Document:

exv4w1

 

Exhibit 4.1

EXECUTION COPY

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

OF

GMAC LLC

 

Dated as of November 30, 2006

 

THE MEMBERSHIP INTERESTS REPRESENTED BY THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY
OPERATING AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH INTERESTS MAY NOT BE SOLD, ASSIGNED,
PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS
OR EXEMPTION THEREFROM AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY
SET FORTH HEREIN.

THE MEMBERSHIP INTERESTS REPRESENTED BY THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY
OPERATING AGREEMENT ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THIS
AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT.

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	 	Page
	 
	 	 	 	 	 	 

	 	 	 	 	 	 	 
	Article I DEFINITIONS; INTERPRETATIVE MATTERS	 	2
	 

	 	Section 1.1
	 	Definitions
	 	2
	 

	 	Section 1.2
	 	Cross-References
	 	17
	 

	 	Section 1.3
	 	Interpretative Matters
	 	19
	 

	 	Section 1.4
	 	Expert Determination of Fair Market Value
	 	20
	 
	 	 	 	 	 	 
	Article II ORGANIZATIONAL MATTERS; GENERAL PROVISIONS	 	20
	 

	 	Section 2.1
	 	Formation
	 	20
	 

	 	Section 2.2
	 	Name; Office; Registered Agent
	 	21
	 

	 	Section 2.3
	 	Purposes; Powers
	 	21
	 

	 	Section 2.4
	 	Duration
	 	22
	 

	 	Section 2.5
	 	No State Law Partnership
	 	22
	 

	 	Section 2.6
	 	Filings; Qualification in Other Jurisdictions
	 	22
	 

	 	Section 2.7
	 	United States Income Tax Classification
	 	22
	 
	 	 	 	 	 	 
	Article III CAPITALIZATION; MEMBERSHIP INTERESTS	 	23
	 

	 	Section 3.1
	 	Membership Interests; Initial Capitalization; Initial Capital Accounts
	 	23
	 

	 	Section 3.2
	 	Authorization and Issuance of Additional Membership Interests
	 	24
	 

	 	Section 3.3
	 	Application of Article 8 of the Uniform Commercial Code
	 	25
	 

	 	Section 3.4
	 	Certification of Membership Interests
	 	25
	 

	 	Section 3.5
	 	Capital Accounts
	 	26
	 

	 	Section 3.6
	 	Time of Adjustment for Capital Contributions
	 	27
	 

	 	Section 3.7
	 	No Right of Partition
	 	27
	 

	 	Section 3.8
	 	Additional Capital Contributions and Financing
	 	27
	 
	 	 	 	 	 	 
	Article IV SCHEDULE OF MEMBERS; BOOKS AND RECORDS; AFFIRMATIVE COVENANTS	 	27
	 

	 	Section 4.1
	 	Schedule of Members
	 	27
	 

	 	Section 4.2
	 	Books and Records; Other Documents
	 	27
	 

	 	Section 4.3
	 	Reports and Audits
	 	28
	 

	 	Section 4.4
	 	Tax Matters Member; Filing of Returns
	 	29
	 

	 	Section 4.5
	 	Financial Statements and Other Information
	 	31
	 

	 	Section 4.6
	 	Independent Auditor
	 	33
	 

	 	Section 4.7
	 	Budget and Business Plan
	 	33
	 

	 	Section 4.8
	 	Company Policies
	 	34
	 
	 	 	 	 	 	 
	Article V DISTRIBUTIONS	 	34
	 

	 	Section 5.1
	 	Distributions other than from a Company Sale or Dissolution
	 	34
	 

	 	Section 5.2
	 	Mandatory Distributions of Available Cash from a Company Sale or Dissolution
	 	37
	 

	 	Section 5.3
	 	Discretionary Distributions
	 	38

i

 

TABLE OF CONTENTS (Cont’d)

	 	 	 	 	 	 	 
	 

	 	Section 5.4
	 	Successors
	 	38
	 

	 	Section 5.5
	 	Distributions of Assets other than Cash
	 	39
	 

	 	Section 5.6
	 	No Set-Off
	 	39
	 
	 	 	 	 	 	 
	Article VI ALLOCATIONS	 	39
	 

	 	Section 6.1
	 	Normal Allocations
	 	39
	 

	 	Section 6.2
	 	Section 754 Election
	 	39
	 

	 	Section 6.3
	 	Allocations for Tax and Book Purposes
	 	40
	 

	 	Section 6.4
	 	Certain Accounting Matters
	 	40
	 

	 	Section 6.5
	 	Tax Allocations; Code Section 704(c)
	 	40
	 

	 	Section 6.6
	 	Qualified Income Offset
	 	40
	 

	 	Section 6.7
	 	Gross Income Allocation
	 	41
	 

	 	Section 6.8
	 	Company Minimum Gain Chargeback
	 	41
	 

	 	Section 6.9
	 	Member Nonrecourse Debt Minimum Gain Chargeback
	 	41
	 

	 	Section 6.10
	 	Limitations on Tax Book Loss Allocations
	 	41
	 

	 	Section 6.11
	 	Member Nonrecourse Deductions
	 	41
	 

	 	Section 6.12
	 	Nonrecourse Deductions
	 	41
	 

	 	Section 6.13
	 	Excess Nonrecourse Liabilities
	 	42
	 

	 	Section 6.14
	 	Ordering Rules
	 	42
	 

	 	Section 6.15
	 	Curative Allocations
	 	42
	 

	 	Section 6.16
	 	Members’ Tax Reporting
	 	42
	 

	 	Section 6.17
	 	Indemnification and Reimbursement for Payments on Behalf of a Member
	 	42
	 
	 	 	 	 	 	 
	Article VII RIGHTS AND DUTIES OF MEMBERS	 	43
	 

	 	Section 7.1
	 	Members
	 	43
	 

	 	Section 7.2
	 	No Management or Dissent Rights
	 	43
	 

	 	Section 7.3
	 	No Member Fiduciary Duties
	 	43
	 

	 	Section 7.4
	 	Meetings of the Common Holders
	 	44
	 

	 	Section 7.5
	 	Notice of Meetings
	 	45
	 

	 	Section 7.6
	 	Quorum
	 	45
	 

	 	Section 7.7
	 	Voting
	 	45
	 

	 	Section 7.8
	 	Action Without a Meeting; Telephonic Meetings
	 	47
	 

	 	Section 7.9
	 	Record Date
	 	47
	 

	 	Section 7.10
	 	Certain Matters Requiring Special Approval of the Joint Majority Holders
	 	47
	 

	 	Section 7.11
	 	Certain Matters Requiring Special Approval of the Majority Preferred Holders
	 	51
	 

	 	Section 7.12
	 	Certain Matters Requiring Special Approval of the Treasurer of GM
	 	52
	 

	 	Section 7.13
	 	Removal or Resignation of Members
	 	52
	 

	 	Section 7.14
	 	Liability of Members
	 	52
	 

	 	Section 7.15
	 	Investment Representations of Members
	 	53
	 

	 	Section 7.16
	 	Project Agreements
	 	53
	 

	 	Section 7.17
	 	Non-Competition
	 	53

ii

 

TABLE OF CONTENTS (Cont’d)

	 	 	 	 	 	 	 
	Article VIII BOARD OF MANAGERS; OFFICERS	 	54
	 

	 	Section 8.1
	 	Establishment of Board of Managers
	 	54
	 

	 	Section 8.2
	 	General Powers of the Board of Managers
	 	54
	 

	 	Section 8.3
	 	Election of Managers
	 	54
	 

	 	Section 8.4
	 	Meetings
	 	56
	 

	 	Section 8.5
	 	Notice of Meetings
	 	57
	 

	 	Section 8.6
	 	Quorum
	 	57
	 

	 	Section 8.7
	 	Voting
	 	57
	 

	 	Section 8.8
	 	Action Without a Meeting; Telephonic Meetings
	 	58
	 

	 	Section 8.9
	 	Certain Matters Requiring Special Manager Approval
	 	58
	 

	 	Section 8.10
	 	Certain Matters Requiring Special Independent Manager Approval
	 	59
	 

	 	Section 8.11
	 	Certain Matters Requiring Board Discussion
	 	60
	 

	 	Section 8.12
	 	Compensation of Managers; Expense Reimbursement
	 	60
	 

	 	Section 8.13
	 	Committees of the Board of Managers
	 	61
	 

	 	Section 8.14
	 	Delegation of Authority
	 	62
	 

	 	Section 8.15
	 	Officers
	 	62
	 

	 	Section 8.16
	 	Standard of Care; Fiduciary Duties; Liability of Managers and Officers
	 	64
	 
	 	 	 	 	 	 
	Article IX TRANSFER OF MEMBERSHIP INTERESTS; SUBSTITUTED MEMBERS	 	66
	 

	 	Section 9.1
	 	Limitations on Transfer of Membership Interests
	 	66
	 

	 	Section 9.2
	 	Right of First Offer; Co-Sale Rights
	 	67
	 

	 	Section 9.3
	 	Void Transfers
	 	70
	 

	 	Section 9.4
	 	Substituted Member
	 	70
	 

	 	Section 9.5
	 	Effect of Transfer
	 	71
	 

	 	Section 9.6
	 	Additional Transfer Restrictions
	 	71
	 

	 	Section 9.7
	 	Transfer Fees and Expenses
	 	72
	 

	 	Section 9.8
	 	Effective Date
	 	72
	 

	 	Section 9.9
	 	Acceptance of Prior Acts
	 	72
	 
	 	 	 	 	 	 
	Article X DISSOLUTION	 	73
	 

	 	Section 10.1
	 	In General
	 	73
	 

	 	Section 10.2
	 	Liquidation and Termination
	 	73
	 

	 	Section 10.3
	 	Complete Distribution
	 	73
	 

	 	Section 10.4
	 	Filing of Certificate of Cancellation
	 	74
	 

	 	Section 10.5
	 	Reasonable Time for Winding Up
	 	74
	 

	 	Section 10.6
	 	Return of Capital
	 	74
	 

	 	Section 10.7
	 	Antitrust Laws
	 	74
	 

	 	Section 10.8
	 	Other Remedies
	 	74
	 
	 	 	 	 	 	 
	Article XI INDEMNIFICATION	 	75
	 

	 	Section 11.1
	 	General Indemnity
	 	75
	 

	 	Section 11.2
	 	Fiduciary Insurance
	 	76
	 

	 	Section 11.3
	 	Rights Non-Exclusive
	 	76
	 

	 	Section 11.4
	 	Merger or Consolidation; Other Entities
	 	76

iii

 

TABLE OF CONTENTS (Cont’d)

	 	 	 	 	 	 	 
	 

	 	Section 11.5
	 	No Member Recourse
	 	76
	 
	 	 	 	 	 	 
	Article XII OTHER AGREEMENTS	 	76
	 

	 	Section 12.1
	 	Transactions with Affiliates
	 	76
	 

	 	Section 12.2
	 	Public Offering
	 	77
	 

	 	Section 12.3
	 	Preemptive Rights
	 	78
	 

	 	Section 12.4
	 	Take-Along Rights
	 	80
	 

	 	Section 12.5
	 	Optional Redemption of Preferred Membership Interests
	 	82
	 

	 	Section 12.6
	 	Transactions Involving Blocker Corps
	 	83
	 

	 	Section 12.7
	 	Auto Finance and Other Separate Businesses
	 	85
	 
	 	 	 	 	 	 
	Article XIII CONFIDENTIALITY	 	85
	 

	 	Section 13.1
	 	Non-Disclosure
	 	85
	 

	 	Section 13.2
	 	Exceptions
	 	85
	 
	 	 	 	 	 	 
	Article XIV MISCELLANEOUS PROVISIONS	 	87
	 

	 	Section 14.1
	 	Amendments
	 	87
	 

	 	Section 14.2
	 	Remedies 91	 	 
	 

	 	Section 14.3
	 	Notice Addresses and Notices
	 	87
	 

	 	Section 14.4
	 	Counterparts
	 	87
	 

	 	Section 14.5
	 	Assignment
	 	88
	 

	 	Section 14.6
	 	Entire Agreement; Waiver
	 	88
	 

	 	Section 14.7
	 	Severability
	 	88
	 

	 	Section 14.8
	 	Governing Law
	 	88
	 

	 	Section 14.9
	 	Independent Contractors; Expenses
	 	88
	 

	 	Section 14.10
	 	Press Release
	 	89
	 

	 	Section 14.11
	 	Survival
	 	89
	 

	 	Section 14.12
	 	Creditors
	 	89
	 

	 	Section 14.13
	 	Further Action
	 	89
	 

	 	Section 14.14
	 	Delivery by Facsimile or Email
	 	89
	 

	 	Section 14.15
	 	Strict Construction
	 	89
	 

	 	Section 14.16
	 	Consent to Jurisdiction
	 	90
	 

	 	Section 14.17
	 	Waiver of Jury Trial
	 	90
	 

	 	Section 14.18
	 	Specific Performance
	 	90

iv

 

TABLE OF CONTENTS (Cont’d)

SCHEDULES AND EXHIBITS

Schedule of Members

Schedule of Initial Officers

Schedule of Material Subsidiaries

Schedule of Significant Joint Ventures

Exhibit A—Description of IO Business

Exhibit B—Description of NAO Business

Exhibit C—Project Agreements

Exhibit D—Transaction Documents

Exhibit E—Company Policies

Exhibit F—Environmental Guidelines

Exhibit G—Affiliate Transactions

Exhibit H—Replacement Capital Covenant

v

 

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

OF

GMAC LLC,

A DELAWARE LIMITED LIABILITY COMPANY

     This AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT of GMAC LLC, a
Delaware limited liability company, (the “Company”), is made and entered into as of
November 30, 2006 (the “Effective Date”) by and among GM Finance Co. Holdings LLC, a
Delaware limited liability company (“GM Holdco”), FIM Holdings LLC, a Delaware limited
liability company (“FIM”), GMAC Management LLC, a Delaware limited liability company
(“Management Company”), and GM Preferred Finance Co. Holdings Inc., a Delaware corporation
(“GM Preferred Holdco”), as Members, and each other Person who at any time becomes a Member
in accordance with the terms of this Agreement and the Act.

RECITALS:

	A.	 	The Company is a worldwide diversified financial services company that directly, and
indirectly through its Subsidiaries, provides automotive and non-automotive financing and
leasing, insurance, banking, mortgage lending and other services to a variety of affiliated
and unaffiliated consumer and commercial customers.
	 
	B.	 	General Motors Corporation (“GM”), GM Holdco, the Company and FIM have entered into
that certain Purchase and Sale Agreement, dated as of April 2, 2006 (the “Purchase
Agreement”), pursuant to which (i) FIM has agreed to purchase (A) 51,000 Class A
Membership Interests from GM and (B) 555,000 Preferred Membership Interests from the Company,
and (ii) GM has agreed to purchase, directly or indirectly through one or more of its
Subsidiaries, 1,555,000 Preferred Membership Interests from the Company.
	 
	C.	 	On July 20, 2006, General Motors Acceptance Corporation, a Delaware corporation (the
“Predecessor”), was converted from a Delaware corporation to the Company, and GM, as
the initial Member of the Company, executed that certain Limited Liability Company Agreement
of the Company (the “Original Agreement”).
	 
	D.	 	On November 22, 2006, GM executed that certain Amendment to Limited Liability Company
Agreement of the Company, thereby amending certain provisions of the Original Agreement (the
“First Amendment”), and, contemporaneous therewith, subscribed for 1,477,250 Preferred
Membership Interests of the Company.
	 
	E.	 	On November 28, 2006, (i) GM contributed to GM Holdco 49,000 Class B Membership Interests of
the Company, (ii) GM Preferred Holdco subscribed for 77,750 Preferred Membership Interests of
the Company and (iii) contemporaneous with the transactions contemplated by clauses (i) and
(ii) above, each of GM Holdco and GM Preferred Holdco executed and delivered a joinder to the
Original Agreement, as amended by the First Amendment, thereby becoming additional Members of
the Company.

 

 

	F.	 	Contemporaneous with the execution and delivery of this Agreement and the consummation of the
transactions contemplated by the Purchase Agreement, GM contributed to GM Preferred Holdco
1,477,250 Preferred Membership Interests of the Company.
	 
	G.	 	The Company and Management Company have entered into a subscription agreement dated November
30, 2006 pursuant to which Management Company has subscribed for, and the Company has agreed
to allot and issue to Management Company, up to 5,820 Class C Membership Interests of the
Company, to be issued in one or more series from time to time.
	 
	H.	 	The parties hereto desire to amend and restate the First Amended Agreement (i) to admit FIM
and Management Company as additional Members, (ii) to reflect GM’s withdrawal as a Member of
the Company, (iii) to set forth the terms for the issuance of the Class C Membership Interests
of the Company and (iv) to set forth, inter alia, their understandings and agreements
regarding the governance and certain operations of the Company.

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants, conditions and
agreements herein contained, the parties hereto, each intending to be legally bound, agree that the
Original Agreement, as amended by the First Amendment, is hereby amended and restated in its
entirety, and further agree as follows:

ARTICLE I

DEFINITIONS; INTERPRETATIVE MATTERS

     Section 1.1 Definitions. The following terms, as used herein, shall have the
following meanings:

     “Act” means the Delaware Limited Liability Company Act, 6 Del. C. Sections 18-101 et
seq.

     “Additional Member” means any Person that has been admitted to the Company as a Member
after the Effective Date pursuant to Section 3.2(b) by virtue of having received its
Membership Interest from the Company and not from any other Member.

     “Adjusted Capital Account Balance” means, with respect to any Member, the balance in
such Member’s Capital Account after giving effect to the following adjustments:

	 	(i)	 	debits to such Capital Account of the items described in
Section 1.704-1(b)(2)(ii)(d)(4) through (6) of the Treasury Regulations; and
	 
	 	(ii)	 	credits to such Capital Account of such Member’s share of
Company Minimum Gain or Member Nonrecourse Debt Minimum Gain or any
amount which such Member would be required to restore under this Agreement
or otherwise.

2

 

The foregoing definition of Adjusted Capital Account Balance is intended to comply with the
provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations.

     “Affiliate” means, with respect to any Person, any other Person that, directly or
indirectly, whether through one or more intermediaries, Controls, is Controlled by or is under
common Control with such Person, excluding any employee benefit plan or related trust.

     “Agreed Initial Value” means $14,417,647,059, as adjusted pursuant to Section 3.4 of
the Purchase Agreement.

     “Agreement” means this Amended and Restated Limited Liability Company Operating
Agreement and those Exhibits and Schedules attached hereto.

     “Antitrust Law” means any Law relating to the preservation of or restraint against
competition in commercial activities, including the United States Hart-Scott-Rodino Antitrust
Improvements Act of 1976.

     “Available Cash” means (i) all cash and cash equivalents on hand of the Company from
any source, less (ii) cash reasonably reserved by the Company or reasonably anticipated by the
Board of Managers to be required (after application of anticipated cash revenues from any source)
for debts and expenses, interest and scheduled principal payments on any indebtedness, capital
expenditures, replacements, taxes or activities in the business of the Company and its
Subsidiaries.

     “Bankruptcy” means, with respect to any Person, the occurrence of any of the following
events: (i) the filing of an application by such Person for, or a consent to, the appointment of a
trustee or custodian of such Person’s assets; (ii) the filing by such Person of a voluntary
petition in bankruptcy or the seeking of relief under Title 11 of the United States Code, or the
filing of a pleading in any court of record admitting in writing such Person’s inability to pay its
debts as they become due; (iii) the making by such Person of a general assignment for the benefit
of creditors; (iv) the filing by such Person of an answer admitting the material allegations of, or
such Person’s consenting to, or defaulting in answering, a bankruptcy petition filed against him in
any bankruptcy proceeding or petition seeking relief under Title 11 of the United States Code; or
(v) the entry of any order, judgment or decree by any court of competent jurisdiction adjudicating
such Person a bankrupt or insolvent or for relief in respect of such Person or appointing a trustee
or custodian of such Person’s assets and the continuance of such order, judgment or decree unstayed
and in effect for a period of sixty consecutive calendar days.

     “Blocker Corp” shall mean a direct or indirect equityholder of the Company that (i) is
an entity organized under the laws of any State of the United States, (ii) is treated as a “C”
corporation for federal income tax purposes and (iii) has never engaged in any business activity
other than owning either (A) a direct or an indirect membership interest in the Company or (B) a
direct or indirect interest in certain businesses or assets of the Company, and activities
ancillary thereto.

3

 

     “Business Day” means any calendar day other than a Saturday, a Sunday or any other day
on which commercial banks in Detroit, Michigan or New York, New York are authorized or required to
close.

     “Call Option” means the call option with respect to the NAO Business and the IO
Business granted by the Company in favor of GM Holdco and its Affiliates pursuant to Article X of
the Purchase Agreement.

     “Capital Contributions” means any cash or cash equivalents or the Fair Market Value of
other property that a Member contributes to the Company with respect to any Membership Interests or
other Equity Securities issued pursuant to Article III (net of any liabilities assumed by
the Company or to which such property is subject).

     “Cause” means, with respect to any Independent Manager, one or more of the following:
(i) the commission of a felony or other crime involving moral turpitude or the commission of an act
involving dishonesty or fraud with respect to the Company or any of its Subsidiaries or any of
their customers or suppliers; (ii) any act undertaken with the intent of aiding or abetting a
competitor, supplier or customer of the Company or any of its Subsidiaries to the disadvantage or
detriment of the Company and its Subsidiaries; (iii) any breach of fiduciary duty, gross negligence
or willful misconduct with respect to the Company or any of its Subsidiaries, in each case which is
detrimental to the Company in any material respect; (iv)(A) continued abuse of alcohol or illegal
drugs, (B) repeated public drunkenness or (C) other repeated conduct (1) causing the Company or its
Subsidiaries public disgrace or disrepute or economic harm or (2) materially impairing such
Independent Manager’s ability to perform his or her duties and responsibilities as a Manager of the
Company; or (v) any breach of his or her obligations of confidentiality to the Company or any of
its Subsidiaries.

