESPECT THERETO.

       

      
        
           

        

        
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      ARTICLE
4.

       

      REPRESENTATIONS
AND WARRANTIES OF PURCHASER

       

      Purchaser
represents and warrants to Seller as of the date hereof as follows:

       

      4.1           Authority of
Purchaser.  Purchaser is a limited liability company validly
existing, duly formed and in good standing under the laws of the State of
Delaware, and has all requisite limited liability company power and authority to
own, lease and operate its properties and assets and to carry on its business as
now being conducted.  Purchaser has all requisite limited liability
company power and authority to enter into this Agreement and the other
Transaction Documents to which it is a party and to carry out the transactions
contemplated in this Agreement and the other Transaction Documents to which it
is a party.  The execution, delivery and performance by Purchaser of
this Agreement and the other Transaction Documents to which it is a party has
been duly authorized by all necessary limited liability company action on the
part of Purchaser.  This Agreement has been, and each other
Transaction Document to which it is a party, when executed and delivered at the
Closing will be duly and validly executed and delivered by Purchaser and this
Agreement constitutes, and each of the other Transaction Documents to which it
is a party will constitute, the legal, valid and binding obligation of
Purchaser, enforceable against Purchaser in accordance with its terms, except as
such enforceability may be limited by principles of public policy and subject to
the laws of general application relating to bankruptcy, insolvency, and the
relief of debtors and to rules of law governing specific performance, injunctive
relief and other equitable remedies.

       

      4.2           Ownership of
the Transferred Notes.  Purchaser is the owner of all right,
title and interest (record and beneficial) in and to the Transferred Notes, free
and clear of any Lien.  The transfer and delivery to Seller of the
Transferred Notes hereunder will transfer to Seller legal and valid title to all
of the Transferred Notes, free and clear of any Lien.  No Person
(other than Seller) has any agreement or option, or any right or privilege
(whether pre-emptive, contractual or otherwise) capable of becoming an agreement
or option, to acquire the Transferred Notes.

       

      4.3           Consents and
Approvals.  No consent of, or declaration, filing or
registration with, the FDIC or any Governmental Authority or any other Person is
required to be obtained or made, as applicable, by Purchaser in connection with
the execution, delivery and performance of this Agreement and the other
Transaction Documents, or the consummation of the transactions contemplated by
this Agreement or by any other Transaction Document, except for consents,
declarations, filings and registrations the failure to have which, individually
or in the aggregate, would not reasonably be expected to have a material adverse
effect on the financial condition of Purchaser or the ability of Purchaser to
consummate the transactions contemplated hereby and satisfy all of its
obligations hereunder.

       

      4.4           Brokers and
Finders.  Except for Goldman, Sachs & Co., whose fees will
be paid by Purchaser, Purchaser has not incurred, nor will it incur, directly or
indirectly, any liability for brokerage or finders’ fees or agents’ commissions
or any similar charges in connection with this Agreement or the transactions
contemplated hereby.

      
         

        4.5           No Knowledge of
Breach.  To Purchaser’s Knowledge, Purchaser has no knowledge
of a breach of or inaccuracy in any representation or warranty of Seller
contained in Section
3.4, 3.5, 3.6, 3.7 or 3.9.

      

       

      
        
           

        

        
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    ARTICLE
5.

     

    COVENANTS

     

    5.1           Subsequent
Actions.  Seller and Purchaser shall use commercially
reasonable efforts to take, or cause to be taken, all reasonably necessary
action to do, or cause to be done, all things reasonably necessary, proper or
advisable under applicable Law or otherwise to consummate and make effective the
transactions contemplated by this Agreement as promptly as reasonably
practicable.  If at any time after the Closing, Purchaser shall
consider or be advised that any assurances or any other actions or things are
reasonably necessary (a) to vest, perfect or confirm ownership (of record or
otherwise) in Purchaser or its Affiliates, as applicable, its title or interest
in the Transferred Class M Common Units or (b) otherwise to carry out this
Agreement, Seller shall use commercially reasonable efforts to execute and
deliver all bills of sale, instruments of conveyance, powers of attorney,
assignments and assurances and take and do all such other actions and things as
may be reasonably requested by Purchaser in order to vest, perfect or confirm
any and all right, title and interest in, to and under the Transferred Class M
Common Units, as applicable.  If at any time after the Closing, Seller
shall consider or be advised that any assurances or any other actions or things
are reasonably necessary (i) to vest, perfect or confirm ownership (of record or
otherwise) in Seller or its Affiliates, as applicable, its title or interest in
the Transferred Notes or (ii) otherwise to carry out this Agreement, Purchaser
shall use commercially reasonable efforts to execute and deliver all bills of
sale, instruments of conveyance, powers of attorney, assignments and assurances
and take and do all such other actions and things as may be reasonably requested
by Seller in order to vest, perfect or confirm any and all right, title and
interest in, to and under the Transferred Notes, as applicable.

     

    5.2           Third Party
Consents.  Seller shall use commercially reasonable efforts to
obtain and to cooperate with Purchaser in the effort to obtain, as soon as
reasonably practicable, all permits, authorizations, consents, waivers and
approvals (collectively “Consents”) from third
parties or Governmental Authorities necessary to consummate this Agreement and
the transactions contemplated hereby with respect to the Transferred Class M
Common Units; provided, that Seller
shall not have any obligation to offer to pay any consideration in order to
obtain any such Consent.  Purchaser shall use commercially reasonable
efforts to obtain and to cooperate with Seller in the effort to obtain, as soon
as reasonably practicable, all Consents from third parties or Governmental
Authorities necessary to consummate this Agreement and the transactions
contemplated hereby with respect to the Transferred Notes; provided, that
Purchaser shall not have any obligation to offer to pay any consideration in
order to obtain any such Consent.

     

    5.3           Records; Post-Closing Access
to Information.  If and for so long as any party hereto is
contesting or defending against any third-party charge, complaint, action, suit,
proceeding, hearing, investigation, claim or demand in connection with (a) any
transaction contemplated under this Agreement or (b) any fact, situation,
circumstance, status, condition, activity, practice, plan, occurrence, event,
incident, action, failure to act, or transaction involving the operations of IB
Finance and its Subsidiaries, each other party hereto shall (i) fully cooperate
with it and its counsel in, and assist it and its counsel with, the contest or
defense, (ii) make available its personnel (including for purposes of fact
finding, consultation, interviews, depositions and, if required, as witnesses)
and (iii) provide such information, testimony and access to its books and
records, in each case as shall be reasonably requested in connection with the
contest or defense, all at the sole cost and expense (not including employee
compensation and benefits costs) of the contesting or defending
party.  For the avoidance of doubt, this Section 5.3 shall not
apply with respect to disputes between the parties hereto, other than with
respect to cooperation by an Indemnifying Party related to any claim, or the
commencement of any suit, action or proceeding, by any Person not a party hereto
in respect of which indemnity is to be, or is, sought under this
Agreement.

     

    
      
        
        

      

      
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    5.4           Solicitation of Third-Party
Purchasers.

     

    (a)           Until
the 60th day
after the Closing Date, Seller shall be permitted to offer all of the
Transferred Class M Common Units to any third-party who may have an interest in
purchasing all of the Transferred Class M Common Units.  If any such
third-party (each, a “Third-Party
Purchaser”) expresses a firm interest in purchasing all of the
Transferred Class M Common Units for (i) a price in cash greater than the
Purchase Price, (ii) a price in Seller Notes with a fair market value, as
reasonably determined by Seller, greater than the Purchase Price, or (iii) a
price in a combination of cash and Seller Notes with a fair market value, as
reasonably determined by Seller, the sum of which is greater than the Purchase
Price, then Seller and such Third-Party Purchaser may enter into a letter of
intent (with respect to each Third-Party Purchaser, the “Third-Party Letter of
Intent”) setting forth the principal terms on which the Third-Party
Purchaser is willing to purchase the Transferred Class M Common
Units.  Seller shall provide to Purchaser copies of any Third-Party
Letters of Intent promptly after they are executed by Seller.

     

    (b)           Purchaser
agrees to use commercially reasonable efforts to provide, and will use
commercially reasonable efforts to cause the Bank and IB Finance and their
respective officers and management employees to provide, to any Third-Party
Purchaser that has entered into a Third-Party Letter of Intent, at such
Third-Party Purchaser’s expense, during normal business hours and upon
reasonable advance notice, such access to the officers, management employees,
offices, properties, books and records of Purchaser, the Bank and IB Finance (so
long as such access does not unreasonably interfere with the operations of
Purchaser, the Bank or IB Finance or the performance of their respective duties)
as such Third-Party Purchaser reasonably may request in connection with its due
diligence investigation of a possible acquisition of all of the Transferred
Class M Units, subject to the execution of a confidentiality agreement
substantially in the form attached hereto as Exhibit E, including
with such changes as Purchaser shall reasonably agree (each, a “Confidentiality
Agreement”); provided, that
Purchaser shall have no obligation to, and shall not be obligated to cause the
Bank or IB Finance or their respective officers or management employees, to
generate or produce any information or reports other than those generated and
produced by Purchaser, the Bank or IB Finance in the ordinary course of
business.  Without Purchaser’s prior written consent, which written
consent may be delivered by e-mail, Seller shall not provide, and shall cause
its respective officers and management employees to not provide, to any
Third-Party Purchaser, directly or indirectly, any information, written or oral,
with respect to the Transferred Class M Common Units, the Bank or IB Finance to
any Third-Party Purchaser that would be considered “Evaluation Material” as such
term is defined in the Confidentiality Agreement prior to the execution of the
Confidentiality Agreement by such Third-Party Purchaser.  From and
after the execution of the Confidentiality Agreement by such Third-Party
Purchaser, Seller shall keep Purchaser reasonably informed of the progress of
such Third-Party Purchaser’s due diligence with respect to the possible
transaction and shall copy Purchaser on all distributions of written materials
to such Third-Party Purchaser.