     “Certificate of Formation” means the Certificate of Formation of the Company filed
with the Secretary of State of the State of Delaware on July 20, 2006.

     “Class A Holders” means the holders of the Class A Membership Interests.

     “Class A Membership Interest” means a Membership Interest having the rights and
obligations specified with respect to Class A Membership Interests in this Agreement.

     “Class B Holders” means the holders of the Class B Membership Interests.

     “Class B Membership Interest” means a Membership Interest having the rights and
obligations specified with respect to Class B Membership Interests in this Agreement.

     “Class C Holders” means the holders of any series of the Class C Membership Interests.

     “Class C Membership Interest” means a Membership Interest, issued in one or more
series, having the rights and obligations specified with respect to Class C Membership Interests in
this Agreement. Each series of Class C Membership Interests shall be consecutively numbered,
commencing with the Class C-1 Membership Interests authorized under this Agreement.

4

 

     “Class C-1 Holders” means the holders of the Class C-1 Membership Interests.

     “Code” means the United States Internal Revenue Code of 1986 and, to the extent
applicable, any Treasury Regulations promulgated thereunder.

     “Common Holders” means the holders of the Common Membership Interests.

     “Common Membership Interests” means, collectively, the Class A Membership Interests
and the Class B Membership Interests.

     “Company Interest” means, with respect to a particular Common Holder at any time, the
quotient expressed as a percentage obtained by dividing (i) the number of Common Membership
Interests held by such Common Holder at such time, by (ii) the number of Common Membership
Interests held by all Common Holders at such time (which, immediately following the consummation of
the transactions contemplated by the Purchase Agreement, will be forty-nine percent (49%) for GM
Holdco and fifty-one percent (51%) for FIM), as adjusted from time to time pursuant to Article
III and Article IX.

     “Company Minimum Gain” shall have the meaning set forth in Section 1.704-2(b)(2) of
the Treasury Regulations for “partnership minimum gain” and, as provided therein, shall generally
be determined by computing, for each Nonrecourse Debt of the Company, any Tax Book Profit that the
Company would realize if it disposed of the property subject to that liability for no consideration
other than full satisfaction of the liability and then aggregating the separate amounts of Tax Book
Profit so computed.

     “Company Sale” means a transaction with a third Person that is not an Affiliate of the
Company or group of third Persons that, acting in concert, do not collectively constitute
Affiliates of the Company, pursuant to which such Person or Persons acquire, in any single
transaction or series of related transactions, (i) all of the outstanding Equity Securities of the
Company, (ii) all or substantially all of the assets of the Company and its Subsidiaries or (iii)
Equity Securities of the Company authorized and issued following the Effective Date and possessing
the voting power to elect a majority of the Board of Managers (or any similar governing body of any
surviving or resulting Person).

     “Competing Business” means any business operating in any country in which the Company
and its Subsidiaries actively operate as of the Effective Date that provides wholesale vehicle
inventory insurance, extended service contract coverage and mechanical protection products and
services, in each case, with a net financial book value exceeding $100 million; provided,
however, that this definition of “Competing Business” shall not include personal lines of
insurance or any business (i) currently conducted by any member of the GM Group, provided that any
wholesale vehicle inventory insurance, extended service contract coverage or mechanical protection
products and services operations within such business shall not have during the non-competition
period set forth in Section 7.17 a net financial book value exceeding $100 million, or (ii)
that may be acquired and expanded by any member of the GM Group pursuant to the Call Option from
and after the date of such acquisition or expansion.

5

 

     “Confidential Information” means, collectively, all documents and information that, in
each case, is non-public, confidential or proprietary in nature concerning the Company (including
commercial information and information with respect to customers, suppliers, vendors and
proprietary technologies or processes), the Members or their Affiliates that was or may in the
future be furnished to the Company, any Member or any of their respective Affiliates in connection
with (i) the transactions leading up to and contemplated by this Agreement and the Purchase
Agreement, including the terms hereof and thereof, or (ii) the operation and activities of the
Company; provided that any such information will not be Confidential Information if it is
(A) otherwise available to the public through no wrongful action by such Member or Affiliate or (B)
otherwise in the rightful possession of such Member or Affiliate from any third Person having, to
the knowledge of such Member or Affiliate after reasonable inquiry, no obligation of
confidentiality with respect to such information to the other Members or the Company or any of its
Subsidiaries, as applicable.

     “Control,” “Controlled” or “Controlling” means, with respect to any
Person, any circumstance in which such Person is directly or indirectly controlled by another
Person by virtue of the latter Person having the power to (i) elect, or cause the election of
(whether by way of voting capital stock, by contract, trust or otherwise), the majority of the
members of the Board of Managers or a similar governing body of the first Person, or (ii) direct
(whether by way of voting capital stock, by contract, trust or otherwise) the affairs and policies
of such Person.

     “Depreciation” means, for each Fiscal Year, an amount equal to the depreciation,
amortization or other cost recovery deduction as reported for federal income tax purposes with
respect to an asset for such year or other period, except that if the Tax Book Value of an asset
differs from its adjusted basis for federal income tax purposes, Depreciation shall be an amount
which bears the same ratio to such beginning Tax Book Value as the federal income tax depreciation,
amortization or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted
tax basis; provided, however, that if the adjusted basis for federal income tax
purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation shall be determined
with reference to such beginning Tax Book Value using any reasonable method selected by the Board
of Managers.

     “Distribution” means each distribution after the Effective Date made by the Company to
a Member, whether in cash, property or securities of the Company, pursuant to, or in respect of,
Article V or Article X.

     “Entity” means any general partnership, limited partnership, corporation, association,
cooperative, joint stock company, trust, limited liability company, business or statutory trust,
joint venture, unincorporated organization or Governmental Entity.

     “Equity Incentive Plan” means the equity incentive plan adopted by Management Company
on November 30, 2006.

     “Equity Securities” means, as applicable, (i) any capital stock, membership or limited
liability company interests or other share capital, (ii) any securities directly or indirectly
convertible into or exchangeable for any capital stock, membership or limited liability company
interests or other share capital or containing any profit participation features, (iii) any rights
or

6

 

options directly or indirectly to subscribe for or to purchase any capital stock, membership
or limited liability company interests, other share capital or securities containing any profit
participation features or to subscribe for or to purchase any securities directly or indirectly
convertible into or exchangeable for any capital stock, membership or limited liability company
interests, other share capital or securities containing any profit participation features, (iv) any
share appreciation rights, phantom share rights or other similar rights, or (v) any Equity
Securities issued or issuable with respect to the securities referred to in clauses (i) through
(iv) above in connection with a combination of shares, recapitalization, merger, consolidation,
conversion or other reorganization.

     “Excess Nonrecourse Liability” means an “excess nonrecourse liability” within the
meaning of Section 1.752-3(a)(3) of the Treasury Regulations.

     “Exchange Act” means the United States Securities Exchange Act of 1934.

     “Fair Market Value” means (i) in reference to the Company or Membership Interests, the
fair market value for the Company or such Membership Interests as between a willing buyer and a
willing seller in an arm’s length transaction occurring on the date of valuation, taking into
account all relevant factors determinative of value, as reasonably determined by the Board of
Managers, (ii) in reference to property or assets owned by the Company, the fair market value of
such property or assets as reasonably determined by the Board of Managers, and (iii) in reference
to property or assets other than the Company, Membership Interests or properties or assets owned by
the Company (including any property or assets contributed to the Company after the Effective Date),
the fair market value of such property or assets as reasonably determined by the Board of Managers
(including at least a majority of the Independent Managers); provided that if the Majority
Minority Holders disagree with the Fair Market Value determined pursuant to clause (i), (ii) or
(iii) above, then the Majority Minority Holders shall have the right to require that the Fair
Market Value be submitted to expert determination in accordance with Section 1.4.

     “Financial Book Income” means the net financial book income of the Company and its
Subsidiaries on a consolidated basis as determined in accordance with GAAP for the applicable
period. For purposes of Section 5.1, Financial Book Income shall be determined prior to
giving effect to any Distributions with respect to the Preferred Membership Interests pursuant to
Section 5.1(a).

     “Fiscal Quarter” means each fiscal quarter of the Company and its Subsidiaries, ending
on the last day of each of March, June, September and December of any Fiscal Year unless otherwise
required by the Code or, subject to Section 8.9(f), as otherwise determined by the Board of
Managers.

     “Fiscal Year” means the fiscal year of the Company and shall be the same as its
taxable year, which shall be the year ending December 31 unless otherwise required by the Code or,
subject to Section 8.9(f), as otherwise determined by the Board of Managers. Each Fiscal
Year shall commence on the day immediately following the last day of the immediately preceding
Fiscal Year.

7

 

     “GAAP” means accounting principles generally accepted in the United States of America
as in effect from time to time, consistently applied and maintained throughout the applicable
periods both as to classification or items and amounts.

     “GM Consolidated Group” means GM and the other members of the affiliated group of
corporations (within the meaning of Section 1504(a) of the Code) of which GM is the common parent.

     “GM Group” means GM and each of the other members of the GM Consolidated Group, other
than the Company and its Subsidiaries.

     “Governmental Entity” means the United States of America or any other nation, any
state, province or other political subdivision, any international or supra national entity, or any
entity exercising executive, legislative, judicial, regulatory or administrative functions of
government, including any court, in each case having jurisdiction over the Company or any of its
Subsidiaries or any of the property or other assets of the Company or any of its Subsidiaries.

     “Indebtedness” means, for any Person at the time of any determination, without
duplication, and without including any amounts owed by such Person to the Company or any
wholly-owned Subsidiary of the Company, the following obligations, contingent or otherwise: (i) all
obligations for borrowed money, (ii) all obligations evidenced by notes, bonds, debentures,
acceptances or similar instruments, or arising out of letters of credit or bankers’ acceptances
issued for such Person’s account, (iii) all obligations, whether or not assumed, secured by any
Lien or payable out of the proceeds or production from any property or assets now or hereafter
owned or acquired by such Person other than a Permitted Lien, (iv) the capitalized portion of lease
obligations under capitalized leases, (v) all obligations arising from installment purchases of
property or representing the deferred purchase price of property or services in respect of which
such Person is liable, contingently or otherwise, as obligor or otherwise, other than trade
payables and other current liabilities incurred in the Ordinary Course of Business, (vi) all
obligations of such Person upon which interest charges are customarily paid or accrued, and (vii)
any other obligations, contingent or otherwise, of such Person that, in accordance with GAAP,
should be classified upon the balance sheet of such Person as indebtedness, other than trade
payables and other current liabilities incurred in the Ordinary Course of Business.

     “Independent Manager” means an individual who: (i) is not, and has not been, a
director, a manager, an officer or an employee, and has no immediate family member (as defined
below) that is or has been a director, a manager, an officer or an employee within the last three
years, of the Company, any Common Holder that has the right to elect a Manager pursuant to
Section 8.3, GM, Cerberus Capital Management L.P., Citigroup Inc., Aozora Bank Limited or
PNC Bank, (ii) is not, and has not been, an officer, an employee or a consultant, and has no
immediate family member that is or has been an officer, an employee or a consultant within the last
three years, of any Affiliate of the Company, of any Common Holder that has the right to elect a
Manager pursuant to Section 8.3, GM, Cerberus Capital Management L.P., Citigroup Inc.,
Aozora Bank Limited or PNC Bank, (iii) has not received, and has no immediate family member who has
received, during any twelve-month period within the last three years, more than $100,000 in direct
compensation from the Company, any Common Holder that has the right to elect a Manager pursuant to
Section 8.3, GM, Cerberus Capital Management L.P., Citigroup Inc.,

8

 

Aozora Bank Limited or PNC Bank, other than director and committee fees and pension or other
forms of deferred compensation for prior service, provided such compensation is not
contingent in any way on continued service; (iv)(A) is not, and has no immediate family member that
is, a current partner of a firm that is the internal or external auditor of the Company, any Common
Holder that has the right to elect a Manager pursuant to Section 8.3, GM, Cerberus Capital
Management L.P., Citigroup Inc., Aozora Bank Limited, PNC Bank or their respective Affiliates, (B)
is not a current employee of such a firm, (C) has no immediate family member who is a current
employee of such a firm and who participates in the firm’s audit, assurance or tax compliance (but
not tax planning) practice, or (D) has not been, and has no immediate family member that has been,
within the last three years (but is no longer) a partner or an employee of such a firm and
personally worked on the audit within that time of the Company, any Common Holder that has the
right to elect a Manager pursuant to Section 8.3, GM, Cerberus Capital Management L.P.,
Citigroup Inc., Aozora Bank Limited, PNC Bank or their respective Affiliates; (v) is not, and has
not been, employed as an executive officer, and has no immediate family member that is or has been
employed as an executive officer, of another Entity where any of the Company’s or its Subsidiaries’
present executive officers at the same time serves or served on such Entity’s compensation
committee within the last three years; (vi) is not a current employee, and has no immediate family
member who is a current executive officer, of an Entity that has made payments to, or received
payments from, the Company or any Common Holder that has the right to elect a Manager pursuant to
Section 8.3 for property or services in an amount which, in any of the last three fiscal
years, exceeds the greater of $1 million or two percent (2%) of such other Entity’s consolidated
gross revenues; (vii) is “financially literate” (as defined in the Corporate Governance Rules of
the New York Stock Exchange, as in effect from time to time); and (viii) is otherwise “independent”
(as defined in the Listed Company Manual of the New York Stock Exchange, as in effect from time to
time). In addition, one of the Independent Managers elected pursuant to Section
8.3(a)(iii), the Independent Manager elected pursuant to Section 8.3(a)(iv) and each
Independent Manager elected pursuant to Section 8.3(b) (other than one Independent Manager
elected by the Common Holders, if any, that are entitled to elect more than one Independent Manager
pursuant to Section 8.3(b)) shall be (or shall have previously been) a director or senior
executive officer of an Entity engaged in a substantial financial services business, or otherwise
has or has had a substantial involvement (as an advisor, expert or otherwise) in the financial
services industry. For purposes of this definition, “immediate family member” means an
individual’s spouse, parents and parents-in-law, siblings and siblings-in-law, children and
children-in-law, and any other Person (other than domestic employees) who shares such individual’s
home.

     “Initial Class A Holders” means FIM or any Person holding Class A Membership Interests
originally acquired by FIM on the Effective Date that were Transferred to such Person either (i) in
one or more Transfers occurring after the Effective Date, all of which Transfers constituted Exempt
Transfers (other than a Transfer of any Class A Membership Interests pursuant to clause (iii) of
the definition of “Exempt Transfer” to any Person who is not a direct equityholder of FIM or an
Affiliate thereof as of the Effective Date), or (ii) in one or a series of related Transfers
resulting in such Person holding at least seventy percent (70%) of such Class A Membership
Interests.

     “Initial Class B Holders” means GM Holdco or any Person holding Class B Membership
Interests held by GM Holdco on the Effective Date that were Transferred to such Person either

9

 

(i) in one or more Transfers occurring after the Effective Date, all of which Transfers
constituted Exempt Transfers, or (ii) in one or a series of related Transfers resulting in such
Person holding at least seventy percent (70%) of such Class B Membership Interests (any such Person
acquiring Class B Membership Interests pursuant to clause (ii) above, a “GM Control
Assignee”).

     “IO Business” means the business and operations as described in Section IV of that
certain Confidential Information Package regarding the Company, dated as of November 12, 2005 (as
reproduced in Exhibit A), including (i) the Company’s international auto finance operations
located on the Effective Date in at least thirty-two markets in Europe, Latin America and Asia
Pacific, (ii) wholesale and retail automotive financing products, including full-service leasing
and fleet management, as well as strategic alliances to provide private-label financing to
companies, such as Suzuki, and (iii) all employees, systems, property, equipment, intellectual
property, and other tangible and intangible assets primarily related to the businesses described in
clauses (i) and (ii) above, in each case, as such businesses and operations may be modified or
further develop or evolve following the Effective Date.

     “IRS” means the United States Internal Revenue Service.

     “Issuer” means the Company, any direct or indirect Subsidiary of the Company or any
successor to the Company, any of the Equity Securities of which the Company distributes to the
holders of Membership Interests or that are received or receivable by the holders of Membership
Interests in connection with a transaction contemplated by Section 12.2.

     “Joint Majority Holders” means (i) for so long as each of the Initial Class A Holders
and the Initial Class B Holders each hold in excess of twenty percent (20%) of the Voting Power,
each of (A) the Majority Initial Class A Holders and (B) the Majority Initial Class B Holders,
voting separately, (ii) at any time that the Initial Class A Holders hold in excess of twenty
percent (20%) of the Voting Power and the Initial Class B Holders do not hold in excess of twenty
percent (20%) of the Voting Power, the Majority Initial Class A Holders, voting separately, and
(iii) at any time that the Initial Class B Holders hold in excess of twenty percent (20%) of the
Voting Power and the Initial Class A Holders do not hold in excess of twenty percent (20%) of the
Voting Power, the Majority Initial Class B Holders, voting separately. For the avoidance of doubt,
(1) for so long as the Initial Class A Holders and the Initial Class B Holders each hold in excess
of twenty percent (20%) of the Voting Power, any approval, consent or other determination hereunder
required to be made by the Joint Majority Holders shall require the mutual and joint approval,
consent or determination of (x) the Majority Initial Class A Holders, independently voting together
as a separate class, and (y) the Majority Initial Class B Holders, independently voting together as
a separate class, and (2) Voting Power means the combined Voting Power of the Class A Membership
Interests and the Class B Membership Interests.

     “Law” means any applicable law, statute, ordinance, rule, regulation, code, order,
judgment, tax ruling, injunction or decree of any Governmental Entity, including any Law relating
to the protection of the environment.

10

 

     “License Agreement” means that certain Trademark and Trade Name License Agreement,
dated as of November 30, 2006, by and among the Company, GM and those of GM’s Subsidiaries from
time to time party thereto.

     “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of
any kind (including any conditional sale or other title retention agreement or lease in the nature
thereof), any sale of receivables with recourse against the Company or any of its Subsidiaries, any
filing or agreement to file a financing statement as a debtor under the Uniform Commercial Code or
any similar statute of any jurisdiction other than to reflect ownership by a third Person of
property leased to the Company or any of its Subsidiaries under a lease that is not in the nature
of a conditional sale or title retention agreement.

     “Majority Class A Holders” means, at any time, the holders of a majority of the Class
A Membership Interests then outstanding.

     “Majority Class B Holders” means, at any time, the holders of a majority of the Class
B Membership Interests then outstanding.

     “Majority Initial Class A Holders” means, at any time, the holders of a majority of
the Class A Membership Interests then outstanding held by the Initial Class A Holders.

     “Majority Initial Class B Holders” means, at any time, the holders of a majority of
the Class B Membership Interests then outstanding held by the Initial Class B Holders.

     “Majority Minority Holders” means, at any time, the holders of a majority of the
Membership Interests then held by the Minority Holders.

     “Majority Preferred Holders” means, at any time, the holders of a majority of the
Preferred Membership Interests then outstanding.

     “Management Holders” means the holders of units in Management Company.

     “Management Units” means the class C membership interests issued by Management Company
in one or more series. Each series of class C membership interests issued by Management Company
shall be consecutively numbered, commencing with the class C-1 membership interests authorized by
Management Company on the Effective Date.

     “Material Subsidiary” means each Subsidiary listed on the Schedule of Material
Subsidiaries and each other Subsidiary of the Company that from time to time may be designated
as a Material Subsidiary by the Joint Majority Holders.

     “Member” means GM Holdco, FIM, GM Preferred Holdco, Management Company and each other
Person who is hereafter admitted as a member of the Company in accordance with the terms of this
Agreement and the Act. The Members shall constitute the “members” (as such term is defined in the
Act) of the Company. Except as otherwise set forth herein or in the Act, the Members shall
constitute a single class or group of members of the Company for all purposes of the Act and this
Agreement.

11

 

     “Member Nonrecourse Debt” means any Company liability to the extent such liability is
nonrecourse for purposes of Section 1.1001-2 of the Treasury Regulations, and a Member (or related
Person within the meaning of Section 1.752-4(b) of the Treasury Regulations) bears the economic
risk of loss with respect to such liability under Section 1.752-2 of the Treasury Regulations.

     “Member Nonrecourse Debt Minimum Gain” shall have the meaning set forth in Section
1.704-2(i)(2) of the Treasury Regulations for “partner nonrecourse debt minimum gain.”

     “Member Nonrecourse Deductions” shall have the meaning set forth in Treasury
Regulations Section 1.704-2(i) for “partner nonrecourse deductions.”

     “Membership Interest” means the class or classes of limited liability company
interests of a Member in the Company, as set forth opposite such Member’s name on the Schedule
of Members hereto from time to time, including such Member’s share of the Tax Book Profits and
Tax Book Losses of the Company, and also the right of such Member to any and all of the benefits to
which such Member may be entitled as provided in this Agreement and in the Act, together with the
obligations of such Member to comply with all the provisions of this Agreement and of the Act. The
Company may issue whole or fractional Membership Interests pursuant to the terms of this Agreement.

     “Minority Holders” means, at any time, (i) the Initial Class A Holders, if the
Majority Initial Class B Holders have the right to elect a greater number of Managers than the
Majority Initial Class A Holders pursuant to Section 8.3, or (ii) the Initial Class B
Holders, if the Majority Initial Class A Holders have the right to elect a greater number of
Managers than the Majority Initial Class B Holders pursuant to Section 8.3.

     “NAO Business” means the business and operations as described in Section III of that
certain Confidential Information Package regarding the Company, dated as of November 12, 2005 (as
reproduced in Exhibit B), including (i) the Company’s United States and Canadian auto
finance operations as well as Nuvell, (ii) financial services and products provided to automotive
dealerships and retail automotive consumers, including prime and non-prime retail and lease
financing, wholesale/floorplan financing, dealer loans, servicing (including Semperian), and
remarketing (including SmartAuction), and (iii) all employees, systems, property, equipment,
intellectual property, and other tangible and intangible assets primarily related to the businesses
described in clauses (i) and (ii) above, in each case, as such businesses and operations may be
modified or further develop or evolve following the Effective Date.

     “Nonrecourse Debt” means any Company liability to the extent that no Member or related
Person bears the economic risk of loss for such liability under Section 1.752-2 of the Treasury
Regulations.

     “Nonrecourse Deductions” shall have the meaning set forth in Treasury Regulations
Section 1.704-2(b)(1).

     “Ordinary Course of Business” means the ordinary course of the business of the Company
(including the Predecessor) and its Subsidiaries.

12

 

     “Outstanding Securities” means, with respect to any Person and at any time of
determination, the aggregate number of common Equity Securities of such Person then issued and
outstanding, determined on a fully diluted basis.

     “Permitted Additional Membership Interests” means (i) Membership Interests issued
and/or created and issued following the Effective Date that are junior to, or rank pari passu with,
the Common Membership Interests with respect to distributions from Available Cash or upon a sale or
liquidation of the Company and in connection with the issuance and/or creation and issuance
thereof, the voting and approval rights of the holders of the Common Membership Interests are not
amended, changed or terminated, or (ii) additional Preferred Membership Interests issued and/or
created and issued following the Effective Date, provided that the Preferred Capital
Amounts with respect to such additional Preferred Membership Interests shall not exceed $3 billion
in the aggregate. For the avoidance of doubt, (x) the granting of approval rights to any holder of
Permitted Additional Membership Interests and (y) any dilution resulting from the issuance of such
Permitted Additional Membership Interests each shall not be deemed a change to the voting and
approval rights of the Common Holders hereunder, except as otherwise provided by the terms of the
Permitted Additional Membership Interests.

     “Permitted Liens” means:

	 	(i)	 	Liens securing Indebtedness that (A) is not required to be
approved or (B) has been approved, in either case, pursuant to the approval
rights set forth herein;
	 
	 	(ii)	 	Liens with respect to taxes, assessments and other governmental
charges or levies not yet due and payable or actively contested in good faith;
	 
	 	(iii)	 	deposits or pledges made in the Ordinary Course of Business in
connection with, or to secure payment of, utilities or similar services,
workers’ compensation, unemployment insurance, old age pensions or other social
security, governmental insurance and governmental benefits, or to secure the
performance of tenders, statutory obligations, surety and appeal bonds, bids,
leases, government contracts, performance and return of money bonds and similar
obligations;
	 
	 	(iv)	 	purchase money Liens in any property acquired by the Company or
any of its Subsidiaries in the Ordinary Course of Business to the extent
permitted by this Agreement;
	 
	 	(v)	 	interests or title of a licensor, licensee, lessor or sublessor
under any license or lease permitted by this Agreement;
	 
	 	(vi)	 	Liens in respect of property of the Company or any of its
Subsidiaries imposed by Law which were incurred in the Ordinary Course of
Business, such as warehousemen’s, mechanic’s, statutory landlord’s,
materialmen’s, carriers’ or contractors’ liens or encumbrances or any similar
Lien or restriction for amounts not yet due and payable; and

13

 

	 	(viii)	 	easements, rights-of-way, restrictions and other similar charges and
encumbrances on real property and minor defects or irregularities in the title
thereof that do not (A) secure obligations for the payment of money or (B)
materially impair the value of such property or its use by the Company or any
of its Subsidiaries in the Ordinary Course of Business.

     “Person” means any individual or Entity.

     “Preferred Accrued Distribution Amount” means, with respect to each Preferred
Membership Interest during any Fiscal Quarter, the amount accruing on the Unreturned Preferred
Capital Amount of such Preferred Membership Interest on a daily basis during such Fiscal Quarter,
at a rate of ten percent (10%) per annum. For the avoidance of doubt, the Preferred Accrued
Distribution Amount shall be non-cumulative such that if such amount is not paid with respect to
any Fiscal Quarter within the time period contemplated by Section 5.1(a), then it shall be
reduced to zero.

     “Preferred Capital Amount” means, for any Preferred Membership Interest, $1,000.00.

     “Preferred Holders” means the holders of the Preferred Membership Interests.

     “Preferred Membership Interest” means a Membership Interest having the rights and
obligations specified with respect to Preferred Membership Interests in this Agreement.

     “Project Agreements” means those certain agreements between the Company and its
Subsidiaries, on the one hand, and the Members and their Affiliates, on the other hand, set forth
on Exhibit C.

     “Public Offering” means an underwritten sale to the public of the Company’s (or its
successor’s) Equity Securities pursuant to an effective registration statement filed with the SEC
on Form S-1 and after which the Company’s (or its successor’s) Equity Securities are listed on the
New York Stock Exchange or the American Stock Exchange or are quoted on The NASDAQ Stock Market;
provided that a Public Offering shall not include any issuance of Equity Securities in any
merger or other business combination, and shall not include any registration of the issuance of
Equity Securities to existing securityholders or employees of the Company and its Subsidiaries on
Form S-4 or Form S-8.

     “Qualified Public Offering” means one or a series of Public Offerings by the Issuer
and/or one or more securityholders of the Issuer that results in at least twenty percent (20%) of
the issued and outstanding common stock (or equivalent Equity Securities) of the Issuer at the time
of such determination having been sold at such time or previously through a Public Offering or
Public Offerings.

     “Rating Agencies” means, collectively, Moody’s Investors Service, Inc., Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and Fitch Ratings.

     “Registration Rights Agreement” means that certain Registration Rights Agreement,
dated as of the Effective Date, by and among the Company, GM Holdco, FIM, Management Company and
each of the other Persons from time to time party thereto.

14

 

     “Required Capital Amount” means a minimum amount of equity capital of the Company
equal to the net book value of the Company as of the Effective Date, as determined in accordance
with GAAP and as adjusted for any Purchase Price Adjustments (as defined in the Purchase
Agreement).

     “SEC” means the United States Securities and Exchange Commission.

     “Senior Executive Officers” means, collectively, the Chief Executive Officer, the
Presidents and the Chief Financial Officer.

     “Significant Joint Venture” means each joint venture listed on the Schedule of
Joint Ventures and each other joint venture of which the Company or any of its Subsidiaries
holds Equity Securities and that from time to time may be designated as a Significant Joint Venture
by the Joint Majority Holders.

     “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association, bank, savings bank, or other organization or business entity,
whether incorporated or unincorporated, which is consolidated with such Person for financial
reporting purposes under GAAP; provided that the term “Subsidiary” shall, with respect to
the Company, include GMAC Bank GmbH and its Subsidiaries. For purposes hereof, references to a
“Subsidiary” of any Person shall be given effect only at such times that such Person has one or
more Subsidiaries and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of
the Company.

     “Substituted Member” means any Person that has been admitted to the Company as a
Member pursuant to Section 9.4 by virtue of such Person receiving all or a portion of a
Membership Interest from a Member and not from the Company.

     “Tax Amount” means, for each year, the amount of federal, state and local
income taxes (net of all tax credits) that would be payable by a New York City individual resident
in respect of all income allocable to the Common Holders under this Agreement (as reported on
the applicable Internal Revenue Service Form Schedule K-1) as determined by the Board of
Managers in good faith, taking into account, for example, a net loss for such resident in a prior
year to the extent it offsets income allocable in a current year.

     “Tax Book Profit” and “Tax Book Loss” means, for each Fiscal Year, or
other period, an amount equal to the Company’s taxable income or loss for such year or period,
determined in accordance with Section 703(a) of the Code; provided that for this purpose,
all items of income, gain, loss or deduction required to be stated separately pursuant to Section
703(a)(1) of the Code shall be included in taxable income or loss, with the following adjustments:

	 	(i)	 	any income of the Company that is exempt from federal income
tax and not otherwise taken in account in computing Tax Book Profit or Tax Book
Loss pursuant to this provision shall be added to such taxable income or loss;
	 
	 	(ii)	 	any expenditures of the Company described in Section
705(a)(2)(B) of the Code or treated as Code Section 705(a)(2)(B) expenditures
pursuant to

15

 

	 	 	 	Section 1.704-1(b)(2)(iv)(i) of the Treasury Regulations, and not otherwise
taken into account in computing Tax Book Profit or Tax Book Loss pursuant to
this provision, shall be subtracted from such taxable income or loss;
	 
	 	(iii)	 	gain or loss resulting from any disposition of any asset of
the Company with respect to which gain or loss is recognized for federal income
tax purposes shall be computed by reference to the Tax Book Value of the asset
disposed of as determined under Treasury Regulations Section 1.704-1(b)(2)(iv),
notwithstanding that the adjusted tax basis of such asset may differ from such
Tax Book Value;
	 
	 	(iv)	 	in lieu of depreciation, amortization and other cost recovery
deductions taken into account in computing such taxable income or loss, there
shall be taken in account Depreciation for such Fiscal Year, computed as
provided in this Agreement; and
	 
	 	(vi)	 	in the event the Tax Book Value of any Company asset is
adjusted to reflect the Fair Market Value of such asset in accordance with the
last sentence of the definition of “Tax Book Value,” the amount of such
adjustment shall be taken into account as gain or loss from the disposition of
such asset for purposes of computing Tax Book Profit or Tax Book Loss.

If the Company’s taxable income or loss for such Fiscal Year, as adjusted in the manner provided
above, is a positive amount, such amount shall be Company’s Tax Book Profit for such Fiscal Year,
and, if a negative amount, such amount shall be the Company’s Tax Book Loss for such Fiscal Year.

     “Tax Book Value” of an asset means, as of any particular date, the value at which the
asset is properly reflected on the books and records of the Company as of such date in accordance
with Section 1.704-1(b)(2)(iv) of the Treasury Regulations as follows:

	 	(i)	 	The initial Tax Book Value of each asset shall be its cost,
unless such asset was contributed to the Company by a Member, in which case the
initial Tax Book Value shall be the Fair Market Value for such asset by the
Board of Managers, and, in each case, such Tax Book Value shall thereafter be
adjusted for Depreciation with respect to such asset rather than for the cost
recovery deductions to which Company is entitled for federal income tax
purposes with respect thereto.
	 
	 	(ii)	 	At the discretion of the Board of Managers, the Tax Book Values
of all Company assets shall be adjusted to equal their respective Fair Market
Values, as reasonably determined by the Board of Managers, as of the following
times:

16

 

	 	(A)	 	the acquisition of an additional interest in
the Company by any new or existing Member in exchange for more than a
de minimis additional Capital Contribution;
	 
	 	(B)	 	the Distribution by the Company to a Member of
more than a de minimis amount of the Company assets, including money,
if, as a result of such Distribution, such Member’s interest in the
Company is reduced;
	 
	 	(C)	 	the liquidation of the Company within the
meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); and
	 
	 	(D)	 	at any other time, as permitted by the Treasury
Regulations.

     “Total Interest” means, with respect to a particular Member at any time, the quotient
expressed as a percentage obtained by dividing (i) the number of Common Membership Interests or
Class C Membership Interests, as the case may be, held by such Member at such time, by (ii) the
number of Common Membership Interests and Class C Membership Interests, in the aggregate, held by
all Members at such time.

     “Transaction Documents” means the agreements and other documents set forth on
Exhibit D.

     “Transfer” means any sale, transfer, assignment (other than a contingent assignment
for the benefit of creditors), exchange, or other disposition of an interest (whether with or
without consideration, whether voluntarily or involuntarily or by operation of Law). The terms
“Transferee,” “Transferor,” “Transferred,” and other forms of the word
“Transfer” shall have the correlative meanings.

     “Treasury Regulations” means the regulations, including temporary regulations,
promulgated by the United States Treasury Department under the Code.

     “Unreturned Preferred Capital Amount” means, for any Preferred Membership Interest, as
of any time, an amount equal to the excess, if any, of (i) the Preferred Capital Amount of such
Preferred Membership Interest, over (ii) the aggregate amount of Distributions made by the Company
prior to such time with respect to such Preferred Membership Interest under, or in respect of,
Section 5.2(a)(ii).

     “1940 Act” means the United States Investment Company Act of 1940.

     Section 1.2 Cross-References. In addition to the terms set forth in Section
1.1, the following terms are defined in the text of this Agreement in the locations specified
below:

	 	 	 
	Term 	 	Cross-Reference
	Acceptance/Rejection Notice

	 	Section 9.2(c)
	Accepted Offer

	 	Section 9.2(d)
	Accepting Offering Members

	 	Section 9.2(d)
	Agents

	 	Section 13.1

17

 

	 	 	 
	Term 	 	Cross-Reference
	Audit Committee

	 	Section 8.13(d)
	Blocker Corp Interests

	 	Section 12.6(a)
	Board of Managers

	 	Section 8.1
	Capital Account

	 	Section 3.5
	Capmark

	 	Section 12.7
	Chairman

	 	Section 8.3(a)(v)
	Chief Executive Officer

	 	Section 8.15(c)(i)
	Chief Financial Officer

	 	Section 8.15(c)(iii)
	Class A Managers

	 	Section 8.3(a)(i)
	Class B Managers

	 	Section 8.3(a)(ii)
	Class C-1 Membership Interests

	 	Section 3.1(a)
	Co-Sale Member

	 	Section 9.2(f)
	Co-Sale Offer

	 	Section 9.2(b)
	Company

	 	Preamble
	Compensation Committee

	 	Section 8.13(e)
	Credit Downgrade

	 	Section 5.3
	Direct Conflict

	 	Section 8.7
	Distributable Amount

	 	Section 5.1(b)
	Effective Date

	 	Preamble
	Exempt Transfer

	 	Section 9.1
	FIM

	 	Preamble
	First Amendment

	 	Recitals
	GM

	 	Recitals
	GM Control Assignee

	 	Definition of “Initial Class B Holders”
	GM Holdco

	 	Preamble
	GM Preferred Holdco

	 	Preamble
	Hurdle Rate

	 	Section 5.1(b)(ii)
	Indemnified Persons

	 	Section 11.1(a)
	Independent Auditor

	 	Section 4.6
	Indirect Conflict

	 	Section 8.7
	Managers

	 	Section 8.1
	Newco

	 	Section 12.6(a)
	Offer

	 	Section 9.2(b)
	Offering Members

	 	Section 9.2(b)
	Offered Membership Interests

	 	Section 9.2(a)
	Officers

	 	Section 8.15(a)
	Original Agreement

	 	Recitals
	Pass-through Entity

	 	Section 9.6(d)
	Predecessor

	 	Recitals
	Preemptive Holder

	 	Section 12.3(a)
	Preemptive Offer

	 	Section 12.3(a)
	Preemptive Offer Period

	 	Section 12.3(a)
	Preemptive Reoffer Period

	 	Section 12.3(c)
	Preemptive Securities

	 	Section 12.3(a)
	Preemptive Share

	 	Section 12.3(b)

18

 

	 	 	 
	Term 	 	Cross-Reference
	President

	 	Section 8.15(c)(ii)(A)
	President, Auto Finance

	 	Section 8.15(c)(ii)(B)
	Pro Rata Share

	 	Section 9.2(f)
	Proceeding

	 	Section 11.1(a)
	Purchase Agreement

	 	Recitals
	Purchasing Holder

	 	Section 12.3(f)
	Redemption Date

	 	Section 12.5(b)
	Redemption Notice

	 	Section 12.5(b)
	Redemption Value

	 	Section 12.5(b)
	Regulatory Allocations

	 	Section 6.15
	ResCap

	 	Section 12.7
	Sale Notice

	 	Section 9.2(a)
	Secretary

	 	Section 8.15(c)(iv)
	Subinterest

	 	Section 12.7
	Tax Matters Member

	 	Section 4.4
	Ten Percent Holders

	 	Section 9.2(b)
	Transferring Holder

	 	Section 9.2(a)
	Voting Power

	 	Section 7.7(a)

     Section 1.3 Interpretative Matters. In this Agreement, unless otherwise specified or
where the context otherwise requires:

          (a) the headings of particular provisions of this Agreement are inserted for convenience only
and will not be construed as a part of this Agreement or serve as a limitation or expansion on the
scope of any term or provision of this Agreement;

          (b) words importing any gender shall include other genders;

          (c) words importing the singular only shall include the plural and vice versa;

          (d) the words “include,” “includes” or “including” shall be deemed to be followed by the words
“without limitation”;

          (e) the words “hereof,” “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement;

          (f) references to “Articles,” “Exhibits,” “Sections” or “Schedules” shall be to Articles,
Exhibits, Sections or Schedules of or to this Agreement;

          (g) references to any Person include the heirs, executors, administrators, legal
representatives, successors and permitted assigns of such Person where the context so permits;

          (h) the use of the words “or,” “either” and “any” shall not be exclusive;

          (i) wherever a conflict exists between this Agreement and any other agreement, this Agreement
shall control but solely to the extent of such conflict;

19

 

          (j) references to “$” mean the lawful currency of the United States of America;

          (k) references to any agreement, contract, guideline, exhibit or schedule, unless otherwise
stated, are to such agreement, contract, guideline, exhibit or schedule as amended, amended and
restated, replaced, substituted, modified or supplemented from time to time in accordance with the
terms hereof and thereof; and

          (l) references to any Law or a particular provision of any Law, unless otherwise stated, are
to such Law and any successor Law or to such provision of Law and the corresponding provision in
any successor Law, as applicable.

     Section 1.4 Expert Determination of Fair Market Value. If the Majority Minority
Holders disagree with the Fair Market Value determined pursuant to clause (i), (ii) or (iii) of the
definition of “Fair Market Value,” then the Majority Minority Holders shall have twenty calendar
days following the date of the Board of Managers’ valuation to make a written request to the
Independent Managers requiring the Independent Managers to engage, on behalf of the Company, an
investment bank of national reputation to determine such Fair Market Value. In the event that the
Minority Holders collectively hold less than twenty-five percent (25%) of the Common Membership
Interests at the time of such request, then the Majority Minority Holders shall include in such
request their determination of the Fair Market Value. The investment bank engaged by the Company
shall determine the Fair Market Value based on the factors referenced in clause (i) of the
definition of “Fair Market Value” and otherwise taking into consideration such factors as it deems
relevant. The fees, costs and expenses of such investment bank shall be paid, (i) if the Minority
Holders collectively hold twenty-five percent (25%) or more of the Common Membership Interests at
the time of such request of the Majority Minority Holders to engage an investment bank, by the
Company, or (ii) if the Minority Holders collectively hold less than twenty-five percent (25%) of
the Common Membership Interests at the time of such request of the Majority Minority Holders to
engage an investment bank, either (A) by the Company if the investment bank’s determination of the
Fair Market Value is closer to the Fair Market Value determined by the Majority Minority Holders or
(B) by the Majority Minority Holders (pro rata based upon their relative Percentage Interests), if
the investment bank’s determination of the Fair Market Value is closer to the Fair Market Value
determined by the Board of Managers.

ARTICLE II

ORGANIZATIONAL MATTERS; GENERAL PROVISIONS

     Section 2.1 Formation.

          (a) The Company was converted to a limited liability company under the Act by the filing of a
certificate of conversion and the Certificate of Formation with the Secretary of State of the State
of Delaware on July 20, 2006. The Members agree to continue the Company as a limited liability
company under the Act, upon the terms and subject to the conditions set forth in this Agreement.
Effective as of the Effective Date, GM shall be deemed to have withdrawn as a Member of the Company
and shall have no further rights or obligations

20

 

hereunder in its capacity as a Member of the
Company, other than (i) its indemnification right pursuant to Article XI and (ii) its
obligations pursuant to Section 7.17.

          (b) The rights, duties and liabilities of the Members shall be as provided in the Act, except
as otherwise provided herein. To the extent that the rights, powers, duties, obligations and
liabilities of any Members are different by reason of any provision of this Agreement than they
would be in the absence of such provision, this Agreement shall, to the extent permitted by the
Act, control.

     Section 2.2 Name; Office; Registered Agent.

          (a) The name of the Company is GMAC LLC. Subject to Section 8.9(e), the Board of
Managers may change the name of the Company at any time and from time to time. Prompt notification
of any such change shall be given to all Members. The Company may conduct business under its name,
the name “GMAC” pursuant to the License Agreement, or, subject to the terms of the License
Agreement, one or more assumed names approved by the Board of Managers from time to time. The
Company shall continue to use the trade name and trademark “GMAC” in connection with GM-directed
automotive consumer and dealer finance incentive, and other promotional programs involving GM
products for which GM compensates GMAC, except as provided for in the License Agreement or as
otherwise may be agreed by the Company and the Joint Majority Holders; provided that such
requirement shall terminate at such time as the GM Control Assignee constitutes the Majority
Initial Class B Holder. Except as provided for in the License Agreement, the Company may not use
any names, trade names, service marks or logos of any Member or any of its Affiliates without the
prior written consent of such Member or Affiliate.