     

    
      
        
        

      

      
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    (c)           If
Seller’s senior management determines in good faith, after consultation with
outside counsel and financial advisors, that a transaction with such Third-Party
Purchaser is reasonably likely to be completed, taking into account such
financial, regulatory, legal and other aspects of such proposed transaction as
Seller’s senior management and their counsel and advisors reasonably deem
appropriate, and Seller determines to enter into a transaction to sell the
Transferred Class M Units to a particular Third-Party Purchaser, then such
Third-Party Purchaser (the “New Purchaser”) and
Seller shall enter into a membership interest purchase letter agreement (the
“Membership Interest
Purchase Letter Agreement”), which shall constitute a binding offer to
purchase the Transferred Class M Common Units for a period of no less than the
number of days equal to (i) the number of days from the date of the execution of
the Membership Interest Purchase Letter Agreement until the 60th day
after the Closing Date plus (ii) at least 20
Business Days, and shall set forth, among other things, (1) (A) if cash shall be
offered as consideration, the New Purchaser’s purchase price (the “New Purchase Price”),
(B) if Seller Notes shall be offered as consideration, the CUSIP numbers and
face value of all such Seller Notes or (C) if a combination of cash and Seller
Notes shall be offered as consideration, (I) the amount of cash (the “Cash Portion”) and
(II) the CUSIP numbers and face value of all such Seller Notes (the “Partial Debt
Consideration”) and (2) any amendments or modifications to the terms and
conditions hereof that the New Purchaser and Seller would agree to make to this
Agreement if the New Purchaser and Seller had originally executed this Agreement
(such amendments or modifications collectively, the “Proposed
Amendments”).  Except for the Membership Interest Purchase
Letter Agreement with the New Purchaser, Seller shall not enter into any
contract, agreement, commitment, undertaking or other arrangement with any
Third-Party Purchaser with respect to the Transferred Class M
Units.  Immediately upon executing the Membership Interest Purchase
Letter Agreement, Seller shall deliver to Purchaser (i) a copy of the Membership
Interest Purchase Letter Agreement and (ii) a notice (the “Superior Offer
Notice”) informing Purchaser that Seller intends to accept the terms of
the Membership Interest Purchase Letter Agreement in the event that Purchaser
does not elect to retain the Transferred Class M Common Units pursuant to Section
5.4(d).

     

    (d)

     

    (i)           If
the consideration to be paid by the New Purchaser is cash, within 10 Business
Days of receipt of the Superior Offer Notice, Purchaser shall elect by notice in
writing to Seller either:

     

    (A) to
retain the Transferred Class M Units, in which case (1) Purchaser and Seller
shall execute an amendment to this Agreement that incorporates the Proposed
Amendments set forth in the Membership Interest Purchase Letter Agreement no
later than 10 Business Days after Purchaser’s election, (2) Purchaser shall
remit to Seller an amount equal to the difference between the New Purchase Price
and the Purchase Price (the “Additional Cash
Consideration”), and (3) Seller shall terminate the Membership Interest
Purchase Letter Agreement; or

     

    (B) to
transfer the Transferred Class M Units to the New Purchaser, in which case (1)
Seller and the New Purchaser shall execute a purchase agreement (a “New Purchase
Agreement”) substantially similar in all respects to this Agreement as
this Agreement would be amended to incorporate the Proposed Amendments, (2)
Seller shall deliver to Purchaser a copy of the New Purchase Agreement
immediately upon execution, and (3) on the New Purchase Agreement Closing Date,
(a) the New Purchaser shall pay to Purchaser an amount in cash equal to New
Purchase Price, (b) Purchaser shall remit to Seller an amount in cash equal to
the Additional Cash Consideration, and (c) Purchaser shall execute and deliver
to Seller or its designee the Purchaser Unit Assignment.

     

    
      
        
        

      

      
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    (ii)          If
the consideration to be paid by the New Purchaser is Seller Notes (the “Debt Consideration”),
within two Business Days of receipt of the Superior Offer Notice, Purchaser and
Seller shall determine the First Value.  Within eight Business Days of
such determination, Purchaser shall elect by notice in writing to Seller
either:

     

    (A) to
retain the Transferred Class M Units, in which case (1) Purchaser and Seller
shall execute an amendment to this Agreement that incorporates the Proposed
Amendments set forth in the Membership Interest Purchase Letter Agreement no
later than 10 Business Days after Purchaser’s election, (2) Purchaser shall
remit to Seller an amount equal to the difference between the First Value and
the Purchase Price, and (3) Seller shall terminate the Membership Interest
Purchase Letter Agreement; or

     

    (B) to
transfer the Transferred Class M Units to the New Purchaser, in which case (1)
Seller and the New Purchaser shall execute a purchase agreement (a “New Purchase
Agreement”) substantially similar in all respects to this Agreement as
this Agreement would be amended to incorporate the Proposed Amendments, (2)
Seller shall deliver to Purchaser a copy of the New Purchase Agreement
immediately upon execution, (3) on the New Purchase Agreement Closing Date,
Purchaser shall execute and deliver to Seller or its designee the Purchaser Unit
Assignment upon receipt of the Debt Consideration, and (4) (a) if the Second
Value is greater than the Purchase Price, Purchaser shall transfer to Seller a
portion of the Debt Consideration in an amount equal to the difference between
the Second Value and the Purchase Price, or (b) if the Second Value is less than
the Purchase Price, Seller shall pay to Purchaser an amount equal to the
difference between the Purchase Price and the Second Value.

     

    (iii)         If the consideration to be paid by the New Purchaser is
a combination of cash and Seller Notes, within two Business Days of receipt of
the Superior Offer Notice, Purchaser and Seller shall determine the First
Partial Value.  Within eight Business Days of such determination,
Purchase shall elect by notice in writing to Seller either:

     

    (A) to
retain the Transferred Class M Units, in which case (1) Purchaser and Seller
shall execute an amendment to this Agreement that incorporates the Proposed
Amendments set forth in the Membership Interest Purchase Letter Agreement no
later than 10 Business Days after Purchaser’s election, (2) Purchaser shall
remit to Seller an amount equal to the difference between (a) the sum of the
Cash Portion and the First Partial Value and (b) the Purchase Price, and (3)
Seller shall terminate the Membership Interest Purchase Letter Agreement;
or

     

    
      
        
        

      

      
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    (B) to
transfer the Transferred Class M Units to the New Purchaser, in which case (1)
Seller and the New Purchaser shall execute a purchase agreement (a “New Purchase
Agreement”) substantially similar in all respects to this Agreement as
this Agreement would be amended to incorporate the Proposed Amendments, (2)
Seller shall deliver to Purchaser a copy of the New Purchase Agreement
immediately upon execution, (3) on the New Purchase Agreement Closing Date,
Purchaser shall execute and deliver to Seller or its designee the Purchaser Unit
Assignment upon receipt of Cash Portion and the Partial Debt Consideration, and
(4) (a) if the sum of (I) the Cash Portion and (II) the Second Partial Value is
greater than the Purchase Price, Purchaser shall transfer to Seller either a
portion of the Partial Debt Consideration or cash or a combination of Partial
Debt Consideration and cash, at Purchaser’s option, in an amount equal to the
difference between the Second Partial Value and the Purchase Price, or (b) if
the sum of (I) the Cash Portion and (II) the Second Partial Value is less than
the Purchase Price, Seller shall pay to Purchaser an amount equal to the
difference between the Purchase Price and the sum of (x) the Cash Portion and
(y) the Second Partial Value.

     

    (iv)         For the avoidance of doubt, if Purchaser elects to
transfer the Transferred Class M Common Units pursuant to this Section 5.4(d), in accordance with the Unit Assignment, from and after
the Closing Date through the New Purchase Agreement Closing Date, Purchaser
shall be the holder, beneficially and of record, of the Transferred Class M
Common Units and shall bear the assumed obligations and liabilities under the
Effective IB Finance LLC Agreement.

     

    (e)           If
at any time after the New Purchase Agreement Closing Date, the New Purchaser
shall consider or be advised that any assurances or any other actions or things
are reasonably necessary to vest, perfect or confirm ownership (of record or
otherwise) in the New Purchaser its title or interest in the Transferred Class M
Common Units, Purchaser shall use commercially reasonable efforts to execute and
deliver all bills of sale, instruments of conveyance, powers of attorney,
assignments and assurances and take and do all such other actions and things as
may be reasonably requested by the New Purchaser in order to vest, perfect or
confirm any and all right, title and interest in, to and under the Transferred
Class M Common Units, as applicable; provided, however, that
Purchaser shall have no obligation to make any representations or warranties
with respect to the Transferred Class M Common Units other than those
representations and warranties contained in the Purchaser Unit
Assignment.

     

    (f)

     

    (i)           If
the consideration to be paid by the New Purchaser includes Seller Notes, on the
date Purchaser receives the Superior Offer Notice, Purchaser and Seller shall
each immediately contact one Broker-Dealer at its sole cost and expense, each of
which shall be asked to provide on the date of such contact a quotation of the
fair market value of the applicable Seller Notes as of 11:00 a.m. eastern time
on the date of the execution of the Membership Interest Purchase Letter
Agreement.  If such quotations vary by less than five percentage
points, then the value of the applicable Seller Notes shall be the average of
such two quotations.  If such quotations vary by more than five
percentage points, then Purchaser and Seller shall immediately jointly contact a
third Broker-Dealer, the cost and expense of which, if any, shall be shared
equally by Purchaser and Seller, who shall be asked to provide on the date of
such contact a quotation of the fair market value of the applicable Seller Notes
as of 11:00 a.m. eastern time on the date of the execution of the Membership
Interest Purchase Letter Agreement, and the final value of the applicable Seller
Notes as of 11:00 a.m. eastern time on the date of the execution of the
Membership Interest Purchase Letter Agreement shall be the average of all three
Broker-Dealer quotations.

     

    
      
        
        

      

      
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    (ii)          If
the consideration to be paid by the New Purchaser includes Seller Notes, on the
New Purchase Agreement Closing Date, Purchaser and Seller shall each immediately
contact one Broker-Dealer at its sole cost and expense, each of which shall be
asked to provide on the date of such contact a quotation of the fair market
value of the applicable Seller Notes as of 11:00 a.m. eastern time on the New
Purchase Agreement Closing Date.  If such quotations vary by less than
five percentage points, then the value of the applicable Seller Notes as of
11:00 a.m. eastern time on the New Purchase Agreement Closing Date shall be the
average of such two quotations.  If such quotations vary by more than
five percentage points, then Purchaser and Seller shall immediately jointly
contact a third Broker-Dealer, the cost and expense of which, if any, shall be
shared equally by Purchaser and Seller, who shall be asked to provide on the
date of such contact a quotation of the fair market value of the applicable
Seller Notes as of 11:00 a.m. eastern time on the New Purchase Agreement Closing
Date, and the final value of the applicable Seller Notes as of 11:00 a.m.
eastern time on the New Purchase Agreement Closing Date shall be the average of
all three Broker-Dealer quotations.

     

    (iii)         For
purposes hereof, “Broker-Dealer” shall
mean an independent nationally recognized broker-dealer experienced in valuing
the applicable Seller Notes.