          (b) The Company’s principal office shall be located at 200 Renaissance Center, Detroit,
Michigan 48265-2000, or such other location in the United States of America as the Board of
Managers shall designate from time to time in the manner provided by Law, which need not be in the
State of Delaware, and the Company shall maintain records at such place. The Company may maintain
offices at such other place or places as the Board of Managers deems advisable. Prompt notice of
any change in the principal office shall be given to all Members.
The Company’s initial registered agent in the State of Delaware for the service of process is
as identified in the Certificate of Formation filed with the Secretary of State of the State of
Delaware. The Board of Managers may from time to time change the registered agent, and any such
change shall be reflected in appropriate filings with the Secretary of State of the State of
Delaware.

     Section 2.3 Purposes; Powers.

          (a) The nature of the business or purposes to be conducted or promoted by the Company is to
engage in any lawful act or activity for which limited liability companies may be organized under
the Act. The Company may engage in any and all activities necessary, desirable or incidental to
the accomplishment of the foregoing. Notwithstanding anything herein to the contrary, nothing set
forth herein shall be construed as authorizing the Company to possess any purpose or power, or to
do any act or thing, forbidden by Law to a limited liability company organized under the Laws of
the State of Delaware.

21

 

          (b) Subject to the provisions of this Agreement and except as prohibited by Law, (i) the
Company may, with the approval of the Board of Managers, enter into, deliver and perform any and
all agreements, consents, deeds, contracts, proxies, covenants, bonds, checks, drafts, bills of
exchange, notes, acceptances and endorsements, and all evidences of indebtedness and other
documents, instruments or writings of any nature whatsoever, all without any further act, vote or
approval of any Member, and (ii) the Board of Managers may, pursuant to Section 8.14,
authorize (including by general delegated authority) any Person (including any Member, Manager or
Officer) to enter into, deliver and perform on behalf of the Company any and all agreements,
consents, deeds, contracts, proxies, covenants, bonds, checks, drafts, bills of exchange, notes,
acceptances and endorsements, and all evidences of indebtedness and other documents, instruments or
writings of any nature whatsoever.

          (c) Subject to the other provisions of this Agreement, the Company shall do all things
necessary to maintain its existence separate and apart from each Member and any Affiliate of any
Member, including holding regular meetings of the Board of Managers and maintaining its books and
records on a current basis separate from that of any Affiliate of the Company or any other Person.

     Section 2.4 Duration. The period of the Company’s duration commenced on the
commencement of the existence of the Predecessor and shall continue in full force and effect in
perpetuity; provided that Company may be dissolved and wound up in accordance with the
provisions of this Agreement and the Act.

     Section 2.5 No State Law Partnership. The Members intend that the Company shall not
be a partnership (including a limited partnership) or joint venture, and that no Member, Manager or
Officer shall be a partner or joint venturer of any other Member, Manager or Officer by virtue of
this Agreement, for any purposes
other than as is set forth in the penultimate sentence of Section 2.7, and this
Agreement shall not be construed to the contrary.

     Section 2.6 Filings; Qualification in Other Jurisdictions. The Company shall prepare,
following the execution and delivery of this Agreement, any documents required to be filed or, in
the Board of Managers’ view, appropriate for filing under the Act, and the Company shall cause each
such document to be filed in accordance with the Act, and, to the extent required by Law, to be
filed and recorded, and/or notice thereof to be published, in the appropriate place in each
jurisdiction in which the Company may have established, or after the Effective Date may establish,
a place of business. The Board of Managers may cause the Company to be qualified, formed or
registered under assumed or fictitious name statutes or similar Laws in any jurisdiction in which
the Company transacts business where the Company is not currently so qualified, formed or
registered. Any Manager or Officer, acting individually as an authorized person within the meaning
of the Act, shall execute, deliver and file any such documents (and any amendments and/or
restatements thereof) necessary for the Company to accomplish the foregoing. The Board of Managers
may appoint any other authorized persons to execute, deliver and file any such documents.

     Section 2.7 United States Income Tax Classification. Pursuant to Treasury Regulations
Section 301.7701-3, the Company, an eligible entity with at least two members, has taken all
necessary actions to be classified as a partnership for federal and, if applicable, state

22

 

and local
income tax purposes. In addition, certain Subsidiaries of the Company are eligible entities with
one or more members which currently are classified as disregarded entities or partnerships for
federal and, if applicable, state and local income tax purposes. Without the prior written consent
of the Joint Majority Holders, (a) no Member or Manager shall elect or authorize any Person to
elect to treat the Company or any such Subsidiary as anything other than a partnership or
disregarded entity (as appropriate) for federal and, if applicable, state and local income tax
purposes, and (b) the Company shall take such actions as may be reasonably necessary to operate its
domestic businesses through entities which will be classified as disregarded entities or
partnerships for federal and, if applicable, state and local income tax purposes, except as
otherwise may be required by Law. Each Member and the Company shall file all tax returns and shall
otherwise take all tax and financial reporting positions in a manner consistent with such
classification.

ARTICLE III

CAPITALIZATION; MEMBERSHIP INTERESTS

     Section 3.1 Membership Interests; Initial Capitalization; Initial Capital Accounts.

          (a) The Company shall initially have four authorized classes of Membership Interests,
consisting of 51,000 Class A Membership Interests and 49,000 Class B Membership Interests, which
shall have equal rights and preferences in the assets of the Company, 5,820 Class C Membership
Interests, which shall be “profits interests” and not “capital interests” as such terms are defined
in Revenue Procedure 93-27, 1993-2 C.B. 343, which may be issued in one or more series and which
shall be issued in the same amount and same series as the Management Units issued by Management
Company, and 2,110,000 Preferred Membership Interests. The Company shall initially issue a single
series of Class C Membership Interests consisting of 3,703 Class C series C-1 Membership Interests
(the “Class C-1 Membership Interests”). A Membership Interest shall for all purposes be
personal property. For purposes of this Agreement, Membership Interests held by the Company or any
of its Subsidiaries shall be deemed not to be outstanding. The Company may issue fractional
Membership Interests pursuant to the terms of this Agreement, and all Membership Interests shall be
rounded to the fourth decimal place.

          (b) Without limiting the generality of Section 3.1(a) above, from time to time after
the Effective Date, and notwithstanding anything to the contrary in this Agreement, (i) in the
event that any of the Management Units issued by Management Company are forfeited under the Equity
Incentive Plan, then Management Company shall forfeit the same number and series of Class C
Membership Interests to the Company, and (ii) in the event that Management Company elects to
exercise its rights or is required under the Equity Incentive Plan to repurchase Management Units
from a Management Holder, the Company will promptly redeem for cash an equal number of Class C
Membership Interests held by Management Company at a redemption price equal to the repurchase price
payable by Management Company for such Management Units pursuant to the terms of the Equity
Incentive Plan. Class C Membership Interests which are forfeited will be deemed cancelled and not
outstanding but may be reissued in a different series. Class C Membership Interests which are
redeemed will be deemed cancelled and not outstanding and shall not be reissued.

23

 

          (c) Upon the execution and delivery of this Agreement, each of the Persons named as a Member
on the Schedule of Members shall be admitted as a Member of the Company with the type and
number of Membership Interests set forth on the Schedule of Members, with effect as of the
Effective Date. The Company shall update the Schedule of Members to reflect any changes in
the Members, the Membership Interests and the Company Interests of the Members in accordance with
the terms of this Agreement. The initial Capital Account balance of each of FIM, GM Holdco and GM
Preferred Holdco shall be deemed to be the amount set forth opposite its name on the Schedule
of Members. The initial Capital Account balance of Management Company shall be equal to zero.

     Section 3.2 Authorization and Issuance of Additional Membership Interests.

          (a) The Board of Managers shall have the right to cause the Company to issue and/or create and
issue at any time after the Effective Date, and for such amount and form of consideration as the
Board of Managers may determine, subject to the provisions of Section 7.10(a)(ii),
Section 7.10(a)(v) and Section 12.3, (i) Permitted Additional Membership Interests,
(ii) additional Preferred Membership Interests to be issued to the Initial Class A Holders
pursuant to Section 5.1(c), and (iii) also subject to Section 7.10(a)(viii) and
Section 7.11(a), (A) other additional Membership Interests (of existing classes or new
classes) or other Equity Securities of the Company (including creating additional classes or series
thereof having such powers, designations, preferences and rights as may be determined by the Board
of Managers) and (B) Class C Membership Interests, in one or more series. In connection with the
foregoing, the Board of Managers shall have the power to make such amendments to this Agreement in
order to provide for such Permitted Additional Membership Interests, Preferred Membership Interests
or additional series of Class C Membership Interests (provided, that the aggregate Class C
Membership Interests shall not exceed 5,820) or, subject to Section 7.10(a)(viii) and
Section 7.11(a), other additional Membership Interests, and such powers, designations and
preferences and rights as the Board of Managers in its discretion deems necessary or appropriate to
give effect to such additional authorization or issuance notwithstanding Section 14.1;
provided that any such amendment shall not reasonably be expected to have a material and
adverse effect on any Member, in its capacity as such, that would be borne disproportionately by
such Member relative to other Members having comparable rights under this Agreement with respect to
the Membership Interests held by such Member and other Members prior to such amendment (unless such
Member consents in writing thereto); provided further that any such amendment shall
not have the effect of treating any Member’s right to receive distributions pursuant to Article
V or Article X differently with respect to such distributions than other Members that
are entitled to receive distributions pursuant to the same provision of Article V or
Article X with respect to the Membership Interests held by such Member and other Members
prior to such amendment, whether or not of the same class of Membership Interests (unless the
holders of a majority of the Membership Interests so differently treated consent in writing
thereto).

          (b) Subject to the provisions of Section 7.10(a)(ii), Section 7.10(a)(v),
Section 7.10(a)(viii) (other than an additional Member acquiring Permitted Additional
Membership Interests) and Section 12.3, the Board of Managers shall have the right to admit
Additional Members. A Person may be admitted to the Company as an Additional Member upon
furnishing to the Board of Managers (i) a joinder agreement pursuant to which such Person agrees to
be bound by all of the terms and conditions of this Agreement and the Call Option, and (ii) such

24

 

other documents or instruments as may be necessary or appropriate to effect such Person’s admission
as a Member (including entering into an investor representation agreement or such other documents
as the Board of Managers may deem appropriate), which joinder agreement, documents and instruments
shall be in form and substance satisfactory to the Board of Managers. Such admission shall become
effective on the date on which the Board of Managers determines that the foregoing conditions have
been satisfied and when any such admission is shown on the books and records of the Company. Upon
the admission of an Additional Member, the Schedule of Members shall be amended to reflect
the name, notice address, Membership Interests and other interests in the Company, Capital
Contributions and initial Capital Account balance of such Additional Member.

     Section 3.3 Application of Article 8 of the Uniform Commercial Code. Each Membership
Interest shall constitute a “security” within the meaning of and shall be governed by (a) Article 8
of the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to
time in the State of Delaware, and (b) the Uniform Commercial
Code of any other applicable jurisdiction that now or hereafter substantially includes the
1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National
Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on
February 14, 1995.

     Section 3.4 Certification of Membership Interests. Membership Interests shall be
issued in non-certificated form; provided that the Board of Managers may cause the Company
to issue certificates to a Member representing the Membership Interests held by such Member. If
any Membership Interest certificate is issued, then such certificate shall bear a legend
substantially in the following form:

This certificate evidences a [Class A Membership Interest][Class B
Membership Interest][Class C-___Membership Interest][Preferred
Membership Interest] representing an interest in GMAC LLC and shall
constitute a “security” within the meaning of and shall be governed
by (i) Article 8 of the Uniform Commercial Code (including Section
8-102(a)(15) thereof) as in effect from time to time in the State of
Delaware, and (ii) the Uniform Commercial Code of any other
applicable jurisdiction that now or hereafter substantially includes
the 1994 revisions to Article 8 thereof as adopted by the American
Law Institute and the National Conference of Commissioners on
Uniform State Laws and approved by the American Bar Association on
February 14, 1995.

The Membership Interest in GMAC LLC represented by this certificate
is subject to restrictions on transfer set forth in that certain
Amended and Restated Limited Liability Company Operating Agreement
of GMAC LLC, dated as of November 30, 2006, by and among the members
from time to time party thereto, as the same may be amended from
time to time.

25

 

The Membership Interest in GMAC LLC represented by this certificate
has not been registered under the United States Securities Act of
1933, as amended, or under any other applicable securities laws.
Such Membership Interest may not be sold, assigned, pledged or
otherwise disposed of at any time without effective registration
under such Act and laws or, in each case, exemption therefrom.

     Section 3.5 Capital Accounts. The Company shall maintain a separate capital account
(a “Capital Account”) for each Member in accordance with Section 1.704-1(b)(2)(iv) of the
Treasury Regulations. Subject to the foregoing:

          (a) each Member’s Capital Account shall be increased by the amount of cash and the Fair Market
Value of the property actually contributed to the Company, such Member’s allocable share, if any,
of any Tax Book Profits of the Company, and the amount of any Company liabilities for which
principal responsibility for payment is assumed by such Member or which are secured by any property
distributed to such Member;

          (b) each Member’s Capital Account shall be decreased by the amount of cash and the Fair Market
Value of any Company property distributed to the Member pursuant to any provision of this
Agreement, such Member’s allocable share, if any, of any Tax Book Losses of the Company, and the
amount of any liabilities of such Member for which principal responsibility for payment is assumed
by the Company or which are secured by any property contributed by such Member to the Company;

          (c) any transactions that occur or that are deemed to occur as a result of Section 3.3 or
Section 3.4 of the Purchase Agreement shall not affect the balance in any Member’s Capital Account;
provided, however, that the preceding provision shall not apply with respect to any
interest paid pursuant to Section 3.4(g) of the Purchase Agreement;

          (d) the provisions of this Agreement relating to the maintenance of Capital Accounts are
intended to comply with Section 1.704-1(b)(2)(iv) of the Treasury Regulations, and shall be
interpreted and applied in a manner consistent with such Treasury Regulations;

          (e) no interest shall be paid by the Company on Capital Contributions or on balances in
Capital Accounts;

          (f) a Member shall not be entitled to withdraw any part of its Capital Account or to receive
any Distributions from the Company, except as expressly provided herein;

          (g) no loan made to the Company by any Member shall constitute a Capital Contribution to the
Company for any purpose. The amount of any loan shall be a debt of the Company to such Member and
shall be payable or collectible in accordance with the terms and conditions upon which such loan is
made; and

          (h) except as required by the Act, no Member shall have any liability for the return of the
Capital Contributions of any other Member.

26

 

     Section 3.6 Time of Adjustment for Capital Contributions. For purposes of computing
the balance of a Member’s Capital Account, no credit shall be given for any Capital Contribution
which such Member is obligated to make until such Capital Contribution is actually made.

     Section 3.7 No Right of Partition. All property of the Company, whether tangible or
intangible, shall be deemed to be owned by the Company as an entity. No Member shall have any
interest in specific Company property solely by reason of being a Member. Except as specifically
contemplated by this Agreement, any other Transaction Document or any other written agreement
between the Company and any Member, no Member shall (a) have the right to seek or obtain partition by
court decree or operation of Law of any property of the Company or any of its Subsidiaries, (b)
have the right to own or use particular or individual assets of the Company or any of its
Subsidiaries, or (c) be entitled to distributions of specific assets of the Company or any of its
Subsidiaries.

     Section 3.8 Additional Capital Contributions and Financing. No Member shall be
required to make any additional Capital Contribution to the Company in respect of the Membership
Interests then held by such Member or to provide any additional financing to the Company;
provided that a Member may make additional Capital Contributions or provide additional
financing to the Company if approved by the Board of Managers in accordance with the provisions of
this Agreement (including any approval rights applicable thereto). The provisions of this
Section 3.8 are intended solely for the benefit of the Members in their capacity as
Members, and, to the fullest extent permitted by Law, shall not be construed as conferring any
benefit upon any creditor (including a Member in its capacity as a creditor) of the Company (and no
such creditor shall be a third party beneficiary of this Agreement), and no Member shall have any
duty or obligation to any creditor of the Company to make any additional Capital Contributions or
to provide any additional financing or to cause the Board of Managers or any other Member to
consent to the making of additional Capital Contributions or to the provision of additional
financing.

ARTICLE IV

SCHEDULE OF MEMBERS; BOOKS AND RECORDS; AFFIRMATIVE COVENANTS

     Section 4.1 Schedule of Members. The Company shall maintain and keep at its principal
office the Schedule of Members on which it shall set forth the name and notice address of
each Member, the aggregate number of Membership Interests of each class and the aggregate amount of
cash Capital Contributions that have been made by such Member at any time, and the Fair Market
Value of any property other than cash contributed by such Member with respect to the Membership
Interests (including, if applicable, a description and the amount of any liability assumed by the
Company or to which contributed property is subject).

     Section 4.2 Books and Records; Other Documents.

          (a) The Company shall keep, or cause to be kept, (i) complete and accurate books and records
of account of the Company, (ii) minutes of the proceedings of meetings of the Common Holders, any
class of Members, the Board of Managers and any committee of the

27

 

Board of Managers (including the
Compensation Committee), and (iii) a current list of the Managers and Officers and their notice
addresses. Any of the foregoing books, minutes or records may be in written form or in any other
form capable of being accurately and completely converted into written form within a reasonable
time. The books of the Company (other than
books required to maintain Capital Accounts) shall be kept on the accrual basis of accounting,
and otherwise in accordance with GAAP, and shall at all times be maintained or made available at
the principal office of the Company. The Company shall, and shall cause its Subsidiaries to, (A)
make and keep financial records in reasonable detail that accurately and fairly reflect all
financial transactions and dispositions of the assets of the Company and its Subsidiaries and (B)
maintain a system of internal accounting controls sufficient to provide reasonable assurances that
(1) transactions are executed in accordance with authorization by the Person in charge and are
recorded so as to provide proper financial statements and maintain accountability for assets and
(2) safeguards are established to prevent unauthorized persons from having access to the assets,
including the performance of periodic physical inventories.

          (b) At all times the Company shall maintain at its principal office a current list of the name
and notice address of each Member, a copy of the Certificate of Formation, including any amendments
thereto, copies of this Agreement and all amendments hereto, and all other records required to be
maintained pursuant to the Act.

          (c) The Company also shall maintain at all times, at its principal office, copies of the
Company’s federal, state, local and foreign income tax returns and reports, if any, and all
financial statements of the Company for all years ending after the Effective Date;
provided, however, the Company shall not be required to maintain copies of income
tax returns and reports, if any, and any financial statements of the Company for any year which
each Member has notified Company in writing that such Member’s tax year has been closed.

     Section 4.3 Reports and Audits.

          (a) Promptly upon request, the Company shall, at the cost and expense of the Company, furnish,
or cause to be furnished, to each Member holding in excess of ten percent (10%) of the Common
Membership Interests such information relating to the financial condition, operations of the
Company or any other aspect of the Company or its business in possession of the Company as any such
Member may from time to time reasonably request, excluding access to information that is privileged
or that is subject to restrictions of Law on such access.

          (b) Each Member holding in excess of ten percent (10%) of the Common Membership Interests
shall have the right, at all reasonable times and upon reasonable notice during normal business
hours, and at its own expense, so long as such access does not unreasonably interfere with the
normal operation of the Company, to examine and make copies of or extracts from the books of
account of the Company or any other Company record for any purpose reasonably related to such
Member’s interest as a Member of the Company, including to satisfy any reporting obligations of
such Member under the Exchange Act, and for federal, state, local or foreign income or franchise
tax purposes. For so long as the Initial Class A Holders collectively, and/or the Initial Class B
Holders collectively, as applicable, hold at least twenty percent (20%) of the Common Membership
Interests, such Initial Class A Holders ands/or Initial Class B Holders, as applicable, shall have
the right, at all reasonable times and upon reasonable

28

 

notice during normal business hours and at
their own expense, so long as such access does not unreasonably interfere with the normal operation
of the Company, to conduct an audit of the
accounting, financial, disclosure and internal controls of the Company and its Subsidiaries.
Such audit right may be exercised through any designated agent or employee of such Initial Class A
Holders and/or Initial Class B Holders, as applicable, or their respective Affiliates. The parties
agree that such audit is not intended to duplicate in its entirety the audit conducted by the
Independent Auditor. The Company and the Member conducting such review or audit shall each bear
its own cost of involvement in such review or audit.

          (c) Any information provided to any Member pursuant to this Section 4.3 shall be
subject to the provisions of Article XIII.

     Section 4.4 Tax Matters Member; Filing of Returns.

          (a) Pursuant to Section 6231(a) of the Code, or any subsequent similar provision, until
changed by a resolution of the Members, FIM is hereby designated as the Company’s “tax matters
partner” within the meaning of Section 6231(a)(7) of the Code (the “Tax Matters Member”)
and shall have the following rights and responsibilities:

          (i) Subject to the provisions of this Section 4.4, the Tax Matters Member shall
be entitled to take any action or decline to take any action with respect to taxes, all as
required by Law.

          (ii) The Tax Matters Member shall take such action as may be necessary to cause each of
the other Members to become a “notice partner” within the meaning of Section 6231(a)(8) of
the Code.

          (iii) The Tax Matters Member is authorized to represent the Company before the IRS and
any other Governmental Entity with jurisdiction, and to sign such consents and to enter into
settlements and other agreements with such agencies as the Board of Managers deems necessary
or advisable.