     

    5.5           Services Between GMAC Bank
and Seller.  Purchaser and Seller shall review all of the
Affiliate Agreements and shall use their commercially reasonable efforts either
to, within 180 days following the Closing Date, terminate each such Affiliate
Agreement or modify the terms of each such Affiliate Agreement, as applicable
and necessary, so that the terms thereof are at least as favorable to Seller’s
Affiliate that is a party thereto and the Bank or the Bank’s Affiliate that is a
party thereto, respectively, as could be obtained through arm’s length
negotiations between unrelated parties.  The terms of any new or
modified Affiliate Agreement between Seller’s Affiliate, on the one hand, and
the Bank or the Bank’s Affiliate, on the other hand, shall be subject to all
applicable Laws and regulatory review, and the parties agree to cause their
applicable Affiliates to timely seek all necessary regulatory review for any
such modifications.  Notwithstanding the foregoing, each party to each
Affiliate Agreement shall have the right to terminate such Affiliate Agreement
subject to the termination provisions thereof; provided, however, that Seller
shall cause its applicable Affiliates to not deliver a termination notice under
any Affiliate Agreement that would cause such Affiliate Agreement to terminate
prior to the date that is 180 days after the Closing Date.

     

    ARTICLE
6.

     

    CONDITIONS
PRECEDENT TO OBLIGATIONS OF PURCHASER

     

    The
obligation of Purchaser to execute this Agreement and consummate the
transactions contemplated hereby is, at the option of Purchaser, subject to
satisfaction of each of the following conditions precedent on or before the
Closing Date:

     

    6.1           Deliveries by
Seller.  Seller shall have effected the applicable deliveries
required pursuant to Section
2.4.

     

    
      
        
        

      

      
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    6.2           Injunctions.  No
court or other Governmental Authority shall have issued an order, decree or
ruling that shall then be in effect enjoining, restraining or prohibiting the
completion of the transactions contemplated hereby and no suit, action or
proceeding shall have been instituted by a Governmental Authority which is
reasonably likely to result in an order, decree or ruling with the effect of
enjoining, restraining or prohibiting the transactions contemplated by this
Agreement, or that would be reasonably likely to prevent or make illegal the
consummation of the transactions contemplated by this Agreement.

     

    6.3           Laws.  There
shall not be any Law restraining, enjoining or prohibiting the consummation of
the transaction contemplated by this Agreement.

     

    ARTICLE
7.

     

    CONDITIONS
PRECEDENT TO OBLIGATIONS OF SELLER

     

    The
obligation of Seller to execute this Agreement and consummate the transactions
contemplated hereby is, at the option of Seller, subject to the satisfaction of
each of the following conditions precedent on or before the Closing
Date:

     

    7.1           Deliveries by
Purchaser.  Purchaser shall have effected the applicable
deliveries required pursuant to Section
2.5.

     

    7.2           Injunctions.  No
court or other Governmental Authority shall have issued an order, decree or
ruling that shall then be in effect enjoining, restraining or prohibiting the
completion of the transactions contemplated hereby and no suit, action or
proceeding shall have been instituted by a Governmental Authority which is
reasonably likely to result in an order, decree or ruling with the effect of
enjoining, restraining or prohibiting the transactions contemplated by this
Agreement, or that would be reasonably likely to prevent or make illegal the
consummation of the transactions contemplated by this Agreement.

     

    7.3           Laws.  There
shall not be any Law restraining, enjoining, or prohibiting the consummation of
the transaction contemplated by this Agreement.

     

    7.4           Fairness
Opinion.  The independent members of the board of directors of
Seller shall have received a written opinion of Goldin Associates, LLC
reasonably acceptable in form and substance to such independent members as to
the fairness to Seller, from a financial point of view, of the consideration to
be received by Seller from the sale of the Transferred Class M Common Units to
Purchaser pursuant to the terms hereof.

     

    ARTICLE
8.

     

    SURVIVAL
AND INDEMNIFICATION

     

    8.1           Survival.  The
representations and warranties of the parties hereto contained herein shall
survive the Closing until two years after the Closing Date; provided, that the
Excluded Representations shall survive the Closing forever.

     

    
      
        
        

      

      
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    8.2           Indemnification by
Seller.  Subject to Section 8.4, Seller
agrees to indemnify Purchaser, its Affiliates and its officers, directors,
employees, successors and permitted assigns (the “Purchaser Indemnified
Parties”) after the Closing against and in respect of, and agrees to hold
the Purchaser Indemnified Parties harmless from, any and all Losses imposed on,
incurred by or suffered by any Purchaser Indemnified Party arising out of or
resulting from any of the following:

     

    (a)           any
breach of or any inaccuracy in any representation or warranty made by Seller in
this Agreement other than any breach of or inaccuracy in an Excluded
Representation; provided, that Seller
shall not have any liability under this Section 8.2(a) for
any breach of or inaccuracy in any representation or warranty unless a notice of
the Purchaser Indemnified Party’s claim is given to Seller at any time in the
future promptly following discovery of such breach; provided, that the
failure of the Purchaser Indemnified Party to give such prompt written notice
shall not relieve Seller of its obligations under this Article 8 except to
the extent (if any) that Seller has been prejudiced thereby;

     

    (b)           any
breach of or any inaccuracy in any Excluded Representation; provided, that Seller
shall not have any liability under this Section 8.2(b) for
any breach of or inaccuracy in any representation or warranty unless a notice of
the Purchaser Indemnified Party’s claim is given to Seller at any time in the
future promptly following discovery of such breach; provided, that the
failure of the Purchaser Indemnified Party to give such prompt written notice
shall not relieve Seller of its obligations under this Article 8 except to
the extent (if any) that Seller has been prejudiced thereby; or

     

    (c)           any
breach of or failure by (excluding any breach or inaccuracy covered by Sections 8.2(a) and 8.2(b) above) Seller
to perform any agreement, covenant, obligation or undertaking of Seller set out
in this Agreement.

     

    8.3           Indemnification by
Purchaser.  Subject to Section 8.4,
Purchaser agrees to indemnify Seller, its Affiliates and its officers,
directors, employees, successors and permitted assigns (the “Seller Indemnified
Parties”) after the Closing against and in respect of, and agrees to hold
the Seller Indemnified Parties harmless from, any and all Losses asserted
against, imposed on, incurred by or suffered by any Seller Indemnified Party
arising out of or resulting from any of the following:

     

    (a)           any
breach of or any inaccuracy in any representation or warranty made by Purchaser
in this Agreement other than any breach of or inaccuracy in an Excluded
Representation; provided, that
Purchaser shall not have any liability under this Section 8.3(a) for
any breach of or inaccuracy in any representation or warranty unless a notice of
the Seller Indemnified Party’s claim is given to Purchaser at any time in the
future promptly following discovery of such breach; provided, that the
failure of the Seller Indemnified Party to give such prompt written notice shall
not relieve Purchaser of its obligations under this Article 8 except to
the extent (if any) that Purchaser has been prejudiced thereby;

     

    
      
        
        

      

      
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    (b)           any
breach of or any inaccuracy in any Excluded Representation; provided, that
Purchaser shall not have any liability under this Section 8.3(b) for
any breach of or inaccuracy in any representation or warranty unless a notice of
the Seller Indemnified Party’s claim is given to Purchaser at any time in the
future promptly following discovery of such breach; provided, that the
failure of the Seller Indemnified Party to give such prompt written notice shall
not relieve Purchaser of its obligations under this Article 8 except to
the extent (if any) that Purchaser has been prejudiced thereby; or

     

    (c)           any
breach of or failure by (excluding any breach or inaccuracy covered by Sections 8.3(a) and
8.3(b) above)
Purchaser to perform any agreement, covenant, obligation or undertaking of
Purchaser set out in this Agreement.

     

    8.4           Limitations on
Liability.  Notwithstanding any other provision of this
Agreement:

     

    (a)           Seller
shall not have any obligation to indemnify the Purchaser Indemnified Parties
unless the aggregate amount of Losses subject to indemnification pursuant to
Section 8.2(a)
shall exceed 1% of the Purchase Price (the “Basket Amount”), and
once such amount is exceeded, Seller shall indemnify the Purchaser Indemnified
Parties for, and shall be liable for, the full amount of all Losses subject to
indemnification pursuant to Section 8.2(a)
(subject to the other limitations on indemnification expressly set forth in this
Agreement), without reduction for the Basket Amount. In no event shall the
aggregate liability of Seller pursuant to Section 8.2(a) for
Losses incurred or suffered by the Purchaser Indemnified Parties exceed 25% of
the Purchase Price (the “Indemnification
Cap”). Notwithstanding the
foregoing, the Indemnification Cap shall not apply to (i) any liability of
Seller pursuant to Sections 8.2(b), (ii)
any liability of Seller pursuant to Section 8.2(c), (iii)
any liability of Seller under Section 8.9 or (iv)
any liability of Seller under Article
9.

     

    (b)           Subject
to Section 8.9,
the sole and exclusive liability and responsibility of Seller to the Purchaser
Indemnified Parties under or in connection with this Agreement or the
transactions contemplated hereby (including for any breach of or inaccuracy in
any representation or warranty or for any breach of any covenant or obligation)
and the sole and exclusive remedy of the Purchaser Indemnified Parties with
respect to any of the foregoing, shall be as set forth in Article 8 and Article
9.

     

    (c)           Subject
to Section 8.9,
the sole and exclusive liability and responsibility of Purchaser to the Seller
Indemnified Parties under or in connection with this Agreement or the
transactions contemplated hereby (including for any breach of or inaccuracy in
any representation or warranty or for any breach of any covenant or obligation)
and the sole and exclusive remedy of the Seller Indemnified Parties with respect
to any of the foregoing, shall be as set forth in Article 8 and Article
9.

     

    8.5           Claims.  As
promptly as is reasonably practicable after knowledge of a claim for
indemnification under this Agreement that does not involve a third party claim,
or the commencement of any suit, action or proceeding of the type described in
Section 8.6,
becomes within the knowledge of Purchaser or Seller, as the case may be, the
Indemnified Person shall give written notice to the Indemnifying Person of such
claim, which notice shall specify in reasonable detail the nature of such claim
and the estimated amount (if then susceptible to estimation) that the
Indemnified Person at the time plans to seek hereunder from the Indemnifying
Person, together with such reasonably available information (if not already
available to the Indemnifying Person) as may be necessary for the Indemnifying
Person to determine that the limitations in Section 8.4 have been
satisfied or do not apply; provided, that
failure of the Indemnified Person to give such notice of any such claim shall
not release, waive or otherwise affect the obligations under this Article 8 of the
Indemnifying Person with respect thereto except to the extent that it is
materially prejudiced by the failure or delay in giving such
notice.

     

    
      
        
        

      

      
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    8.6           Notice of Third Party
Claims; Assumption of Defense.  The Indemnified Person shall
give written notice (the “Initial Notice”) as
promptly as is reasonably practicable, but in any event no later than 10
Business Days after receiving notice thereof, to the Indemnifying Person of the
written assertion of any claim, or the commencement of any suit, action or
proceeding, by any Person not a party hereto in respect of which indemnity is to
be sought under this Agreement (which notice shall specify in reasonable detail
the nature of such claim and the estimated amount (if then susceptible to
estimation) that the Indemnified Person at that time plans to seek hereunder
from the Indemnifying Person, together with such reasonably available
information (if not already available to the Indemnifying Person) as may be
necessary for the Indemnifying Person to determine that the limitations in Section 8.4 have been
satisfied or do not apply); provided, that
failure of the Indemnified Person to give such notice of any such claim or
commencement shall not release, waive or otherwise affect the obligations under
this Article 8
of the Indemnifying Person with respect thereto except to the extent that it is
materially prejudiced by the failure or delay in giving such
notice.  The Indemnifying Person may, at its own expense, (a)
participate in the defense of any such claim, suit, action or proceeding and (b)
upon notice to the Indemnified Person within 10 Business Days after the receipt
of the Initial Notice from the Indemnified Person of the claim, suit, action or
proceeding, assume the defense thereof with counsel of its own choice reasonably
acceptable to the Indemnified Person, and in the event of such assumption, shall
have the exclusive right, subject to compliance by the Indemnifying Person with
clauses (a) and
(c) of Section 8.7, to
settle or compromise such claim, suit, action or proceeding.  If the
Indemnifying Person does not so elect to assume such defense in accordance with
the terms of this Section 8.6, the
Indemnified Person may defend such claim, suit, action or proceeding in such
manner as the Indemnified Person may deem appropriate, including settling such
claim or action or proceeding (after giving notice of the same to the
Indemnifying Person) on such terms as the Indemnified Person may deem
appropriate, and the Indemnifying Person shall assist and cooperate with such
defense in accordance with Section 5.2 and, if
liable pursuant to this
Article
8, shall promptly indemnify the Indemnified Person in accordance with the
provisions of this
Article
8.  If the Indemnifying Person so assumes such defense, the
Indemnified Person shall have the right (but not the duty) to participate in the
defense thereof and to employ counsel separate from the counsel employed by the
Indemnifying Person; provided, that the
expense of separate counsel so employed shall be borne by the Indemnified Person
unless there exists actual or potential conflicting interests between the
Indemnifying Person and the Indemnified Person.  Whether or not the
Indemnifying Person chooses to defend or prosecute any such claim, suit, action
or proceeding, all of the parties hereto shall cooperate in the defense or
prosecution thereof.

     

    
      
        
        

      

      
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    8.7           Settlement or
Compromise.  Any settlement or compromise made or caused to be
made by the Indemnified Person (unless the Indemnifying Person has the exclusive
right to settle or compromise under Section 8.6) or the
Indemnifying Person, as the case may be, of any such claim, suit, action or
proceeding of the kind referred to in Section 8.6 shall
also be binding upon the Indemnifying Person or the Indemnified Person, as the
case may be, in the same manner as if a final judgment or decree had been
entered by a court of competent jurisdiction in the amount of such settlement or
compromise; provided, that (a) no
obligation, restriction or Loss shall be imposed on the Indemnified Person as a
result of any settlement or compromise without its prior written consent, which
consent shall not be unreasonably withheld or delayed, (b) if the Indemnifying
Person has assumed the defense of a claim, suit, action or proceeding pursuant
to Section 8.6,
the Indemnified Person shall not compromise or settle such claim, suit, action
or proceeding without the prior written consent of the Indemnifying Person,
which consent shall not be unreasonably withheld or delayed, and (c) such
settlement shall not contain any finding or admission of any violation of Law or
any fault on the part of the Indemnified Person, and shall not have any effect
on any other claims that may be made by the Indemnified Person against the third
party bringing the claim, suit, action or proceeding.

     

    8.8           Net Losses; Subrogation;
Mitigation.

     

    (a)           Notwithstanding
anything contained herein to the contrary, the amount of any Losses incurred or
suffered by an Indemnified Person shall be calculated after giving effect to (i)
any insurance proceeds received by the Indemnified Person (or any of its
Affiliates) with respect to such Losses, but only if the insurance premium
relating to such proceeds has not been paid for by the Indemnified Person, (ii)
any tax benefit realized by the Indemnified Person (or any of its Affiliates)
arising from the facts or circumstances giving rise to such Losses and from the
payment of any amounts to the Indemnified Person (or any of its Affiliates) on
account of any Losses and (iii) any other recoveries directly relating to such
Loss obtained by the Indemnified Person (or any of its Affiliates) from any
other third party, less all Losses related to the pursuing and receipt of such
recoveries and any related recoveries.  Each Indemnified Person shall
exercise commercially reasonable efforts to obtain such proceeds, benefits and
recoveries; provided, that no
party shall be required to use such efforts if they would be detrimental in any
material respect to such party.  If any such net proceeds, benefits or
recoveries are received by an Indemnified Person (or any of its Affiliates) with
respect to any Losses after an Indemnifying Person has made a payment to the
Indemnified Person with respect thereto, the Indemnified Person (or such
Affiliate) shall pay to the Indemnifying Person the amount of such net proceeds,
benefits or recoveries (up to the amount of the Indemnifying Person’s
payment).

     

    (b)          Upon
making any payment to an Indemnified Person in respect of any Losses, the
Indemnifying Person shall, to the extent of such payment, be subrogated to all
rights of the Indemnified Person (and its Affiliates) against any insurance
company or any other third party from which the Indemnified Person (and its
Affiliates) has contractual indemnity rights, in respect of the Losses to which
such payment relates.  Such Indemnified Person (and its Affiliates)
and Indemnifying Person shall execute upon request all instruments reasonably
necessary to evidence or further perfect such subrogation rights.

     

    (c)           Purchaser
and Seller shall use commercially reasonable efforts to mitigate any Losses,
whether by asserting claims against a third party or by otherwise qualifying for
a benefit that would reduce or eliminate an indemnified matter; provided, that no
party shall be required to use such efforts if they would be detrimental in any
material respect to such party.

     

    
      
        
        

      

      
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    8.9           Special Rule for
Fraud.  Notwithstanding anything in this Article 8 or
elsewhere in this Agreement to the contrary, in the event of a breach of a
representation or warranty by any party to this Agreement that constitutes
fraud, the representation or warranty that has been breached will survive the
execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby (regardless of any investigation made by any
party to this Agreement or on its behalf) and will continue in full force and
effect for perpetuity, and any Losses from any such breach shall not be subject
to the indemnification basket, cap or other limitations contained in this Article
8

     

    ARTICLE
9.TAX MATTERS

     

    9.1           Transfer
Taxes.  All excise, goods and services, sales (including bulk
sales), use, value added, registration, recording, documentary, conveyancing,
property, and transfer taxes incurred with the transactions contemplated by this
Agreement (“Transfer
Taxes”) shall be borne equally (50/50) by Purchaser and
Seller.  Seller and Purchaser shall cooperate to timely prepare, and
(a) Seller shall file or cause to be filed any returns or other filings relating
to such Transfer Taxes (unless Purchaser is required by applicable Law to file
the return) with respect to the Transferred Class M Common Units and (b)
Purchaser shall file or cause to be filed any returns or other filings relating
to such Transfer Taxes (unless Seller is required by applicable Law to file the
return) with respect to the Transferred Notes, in each case including any claim
for exemption or exclusion from the application or imposition of any Transfer
Taxes.  With respect to any such returns or filings required to be
filed by Seller, Seller shall provide Purchaser with a copy of such return or
other filing and a copy of a receipt showing payment of any such Transfer
Tax.  With respect to any such returns or filings required to be filed
by Purchaser, Purchaser shall provide Seller with a copy of such return or other
filing and a copy of a receipt showing payment of any such Transfer
Tax.

     

    9.2           Liability for Taxes and
Related Matters.

     

    (a)           To
the extent any liability for Taxes is adjusted subsequent to the Closing Date,
Seller shall pay the additional liability or receive refunds related to such
adjustments with respect to amounts attributable to the Transferred Class M
Common Units related to all tax periods prior to the
Closing.  Purchaser shall be responsible for payment of Taxes that
relate to the Transferred Class M Common Units after the Closing.  Except as otherwise
required by applicable Law, the parties agree that any changes to Taxes attributable to the
Transferred Class M Common Units for all tax periods prior to the Closing which
would have affected the value of the Transferred Class M Common Units as of the
Closing Date, if they had been recorded as of such date, shall be treated as a
purchase price adjustment for income Tax purposes.

     

    (b)           To
the extent any liability for Taxes is adjusted subsequent to the Closing Date,
Purchaser shall pay the additional liability or receive refunds related to such
adjustments with respect to amounts attributable to the Transferred Notes
related to all tax periods prior to the Closing.  Seller shall be
responsible for payment of Taxes that relate to the Transferred Notes after the
Closing.  Except as
otherwise required by applicable Law, the parties agree that any changes to
Taxes attributable
to the Transferred Notes for all tax periods prior to Closing, which would have
affected the value of the Transferred Notes as of the Closing Date, if they had
been recorded as of such date,
shall be treated as a purchase price adjustment for income Tax
purposes.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    9.3           Cooperation.  Purchaser
and Seller shall reasonably cooperate with each other in a timely manner in the
preparation and filing of any Tax Returns and the conduct of any Tax audit or
other Tax proceeding. 

     

    9.4           Refunds.

     

    (a)           To
the extent that any Tax refunds are received by Purchaser relating to the
periods prior to the Closing, and any amounts credited against Taxes to which
Purchaser becomes entitled, that relate to the Transferred Class M Common Units
and to such periods shall be paid to Seller, but only to the extent that such
amounts have a real economic impact on Seller in jurisdictions where it files
its Tax Returns as a separate company.

     

    (b)           To
the extent that any Tax refunds are received by Seller relating to the periods
prior to the Closing, and any amounts credited against Taxes to which Seller
becomes entitled, that relate to the Transferred Notes and to such periods shall
be paid to Purchaser, but only to the extent that such amounts have a real
economic impact on Purchaser in jurisdictions where it files its Tax Returns as
a separate company.

     

    ARTICLE
10.

     

    MISCELLANEOUS

     

    10.1         Expenses.  Each
party hereto shall bear its own expenses with respect to this
transaction.

     

    10.2         Amendment.  This
Agreement may be amended, modified or supplemented only in writing signed by
each of the parties hereto.