          (iv) The Tax Matters Member shall promptly inform the Joint Majority Holders of all
significant matters that may come to its attention in its capacity as the Tax Matters Member
and shall forward to the Joint Majority Holders copies of all significant written
communications it may receive or submit in such capacity, including any written adjustment
by any taxing authority which would affect such Members’ liability for taxes. The Tax
Matters Member agrees to consult with the Joint Majority Holders in good faith with respect
to any written notice of any inquiries, claims, assessments, audits, controversies or
similar events received from any taxing authority, and the Tax Matters Member will not
settle or otherwise compromise any material tax issue with respect to the Company without
the prior written consent of the Joint Majority Holders, which consent shall not be
unreasonably withheld or delayed.

          (b) At the direction of the Tax Matters Member, the Company shall prepare or cause to be
prepared the United States federal, state, local, foreign and any other required tax

29

 

returns of the
Company and shall file or cause to be filed such returns on a timely basis, which returns may have
been reviewed by the Independent Auditor.

          (c) The Company shall transmit copies of the United States federal tax returns referenced in
Section 4.4(b) to the Joint Majority Holders on or before the earliest of (i) July 2, (ii)
forty-five calendar days before the due date of each such return, and (iii) such date as is
reasonably requested by the Joint Majority Holders. The Company shall not cause any such tax
return to be filed unless the Joint Majority Holders have consented to its filing (with a failure
to respond within thirty calendar days after receipt being deemed consent); provided,
however, that, if the Joint Majority Holders do not consent to the filing of any tax return
at least fifteen calendar days before the due date, then the Company (A) shall promptly notify the
Joint Majority Holders of the disputed issues; and (B) may file such return after making a good
faith effort to incorporate in such return any comments previously received from the Joint Majority
Holders.

          (d) To the extent appropriate, the Joint Majority Holders shall be consulted in connection
with the preparation and filing of tax returns contemplated by this Section 4.4.

          (e) Notwithstanding any other provisions of this Section 4.4, the Company shall not
take any position on any return for which it does not have substantial authority under relevant tax
Law. At the request of the Majority Class A Holders or the Majority Class B Holders, as
applicable, the Company shall provide, with respect to any proposed return position, such
requesting party with the opinion of a nationally recognized law or accounting firm reasonably
acceptable to the Board of Managers stating that such position has substantial authority in
relevant tax Law. The fees and costs of such law or accounting firm shall be borne by the Company.

          (f) The provisions of this Section 4.4 shall survive the termination of the Company or
any Member’s interest in the Company and shall remain binding on the Members for as long as
necessary to resolve any and all matters regarding the federal income taxation of the Company or
the Members with respect to the Company.

          (g) Promptly following the written request of the Tax Matters Member, the Company shall, to
the fullest extent permitted by Law, reimburse and indemnify the Tax Matters Member for all
reasonable expenses, including reasonable legal and accounting fees, incurred in connection with
any administrative or judicial proceeding with respect to the tax liability of (i) the Company
and/or (ii) the Members in connection with the operations of the Company.

          (h) For so long as the Initial Class B Holders collectively hold at least twenty percent (20%)
of the Common Membership Interests, each of the Company and the Members shall use their respective
best efforts to structure any merger, consolidation, reorganization, recapitalization,
contribution, conversion, initial or subsequent Public Offering, initial or subsequent public
offering by any Subsidiary of the Company (which is not treated as a corporation for federal income
tax purposes prior to such Public Offering) or Public Offering of the Equity Securities of the
Company in such a way as not to cause the Company or the relevant Subsidiary to be treated as a
corporation for federal income tax purposes. For the avoidance of doubt, this Section
4.4(h) is intended to allow a proportionate amount of the income, gain, loss

30

 

and deductions of
the Company or the relevant Subsidiary to continue to be reported on the tax return of the Class B
Holders.

          (i) Management Company hereby represents and warrants that it has taken all necessary actions
to be classified as an association (taxable as a corporation) under Treasury Regulation Section
301.7701-3 and that it has not made an election pursuant to Code Section 1362. Management Company
covenants that it will not change its status for federal income tax purposes without the prior
written consent of GM Holdco, which consent shall not be unreasonably withheld.

     Section 4.5 Financial Statements and Other Information.

          (a) Without limiting the generality of Section 4.3, the Company shall deliver to each
Member holding in excess of five percent (5%) of the Common Membership Interests, the following:

          (i) (A) as soon as available, but in any event within four Business Days after the end
of each calendar month in each Fiscal Year, a statement of the unaudited Financial Book
Income (it being understood that such report shall include pre-tax income, after-tax income
and converting entity and non-converting entity income), and within five Business Days after
the end of each calendar month in each Fiscal Year, ending month shareholders equity for
such monthly period; (B) as soon as available, but in any event within fifteen Business Days
after the end of each calendar month in each Fiscal Year, a monthly management financial
report summarizing results of the Company for such monthly period and for the period from
the beginning of the Fiscal Year setting forth, in each case, comparisons to the annual
budget for such Fiscal Year and to the corresponding period in the preceding Fiscal Year;
and (C) as soon as available, but in any event within thirteen calendar days after the end
of each calendar month in each Fiscal Year, a monthly management forecast summarizing the
financial projections for the Company for the remainder of such Fiscal Year and setting
forth a comparison to the annual budget for such Fiscal Year and to the corresponding period
in the preceding Fiscal Year, and all such statements shall be prepared in accordance with
GAAP. To the extent the twelfth calendar day falls on a non-Business Day, GM and the
Company shall agree to a mutually acceptable due date for such monthly period, to be
determined at the beginning of each calendar year;

          (ii) (A) as soon as available, but in any event within four Business Days after the end
of each Fiscal Quarter in each Fiscal Year, a statement of the unaudited Financial Book
Income for such quarterly period, and within five Business Days after the end of each
calendar month in each Fiscal Year, ending month shareholders equity; and (B) as soon as
available, but in any event within fifteen Business Days after the end of each Fiscal
Quarter in each Fiscal Year, a management financial report summarizing results of the
Company as of the end of such quarterly period, setting forth, in each case, comparisons to
the annual budget for such Fiscal Year and to the corresponding period in the preceding
Fiscal Year, and all such statements shall be prepared in accordance with GAAP, subject to
the absence of footnote disclosures and to normal year-end adjustments for recurring
accruals;

31

 

          (iii) as soon as available, but in any event within forty calendar days after the end
of each of the first three Fiscal Quarters in each Fiscal Year in order to accommodate GM’s
accelerated filing of its quarterly reports on Form 10-Q, (A) the final unaudited
consolidated statements of Financial Book Income (it being understood that such report shall
include pre-tax income, after-tax income and converting entity and non-converting entity
income) and cash flows of the Company for such quarterly period and for the period from the
beginning of the Fiscal Year to the end of such Fiscal Quarter, and (B) the final unaudited
consolidated balance sheet of the Company as of the end of such quarterly period, and all
such statements shall be prepared in accordance with GAAP, subject to the absence of
footnote disclosures and to normal year-end adjustments for recurring accruals, shall have
been reviewed by the Independent Auditor and shall be certified by the Chief Executive
Officer and the Chief Financial Officer;

          (iv) (A) as soon as available, but in any event within four Business Days after the end
of each Fiscal Year, a statement of the unaudited Financial Book Income for such Fiscal
Year, and within five Business Days after the end of each calendar month in each Fiscal
Year, ending month shareholders equity; and (B) as soon as available, but in any event
within fifteen Business Days after the end of each Fiscal Year a management financial report
summarizing results of the Company for such Fiscal Year, and (2) a draft of the unaudited
consolidated balance sheet of the Company as of the end of such Fiscal Year, and all such
statements shall be prepared in accordance with GAAP, subject to the absence of footnote
disclosures and to normal year-end adjustments for recurring accruals;

          (v) as soon as available, but in any event within sixty calendar days after the end of
each Fiscal Year in order to accommodate GM’s accelerated filing of its annual reports on
Form 10-K, the final consolidated statements of Financial Book Income (it being understood
that such report shall include pre-tax income, after-tax income and converting entity and
non-converting entity income) and cash flows of the Company for such Fiscal Year and the
final consolidated balance sheet of the Company and each of its Subsidiaries as of the end
of such Fiscal Year, in each case, prepared in accordance with GAAP, and accompanied by an
opinion, unqualified as to scope or compliance with GAAP, of the Independent Auditor;

          (vi) promptly, but in any event within two Business Days of discovery, notice of any
material revision, modification, amendment, supplement or other change to any of the draft
financial statements described in subsections (ii) and (iv) above, which notice shall set
forth in reasonable detail such revision, modification, amendment, supplement or other
change and the reason therefor;

          (vii) within ten Business Days after generation thereof, copies of any internal
valuation study or analyses regarding a material portion of the Company’s and its
Subsidiaries’ business taken as a whole; and

          (viii) prior to the transmission to the public thereof, copies of all press releases
and other written statements made available generally by the Company to the

32

 

public concerning material developments in the Company’s and its Subsidiaries’
businesses.

          (b) The Members shall be supplied with all other Company information necessary to enable each
Member to prepare its federal, state, local and foreign income tax returns. Such information shall
be prepared by the Company, and the Company shall use its reasonable best efforts to deliver such
information to each Member with reasonable promptness in light of the timing applicable to the
purpose for which such information is to be used by such Member.

          (c) All determinations, valuations and other matters of judgment required to be made for
ordinary course accounting purposes and in respect of tax accounting policies under this Agreement
shall be made by the Board of Managers (subject, as applicable, to Section 8.9(f)) and
shall be conclusive and binding on all Members, their Successors in Interest and any other Person,
and to the fullest extent permitted by Law or as otherwise provided in this Agreement, no such
Person shall have the right to an accounting or an appraisal of the assets of the Company or any
successor thereto.

          (d) The Company agrees to cooperate and provide to its Members on a quarterly basis any
information reasonably required by the Members to permit such Members to comply with any
requirements imposed by Financial Accounting Standards Board Interpretation No. 48.

     Section 4.6 Independent Auditor. The Company and its Subsidiaries at all times shall
engage a Person to audit its financial statements (the “Independent Auditor”) that (a) is
an independent public accounting firm within the meaning of the American Institute of Certified
Public Accountants’ Code of Professional Conduct (American Institute of Certified Public
Accountants, Professional Standards, vol. 2, et sec. 101), (b) is a registered public accounting
firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”)), and (c) if the Company were an “issuer” (as defined in the Sarbanes-Oxley Act), would
not be in violation of the auditor independence requirements of the Sarbanes-Oxley Act by reason of
its acting as the auditor of the Company and its Subsidiaries. Subject to Section 8.9(d),
if applicable, the Independent Auditor shall be appointed by the Board of Managers and shall be a
nationally recognized certified public accounting firm. The Company shall engage the Independent
Auditor from time to time to conduct such review and testing as from time to time may be necessary
or reasonably required under the Sarbanes-Oxley Act and to issue to the Company its written
opinions and recommendations with respect thereto.

     Section 4.7 Budget and Business Plan. The Company shall (a) deliver to each Common
Holder holding in excess of ten percent (10%) of the Common Membership Interests a draft of the
annual budget and business plan and the corresponding three-year or longer-term business plan of
the Company, as submitted by the senior executive officers of the Company for delivery to such
Common Holders, not less than fifty calendar days prior to the beginning of the initial Fiscal Year
to which such budget and business plan relate; provided that only summary information consistent with
the type provided in the monthly forecast described in Section 4.5(a)(i) is due within such
fifty-day period (it being understood that such report shall include pre-tax income, after-tax
income and converting entity and non-converting entity income and

33

 

preferred distributions), and the
remaining details as described in the last sentence of this Section 4.7 is due not less than thirty
days prior to the beginning of the initial Fiscal Year to which such budget and business plan
relate; and (b) provide access to the Majority Initial Class A Holders, the Majority Initial Class
B Holders and their respective Affiliates so that they may independently discuss such budget and
business plan with the senior executive officers of the Company prior to submitting the budget and
business plan to the Board of Managers for approval. Upon the request of any Common Holder holding
in excess of ten percent (10%) of the Common Membership Interests, the Company shall provide to the
requesting Common Holder an update of the information provided under Section 4.7(a) above within a
reasonable period of time after receiving such request. The Company shall deliver to each Common
Holder holding in excess of ten percent (10%) of the Common Membership Interests a copy of the
final budget and business plan approved by the Board of Managers not more than ten calendar days
after such approval, which approval shall occur prior to the beginning of the initial Fiscal Year
to which such budget and business plan relate. Each such budget shall include a projected GAAP
income statement, dividends and balance sheet for the entire Fiscal Year and net income on a
monthly basis for the ensuing Fiscal Year and on an annual basis for any subsequent Fiscal Years,
together with underlying assumptions and a brief qualitative description of the Company’s business
plan by the Chief Executive Officer or the Chief Financial Officer in support of such budget.

     Section 4.8 Company Policies. At the first meeting of the Board of Managers after the
Effective Date, the Members shall cause the Board of Managers (a) to reconfirm the policies,
standards and procedures relating to the Company and its Subsidiaries set forth on Exhibit
E and (b) to adopt or reconfirm, as applicable, the environmental guidelines set forth on
Exhibit F. It is the intent of the parties hereto that the Company and its Subsidiaries
operate in compliance with all Laws.

ARTICLE V

DISTRIBUTIONS

     Section 5.1 Distributions other than from a Company Sale or Dissolution.

          (a) Subject to the Act, except as set forth in Section 5.2, and subject to the right
of the Board of Managers to suspend the payment of the Preferred Accrued Distribution Amount with
respect to any one or more Fiscal Quarters with the consent of the Joint Majority Holders,
Distributions of the Preferred Accrued Distribution Amount with respect to the immediately
preceding Fiscal Quarter shall be made in cash, except as otherwise may be permitted pursuant to
Section 5.5, to the Preferred Holders no later than the tenth Business Day following the
delivery of the financial statements required to be delivered by the Company pursuant to
Section 4.5(a)(iii) with respect to such Fiscal Quarter, ratably among such Preferred
Holders in proportion to the aggregate Preferred Accrued Distribution Amount with respect to
the Preferred Membership Interests then held by each such Preferred Holder either (i) immediately
prior to such Distribution or, if applicable, (ii) on the record date set by the Board of Managers
pursuant to Section 7.9 with respect to such Distribution; provided that the Board
of Managers may reduce any such Distribution to the extent required to avoid a reduction of the
equity capital of the Company below the Required Capital Amount, as determined in good faith

34

 

by the
Board of Managers. The Company shall use its commercially reasonable efforts to give written
notice to each Preferred Holder at least three Business Days prior to any Distribution pursuant to
this Section 5.1(a). Notwithstanding the other provisions of this Agreement, in the event
that the Company fails to make the full amount of Distributions of the Preferred Accrued
Distribution Amount pursuant to this Section 5.1(a) with respect to any Fiscal Quarter,
then the Company shall not make any Distributions pursuant to (A) Section 5.1(b) or
Section 5.1(c) with respect to Financial Book Income earned in such Fiscal Quarter and (B)
Section 5.3, in each case, until such time as the Company has made a full Distribution of
the Preferred Accrued Distribution Amount pursuant to this Section 5.1(a) with respect to a
subsequent Fiscal Quarter.

          (b) Subject to the Act, and except as set forth in the last sentence of Section 5.1(a)
and Section 5.2 and Section 5.3, at any time up to and including the Fiscal Quarter
ending December 31, 2008, at least forty percent (40%) of the excess of (i) the Financial Book
Income generated in any Fiscal Quarter, over (ii) an amount equal to the Distributions made or
reserved to be made pursuant to Section 5.1(a) with respect to such Fiscal Quarter (such
excess, the “Distributable Amount”), shall be distributed in the following amounts and
order of priority:

          (i) first, to the Common Holders, ratably among such Common Holders based on
the Company Interest of each such Common Holder either (A) immediately prior to such
Distribution or, if applicable, (B) on the record date set by the Board of Managers pursuant
to Section 7.9 with respect to such Distribution, until such Common Holders have
received (1) a return of the Agreed Initial Value (taking into account all prior
Distributions) plus (2) an amount equal to a ten percent (10%) per annum compound rate of
return on the Agreed Initial Value outstanding from time to time after reduction for amounts
Distributed to the Common Holders hereunder (disregarding Distributions of the Tax Amount)
(the “Hurdle Rate”), provided that for the purpose of computing whether or
not the Agreed Initial Value and an amount equal to the Hurdle Rate has been received by the
Common Holders, Distributions to the Common Holders to the extent of the Tax Amount shall be
disregarded; and

          (ii) thereafter, to the Class C-1 Holders and Common Holders based on the Total
Interest of each such Class C-1 Holder and Common Holder either (A) immediately prior to
such Distribution or, if applicable, (B) on the record date set by the Board of Managers
pursuant to Section 7.9 with respect to such Distribution;

provided, first, that the Board of Managers may reduce the aggregate Distribution
only to the extent (1) required to avoid a reduction of the equity capital of the Company below the
Required Capital Amount, as determined in good faith by the Board of Managers, or (2) the Joint
Majority Holders shall have agreed in writing to such reduction; provided, second,
that with respect to the Fiscal Quarter ending December 31, 2006, “Distributable Amount” shall mean
the excess of (i) the Financial Book Income generated from the Effective Date until the end of such
Fiscal
Quarter, over (ii) an amount equal to the Distributions made or reserved to be made pursuant to
Section 5.1(a) with respect to the period from the Effective Date until the end of such
Fiscal Quarter; and provided, third, that to the extent any of the Management Units
issued by Management Company are not vested, then that portion of the Distributable Amount that
would otherwise have been made to the Class C-1 Holders with respect to that portion of Class C-1
Membership Interests equivalent to the Management Units that are not vested at such time shall

35

 

be
held by the Company and shall not be distributed to the Class C-1 Holders until such time as such
Management Units are vested.

          (c) Subject to the Act, and except as set forth in the last sentence of Section 5.1(a)
and Section 5.2 and Section 5.3, at any time after the Fiscal Quarter ending
December 31, 2008, at least seventy percent (70%) of the Distributable Amount shall be distributed
in the following amounts and order of priority:

          (i) first, to the Common Holders, ratably among such Common Holders based on
the Company Interest of each such Common Holder either (A) immediately prior to such
Distribution or, if applicable, (B) on the record date set by the Board of Managers pursuant
to Section 7.9 with respect to such Distribution, until such Common Holders have
received (1) a return of their Agreed Initial Value (taking into account all prior
Distributions) plus (2) the Hurdle Rate, provided that for the purpose of computing whether
or not the Agreed Initial Value and an amount equal to the Hurdle Rate has been received by
the Common Holders, Distributions to the Common Holders to the extent of the Tax Amount
shall be disregarded; and

          (ii) thereafter, to the Class C-1 Holders and Common Holders based on the Total
Interest of each such Common Holder and Class C-1 Holder either (A) immediately prior to
such Distribution or, if applicable, (B) on the record date set by the Board of Managers
pursuant to Section 7.9 with respect to such Distribution;

provided, first, that the Board of Managers may reduce the aggregate Distribution
only to the extent (A) required to avoid a reduction of the equity capital of the Company below the
Required Capital Amount, as determined in good faith by the Board of Managers, or (B) the Joint
Majority Holders shall have agreed in writing to such reduction; provided, second,
that, after the Fiscal Quarter ending December 31, 2008 through the Fiscal Quarter ending December
31, 2011, to the extent that any Distribution contemplated by this clause (c) would in the
aggregate exceed forty percent (40%) of the Distributable Amount, then that portion of such
Distribution in excess of forty percent (40%) of the Distributable Amount that would otherwise have
been made to the Initial Class A Holders with respect to 47,813.6948642 Class A Membership
Interests shall instead be retained by the Company, and the Company shall issue to each Initial
Class A Holder a number of Preferred Membership Interests equal to the quotient of (1) (x) the
amount of cash Distributions in excess of forty percent (40%) of the Distributable Amount that such
Initial Class A Holder otherwise would have been entitled to receive with respect to such Class A
Membership Interests pursuant to this Section 5.1(c), divided by (y) 0.9, divided by (2)
1,000; and provided, third, that to the extent any of the Management Units issued
by Management Company are not vested, then that portion of the Distributable Amount that would
otherwise have been made to the Class C-1 Holders with respect to that portion of Class C-1
Membership Interests equivalent to the Management Units that are not vested at such time shall be
held by the
Company and shall not be distributed to the Class C-1 Holders until such time as such Management
Units are vested. With respect to any such Distribution of additional Preferred Membership
Interests pursuant to this Section 5.1(c), the Company shall be treated as making a
Distribution equal to the product of (1) the Preferred Capital Amount of such Preferred Membership
Interests and (2) 0.9 for the purposes of determining whether the Hurdle Rate has been satisfied
pursuant to Section 5.1(b)(i), Section 5.1(c)(i) and Section 5.2(a)(iii).

36

 

          (d) Notwithstanding the other provisions of this Section 5.1, Distributions equal to
the amount of income taxes that are payable by Management Company on income allocated to Management
Company pursuant to Article VI hereof on account of the Class C Membership Interests held by
Management Company as determined by the Board of Managers in good faith, shall be made from time to
time to the Management Company to the extent the Distributions to Management Company pursuant to
this Section 5.1 are otherwise insufficient to pay such income taxes. The aggregate amount
of such payments pursuant to this Section 5.1(d) shall be deducted from the next amounts to
be Distributed to the Class C-1 Holders pursuant to Section 5.1(b)(ii), Section
5.1(c)(ii) and Section 5.2(a)(iv), and the aggregate amount to be Distributed to all
Members pursuant to Section 5.1(b)(ii), Section 5.1(c)(ii) and Section
5.2(a)(iv) shall be increased by such deducted amount.