     

    10.3         Notices.  Any
written notice to be given hereunder shall be deemed given:  (a) when
received if given in person or by nationally recognized courier; (b) on the date
of transmission if sent by telecopy, e-mail or other wire transmission (receipt
confirmed); (c) three Business Days after being deposited in the US mail,
certified or registered mail, postage prepaid; and (d) if sent by an
internationally recognized overnight delivery service, the second Business Day
following the date given to such overnight delivery service (specified for
overnight delivery and receipt confirmed).  All notices shall be
addressed as follows:

     

    If to any
Seller, addressed as follows:

     

    Residential
Capital, LLC

    One
Meridian Crossings, Suite 100

    Minneapolis,
Minnesota 55423

    Attn:  General
Counsel

    Telephone:  (952)
857-6415

    Facsimile:  (952)
352-0586

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    With a
copy to:

    

    Skadden,
Arps, Slate, Meagher & Flom LLP

    333 West
Wacker Drive, Suite 1900

    Chicago,
Illinois 60606

    Attn:       Peter
Krupp

    Kimberly deBeers

    Telephone:  (312)
407-0700

    Facsimile:  (312)
407-0411

    

    and:

    

    Skadden,
Arps, Slate, Meagher & Flom LLP

    300 South
Grand Avenue, Suite 3400

    Los
Angeles, California 90071

    Attn: 
Casey Fleck

    Telephone:
(213) 687-5341

    Facsimile:
(213) 687-5600

    

    If to
Purchaser, addressed as follows:

     

    GMAC
LLC

    200
Renaissance Center

    Detroit
Michigan, MI 48235

    Attn: 
General Counsel

    Telephone:  (313)
565-6128

    Facsimile:  (313)
656-6189

     

    
      with a
copy to:

      

      Mayer
Brown LLP

      71 South
Wacker Drive

      Chicago,
Illinois  60606

      Attention:
Elizabeth A. Raymond, Esq.

      Telephone:  (312)
701-7322

      Facsimile:  (312)
701-7711

    

     

    10.4         Waivers.  The
failure of a party to require performance of any provision hereof shall not
affect its right at a later time to enforce the same.  No waiver by a
party of any term, covenant, representation or warranty contained herein shall
be effective unless in writing.  No such waiver in any one instance
shall be deemed a further or continuing waiver of any such term, covenant,
representation or warranty in any other instance.

     

    10.5         Counterparts.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.

     

    10.6         Applicable
Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS (BOTH SUBSTANTIVE AND PROCEDURAL),
AND NOT THE CONFLICT OF LAWS PRINCIPLES OF THE STATE OF DELAWARE.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    10.7         Assignment.  This
Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and permitted assigns; provided, that no
assignment of either party’s rights or obligations may be made without the
written consent of the other party, which consent shall not be unreasonably
withheld or delayed, other than (i) an assignment to an Affiliate of either
party, including in connection with any financing transactions entered into by
Purchaser, or (ii) an assignment by Purchaser to any subsequent purchaser of all
or substantially all of the Transferred Class M Common Units so long as such
subsequent purchaser agrees in writing to comply with Purchaser’s obligations
hereunder.

     

    10.8         No Third Party
Beneficiaries.  This Agreement is solely for the benefit of the
parties hereto and, solely with respect to Article 8 and Article 9, any
Indemnified Person hereunder, and, except as aforesaid, no provision of this
Agreement shall be deemed to confer any remedy, claim or right upon any third
party, including any employee or former employee of Seller or any participant or
beneficiary in any benefit plan, program or arrangement.

     

    10.9         Waiver of Jury
Trial.  EACH PARTY HEREBY IRREVOCABLY WAIVES ITS RIGHTS TO
A JURY TRIAL IN CONNECTION WITH ANY SUIT, ACTION, PROCEEDING OR
COUNTERCLAIM BROUGHT BY SUCH PARTY AGAINST THE OTHER IN CONNECTION WITH OR
ARISING FROM THIS AGREEMENT.

     

    10.10       Written
Disclosures.  Neither the specification of any dollar amount in
any representation or warranty contained in this Agreement nor the inclusion of
any specific item in any written disclosure by Seller to Purchaser made pursuant
to the terms of this Agreement is intended to imply that such amount, or higher
or lower amounts, or the item so included or other items, are or are not
material, and no party shall use the fact of the setting forth of any such
amount or the inclusion of any such item in any dispute or controversy between
the parties as to whether any obligation, item or matter not described herein or
included in any written disclosure by Seller to Purchaser made pursuant to the
terms of this Agreement is or is not material for purposes of this
Agreement.  Unless this Agreement specifically provides otherwise,
neither the specification of any item or matter in any representation or
warranty contained in this Agreement nor the inclusion of any specific item in
any written disclosure by Seller to Purchaser made pursuant to the terms of this
Agreement is intended to imply that such item or matter, or other items or
matters, are or are not in the ordinary course of business, and no party shall
use the fact of the setting forth or the inclusion of any such item or matter in
any dispute or controversy between the parties as to whether any obligation,
item or matter not described herein or included in any written disclosure by
Seller to Purchaser made pursuant to the terms of this Agreement is or is not in
the ordinary course of business for purposes of this Agreement.

     

    10.11       Incorporation.  The
respective Exhibits and Schedules attached
hereto and referred to herein are incorporated into and form a part of this
Agreement.

     

    10.12       Complete
Agreement.  This Agreement constitutes the complete agreement
of the parties with respect to the subject matter hereof and supersede all prior
discussions, negotiations and understandings.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    10.13       Public
Announcements.  Seller and Purchaser each agree that they and
their Affiliates shall not issue any press release or otherwise make any public
statement or respond to any media inquiry with respect to this Agreement or the
transactions contemplated hereby without the prior approval of the other
parties, which shall not be unreasonably withheld or delayed, except as may be
required by Law or by any stock exchanges having jurisdiction over Seller,
Purchaser or their Affiliates.

     

    10.14       Further
Assurances.  At any time and from time to time after the
Closing, at Purchaser’s reasonable request and without further consideration,
Seller shall execute and deliver, and cause its Affiliates, as appropriate, to
execute and deliver, such other instruments of sale, transfer, conveyance,
assignment and confirmation and take such further actions as Purchaser may
reasonably deem necessary or desirable in order to more effectively transfer,
convey and assign to Purchaser (or any successor or permitted assign of
Purchaser), and to confirm Purchaser’s (and any such successor’s and assign’s)
title to the Transferred Class M Common Units, to put Purchaser (and any such
successor and assign) in actual possession and operating control thereof and to
assist Purchaser (and any such successors and assigns) in exercising all rights,
title and interests with respect thereto.

     

    
      10.15       Severability.  If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any Law or public policy, all
other conditions and provisions of this Agreement shall nevertheless remain in
full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner adverse to any
party in any material respect.  Upon such determination that any term
or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be
consummated as originally contemplated to the greatest extent
possible.

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered on January 30, 2009.

    

    
      
        
          
            
              
                
                  
                    	 
      	
                            RESIDENTIAL
      CAPITAL, LLC

                          
	 
      	 
      
	 
      	
                            By:

                          	 /s/
      James N. Young	 
      
	 
      	
                            Name:
      James N. Young

                          
	 
      	
                            Title:  
      Chief Financial Officer

                          
	 
      	 
      
	 
      	
                            GMAC
      LLC

                          
	 
      	 
      
	 
      	
                            By:

                          	 /s/
      Robert S. Hull	 
      
	 
      	
                            Name:
      Robert S. Hull

                          
	 
      	
                            Title:  
      EVP and Chief Financial OfficerSECOND
AMENDED AND RESTATED

     

    LIMITED
LIABILITY COMPANY AGREEMENT

     

    OF

     

    IB
FINANCE HOLDING COMPANY, LLC

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Second
Amended and Restated Limited Liability Company Agreement

    of

    IB
Finance Holding Company, LLC

     

    This
Second Amended and Restated Limited Liability Company Agreement (this “Agreement”) of IB
Finance Holding Company, LLC (the “Company”) is made and
entered into as of January 30, 2009, by and among the Company, GMAC LLC, a
Delaware limited liability company (“GMAC”), and
Residential Capital, LLC, a Delaware limited liability company (“ResCap”).  GMAC
and ResCap are referred to herein as the “Members.”

     

    WHEREAS,
the Company was organized pursuant to that certain Limited Liability Company
Agreement, dated as of November 20, 2006;

     

    WHEREAS,
in connection with the execution of that certain Amended and Restated Limited
Liability Company Agreement of the Company, dated March 31, 2008 (the “Prior Agreement”),
GMAC, ResCap and the Company entered into an Exchange Agreement, dated as of
March 31, 2008 (the “Exchange Agreement”),
pursuant to which the holder of certain preferred membership interests of ResCap
may, at any time after January 1, 2009, subject to the terms and conditions
thereof, elect to exchange all (but not less than all) of such preferred
membership interests into an equivalent number of the Class M Preferred Units
(as defined below) of the Company on a one-for-one basis (the “Exchange”);

     

    WHEREAS,
on the date hereof immediately prior to entering into this Agreement, GMAC,
ResCap and the Company effected the Exchange;

     

    WHEREAS,
upon the execution of this Agreement, (i) GMAC owns 2,000,000 Class A Common
Units (as defined below) and 806,344 Class M Preferred Units (as defined below)
and (ii) ResCap owns 1,193,656 Class M Common Units; and

     

    WHEREAS,
the Members desire to amend and restate the Prior Agreement in its entirety as
set forth in this Agreement.

     

    NOW,
THEREFORE, the Members agree as follows:

     

    ARTICLE
I

    ORGANIZATION

     

    1.1          Formation.  Pursuant
to the Delaware Limited Liability Company Act (the “Act”), as amended
from time to time, GMAC has formed a Delaware limited liability company
effective upon the filing of the Certificate of Formation for the Company with
the Delaware Secretary of State’s Office.

     

    1.2          Qualification.  GMAC
may qualify the Company, or register the Company under assumed or fictitious
name statutes or similar laws, in any other jurisdiction in which the Company
transacts or proposes to transact business and where such qualification or
registration is required or desirable, and GMAC or any duly authorized agent of
the Company may execute, deliver and file any certificates and other documents
and take any and all actions as may be necessary or desirable to obtain such
qualification or registration.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    1.3          Purposes.  The
purposes of the Company are to engage in any lawful act or activity for which a
limited liability company may be formed under the Act and to engage in any and
all activities necessary or incidental to the foregoing.

     

    1.4          Principal Office; Registered
Agent.

     

    (a)           The
principal office of the Company is located at 200 Renaissance Center, 12th Floor,
Detroit, MI 48265 or such other place as GMAC may select from time to
time.

     

    (b)           The
registered office of the Company is at the office of its registered agent at The
Corporation Trust Company, Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801.  The name of the initial registered agent
of the Company is The Corporation Trust Company.  The principal
office, registered office and registered agent of the Company may be changed by
GMAC from time to time in accordance with the then applicable provisions of the
Act.  If the registered agent resigns, the Company will promptly
appoint a successor.

     

    1.5          Term.

     

    (a)           The
term of the Company commenced upon the filing of the Certificate of Formation
for the Company.

     

    (b)           The
term of the Company ends, and the Company will dissolve, on the first to occur
of the following events:

     

    
      	
               
      

            	
              (1)

            	
              the
      consent of the Members to dissolve the
Company;

            

    

     

    
      	
               
      

            	
              (2)

            	
              any
      event which, under this Agreement or the Act, results in the dissolution
      of the Company; or

            

    

     

    
      	
               
      

            	
              (3)

            	
              upon
      the entry of a final judgment, order or decree of a court of competent
      jurisdiction adjudicating the Company to be bankrupt, and the expiration
      of the period, if any, allowed by applicable law in which to appeal
      therefrom.

            

    

     

    ARTICLE
II

    CAPITAL CONTRIBUTIONS;
PROFITS AND LOSSES; DISTRIBUTIONS

     

    2.1          Interest in the Company;
Capital Contributions.

     

    (a)           Common
Units.  The Company shall have two classes of common
interests.  The Company shall be deemed to have issued 2,000,000 units
of Class A limited liability company interests (the “Class A Common
Units”) to GMAC, representing the voting limited liability company
interests of the Company held by GMAC as of the date of this
Agreement.  The Company shall be deemed to have issued 1,193,656 units
of Class M limited liability company interests (the “Class M Common
Units”, and collectively with the Class A Common Units, the “Common Units”) to
ResCap, representing the non-voting limited liability company interest of the
Company held by ResCap as of the date of this Agreement.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (b)          Preferred
Units.

     

    (i)            The
Company shall have one class of non-voting, non-cumulative, non-participating,
perpetual preferred interests (the “Class M Preferred
Units”, and collectively with the Common Units, the “Units”).  The
Company shall be deemed to have issued 806,344 Class M Preferred Units to
GMAC.

     

    (ii)            The
Class M Preferred Units shall, with respect to distribution rights and rights
upon liquidation, winding up or dissolution of the Company, rank senior to the
Class M Common Units.  The Class M Preferred Units shall have no
claims to any distributions (including distributions upon liquidation, winding
up or dissolution) of the Company attributable to the GMAC Business Unit (as
defined below).  For the avoidance of doubt, all distributions
(including distributions upon liquidation, winding up or dissolution) of the
Company attributable to the GMAC Business Unit shall be made solely to GMAC in
its capacity as the holder of Class A Common Units.

     

    (iii)            The
Company shall, if so directed by GMAC, redeem the Class M Preferred Units then
outstanding, in whole or in part, on any Distribution Payment Date, by
delivering at least 30 but not more than 60 days prior written notice to the
holder of such Class M Preferred Units. Any such redemption shall be for cash at
a redemption price equal to $1,000 per Class M Preferred Unit (the “Class M Preferred Unit
Redemption Price”), plus any authorized but unpaid Preferred
Distributions (as defined below).  The Class M Preferred Units may
only be redeemed from the proceeds of a Special Contribution; provided that, for
so long as ResCap is a Member of the Company, its board of directors (including
a majority of the ResCap Independent Directors), consents in
writing.  For purposes hereof, the “ResCap Independent
Directors” are the “independent directors” ResCap must at all times have
within the meaning of that certain Amended and Restated Operating Agreement,
dated November 27, 2006, among General Motors Corporation, GMAC and
ResCap.

     

    (c)          The
outstanding number of Units held by each Member on the date hereof is listed on
Schedule I
attached hereto, and such schedule shall be amended from time to time by GMAC to
reflect any change in the number of Units held by each Member in accordance with
this Agreement.

    (d)          Capital
Contributions.  The holders of Class M Common Units shall make
additional Capital Contributions as necessary to support and grow the assets and
businesses acquired by GMAC Automotive Bank from GMAC Bank (“Mortgage Business
Unit”) pursuant to the Purchase and Assumption Agreement between GMAC
Bank and GMAC Automotive Bank dated November 20, 2006 (the “Purchase Agreement”)
and any future business activities of the Mortgage Business
Unit.  Such holders shall, (i) for so long as ResCap is a Member of
the Company, if so directed by a majority of the ResCap Independent Directors,
or (ii) if ResCap is not a Member of the Company, if so directed by GMAC, make
one or more Capital Contributions to fund the redemption of Class M Preferred
Units (each, a “Special
Contribution”).  GMAC, in its capacity as the holder of Class A
Common Units, shall make additional Capital Contributions as necessary to
support and grow the assets and businesses conducted in GMAC Automotive Bank
prior to the purchase of the ResCap Business Unit pursuant to the Purchase
Agreement (“GMAC
Business Unit”) and any future business activities of the GMAC Business
Unit.  Capital Contributions of the holders of Class M Common Units
and GMAC in the aggregate shall be at a level sufficient to keep GMAC Bank, a
Utah-chartered bank, at a level of capitalization that qualifies as
“well-capitalized” under applicable federal banking laws or such higher level of
capitalization as may be required by the Federal Deposit Insurance Corporation
or the Utah Department of Financial Institutions (or applicable successor
regulatory authorities).  The holder of any Class M Preferred Units
shall not be required to make any additional Capital
Contributions.  For purposes of this Section 2.1, “Capital Contribution”
means the total amount of cash, other property, the use of property, services
rendered, promissory note or other binding written obligation to contribute cash
or property or perform services or other valuable consideration contributed to
the Company by each Member pursuant to the terms of this Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    2.2          Capital
Accounts.  The Company will maintain an individual capital
account for each Member.  A Member’s capital account will be credited
with all Capital Contributions made by the Member and with all income and gain
(including any income from exempt federal income tax) allocated to a
Member.  A Member’s capital account will be charged with the amount of
all distributions made to the Member and with all losses and deductions
(including deductions attributable to tax-exempt income) allocated to the
Member.  The Company will maintain the Members’ capital accounts in
accordance with federal income tax accounting principles prescribed in Treasury
Regulations §1.704-1(b)(2).

     

    2.3          Additional
Members.  Subject to Section 8.5, no additional members will be
admitted to the Company without the consent of the Members.

     

    2.4          Profits and
Losses.  The profits and losses of the Company will be
determined as of the end of each calendar quarter.  The profits and
losses relating to the GMAC Business Unit will be allocated to GMAC in its
capacity as the holder of the Class A Common Units.  The profits and
losses relating to the Mortgage Business Unit will be allocated to the holders
of Class M Common Units and the holder of the Class M Preferred Units in a
manner such that the capital account of each holder of Class M Common Units and
the holder of the Class M Preferred Units, immediately after making such
allocation, and after taking into actual distributions made during such
allocation period (and distributions with respect to such allocation period to
be made after the end of such allocation period if the Board is able to
determine in good faith the manner in which such distributions will be made
pursuant to Sections 2.5 and 7.1, as appropriate), is, as nearly as
possible, equal (proportionately) to (i) the distributions that would be
made to such Member pursuant to Sections 2.5 and 7.1, as appropriate, if the
Company were to dissolve, its affairs wound up and its assets sold for cash
equal to their book value, all Company liabilities were satisfied (limited, with
respect to each nonrecourse liability, to the book value of the assets securing
the liability) and the net assets of the Company were distributed in accordance
with Sections 2.5 and 7.1, as appropriate, immediately after making such
allocation, minus (ii) such Member’s share of “minimum gain” and “partner
nonrecourse debt minimum gain” determined pursuant to Regulations
Section 1.704-2(g)(1) and 1.704-2(i)(5), computed immediately prior to the
hypothetical sale of assets, if any.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    2.5          Distributions.  (a)
The holders of the Class M Preferred Units shall be entitled to receive, when
and as authorized by the Board, out of Distributable Cash (as defined below),
cash distributions (the “Preferred
Distributions”) at the rate of 10% per annum on the Class M Preferred
Unit Redemption Price, and such distributions shall be payable quarterly on
January 1, April 1, July 1 and October 1 of each year (each, a “Distribution Payment
Date”, and each such quarter, a “Distribution
Period”).  The Preferred Distributions shall be non-cumulative,
and any amounts of such distributions that are not authorized by the Board to be
paid during a Distribution Period shall not be carried over to subsequent
Distribution Periods.

     

    (b)          The
Company will distribute Distributable Cash to the Members holding Common Units
on a quarterly basis or as otherwise approved by the Members holding Common
Units; provided that no distributions shall be made to any Member holding Class
M Common Units so long as any Class M Preferred Units are outstanding and any
Preferred Distributions for the then-current Distribution Period have not been
authorized or any Preferred Distributions that have been authorized (whether or
not for the then-current Distribution Period) remain unpaid (and sufficient
funds have not been set aside for such payments).

     

    (c)          Notwithstanding
any provision of this Agreement to the contrary, no distributions shall be
declared or paid if and when the Company is Insolvent or would be rendered
Insolvent by the distribution. For purposes of this Section 2.5, “Insolvent” means such
time as when the value of the Company’s assets become less than the sum of its
liabilities or the Company becomes unable to pay its debts as they become due in
the usual course of business.

     

    (d)          For
purposes of this Section 2.5, “Distributable Cash”
means that portion of the cash and cash equivalent assets of the Company which,
in light of the Company’s then current and foreseeable sources of, and needs
for, cash, exceeds the amount of cash needed by the Company, as determined by a
majority of the Board, to (i) service its debts and obligations in a timely
fashion, (ii) maintain adequate working capital and reserves, and (iii) conduct
its business and carry out its purposes.

     

    2.6          Issuance.  The
Company shall not issue any Class M Preferred Units or any Common Units to any
person without the consent of all Members.

     

    ARTICLE
III

    MANAGEMENT

     

    3.1          Responsibility; Meetings of
the Members; Delegation of Responsibility to a Board of Directors; Delegation of
Responsibility to a Committee.

     

    (a)           Except
as otherwise provided in this Agreement or the Act, all of the business and
affairs of the Company will be managed solely by GMAC, and no other Member shall
have any voting rights, consent rights or other rights of approval or
disapproval.  Except as otherwise provided in the Act, the holder of
the Class M Preferred Units shall not have any voting rights or other rights to
participate in the management or control of the Company’s business or act for or
bind the Company.  The Members of the Company are not required to hold
an annual meeting of the Members.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (b)           At
its sole discretion, GMAC may delegate the management of the business and
affairs of the Company to a Board of Directors (the “Board”), consisting
of one or more persons selected by GMAC.  Whether to delegate
management to a Board and, if so, the composition of the Board, will be
determined from time to time by GMAC in its sole discretion. GMAC may, however,
in its sole discretion, disband the Board and resume management of the Company
at any time.  GMAC has determined to delegate management
responsibility to a Board until such time as GMAC, in its sole discretion,
determines otherwise.  As of the date hereof the Board consists of the
individual listed on Exhibit A attached
hereto.