          (e) Distributions pursuant to Section 5.1(b) and Section 5.1(c) shall be made
in cash, except as otherwise contemplated by the second proviso of Section 5.1(c) or as
otherwise may be permitted pursuant to Section 5.5, no later than the tenth Business Day
following the delivery of the financial statements required to be delivered by the Company pursuant
to Section 4.5(a)(iii) with respect to such Fiscal Quarter.

          (f) Notwithstanding the other provisions of this Section 5.1, in the event that any
Distribution (or portion thereof) that is required to be made pursuant to this Section 5.1
would, based on a good faith determination of the Board of Managers, result in a reduction of the
equity capital of the Company below the Required Capital Amount, then such Distribution (or such
portion) shall not be made unless it has been approved in writing by at least a majority of the
Independent Managers.

     Section 5.2 Mandatory Distributions of Available Cash from a Company Sale or
Dissolution.

          (a) Upon the consummation of a Company Sale or the dissolution of the Company pursuant to
Article X, all Available Cash resulting from such Company Sale or from any source during
the period of winding up of the Company (and, in the case of the winding up of the Company, subject
to Section 10.2) available for distribution to the Members shall be distributed to the
Members, subject to the Act, in the following order of priority (and, for the avoidance of doubt,
the parties hereto intend that for purposes of applying the following priorities, all Distributions
shall be given cumulative effect):

          (i) first, one hundred percent (100%) to the Preferred Holders, ratably among
such Preferred Holders in proportion to the then aggregate Preferred Accrued
Distribution Amount with respect to the Preferred Membership Interests then held by
each such Preferred Holder until the Preferred Accrued Distribution Amount in respect of all
outstanding Preferred Membership Interests is equal to zero; and then

          (ii) second, one hundred percent (100%) to the Preferred Holders, ratably among
such Preferred Holders in proportion to the then aggregate Unreturned Preferred Capital
Amount with respect to the Preferred Membership Interests then held by each such Preferred
Holder until the Unreturned Preferred Capital Amount in respect of all outstanding Preferred
Membership Interests is equal to zero; and then

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          (iii) third, after the required Distributions pursuant to subparagraphs (i) and
(ii) above, one hundred percent (100%) to the Common Holders, ratably among such Members
based on the Company Interest of each such Member either (A) immediately prior to such
Distribution or, if applicable, (B) on the record date set by the Board of Managers pursuant
to Section 7.9 with respect to such Distribution until such Common Holders have
received (taking into account all prior Distributions) a return of their Agreed Initial
Value plus the Hurdle Rate, provided that for the purpose of computing whether or not the
Agreed Initial Value and the Hurdle Rate has been received by the Common Holders,
Distributions to the Common Holders to the extent of the Tax Amount shall be disregarded;
and

          (iv) thereafter, to the Class C-1 Holders (with respect to the Class C
Membership Interests that would not be forfeited as a result of such Company Sale under the
terms of the Equity Incentive Plan) and Common Holders based on the Total Interest of each
such Class C-1 Holder (with respect to its Class C Membership Interests that would not be
forfeited as a result of such Company Sale under the terms of the Equity Incentive Plan) and
Common Holder either (A) immediately prior to such Distribution or, if applicable, or (B) on
the record date set by the Board of Managers pursuant to Section 7.9 with respect to
such Distribution.

          (b) All payments under this Section 5.2 shall be made as soon as reasonably
practicable and in any event, unless otherwise agreed by the Joint Majority Holders or as provided
in Section 10.5, within ninety calendar days after the date of such Company Sale or
liquidation of the last of the Company’s assets.

     Section 5.3 Discretionary Distributions. Subject to the provisions of this
Article V, the Board of Managers shall have sole discretion regarding the amount and timing
of Distributions to the Common Holders and the Class C Holders, if applicable, in an amount greater
than the Distributions required to be made pursuant to Section 5.1(b), Section
5.1(c) or Section 5.2; provided that any Distribution in an amount greater than
the Distributions required to be made pursuant to Section 5.1(b), Section 5.1(c)
and Section 5.2 shall require the prior written consent of at least a majority of the
Independent Managers if, and then only to the extent that, (a) any Rating Agency shall have
communicated to the Company, after inquiry, that such proposed Distribution is reasonably likely to
result in a downgrade of the credit rating of any unsecured indebtedness of the Company or any
Material Subsidiary or a negative change in the outlook of such credit rating of
the Company or any of its Material Subsidiaries (a “Credit Downgrade”) or (b) the
Board of Managers shall have determined in good faith that if the Company makes all or any portion
of such Distribution, it will result in a reduction of the equity capital of the Company below the
Required Capital Amount. Distributions made pursuant to this Section 5.3, subject to the
Act, shall be distributed in accordance with Section 5.1.

     Section 5.4 Successors. For purposes of determining the amount of Distributions, each
Member shall be treated as having made the Capital Contributions and as having received the
Distributions made to or received by its predecessors in respect of any of such Member’s Membership
Interests.

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     Section 5.5 Distributions of Assets other than Cash. With the consent of (a) in the
case of Distributions to the Preferred Holders, the Majority Preferred Holders, and (b) in the case
of Distributions to the Common Holders, the Joint Majority Holders, and in each case subject to the
Act, the Company shall be permitted to distribute property consisting of assets other than cash to
the Members; provided that no such consent shall be required in connection with any
distribution in-kind pursuant to Section 10.2. With respect to any Distribution of such
property, the Company shall be treated as making a Distribution equal to the Fair Market Value of
such property for purposes of Section 5.1, Section 5.2 and Section 5.3 and
such property shall be treated, for purposes of determining the Company’s Tax Book Profit or Tax
Book Loss, as if it were sold for an amount equal to its Fair Market Value. Any resulting gain or
loss shall be allocated to the Members’ Capital Accounts in accordance with Article VI.

     Section 5.6 No Set-Off. The Company shall make all Distributions without regard to
any claims that the Company or any Subsidiary of the Company or any Member may have against any
other Member or any Affiliate of a Member.

ARTICLE VI

ALLOCATIONS

     Section 6.1 Normal Allocations. Except as otherwise provided by this Article
VI, the Tax Book Profit and Tax Book Loss of the Company for each Fiscal Year (or portion
thereof) shall be determined as of the end of each such Fiscal Year (or portion thereof). For each
Fiscal Year of the Company, after adjusting each Member’s Capital Account for all Capital
Contributions and distributions during such Fiscal Year and all special allocations pursuant to
this Article VI with respect to such Fiscal Year, all Tax Book Profits and Tax Book Losses
(other than Tax Book Profits and Tax Book Losses specially allocated pursuant to Section
6.6 through Section 6.15) shall be allocated to the Members’ Capital Accounts in a
manner such that, as of the end of such Fiscal Year, the Capital Account of each Member (which may
be either a positive or negative balance) shall be equal to
(a) the amount which would be distributed to such Member, determined as if the Company were to
liquidate all of its assets for the Tax Book Value thereof and distribute the proceeds thereof
pursuant to Section 10.2, minus (b) the sum of (i) such Member’s share of Company Minimum
Gain (as determined according to Treasury Regulations Sections 1.704-2(d) and (g)(3)) and Member
Nonrecourse Debt Minimum Gain (as determined according to Treasury Regulations Section 1.704-2(i))
and (ii) the amount, if any, which such Member is obligated to contribute to the capital of the
Company as of the last day of such Fiscal Year.

     Section 6.2 Section 754 Election. At the request of any Member, the Company shall
elect, pursuant to Section 754 of the Code, to adjust the basis of the Company property as
permitted and provided in Sections 734 and 743 of the Code, and shall cause its Subsidiaries to
make similar elections, if available. Such election shall be effective solely for federal (and, if
applicable, state and local) income tax purposes and shall not result in any adjustment to the Tax
Book Value of any Company asset or to the Members’ Capital Accounts (except as provided in Treasury
Regulations Section 1.704-1(b)(2)(iv)(m)) or in the determination or allocation of Tax Book Profit
or Tax Book Loss for purposes other than such tax purposes.

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     Section 6.3 Allocations for Tax and Book Purposes. Except as otherwise provided
herein, any allocation to a Member for a Fiscal Year or other period of a portion of the Tax Book
Profit or Tax Book Loss, or of a specially allocated item, shall be determined to be an allocation
to such Member of the same proportionate part of each item of income, gain, loss, deduction or
credit, as the case may be, as is earned, realized or available by or to the Company for federal
tax purposes.

     Section 6.4 Certain Accounting Matters. For purposes of determining Tax Book Profit,
Tax Book Loss or any other items allocable to any period, such items shall be determined on a
daily, monthly or other basis, as determined by the Board of Managers using any permissible method
under Section 706 of the Code and the Treasury Regulations promulgated thereunder.

     Section 6.5 Tax Allocations; Code Section 704(c).

          (a) In accordance with Section 704(c) of the Code and the Treasury Regulations promulgated
thereunder, income, gain, loss and deduction with respect to any property contributed to the
capital of the Company shall, solely for income tax purposes, be allocated among the Members so as
to take account of any variation between the adjusted basis of such property to the Company for
federal income tax purposes and its Fair Market Value at the time of contribution.

          (b) In the event that the Tax Book Value of any Company asset is subsequently adjusted in
accordance with the last sentence of the definition of Tax Book Value, any allocation of income,
gain, loss and deduction with respect to such asset shall thereafter take account of any variation
between the adjusted tax basis of the asset to the Company and its Tax Book Value in the same
manner as under Section 704(c) of the Code and any Treasury Regulations promulgated thereunder.
Any elections or other decisions relating to such allocations shall be made by the Board of
Managers in a manner that reasonably reflects the purpose and intention of this Agreement.

          (c) Allocations pursuant to this Section 6.5 are solely for purposes of federal, state
and local taxes and shall not affect, or in any way be taken into account in computing, any
Member’s Capital Account or share of Tax Book Profit, Tax Book Loss or Distributions pursuant to
any provision of this Agreement.

     Section 6.6 Qualified Income Offset. If any Member receives an unexpected adjustment,
allocation or Distribution described in Section 1.704-1(b)(2)(ii)(d)(4) through (6) of the Treasury
Regulations in any Fiscal Year or other period which would cause such Member to have a deficit
Adjusted Capital Account Balance as of the end of such Fiscal Year or other period, items of
Company taxable income and gain as adjusted pursuant to the definition of “Tax Book Profit” shall
be specially allocated to such Member in an amount and manner sufficient to eliminate, to the
extent required by the Treasury Regulations, the deficit in such Member’s Adjusted Capital Account
Balance as quickly as possible. This Section 6.6 is intended to comply with the qualified
income offset provision in Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be
interpreted consistently therewith.

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     Section 6.7 Gross Income Allocation. If any Member would otherwise have a deficit
Adjusted Capital Account Balance as of the last day of any Fiscal Year or other period, items of
Company taxable income and gain as adjusted pursuant to the definition of “Tax Book Profit” shall
be specially allocated to such Member so as to eliminate such deficit as quickly as possible.

     Section 6.8 Company Minimum Gain Chargeback. If there is a net decrease in Company
Minimum Gain during a Fiscal Year or other period, each Member shall be allocated items of the
Company taxable income and gain as adjusted pursuant to the definition of “Tax Book Profit” for
such Fiscal Year or other period (and, if necessary, for subsequent Fiscal Years or periods) in
proportion to, and to the extent of, such Member’s share of such net decrease, except to the extent
such allocation would not be required by Section 1.704-2(f) of the Treasury Regulations. The
amounts referred to in this Section 6.8, and the items to be so allocated shall be
determined in accordance with Section 1.704-2 of the Treasury Regulations. This Section
6.8 is intended to constitute a “minimum gain chargeback” provision as described in Section
1.704-2(f) or 1.704-2(j)(2) of the Treasury Regulations and shall be interpreted consistently
therewith.

     Section 6.9 Member Nonrecourse Debt Minimum Gain Chargeback. If there is a net
decrease in Member Nonrecourse Debt Minimum Gain during a Fiscal Year or other period, then each
Member shall be allocated items of the Company income or gain equal to such Member’s share of such
net decrease, except to the extent such allocation would not be required under Section
1.704-2(i)(4) or 1.704-2(j)(2) of the Treasury Regulations. The amounts referred to in this
Section 6.9 and the items to be so allocated shall be determined in accordance with Section
1.704-2 of the Treasury Regulations. This Section 6.9 is intended to comply with the
minimum gain chargeback requirement contained in Section 1.704-2(i)(4) of the Treasury Regulations
and shall be interpreted consistently therewith.

     Section 6.10 Limitations on Tax Book Loss Allocations. With respect to any Member,
notwithstanding the provisions of Section 6.1, the amount of Tax Book Loss for any Fiscal
Year or other period that would otherwise be allocated to a Member shall not cause or increase a
deficit Adjusted Capital Account Balance. Any Tax Book Loss in excess of the limitation set forth
in this Section 6.10 shall be allocated among the remaining Members, pro rata based on
their respective Company Interests, to the extent such allocations would not cause such remaining
Members to have a deficit Adjusted Capital Account Balance.

     Section 6.11 Member Nonrecourse Deductions. Member Nonrecourse Deductions for any
Fiscal Year or other period shall be specially allocated to the Members who bear the economic risk
of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are
attributable in accordance with Section 1.704-2(i)(1) of the Treasury Regulations.

     Section 6.12 Nonrecourse Deductions. Nonrecourse Deductions, other than Member
Nonrecourse Deductions, for any Fiscal Year shall be allocated to the Members in accordance with
their respective Company Interests.

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     Section 6.13 Excess Nonrecourse Liabilities. Nonrecourse Debts of the Company which
constitute Excess Nonrecourse Liabilities shall be allocated among the Members in accordance with
their respective Company Interests.

     Section 6.14 Ordering Rules. Anything contained in this Agreement to the contrary
notwithstanding, allocations for any Fiscal Year or other period of Nonrecourse Deductions or
Member Nonrecourse Deductions, or of items required to be allocated pursuant to the minimum gain
chargeback requirements contained in this Article VI, shall be made before any other
allocations hereunder.

     Section 6.15 Curative Allocations. The allocations set forth in Section 6.6
through Section 6.14 inclusive (collectively, the “Regulatory Allocations”) are
intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury
Regulations. The Regulatory Allocations may result in allocations which are not consistent with
the manner in which the Members intend to allocate Tax Book Profit and Tax Book Loss or make
Company Distributions. Accordingly, notwithstanding the other provisions of this Agreement,
Members shall reallocate items of income, gain, deduction and loss among the Members so as to
eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital
Accounts of the Members to be in the amounts (or as close thereto as possible) they would have been
if Tax Book Profit and Tax Book Loss (and such other items of income, gain, deduction and loss) had
been allocated without reference to the Regulatory Allocations. In general, the Members anticipate
that this will be accomplished by specially allocating other Tax Book Profit and Tax Book Loss (and
such other items of income, gain, deduction and loss) among the Members so that the net amount of
the Regulatory Allocations and such special allocations to each such Member is zero. In addition,
if in any Fiscal Year or other period there is a decrease in Company Minimum Gain, or in Member
Nonrecourse Debt Minimum Gain, and application of the minimum gain chargeback requirements set
forth in this Section would cause a distortion in the economic arrangement among the Members, the
Members may, if they do not expect that Company will have sufficient other income to correct such
distortion, request the IRS to waive either or both of such minimum gain chargeback requirements.
If such request is granted, this Agreement shall be applied in such instance as if it did not
contain such minimum gain chargeback requirements.

     Section 6.16 Members’ Tax Reporting. The Members acknowledge and are aware of the
income tax consequences of the allocations made pursuant to this Article VI and, except as
may otherwise be required by Law, hereby agree to be bound by the provisions of this Article
VI in reporting their shares of Company income, gain, loss, deduction and credit for federal,
state and local income tax purposes.

     Section 6.17 Indemnification and Reimbursement for Payments on Behalf of a Member. If
the Company is required by Law to make any payment to a Governmental Entity that is specifically
attributable to a Member or a Member’s status as such (including federal withholding taxes, state
or local personal property taxes and state or local unincorporated business taxes), then such
Member shall indemnify the Company in full for the entire amount paid (including interest,
penalties and related expenses). A Member’s obligation to indemnify the Company under this
Section 6.17 shall survive the termination, dissolution, liquidation and winding up of the
Company, and for purposes of this Section 6.17, the Company shall be treated as continuing
in existence. The Company may pursue and enforce all rights and remedies it may

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have against each Member under this Section 6.17, including instituting a lawsuit to
collect such indemnification, with interest calculated at a floating rate equal to the prime rate
as published from time to time in The Wall Street Journal, plus one percentage point (1%) per annum
(but not in excess of the highest rate per annum permitted by Law), compounded annually.

ARTICLE VII

RIGHTS AND DUTIES OF MEMBERS

     Section 7.1 Members. The Members of the Company, and their respective class and
numbers of Membership Interests, are listed on the Schedule of Members. No Person may be a
Member without the ownership of a Membership Interest. The Members shall have only such rights and
powers as are granted to them pursuant to the express terms of this Agreement and the Act. Except
as otherwise expressly provided in this Agreement, no Member, in such capacity, shall have any
authority to bind, to act for, to sign for or to assume any obligation or responsibility on behalf
of, any other Member or the Company.

     Section 7.2 No Management or Dissent Rights. Except as set forth herein or otherwise
required by Law, the Members shall not have any right to take part in the management or operation
of the Company other than through the Managers appointed by the Members to the Board of Managers.
No Member shall, without the prior written approval of the Board of Managers, take any action on
behalf of or in the name of the Company, or enter into any commitment or obligation binding upon
the Company, except for actions expressly authorized by the terms of this Agreement. Except as
required by Law, Members shall not be entitled to any rights to dissent or seek appraisal with
respect to any transaction, including the merger or consolidation of the Company with any Person.

     Section 7.3 No Member Fiduciary Duties.

          (a) No Member shall, to the maximum extent permitted by the Act and other applicable Law, owe
any duties (including fiduciary duties) as a Member to the other Members or the Company,
notwithstanding anything to the contrary existing at law, in equity or otherwise; provided,
however, that each Member shall have the duty to act in accordance with the implied
contractual covenant of good faith and fair dealing.

          (b) Except as otherwise expressly provided in this Agreement or any other contractual
arrangements between the Company and one or more Members, any Member may engage in or possess any
interest in another business or venture of any nature and description, independently or with
others, whether or not such business or venture is competitive with the Company or any of its
Subsidiaries, and neither the Company nor any other Member shall have any rights in or to any such
independent business or venture or the income or profits derived therefrom, and the doctrine of
corporate opportunity or any analogous doctrine shall not apply to the Members and the members,
shareholders, partners and Affiliates thereof. The pursuit of any such business or venture shall
not be deemed wrongful, improper or a breach of any duty hereunder, at law, in equity or otherwise.
Any Member and the members, shareholders, partners and Affiliates thereof shall be able to
transact business or enter into agreements with the

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Company to the fullest extent permissible under the Act, subject to the terms and conditions
of this Agreement.

          (c) Except as otherwise expressly provided in this Agreement or any other contractual
arrangements between the Company and one or more Members, if a Member acquires knowledge, other
than solely from or through the Company, of a potential transaction or matter that may be a
business opportunity for both such Member and the Company or another Member, such Member shall have
no duty to communicate or offer such business opportunity to the Company or any other Member and
shall not be liable to the Company or the other Members for breach of any duty (including fiduciary
duties) as a Member by reason of the fact that such Member pursues or acquires such business
opportunity for itself, directs such opportunity to another Person, or does not communicate
information regarding such opportunity to the Company.

          (d) The provisions of this Agreement, to the extent that they restrict or eliminate the duties
(including fiduciary duties) and liabilities of a Member otherwise existing at law or in equity,
are agreed by the Members to replace such duties and liabilities of such Member.

     Section 7.4 Meetings of the Common Holders.

          (a) An annual meeting of the Common Holders shall be held in Detroit, Michigan, New York, New
York or at such other place, within or without the State of Delaware, as shall from time to time be
determined by the Board of Managers. In addition to the annual meeting, the Common Holders shall
hold three additional meetings on a regular basis, once during each calendar quarter in which the
annual meeting is not held, in Detroit, Michigan, New York, New York or at such other place, within
or without the State of Delaware, as shall from time to time be determined by the Board of
Managers. Prior to each annual and quarterly meeting, the Secretary shall circulate an agenda for
such meeting, which agenda shall include a discussion of the financial reports of the Company most
recently delivered pursuant to Section 4.5, such other matters relating to the Company as
any Common Holder holding in excess of ten percent (10%) of the Voting Power shall request to be
included in such agenda and such other matters relating to the Company as the representatives of
the Common Holders attending such meeting shall elect to discuss. Any Common Holder holding in
excess of ten percent (10%) of the Voting Power may request that the Managers or Officers of the
Company participate in such annual and quarterly meetings or make presentations regarding such
matters relating to the Company as such Common Holder(s) shall reasonably request; provided
that such participation does not unreasonably interfere with the normal performance of their
duties.

          (b) A special meeting of the Common Holders for any purpose or purposes specified by the
person calling the meeting may be called at any time by (i) the Board of Managers, (ii) the Chief
Executive Officer, or (iii) any Common Holder holding in excess of ten percent (10%) of the Voting
Power. At a special meeting, no business shall be transacted and no action shall be taken other
than that stated in the notice for such meeting.

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          (c) Each Common Holder shall have the right to attend any such meeting. Any Common Holder who
is not a natural person shall designate one individual to act as such Common Holder’s legal
representative for purposes of voting at such meeting.