     

    (c)           The
Board may, by resolution passed by a majority of the Board, designate one or
more committees (“Committees”), which
may consist of one or more of the members of the Board.  To the extent
provided in any resolution of the Board and to the extent permissible under the
laws of the State of Delaware, any such Committee has and may exercise all the
powers and authority expressly delegated by the Board in the management of the
business and affairs of the Company.  The members of such Committees
may be elected at such time as the Board may determine in its sole
discretion.  Vacancies in any Committee may be filled at such time and
in such manner as the Board determines.  Except to the extent
otherwise provided in this Agreement or any resolution of the Board, each
Committee may fix its own rules of procedure, including (but not limited to)
rules of procedure relating to quorum, vote required for action, the holding of
meetings, and similar matters.

     

    3.2          Election; Resignation:
Vacancies.  GMAC has elected the current Board member listed on
Exhibit A, who
will hold office until the election and qualification by GMAC of such Board
member’s successor. Any member of the Board may resign at any time pursuant to
Section 5.5.  Any vacancy occurring in the Board prior to the end of a
stated term for any reason (including resignation) or any newly created
directorships resulting from an increase in number of directors pursuant to
resolution or consent of GMAC may be filled by either GMAC or by action of a
majority of the remaining Board members, notwithstanding the fact that such
majority may be less than a quorum.  Each Board member so elected will
hold office concurrent with the term of other remaining Board members or until
his successor is elected and qualified.  Notwithstanding the
foregoing, GMAC may, in its sole and absolute discretion, remove one or more of
the Board members at any time, for any reason, with or without
cause.

     

    3.3          Regular
Meetings.  Unless otherwise determined by resolution of the
Board or by GMAC, meetings of the Board for the election of officers and the
transaction of such other business as may come before it may be held with or
without notice at such places and times as the Board may determine from time to
time.

     

    3.4          Special
Meetings.  Special meetings of the Board for any purpose may be
called at any time by either GMAC, one or more Board members, the President or
the Secretary.  The Secretary will give notice of a special meeting of
the Board to all Board members at least twenty-four hours before the special
meeting.

     

    3.5          Quorum; Vote Required for
Action.  At all meetings of the Board, one-third of the full
Board constitutes a quorum for the transaction of business.  Except in
cases in which the Act, the Certificate of Formation or this Agreement otherwise
provide, the vote of a majority of the Board members present at a meeting at
which a quorum is present constitutes the act of the Board.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    3.6          Organization.

     

    (a)           The
Board will annually elect one of its members to be Chairman of the Board and
will fill any vacancy in the position of Chairman of the Board at such time and
in such manner as the Board determines.  The Chairman of the Board may
but need not be an officer of, or employed in an executive or any other capacity
by, the Company.

     

    (b)           The
Chairman of the Board will preside at meetings of the Board and lead the Board
in fulfilling its responsibilities.

     

    (c)           The
Board may also elect one of its members as Vice Chairman of the Board who will
have such duties and responsibilities as are provided by this Agreement or may
be directed by the Board or the Chairman of the Board.

     

    (d)           In
the absence of the Chairman of the Board, the Vice Chairman, or in his absence,
a Board member selected by the Board members present, will preside at meetings
of the Board.  The Secretary of the Company will act as secretary of
the meetings of the Board, but in his absence the presiding officer may appoint
a secretary for the meeting.

     

    3.7          Action by Consent of
Directors.  Unless otherwise restricted by the Act, the
Certificate of Formation of the Company or this Agreement, any action required
or permitted to be taken at any meeting of the Board, or of any Committee
thereof, may be taken without a meeting if all of the members of the Board or
such Committee, as the case may be, consent thereto in writing, and the writing
or writings are filed with the minutes of proceedings of the Board or
Committee.

     

    3.8          Action by Consent of
GMAC.  Any action required or permitted to be taken by an
annual or special meeting of the Members may be taken without prior notice, and
without a vote, if consent in writing, setting forth the action so taken, is
signed by GMAC.  Every written consent will bear the date and
signature of GMAC.

     

    3.9          Telephonic Meetings
Permitted.  Members of the Board or any Committee designated by
the Board may participate in a meeting of the Board or such Committee by means
of telephone or video conference call or similar communications whereby all
persons participating in the meeting can hear each
other.  Participation in a meeting pursuant to this provision
constitutes presence in person at such meeting.

     

    3.10          Limitations on
Powers.  Notwithstanding any provision of this Agreement to the
contrary, neither the Board members nor any officer will, without the consent of
GMAC, take any act, expend any sum, make any decision, incur any obligation or
exercise any power on behalf of the Company with respect to: (a) the Company
becoming an owner, partner, member, shareholder of any partnership, limited
liability company, or corporation; (b) any merger, consolidation, or sale of 51%
or more of the gross assets of the Company; (c) any amendment or restatement of
the organizational documents or this Agreement, except to correct scrivener’s
errors that do not change the meaning of the provisions in such organizational
documents or this Agreement; (d) any change in the character of the business and
affairs of the Company; (e) the commission of any act that would make it
impossible for the Company to carry on its ordinary business and affairs; or (f)
any act that would contravene any provision of the Certificate of Formation,
this Agreement, or the Act.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    3.11          Standard of
Care.  The Board will discharge its duties in good faith, with
the care an ordinarily prudent person in a like position would exercise under
similar circumstances, and in a manner that he or she reasonably believes to be
in the best interests of the Company.

     

    3.12          Self
Dealing.  The Members and any Affiliate of the Members may deal
with the Company, directly or indirectly, as vendor, lender, purchaser,
employee, agent or otherwise.  No contract or other act of the Company
will be voidable or affected in any manner by the fact that a Member or an
Affiliate of a Member is directly or indirectly interested in such contract or
other act apart from its interest as Member, nor will a Member or its Affiliate
be accountable to the Company or the other Member in respect of any profits
directly or indirectly realized by it by reason of such contract or other act,
and the interested Member will be eligible to vote or take any other action as
Member in respect of such contract or other act as it would be entitled were its
Affiliate not interested therein.  Notwithstanding the foregoing
provisions of this Section 3.12, (a) any such contract or other dealings between
the Company and a Member or its Affiliate will be on an arm’s length basis
between the parties and on commercially reasonable terms, and (b) a Member will
not receive or hold any property of the Company as collateral security in
respect of any claim against the Company.  For purposes of this
section, “Affiliate” means any person or entity directly or indirectly
controlling, controlled by, or under common control with, a Member.
Notwithstanding the foregoing, the parties acknowledge that any contracts or
other dealings between the Company and a subsidiary bank will be subject to
Sections 23A and 23B of the Federal Reserve Act.

     

    ARTICLE
IV

    BOOKS, RECORDS AND
ACCOUNTING

     

    4.1          Books and
Records.  The names, addresses and Capital Contributions of the
Members shall be reflected in the books and records.  The Company will
maintain complete and accurate books and records of its business and affairs,
including the capital accounts, as required by the Act.  The Company
will maintain separate books and records for the Mortgage Business Unit and the
GMAC Business Unit for management reporting purposes and to ensure accurate
Capital Contributions from, and allocation of profits and losses to, each of the
Members.  The Members will have complete access to all books and
records of the Company at the Company’s principal office during normal business
hours.

     

    4.2          Fiscal Year;
Accounting.  The Company’s fiscal year is the calendar
year.

     

    4.3          Signatures on Checks and
Negotiable Instruments.  All checks, drafts, bills of exchange,
acceptances, promissory notes, and other negotiable instruments made, accepted,
or endorsed by the Company, and all bonds, stocks, and other securities owned or
held by the Company, on transfer and delivery for sale or otherwise, will, as to
either execution, endorsement or both, be signed in such manner as GMAC, the
Board or any Committee thereof, may from time to time direct.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    ARTICLE
V

    OFFICERS

     

    5.1          Elected
Officers.  The Board will elect as officers of the Company: a
Chairman of the Board, a President and a Secretary.  The Board may
also elect persons to hold such other offices as the Board determines, including
one or more executive vice presidents and group vice
presidents.  Except as otherwise provided in this Agreement, the
President has the powers, authority, and responsibilities provided in this
Article V and the officers, other than the President, each have, in addition to
the powers, authority and responsibilities of those officers otherwise provided
herein, such powers, authority and responsibilities as the Board or the
President may determine.  A person may hold any number of offices.
Elected officers will hold their offices at the pleasure of the Board, or until
their earlier resignation.  The officers of the Company as of the date
hereof are set forth in Exhibit B
hereto.

     

    5.2          President.  The
President is the chief executive of the Company and has the general executive
responsibility for the conduct of the business and affairs of the
Company.  The President has general supervision and management powers
usually vested in the chief executive officer of a company and must exercise
such other powers, authority and responsibilities as the Board may
determine.  In the absence or during the physical disability of the
President, the Board will designate an officer to exercise the powers,
authority, and responsibilities of the President.

     

    5.3          Secretary.  The
Secretary will keep the minutes of all meetings of the Members related to the
Company and of the Board.  The Secretary will give all required
notices, have charge of such books and papers as the Board may require, and
record all votes.  The Secretary will submit such reports to the Board
or as the Board may require.  Any action or duty required to be
performed by the Secretary may be performed by an assistant
secretary.

     

    5.4          Subordinate
Officers.  The Board may from time to time appoint one or more
assistant secretaries and such other subordinate officers as the Board may deem
advisable.  Such subordinate officers will have such powers, authority
and responsibilities as the Board may from time to time
determine.  The Board may grant to the President the power and
authority to appoint subordinate officers and to prescribe their respective
terms of office, powers, authority and responsibilities.  Each
subordinate officer holds his or her position at the pleasure of the Board, the
President, and any other officer to whom such subordinate officer
reports.  In the interval between annual meetings of the Board, the
President has the power and authority to appoint such subordinate
officers.  Such subordinate officers will serve until at least the
first meeting of the Board immediately following the annual meeting of the
Member.

     

    5.5          Resignation, Removal,
Suspension and Vacancies.

     

    (a)           Any
officer or director may resign at any time by giving written notice to the
Chairman of the Board, the President, or the Secretary.  Unless
otherwise stated in a notice of resignation, the acceptance of such notice is
not necessary to make it effective; and such notice of resignation will take
effect at the time specified therein or, in the absence of such specification,
it will take effect upon the receipt thereof.  Any director or officer
may be removed by GMAC at any time, with or without cause.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    (b)           Any
officer elected by the Board may be suspended or removed at any time by the
affirmative vote of a majority of the whole Board.  Any subordinate
officer of the Company appointed by the Board or the President may be suspended
or removed at any time by a majority vote of a quorum of the Board or by the
President or any other officer to whom such subordinate officer
reports.

     

    (c)           The
President may suspend the powers, authority, responsibilities, and compensation
of any elected officer or appointed subordinate officer for a period of time
sufficient to permit the Board a reasonable opportunity to consider and act upon
a resolution relating to the reinstatement, further suspension, or removal of
such person.

     

    (d)           As
appropriate, the Board and/or the President may fill any vacancy created by the
resignation, death, retirement, or removal of an officer in the same manner as
provided for the election or appointment of such person.

     

    ARTICLE
VI

    INDEMNIFICATION

     

    6.1          Right to
Indemnification.

     

    (a)           Subject
to the other provisions of this Article VI, the Company will indemnify and
advance expenses to every Board member and every officer of the Company
appointed pursuant to Article V, and may indemnify and advance expenses to an
employee of the Company who is not a Board member or officer appointed pursuant
to Article V (and to such person’s heirs, executors, administrators or other
legal representatives) in the manner, and to the fullest extent permitted by
applicable law as it presently exists, or may hereafter be amended, against any
and all amounts (including judgments, fines, payments in settlement, attorneys’
fees and other expenses) actually and reasonably incurred by or on behalf of
such person in connection with any threatened, pending or completed action, suit
or proceeding, whether civil, criminal, administrative, investigative, formal or
informal (other than an action by or in the right of the Company) (a “Proceeding”), in
which such Board member or officer was or is made or is threatened to be made a
party or is otherwise involved by reason of the fact that such person is or was
a Board member or officer of the Company, or is or was serving at the request of
the Company as a Board member, officer, employee, fiduciary or member of any
other corporation, partnership, joint venture, trust, organization or other
enterprise.  The Company is not required to indemnify a person in
connection with a proceeding initiated by such person if the proceeding was not
authorized by the Board.  Notwithstanding the foregoing to the
contrary, no indemnification will be provided to any Board member, officer or
employee for or in connection with (i) actions taken in violation of this
Agreement; (ii) actions constituting fraud, willful misconduct, or gross
negligence; (iii) receipt of a financial benefit to which such Board member,
officer or employee is not entitled; or (iv) a knowing violation of
law.

     

    (b)           Notwithstanding
any provision of this Agreement to the contrary, any indemnification will be
fully subordinated to any obligations respecting the property or assets of the
Company and will not constitute a claim against the Company if cash flow is
insufficient to pay such obligations.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    6.2          Advancement of Expenses of
Directors and Officers.  The Company will pay the expenses of
Board members and officers, and may, in its discretion, pay the expenses of
employees, incurred in defending any proceeding in advance of its final
disposition, provided, however, that the payment of expenses incurred in advance
of the final disposition of the proceeding will be made only upon receipt of an
undertaking by the Board member, officer or employee to repay all amounts
advanced if it should be ultimately determined that such Board member, officer,
or employee is not entitled to be indemnified under this Article VI or
otherwise.

     

    6.3          Claims by Officers or
Directors.  If a claim for indemnification or advancement of
expenses by an officer or Board member under Article VI of this Agreement is not
paid in full within ninety days after a written claim therefor has been received
by the Company, the claimant may file suit to recover the unpaid amount of such
claim and, if successful in whole or in part, is entitled to be paid the expense
of prosecuting such claim.  In any such action, the Company has the
burden of proving that the claimant was not entitled to the requested
indemnification or advancement of expenses under applicable law.

     

    6.4          Non-Exclusivity
Rights.  The rights conferred on any person by this Article VI
are not exclusive of any other rights that such person may now have or hereafter
acquire under any statute, provision of the Articles, this Agreement, action of
the Member or disinterested Board members, or otherwise.

     

    6.5          Other
Indemnification.  The Company’s obligation, if any, to
indemnify any person who was or is serving at its request as a director, officer
or employee of another corporation, partnership, joint venture, trust,
organization or other enterprise will be reduced by any amount such person may
collect as indemnification from such other corporation, partnership, joint
venture, trust, organization or other enterprise.

     

    6.6          Insurance.  The
Board may, to the fullest extent permitted by applicable law, authorize an
appropriate officer or officers to purchase and maintain at the Company’s
expense insurance: (a) to indemnify the Company for any obligation that it
incurs as a result of the indemnification of Board members, officers and
employees under the provisions of this Article VI; and (b) to indemnify or
insure Board members, officers and employees against liability in instances in
which they may not otherwise be indemnified by the Company under the provisions
of this Article VI.

     

    6.7          Modification or
Repeal.  Any modification or repeal of the foregoing provisions
of this Article VI will not adversely affect any right or protection hereunder
of any person in respect of any act or omission occurring prior to the time of
such modification or repeal.

     

    ARTICLE
VII

    DISSOLUTION AND WINDING
UP

     

    7.1          Winding Up and Liquidation
of the Company.

     

    Upon the
dissolution of the Company, GMAC will wind up the affairs of the Company,
liquidate the property and assets of the Company, and apply and distribute the
proceeds of such liquidation in the following priority:

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (1)

            	
              to
      the expenses of liquidation;

            

    

     

    
      	
               
      

            	
              (2)

            	
              to
      the payment of all debts and liabilities of the Company, including debts
      owed to the Members and taxes;

            

    

     

    
      	
               
      

            	
              (3)

            	
              to
      the establishment of such reserves as GMAC deems necessary or advisable to
      provide for any contingent or unforeseen liabilities or obligations of the
      Company, except, that after the expiration of such period of time as GMAC
      deems appropriate, the balance of such reserves remaining after payment of
      such contingencies will be distributed in the manner hereinafter set
      forth;

            

    

     

    
      	
               
      

            	
              (4)

            	
              to
      the holder of the Class M Preferred Units in an amount equal to the Class
      M Preferred Unit Redemption Price, multiplied by the number of Class M
      Preferred Units then held by such person, plus any authorized but unpaid
      Preferred Distributions; and

            

    

     

    
      	
               
      

            	
              (5)

            	
              any
      remaining proceeds will be distributed on a pro rata basis to GMAC (in its
      capacity as the holder of the Class A Common Units) and the holders of
      Class M Common Units (including GMAC in its capacity as a holder of Class
      M Common Units) based on the amounts in each Member’s capital account at
      the time of dissolution.

            

    

     

    7.2          Certificate of
Cancellation.  After the affairs of the Company have been wound
up and the Company terminated, the Company will execute and file a certificate
of cancellation with the Secretary of State of Delaware.

     

    ARTICLE
VIII

    MISCELLANEOUS

     

    8.1          Notice.  Any
notice required to be given by this Agreement may be given personally, by
facsimile, or in writing by delivery to the United States postal system in a
postpaid envelope directed to such address as appears in the records of the
Company, or, in default of other address, to the general post office in
Wilmington, New Castle County, Delaware. Such notice will be deemed to be given
at the time of receipt of such notice, except as otherwise provided in this
Agreement.

     

    8.2          Waiver of
Notice.  Whenever any notice is required to be given, a waiver
thereof in writing, signed by the person or persons entitled to the notice,
whether before or after the time stated therein, will be deemed equivalent
thereto.  Attendance of a person at a meeting constitutes a waiver of
notice of such meeting, except when the person attends a meeting for the express
purpose of objecting, at the beginning of the meeting, to the transaction of any
business because the meeting is not lawfully called or
convened.  Neither the business to be transacted at, nor the purpose
of, any regular or special meeting of the Members or Board need be specified in
any written waiver of notice.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    8.3          Form of
Records.  Any records maintained by the Company in the regular
course of its business, including its books of account and minute books, may
be kept on, or be
in the form of, punch cards, magnetic tape, photographs, microphotographs, or
any other information storage device, provided that the records so kept can be
converted into clearly legible form within a reasonable time.

     

    8.4          Amendment of this
Agreement.  The Members may adopt, amend or repeal this
Agreement by mutual agreement.

     

    8.5          Assignment.  Each
Member may at any time assign in whole or in part its limited liability company
interest in the Company.  If any Member transfers all or any portion
of its interest in the Company as permitted by this Section 8.5, the
transferee shall be admitted to the Company upon its execution of an instrument
signifying its agreement to be bound by the terms and conditions of this
Agreement.  Such admission shall be deemed effective immediately prior
to the transfer, and, immediately following such admission, in the event of the
transfer of all of a Member’s interest in the Company, such transferor Member
shall cease to be a member of the Company.

     

    8.6          Terms.  Nouns
and pronouns will be deemed to refer to the masculine, feminine, neuter,
singular and plural, as the identity of the person(s), firm, or corporation may
in the context require.

     

    8.7          Article and Section
Headings.  The headings in this Agreement are inserted for
clarification and identification only, and are in no way intended to describe,
interpret, define, or limit the scope or intent of any of the provisions of this
Agreement.

     

    8.8          Governing
Law.  This Agreement is governed by, and construed and enforced
in accordance
with, the laws of Delaware.

     

    8.9          Construction.  As
noted in Section 3.1, GMAC has delegated responsibility for management of the
Company to the Board.  If at any time, however, GMAC decides to
disband the Board and resume management of the Company, then all references to
“Board” or “Board of Directors” herein will be deemed to be references to GMAC,
where appropriate.

     

    (signature
page to follow)

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    
      
        
          
            
              
                
                  
                    	
                            GMAC
      LLC

                          
	
                            a
      Delaware limited liability company, Member

                          
	 
      	 
      
	
                            By:

                          	 /s/
      Robert S. Hull 
	 
      	
                                 
      Name: Robert S. Hull

                          
	 
      	
                                 
      Title:   EVP and Chief Financial Officer

                          
	 
      	 
      
	
                            RESIDENTIAL
      CAPITAL, LLC

                          
	
                            a
      Delaware limited liability company, Member

                          
	 
      	 
      
	
                            By:

                          	 /s/
      James N. Young 
	 
      	
                                 
      Name: James N. Young

                          
	 
      	
                                 
      Title:   Chief Financial
Officer

                          

                  

                

              

            

          

        

      

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    EXHIBIT
A

    

    Board of
Directors

     

    As of January 30,
2009

     

    William
F. Muir

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
B

    

    Officers

     

    As of January 30,
2009

     

    
      
        
          	
                  William
      F. Muir

                	
                  President
      and Chairman of the Board

                
	
                  Cathy
      L. Quenneville

                	
                  Secretary

                

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
I

    Outstanding Units Held by
Members

     

    As of January 30,
2009

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        Class of Units

                                      	 	
                                        Name and Address

                                      	 	
                                        Number of Units

                                      	 
	 
      	 	 
      	 	 	 
	
                                        Class
      A Common

                                      	 	
                                        GMAC
      LLC

                                        767
      5th
      Avenue, 24th
      Floor

                                        New
      York, NY  10171

                                      	 	 	2,000,000	 
	 
      	 	 
      	 	 	 	 
	
                                        Class
      M Common

                                      	 	
                                        Residential
      Capital, LLC

                                        1
      Meridian Crossings, 

                                        Minneapolis,
      MN 55423

                                      	 	 	1,193,656	 
	 
      	 	 
      	 	 	 	 
	
                                        Class
      M Preferred

                                      	 	
                                        GMAC
      LLC

                                        767
      5th
      Avenue, 24th
      Floor

                                        New
      York, NY  10171

                                      	 	 	806,344

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