     Section 7.5 Notice of Meetings. Written notice stating the place, day and time of
every meeting of the Common Holders and, in case of a special meeting, the purpose or purposes for
which the meeting is called, shall be mailed (a) with respect to any annual or quarterly meeting,
not less than ten nor more than sixty calendar days before the date of the meeting (or if sent by
facsimile, not less than five Business Days before the date of the meeting) or (b) with respect to
any special meeting, not less than five nor more than thirty calendar days before the date of the
meeting (or if sent by facsimile, not less than three Business Days before the date of the
meeting), in either case to each Common Holder entitled to vote at such meeting, at its notice
address maintained in the records of the Company by the Secretary. Such further notice shall be
given as may be required by Law, but meetings may be held without notice if all the Common Holders
entitled to vote at the meeting are present in person or by telephone or represented by proxy or if
notice is waived in writing by those not present, either before or after the meeting.

     Section 7.6 Quorum. Any number of Common Holders holding at least a majority of each
class or classes of Membership Interests entitled to vote with respect to the business to be
transacted and who shall be present in person or by telephone or represented by proxy at any
meeting duly called shall constitute a quorum for the transaction of business. If such quorum is
not present within sixty minutes after the time appointed for such meeting, such meeting shall be
adjourned and the Board of Managers shall reschedule the meeting no fewer than three nor more than
ten Business Days thereafter. If such meeting is rescheduled two consecutive times, then those
Common Holders who are present or represented by proxy at the second such rescheduled meeting shall
constitute a valid quorum for all purposes hereunder; provided that written notice of any
rescheduled meetings shall have been delivered to all Common Holders at least three Business Day
prior to the date of each rescheduled meeting.

     Section 7.7 Voting.

          (a) Except with respect to matters where the separate vote of a particular class of Membership
Interests is expressly required hereunder (including in connection with any vote by the Members
constituting the Joint Majority Holders, the Majority Preferred Holders and as provided in
Section 8.3) and as otherwise required by Law, (i) Common Holders holding Class A
Membership Interests and Common Holders holding Class B Membership Interests shall vote together as
a single class and (ii) Members holding Class C Membership Interests and Preferred Membership
Interests in their capacity as such holders shall have no voting power in connection with the
election of Managers and no right or authority to vote on or approve any other matter to be voted
on or approved by the Members, whether hereunder, under the Act, at law, in equity or otherwise.
Each Class A Holder shall be entitled to one vote for each Class A Membership Interest held by such
Common Holder and each Class B Holder shall be entitled to one vote for each Class B Membership
Interest held by such Common Holder, in each case, in connection with the election of Managers and
on all matters to be voted upon by the Members (without prejudice to any consent rights that the
holders of any class or portion of any particular class of Membership Interests have expressly been
granted under this Agreement). Each Preferred Holder shall be entitled to one vote for each
Preferred Membership Interest held by such

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Preferred Holder in connection with any matter where the separate vote of the Preferred
Holders is expressly required hereunder (including in connection with any vote by the Members
constituting the Majority Preferred Holders) and as otherwise required by Law. The percentage of
the total votes entitled to be cast by any Common Holder or group of Common Holders with respect to
such Common Holder’s or group of Common Holders’ Common Membership Interests, calculated pursuant
to this Section 7.7, is herein referred to as the “Voting Power” of such Common
Holder or Common Holders. Immediately following the consummation of the transactions contemplated
by the Purchase Agreement, the Class A Holders holding the Class A Membership Interests shall have
fifty-one percent (51%) of the Voting Power and the Class B Holders holding the Class B Membership
Interests shall have forty-nine percent (49%) of the Voting Power.

          (b) At any meeting of the Common Holders, each Common Holder entitled to vote on any matter
coming before the meeting shall, as to such matter, have a vote, in person, by telephone or by
proxy, equal to the Voting Power of the number of Membership Interests held in its name on the
relevant record date established pursuant to Section 7.9.

          (c) Except as otherwise specified herein, when a quorum is present, the affirmative vote of
the holders of a majority of the Voting Power of the Membership Interests present in person or
represented by proxy at a duly called meeting and entitled to vote on the subject matter shall be
the act of the Common Holders, unless the question is one upon which by express provisions of Law
or of this Agreement a different vote is required, in which case such express provision shall
govern and control the decision of such question. Where a separate vote by any class of Membership
Interests is required, the affirmative vote of the Common Holders holding at least a majority of
the Voting Power of the Membership Interests of such class present in person or represented by
proxy at the meeting of such class shall be the act of such class, unless the question is one upon
which by express provisions of Law or of this Agreement a different vote is required, in which case
such express provision shall govern and control the decision of such question.

          (d) Each Member entitled to vote at a meeting of Common Holders or any class of Members or to
express consent or dissent to any action in writing without a meeting may authorize another person
or persons to act for him or her by proxy, but no such proxy shall be voted or acted upon after
three years from its date, unless the proxy provides for a longer period. At each meeting of
Common Holders or any class of Members, and before any voting commences, all proxies filed at or
before the meeting shall be submitted to and examined by the Secretary or a person designated by
the Secretary, and no Membership Interests may be represented or voted under a proxy that have been
found to be invalid or irregular.

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     Section 7.8 Action Without a Meeting; Telephonic Meetings.

          (a) Any action required to be taken at any annual or special meeting of Common Holders, or at
any meeting of any class of Members, or any action that may be taken at any annual or special
meeting of such Common Holders or class of Members, may be taken without a meeting, without prior
notice and without a vote, if a consent or consents in writing, setting forth the action so taken
and bearing the dates of signature of the Members who signed the consent or consents, shall be
signed by Members holding (i) in the case of any action required to be taken at any annual or
special meeting of the Common Holders, not less than sixty-six and two-thirds percent
(662/3%) of the Voting Power of the outstanding Membership Interests, or (ii)
in the case of any action required to be taken at any meeting of the Members holding a particular
class of Membership Interests, not less than a majority of the Membership Interests of such class,
as applicable. Any such consent or consents shall be delivered to the Company by delivery to the
Company’s principal place of business, or an Officer or agent of the Company having custody of the
book or books in which proceedings of meetings of the Members are recorded. If action is so taken
without a meeting by less than unanimous written consent of the Common Holders or of any class of
Members, a copy of such written consent shall be delivered promptly to all Common Holders or all
Members of such class who have not consented in writing. Any action taken pursuant to such written
consent or consents of the Common Holders or any class of Members shall have the same force and
effect as if taken by the Members at a meeting of the Common Holders or the Members of such class.

          (b) Common Holders may participate in meetings of the Common Holders, and Members of any class
of Members may participate in meetings of such class of Members, by means of conference telephone
or similar communications equipment by means of which all Persons participating in the meeting can
hear each other. Participation in a telephonic meeting pursuant to this Section 7.8(b)
shall constitute presence at such meeting and shall constitute a waiver of any deficiency of
notice.

     Section 7.9 Record Date. For the purpose of determining the Members entitled to
notice of or to vote at any meeting of Common Holders or any class of Members or any adjournment
thereof, or entitled to receive a payment of any kind, or in order to make a determination of
Members for any other proper purpose, the Board of Managers may fix in advance a date as the record
date for any such determination of Members, such date in any case to be not more than seventy
calendar days prior to the date on which the particular meeting or action requiring such
determination of Common Holders is to be held or taken. If no record date is fixed by the Board of
Managers, the date on which notices of the meetings are mailed or the date on which the resolution
of the Board of Managers declaring such Distribution is adopted, as the case may be, shall be the
record date. When a determination of the Common Holders has been made as provided in this
Section 7.9, such determination shall apply to any adjournment thereof unless the Board of
Managers fixes a new record date, which it shall do if the meeting is adjourned to a date more than
one hundred twenty calendar days after the date originally fixed.

     Section 7.10 Certain Matters Requiring Special Approval of the Joint Majority Holders.

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          (a) Notwithstanding any other provision of this Agreement, the Company and the Board of
Managers shall not, and shall take all action possible to ensure that each Subsidiary of the
Company shall not, engage in any of the following transactions without the prior written consent of
the Joint Majority Holders:

          (i) any transaction that results in a Company Sale;

          (ii) (A) until the fifth anniversary of the Effective Date, a Public Offering of any
Equity Securities by the Company (or any successor thereto) if, immediately following the
consummation of such Public Offering, the Equity Securities of the Company (or such
successor) held by the Initial Class B Holders would cease to represent at least thirty-five
and one-tenth percent (35.1%) of the Outstanding Securities of the Company (or of such
successor) (after giving effect to any Equity Securities issued in connection therewith);
provided that such percentage threshold shall be reduced on a percentage point for
percentage point basis to give effect to any Membership Interests Transferred (other than
pursuant to clause (ii) of the definition of Exempt Transfer) by the Initial Class B Holders
on or prior to the date of such Public Offering; provided, further, that in
no event shall such percentage threshold be reduced to less than twenty and one-tenth
percent (20.1%) of the Outstanding Securities of the Company (or of such successor) (after
giving effect to any Equity Securities issued in connection therewith); and (B) after the
fifth anniversary of the Effective Date, a Public Offering of any Equity Securities by the
Company (or any successor thereto) if, immediately following the consummation of such Public
Offering, the Equity Securities of the Company held by the Initial Class B Holders would
cease to represent at least twenty and one-tenth percent (20.1%) of the Outstanding
Securities of the Company (or of such successor) (after giving effect to any Equity
Securities issued in connection therewith);

          (iii) (A) until the earlier of the fifth anniversary of the Effective Date or GM
Holdco’s exercise of its rights under the Call Option, any Public Offering or authorization
or issuance of the Equity Securities of any Material Subsidiary of the Company (or any
successor thereto) if (1) any Rating Agency has communicated to the Company, after inquiry,
that such proposed transaction is reasonably likely to result in a Credit Downgrade, or (2)
such Public Offering or issuance of Equity Securities would result in the Company directly
or indirectly ceasing to hold in excess of fifty percent (50%) of the Outstanding Securities
of such Material Subsidiary, determined on a fully diluted basis, that will represent a
majority of the voting rights and economic interest of such Material Subsidiary (after
giving effect to any Equity Securities issued in connection therewith), or (B) prior to the
earlier to occur of GM Holdco’s exercise of its rights under the Call Option or the
termination of the Call Option, any Public Offering or authorization or issuance of the
Equity Securities of any Subsidiary of the Company (or any successor thereto) or of any
Significant Joint Venture if such Subsidiary or Significant Joint Venture is part of the NAO
Business or the IO Business or any portion thereof;

          (iv) until the fifth anniversary of the Effective Date, a Public Offering by the Class
A Holders or a Public Offering (provided that the word “Company” in the definition of such
term for this purpose is replaced with the phrase “such Person”) by any

48

 

Class A Holder or any Person directly or indirectly Controlling a Class A Holder,
involving, directly or indirectly, any Equity Securities of the Company;

          (v) (A) until the fifth anniversary of the Effective Date, the authorization or
issuance by the Company of any Membership Interests if, immediately following such issuance,
the Membership Interests held by the Initial Class B Holders would cease to represent at
least thirty-five and one-tenth percent (35.1%) of the Company Interests; provided
that such percentage threshold shall be reduced on a percentage point for percentage point
basis to give effect to any Membership Interests Transferred (other than pursuant to clause
(ii) of the definition of Exempt Transfer) by the Initial Class B Holders on or prior to the
date of such Public Offering; provided, further, that in no event shall such
percentage threshold be reduced to less than twenty and one-tenth percent (20.1%) of the
Company Interests; or (B) after the fifth anniversary of the Effective Date, the
authorization or issuance by the Company of any Membership Interests if, immediately
following the consummation of such issuance, the Membership Interests held by the Initial
Class B Holders would cease to represent at least twenty and one-tenth percent (20.1%) of
the Company Interests;

          (vi) any merger or consolidation involving the Company or any of its Material
Subsidiaries, other than any merger or consolidation (A) of any Material Subsidiary of the
Company with and into the Company, (B) of two or more Subsidiaries of the Company into one
another, (C) that qualifies as a Company Sale required to be approved, and which is so
approved, as provided in subsection (i) above, (D) that constitutes an acquisition that does
not require approval under subsection (vii) below, or (E) that constitutes a Transfer that
does not require approval under subsection (ix) below;

          (vii) the acquisition, including by merger or consolidation, of any business, entity,
asset or group of related assets if (A) the equity value, in any one transaction or a series
of related transactions in any twelve-month period, of such acquired business, entity, asset
or group of related assets exceeds $1 billion, (B) the equity value, in any one transaction
or a series of related transactions in any twelve-month period, of such acquired business,
entity, asset or group of related assets exceeds $250 million and any Rating Agency has
communicated to the Company, after inquiry, that such proposed transaction is reasonably
likely to result in a Credit Downgrade or (C) a majority of the Independent Managers
determine, regardless of the size of any acquisition otherwise described above, such
acquisition is reasonably likely to result in a Credit Downgrade and, after inquiry, any
Rating Agency has communicated to the Company that such proposed transaction is reasonably
likely to result in a Credit Downgrade, or (D) prior to the termination of the Call Option,
such transaction involves the NAO Business or the IO Business or any portion thereof;

          (viii) any amendment to the organizational documents of (A) the Company, including the
Certificate of Formation and this Agreement, or (B) any of the Material Subsidiaries if, in
either case, such amendment could reasonably be expected to have an adverse impact on any
Member (including any Member’s rights under this Agreement), the Company or such Material
Subsidiary, other than any amendment, but

49

 

only to the extent necessary, to implement the issuance of Permitted Additional
Membership Interests;

          (ix) the Transfer of, or permitting any Subsidiary or Significant Joint Venture to
Transfer, directly or indirectly, including by merger or consolidation, in any transaction
or series of related transactions, assets or any business group, unit or line of business of
the Company and/or its Subsidiaries or any Equity Securities of any Subsidiary of the
Company or of any Significant Joint Venture if, (A) prior to the earlier of the fifth
anniversary of the Effective Date or any Transfer pursuant to the exercise by GM Holdco of
its rights under the Call Option, (1) the equity value, in any one transaction or a series
of related transactions in any twelve-month period, of such acquired business, entity, asset
or group of related assets exceeds $1 billion, (2) the equity value, in any one transaction
or a series of related transactions in any twelve-month period, of such acquired business,
entity, asset or group of related assets exceeds $250 million and any Rating Agency has
communicated to the Company, after inquiry, that such proposed transaction is reasonably
likely to result in a Credit Downgrade or (3) a majority of the Independent Managers
determine, regardless of the size of any Transfer otherwise described above, such
acquisition is reasonably likely to result in a Credit Downgrade and, after inquiry, any
Rating Agency has communicated to the Company that such proposed transaction is reasonably
likely to result in a Credit Downgrade, or (B) prior to the termination of the Call Option,
such transaction involves the NAO Business or the IO Business or any portion thereof; other
than, in either case, (w) securitization transactions entered into in the Ordinary Course of
Business, (x) other financing related transactions entered into in the Ordinary Course of
Business, (y) any Transfer pursuant to the exercise by GM Holdco of its rights under the
Call Option or (z) any Transfer contemplated and approved as required by clause (i), (ii),
(iii), (iv) or (vi) above;

          (x) (A) entering into a new material line of business of the Company or any Subsidiary
or (B) engaging in acts making it impossible to carry on the business of the Company or any
Material Subsidiary;

          (xi) the redemption, purchase or other acquisition, directly or indirectly, of any
Membership Interests or other Equity Securities of the Company, other than (A) those
Membership Interests or other Equity Securities of the Company held by any current or former
officer, manager, director, consultant or employee of the Company or any of its Subsidiaries
or, to the extent applicable, their respective estates, spouses, former spouses or family
members, in each case pursuant to any equity subscription agreement, option agreement,
members’ agreement or similar agreement or benefit of any kind, (B) redemptions, purchases
or other acquisitions that are made pro rata among the Members holding a particular class of
Membership Interests or other Equity Securities (provided that the Class A Membership
Interests and the Class B Membership Interests shall be treated as a single class of
Membership Interests for such purpose), in each case, to the extent that (1) no Rating
Agency has communicated to the Company, after inquiry, that such proposed redemption,
purchase or other acquisition is reasonably likely to result in a Credit Downgrade or (2)
such proposed redemption, purchase or other acquisition will not result in a reduction of
the equity capital of the Company (as determined by the

50

 

Board of Managers) below the Required Capital Amount, unless approved by a majority of
the Independent Managers and (C) redemptions, purchases or other acquisitions contemplated
by Section 3.1(b); and

          (xii) any act or omission resulting in the failure by the Company to make Distributions
pursuant to Section 5.1(a), other than any reduction of such Distributions to the
extent required to avoid a reduction of the equity capital of the Company below the Required
Capital Amount;

provided, first, that the approval rights of the Majority Initial Class B Holders
with respect to the matters described in Section 7.10(a)(iii)(B), Section
7.10(a)(vii)(C) and Section 7.10(a)(ix)(B) shall terminate at such time as the GM
Control Assignee constitutes the Majority Initial Class B Holder; and, provided,
second, that, at such time as the GM Control Assignee constitutes the Majority Initial
Class B Holder, (x) the reference in each of Section 7.10(a)(ii)(A) and Section
7.10(a)(v)(A) to “thirty-five and one-tenth percent (35.1%)” shall be deemed to be replaced
with a reference to “twenty and one-tenth percent (20.1)” and (y) the proviso in each of
Section 7.10(a)(ii)(A) and Section 7.10(a)(v)(A) shall be deemed to be deleted.

          (b) The Members hereby acknowledge and agree that the determination of the Majority Initial
Class A Holders and the Majority Initial Class B Holders, respectively, as to whether to consent to
any of the actions described in Section 7.10(a), shall be entitled to be made in the sole
discretion of the Majority Initial Class A Holders and the Majority Initial Class B Holders,
respectively, acting in their own best interests.

          (c) At such time as neither the Initial Class A Holders nor the Initial Class B Holders hold
in excess of twenty percent (20%) of the Voting Power, the provisions of this Section 7.10
shall terminate.

     Section 7.11 Certain Matters Requiring Special Approval of the Majority Preferred
Holders.

          (a) Notwithstanding any other provision of this Agreement, the Company and the Board of
Managers shall not engage in any of the following transactions without the prior written consent of
the Majority Preferred Holders:

          (i) authorize or issue any Equity Securities or debt securities of the Company that (A)
rank senior to the Preferred Membership Interests with respect to distributions from
Available Cash or upon a sale or liquidation of the Company and (B) are accorded the same
equity treatment by the Ratings Agencies as the Preferred Membership Interests at the time
of the authorization or issuance thereof; and

          (ii) To the extent that the Company has failed to make Distributions of the Preferred
Accrued Distribution Amount with respect to the immediately preceding Fiscal Quarter, the
redemption, purchase or other acquisition, directly or indirectly, of any Common Membership
Interests, Class C Membership Interests or other Equity Securities of the Company in any
Fiscal Quarter, other than (A) those Membership Interests or other Equity Securities of the
Company or Management Company held by

51

 

any current or former officer, manager, director, consultant or employee of the Company
or any of its Subsidiaries or, to the extent applicable, their respective estates, spouses,
former spouses or family members, in each case pursuant to any equity subscription
agreement, option agreement, members’ agreement or similar agreement or benefit of any kind,
and (B) Preferred Membership Interests in accordance with the terms hereof.

          (b) The Members hereby acknowledge and agree that the determination of the Majority Preferred
Holders as to whether to consent to any of the actions described in Section 7.11(a) shall
be entitled to be made in the sole discretion of the Majority Preferred Holders acting in their own
best interests.

          (c) The provisions of this Section 7.11 shall terminate upon the earlier to occur of
(i) the redemption of all Preferred Membership Interests pursuant to Section 12.5 or (ii)
such time as the Unreturned Preferred Capital Amount in respect of all outstanding Preferred
Membership Interests is equal to zero.

     Section 7.12 Certain Matters Requiring Special Approval of the Treasurer of GM. In
addition to (and not in lieu of) any consent, approval or authorization otherwise required pursuant
to this Agreement or the internal policies of the Company and/or its Subsidiaries, neither the
Company nor any of its Subsidiaries shall be authorized to enter into any secured financing
arrangement with any of the GM Entities without the prior written consent of the Treasurer of GM.
For purposes of this Section 7.12, “GM Entities” shall mean GM and each of its Subsidiaries,
including Subsidiaries formed or acquired after the date of this Agreement, incorporated, domiciled
or that has or have a principal place of business in the United States or any territory thereof
(other than the Company and its Subsidiaries).

     Section 7.13 Removal or Resignation of Members. A Member may not (a) be removed as a
Member of the Company without such Member’s prior written consent or (b) resign from the Company
without the written consent of the Joint Majority Holders, unless otherwise provided in this
Agreement.

     Section 7.14 Liability of Members.

          (a) Except as otherwise required by Law or as expressly set forth in this Agreement, the
debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise,
shall be solely the debts, obligations and liabilities of the Company, and no Member or Manager
shall be obligated personally for any such debt, obligation or liability of the Company solely by
reason of being a Member or Manager, whether to the Company, to any of the other Members, to the
creditors of the Company or to any other third Person. Except as required by the Act, each Member
shall be liable only to make such Member’s Capital Contribution to the Company, if applicable, and
the other payments provided for expressly herein.

          (b) Under the Act, a member of a limited liability company may, under certain circumstances,
be required to return amounts previously distributed to such member. It is the intent of the
Members that no Distribution to any Member pursuant to Article V or Article X shall
be deemed to constitute money or other property paid or distributed in violation of the Act,

52

 

and the Members agree that each such Distribution shall constitute a compromise of the Members
within the meaning of Section 18-502(b) of the Act, and, to the fullest extent permitted by Law,
the Member receiving such Distribution shall not be required to return to any Person any such money
or property, except as otherwise expressly set forth herein. If, however, any court of competent
jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated
to make any such payment, such obligation shall be the obligation of such Member and not of the
other Members, and, when funded, shall constitute a Capital Contribution by such Member.

     Section 7.15 Investment Representations of Members. Each Member hereby represents,
warrants and acknowledges to the Company that: (a) such Member has such knowledge and experience in
financial and business matters and is capable of evaluating the merits and risks of an investment
in the Company and is making an informed investment decision with respect thereto; (b) such Member
is acquiring interests in the Company for strategic business or investment purposes only and not
with a view to, or for resale in connection with, any distribution to the public or public offering
thereof; and (c) the execution, delivery and performance of this Agreement have been duly
authorized by such Member.

     Section 7.16 Project Agreements. Each party hereto either holding Common Membership
Interests or executing this Agreement specifically to be party to this Section 7.16, hereby
agrees, and agrees to use its reasonable best efforts to cause each of its Affiliates (including,
in the case of FIM, the Company and its Subsidiaries) to promptly and in good faith comply in all
material respects with, and perform in all material respects its duties and obligations under, each
of the Project Agreements to which such party or any of its Affiliates is a party.

     Section 7.17 Non-Competition. Without the express prior written consent of the
Majority Initial Class A Holders, neither GM nor any of its Subsidiaries shall, at any time, (a) in
the United States of America, during the five-year period immediately following the Effective Date,
or (b) in any country outside of the United States of America in which the Company and its
Subsidiaries actively operate as of the Effective Date, during the three-year period immediately
following the Effective Date, directly or indirectly, manage or control any Person engaged in any
material respect in any Competing Business; provided, however, that the ownership
of securities representing no more than five percent (5%) of the outstanding voting power of any
Person, which securities are listed on any securities exchange or traded actively in an
over-the-counter market, shall not be deemed to violate the provisions of this sentence;
provided, further, that GM or any of its Subsidiaries may hereafter purchase the
equity or assets of any Entity engaged in a Competing Business if less than ten percent (10%) of
the aggregate gross revenues of such Entity for its most recently completed fiscal year were
derived from the Competing Business (and GM or any of its Subsidiaries may hereafter acquire a
controlling interest in any Entity that is engaged in a Competing Business, even if more than ten
percent (10%) of the aggregate gross revenues of such enterprise for its most recently completed
fiscal year were derived from a Competing Business, so long as GM or such Subsidiary, as
applicable, shall divest, as soon as reasonably practicable (and in any event within one year of
the date of acquisition), its interest in such Entity relating to the Competing Business, provided
that GM shall provide the Company with a right of first offer with respect to the divestiture of
such interest (the mechanics of which shall be similar to those applicable to the right of first
offer contained in Section 9.2 (as in effect

53

 

on the Effective Date), except as may be otherwise agreed to by the Majority Initial Class A
Holders and GM).

ARTICLE VIII

BOARD OF MANAGERS; OFFICERS

     Section 8.1 Establishment of Board of Managers. There is hereby established a
committee of Member representatives (the “Board of Managers”) comprised of natural Persons
(the “Managers”) having the authority and duties set forth in this Agreement. The size of
the Board of Managers shall initially be thirteen and may from time to time be increased by the
Board of Managers with the prior written consent of the Joint Majority Holders. Subject to
Section 8.3, the Managers shall be elected at the annual meeting of the Common Holders.
Each Manager elected shall hold office until a successor is duly elected and qualified or until his
or her earlier death, resignation or removal as provided in this Article VIII.

     Section 8.2 General Powers of the Board of Managers. The property, affairs and
business of the Company shall be managed by or under the direction of the Board of Managers, except
as otherwise expressly provided in this Agreement. In addition to the powers and authority
expressly conferred on it by this Agreement, the Board of Managers may exercise all such powers of
the Company and do all such lawful acts and things as are permitted by the Act and the Certificate
of Formation. Each Manager shall be a “manager” (as such term is defined in the Act) of the
Company but, notwithstanding the foregoing, no Manager shall have any rights or powers beyond the
rights and powers granted to such Manager in this Agreement. Except as such power is delegated
pursuant to Section 8.14, no Manager acting alone, or with any other Managers, shall have
the power to act for or on behalf of, or to bind the Company.

     Section 8.3 Election of Managers.

          (a) For so long as the Initial Class A Holders collectively hold at least fifty percent (50%)
of the Class A Membership Interests acquired by FIM pursuant to the Purchase Agreement and the
Initial Class B Holders collectively hold at least fifty percent (50%) of the Class B Membership
Interests held by them on the Effective Date, the Board of Managers shall be comprised of the
following thirteen Managers:

          (i) the Majority Initial Class A Holders shall elect six representatives (the
“Class A Managers”) to the Board of Managers to serve as Managers;

          (ii) the Majority Initial Class B Holders shall elect four representatives (the
“Class B Managers”) to the Board of Managers to serve as Managers;

          (iii) in addition to the Class A Managers elected pursuant to Section
8.3(a)(i), the Majority Initial Class A Holders shall elect two representatives who
shall be Independent Managers to the Board of Managers to serve as Managers;

54

 

          (iv) in addition to the Class B Managers elected pursuant to Section
8.3(a)(ii), the Majority Initial Class B Holders shall elect one representative who
shall be an Independent Manager to the Board of Managers to serve as a Manager; and

          (v) the Joint Majority Holders shall appoint the Chairman of the Board of Managers (the
“Chairman”); provided, however, that, following such time as the GM
Control Assignee constitutes the Majority Initial Class B Holder, the Chairman shall be
appointed by at least a majority of the Class A Managers; and

          (b) following such time as the Initial Class A Holders collectively hold less than fifty
percent (50%) of the Class A Membership Interests acquired by FIM pursuant to the Purchase
Agreement or the Initial Class B Holders collectively hold less than fifty percent (50%) of the
Class B Membership Interests held by them on the Effective Date:

          (i) the Majority Initial Class A Holders shall be entitled to elect the number of
Managers equal to the product of (A) ten, multiplied by (B) the quotient of (1) the
aggregate Voting Power of the Initial Class A Holders, divided by (2) the combined Voting
Power of the Initial Class A Holders and the Initial Class B Holders (rounded to the nearest
whole number, it being understood that any number ending in .5 will be rounded up);

          (ii) the Majority Initial Class B Holders shall be entitled to elect the number of
Managers equal to the product of (A) ten, multiplied by (B) the quotient of (1) the
aggregate Voting Power of the Initial Class B Holders, divided by (2) the combined Voting
Power of the Initial Class A Holders and the Initial Class B Holders (rounded to the nearest
whole number, it being understood that any number ending in .5 will be rounded down);

          (iii) in addition to the Managers elected pursuant to Section 8.3(b)(i), the
Majority Initial Class A Holders shall be entitled to elect the number of Independent
Managers equal to the product of (A) three, multiplied by (B) the quotient of (1) the
aggregate Voting Power of the Initial Class A Holders, divided by (2) the combined Voting
Power of the Initial Class A Holders and the Initial Class B Holders (rounded to the nearest
whole number, it being understood that any number ending in .5 will be rounded up);

          (iv) in addition to the Managers elected pursuant to Section 8.3(b)(ii), the
Majority Initial Class B Holders shall be entitled to elect the number of Independent
Managers equal to the product of (A) three, multiplied by (B) the quotient of (1) the
aggregate Voting Power of the Initial Class A Holders, divided by (2) the combined Voting
Power of the Initial Class A Holders and the Initial Class B Holders (rounded to the nearest
whole number, it being understood that any number ending in .5 will be rounded down); and

          (v) the Common Holders entitled to elect at least a majority of the Managers pursuant
to this Section 8.3(b) shall appoint the Chairman;

55

 

provided that the right of the Majority Initial Class A Holders to elect one or more
Managers pursuant to this Section 8.3(b) shall terminate following such time as the Initial
Class A Holders collectively do not hold at least ten percent (10%) of the Class A Membership
Interests; and, provided further that the right of the Majority Initial Class B
Holders to elect one or more Managers pursuant to this Section 8.3(b) shall terminate
following such time as the Initial Class B Holders collectively do not hold at least ten percent
(10%) of the Class B Membership Interests.

          (c) Any Class A Manager or Class B Manager shall be removed from the Board of Managers or any
committee of the Board of Managers with or without cause at the written request of the holders or
other Person that has the right to elect such Manager under this Section 8.3, but only upon
such written request and under no other circumstances. Any Independent Manager shall be removed
from the Board of Managers or any committee of the Board of Managers with Cause at the written
request of the Board of Managers (approved by a majority of members of the Board of Managers other
than the Manager being removed), but only upon such written request and under no other
circumstances.

          (d) Any Manager may resign at any time by giving written notice to the members of the Board of
Managers and the Chief Executive Officer or the Secretary. The resignation of any Manager shall
take effect upon receipt of notice thereof or at such later time as shall be specified in such
notice, and, unless otherwise specified therein, the acceptance of such resignation shall not be
necessary to make it effective.

          (e) If any Manager elected pursuant to this Section 8.3 for any reason ceases to serve
as a member of the Board of Managers during such Manager’s term of office, the resulting vacancy on
the Board of Managers shall be filled, subject to the conditions of this Section 8.3, by a
Manager elected by the Persons who initially elected such Manager, unless Section 8.3(b)
would provide for a different right of designation.

          (f) The Common Holders entitled to elect a Manager pursuant to this Section 8.3 shall
use commercially reasonable efforts to fill a vacancy of its representative, in the case of any
vacancy as of the Effective Date, within thirty calendar days, and, thereafter, within ninety
calendar days after such Common Holders’ representative ceases to serve as a member of the Board of
Managers or a committee of the Board of Managers.

     Section 8.4 Meetings.

          (a) Regular meetings of the Board of Managers may be held in Detroit, Michigan, New York, New
York or at such other place, within or without the State of Delaware, as shall from time to time be
determined by the Board of Managers, but in no event less than (i) four times during any
twelve-month period and (ii) once during any three-month period. Special meetings of the Board of
Managers may be called by or at the request of the Chief Executive Officer, and in any event shall
be called by the Chief Executive Officer upon the written request of any Manager. Special meeting
notices shall state the purposes of the proposed meeting.

          (b) Any Manager or any member of a committee of the Board of Managers who is present at a
meeting shall be conclusively presumed to have waived notice of such

56

 

meeting except when such Manager attends for the express purpose of objecting or abstaining at
the beginning of the meeting to the transaction of any business because the meeting is not lawfully
called or convened. Such Manager shall be conclusively presumed to have assented to any action
taken unless his or her dissent or abstention shall be entered in the minutes of the meeting or
unless his or her written dissent or abstention to such action shall be filed with the person
acting as the secretary of the meeting before the adjournment thereof or shall be forwarded by
registered mail to the Secretary immediately after the adjournment of the meeting. Such right to
dissent or abstain shall not apply to any Manager who voted in favor of such action.

     Section 8.5 Notice of Meetings. Written notice stating the place, day and time of
every meeting of the Board of Managers and, in case of a special meeting, the purpose or purposes
for which the meeting is called, shall be mailed not less than five nor more than thirty calendar
days before the date of the meeting (or if sent by facsimile or email, not less than three Business
Days before the date of the meeting), in each case to each Manager at his or her notice address
maintained in the records of the Company by the Secretary. Such further notice shall be given as
may be required by Law, but meetings may be held without notice if all the Managers entitled to
vote at the meeting are present in person or by telephone or represented by proxy or if notice is
waived in writing by those not present, either before or after the meeting.

     Section 8.6 Quorum. Unless otherwise provided by Law or this Agreement, the presence
of Managers constituting a majority of the voting authority of the whole Board of Managers shall be
necessary to constitute a quorum for the transaction of business; provided that the
presence of at least a majority of the Class A Managers and at least a majority of the Class B
Managers shall be required for a quorum to exist. If such quorum is not present within sixty
minutes after the time appointed for such meeting, such meeting shall be adjourned and the
President or acting Chairman shall reschedule the meeting to be held not fewer than two nor more
than ten Business Days thereafter. If such meeting is rescheduled two consecutive times, then
those Managers who are present or represented by proxy at the second such rescheduled meeting shall
constitute a valid quorum for all purposes hereunder; provided that written notice of any
rescheduled meeting shall have been delivered to all Managers at least two Business Days prior to
the date of such rescheduled meeting. Each Manager may designate by proxy any other Manager to
attend and act on behalf of the Manager (including voting on all matters brought before the Board
of Managers) at a meeting of the Board of Managers, a copy of which proxy shall be delivered to
each other Manager at or prior to the meeting. Notwithstanding any provision to the contrary
contained herein, interested Managers may be counted in determining the presence of a quorum at a
meeting of the Board of Managers or of a committee that authorizes any interested party contract or
transaction.

     Section 8.7 Voting. Each Manager shall be entitled to cast one vote with respect to
each matter brought before the Board of Managers (or any committee of the Board of Managers of
which such Manager is a member) for approval. Except as otherwise provided by this Agreement, the
Act, other Law or the Certificate of Formation, all policies and other matters to be determined by
the Managers shall be determined by a majority vote of the members of the Board of Managers present
at a meeting at which a quorum is present. No Manager shall be disqualified from voting on matters
as to which such Manager or the Persons that elected such Manager may have a conflict of interest,
whether such matter is a direct conflict of interest in connection with which the Person that
elected such Manager or any affiliate of such Person will

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engage in a transaction with the Company or one or more of its Subsidiaries (a “Direct
Conflict”) or of another nature (an “Indirect Conflict”); provided that (a)
prior to voting on any such matter, such Manager shall disclose the fact of any such conflict to
the other Managers (other than conflicts arising from such Manager’s relationship with the Persons
who elected such Manager) and, if such conflict is a Direct Conflict, the material terms of such
transaction and the material facts as to the relationship or interest of the Person that elected
such Manager or such Person’s affiliate, (b) any Manager may determine to recuse himself or herself
from voting on any matter as to which such Manager or the Person that elected such Manager may have
a conflict of interest, and whether or not a Manager recuses himself or herself, if such matter is
an Indirect Conflict, the Manager shall have no obligation to disclose the nature or substance of
the conflict or any information related thereto other than the fact that a conflict exists and (c)
no Manager shall have any duty to disclose to the Company or the Board of Managers confidential
information in such Manager’s possession even if it is material and relevant information to the
Company and/or the Board of Managers and, in any such case, such Manager shall not be liable to the
Company or the other Members for breach of any duty (including the duty of loyalty and any other
fiduciary duties) as a Manager by reason of such lack of disclosure of such confidential
information.

     Section 8.8 Action Without a Meeting; Telephonic Meetings.

          (a) On any matter requiring an approval or consent of Managers under this Agreement or the
Act, the Managers may take such action without a meeting, without prior notice, and without a vote
if a consent or consents in writing, setting forth the action so taken, shall be signed by all of
the Managers.

          (b) Managers may participate in meetings of the Board of Managers by means of conference
telephone or similar communications equipment by means of which all Persons participating in the
meeting can hear each other. Participation in a telephonic meeting pursuant to this Section
8.8(b) shall constitute presence at such meeting and shall constitute a waiver of any
deficiency of notice.

     Section 8.9 Certain Matters Requiring Special Manager Approval. In addition to a
majority vote of the Board of Managers or any committee of the Board of Managers or any comparable
body of any Subsidiary of the Company and, where applicable, the approval rights set forth in
Section 8.10, the prior written consent of (x) at least a majority of the Class A Managers
for so long as the Initial Class A Holders hold in excess of twenty percent (20%) of the Voting
Power and (y) at least a majority of the Class B Managers for so long as the Initial Class B
Holders hold in excess of twenty percent (20%) of the Voting Power shall be required at any time to
do, or cause to be done, any of the following:

          (a) the declaration of a Bankruptcy (or acquiescence with respect thereto), dissolution (to
the fullest extent permitted by Law), liquidation, recapitalization or reorganization in any form
of transaction, in each case of the Company or any of its Material Subsidiaries;

          (b) the entering into, amendment or other modification of any transaction with any Affiliate,
Member or any of their Affiliates or any Senior Executive Officer (other than, in the case of any
Senior Executive Officer, any agreement or arrangement entered into with such

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Person in connection with and relating to such Person’s employment with the Company or any of
its Subsidiaries, including compensation arrangements), if the value of the consideration provided
by the Company and/or any of its Subsidiaries to any such Affiliate, Member or any of their
Affiliates or any Senior Executive Officer involves in excess of $5 million or, if there is no
monetary consideration paid or quantifiable value exchanged, if the agreement is otherwise material
to the Company and/or any of its Subsidiaries (and in any event any amendment or other modification
to any agreement set forth on Exhibit G), unless at least a majority of the Independent
Managers determines that such transaction is entered into in the Ordinary Course of Business and is
on terms no less favorable to the Company or its Subsidiaries, as applicable, than those that would
have been obtained in a comparable transaction by the Company or such Subsidiary, as applicable,
with a Person that is not an Affiliate;

          (c) the incurrence by the Company and its Subsidiaries of Indebtedness (other than
intercompany Indebtedness) to the extent that any Rating Agency has communicated to the Company,
after inquiry, that such proposed incurrence of Indebtedness is reasonably likely to result a
Credit Downgrade, unless, following such time as the GM Control Assignee constitutes the Majority
Initial Class B Holder, approved by the Independent Managers pursuant to Section 8.10(c);

          (d) any change of the Independent Auditor, unless such replacement Independent Auditor is a
“Big Four” accounting firm;

          (e) any change in the Company’s or any Material Subsidiary’s name or the adoption of an
assumed name under which to conduct the business of the Company or any Material Subsidiary, except
as otherwise expressly permitted under or required by the Project Agreements; and

          (f) any change in the Company’s Fiscal Year or material change in the Company’s accounting
practices and procedures (including internal accounting standards) unless required by GAAP.

     Section 8.10 Certain Matters Requiring Special Independent Manager Approval. In
addition to a majority vote of the Board of Managers or any committee of the Board of Managers or
any comparable body of any Subsidiary of the Company and, where applicable, the approval rights set
forth in Section 8.9, the prior written consent of at least a majority of the Independent
Managers shall be required at any time to do, or cause to be done, any of the following:

          (a) the declaration of a Bankruptcy (or acquiescence with respect thereto), dissolution (to
the fullest extent permitted by Law) or liquidation, in each case of the Company or any of its
Material Subsidiaries;

          (b) the entering into, amendment or other modification of any transaction with any Affiliate,
Member or any of their Affiliates or any Senior Executive Officer (other than, in the case of any
Senior Executive Officer, any agreement or arrangement entered into with such Person in connection
with and relating to such Person’s employment with the Company or any of its Subsidiaries,
including compensation arrangements), if the value of the consideration

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provided by the Company and/or any of its Subsidiaries to any such Affiliate, Member or any of
their Affiliates or any Senior Executive Officer involves in excess of $5 million or, if there is
no monetary consideration paid or quantifiable value exchanged, if the agreement is otherwise
material to the Company and/or any of its Subsidiaries (and in any event any amendment or other
modification to any agreement set forth on Exhibit G), unless at least a majority of the
Independent Managers determines that such transaction is entered into in the Ordinary Course of
Business and is on terms no less favorable to the Company or its Subsidiaries, as applicable, than
those that would have been obtained in a comparable transaction by the Company or such Subsidiary,
as applicable, with a Person that is not an Affiliate or any their Affiliates; and

          (c) the incurrence by the Company and its Subsidiaries of Indebtedness (other than
intercompany Indebtedness) to the extent that any Rating Agency has communicated to the Company,
after inquiry, that such proposed incurrence of Indebtedness is reasonably likely to result in a
Credit Downgrade.

     Section 8.11 Certain Matters Requiring Board Discussion. Without limiting the matters
to be discussed from time to time by the Board of Managers, the prior discussion by the Board of
Managers shall be required at any time to do, or cause to be done, any of the following:

          (a) any Transfer by the Company or any of its Subsidiaries, directly or indirectly, in any
transaction or series of related transactions, of assets or any business group, unit or line of
business of the Company and/or its Subsidiaries or any Equity Securities of any Subsidiary of the
Company if the equity value of such assets, business group, unit or line of business or Equity
Securities in any one or a series of related transactions in any twelve-month period exceeds $250
million; provided that (i) securitization transactions entered into in the Ordinary Course
of Business, (ii) other financing related transactions entered into in the Ordinary Course of
Business, or (iii) any Transfer pursuant to the terms of the Call Option shall be discussed by the
Board of Managers only if and to the extent that the Board of Managers from time to time shall
establish a policy requiring such discussions; and

          (b) the acquisition, including by merger or consolidation, of any business, entity, asset or
group of related assets, in any one or a series of related transactions in any twelve-month period,
if the equity value of such acquired businesses, entities, assets or groups of related assets
exceeds $250 million.

     Section 8.12 Compensation of Managers; Expense Reimbursement. Managers that are also
Officers of the Company or employees of any of the Members or their Affiliates shall not receive
any stated fee for services in their capacity as Managers; provided, however, that
nothing herein contained shall be construed to preclude any Manager from serving the Company or any
Subsidiary in any other capacity and receiving compensation therefor. Managers that are not also
Officers of the Company or employees of any of the Members or their Affiliates may receive a stated
salary for their services as Managers, in each case as determined from time to time by the Board of
Managers. Managers shall be reimbursed by the Company for any reasonable out-of-pocket expenses
related to attendance at each regular or special meeting of the Board of Managers subject to the
Company’s requirements with respect to reporting and documentation of such expenses.

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     Section 8.13 Committees of the Board of Managers.

          (a) The Board of Managers may by resolution designate one or more committees, each of which
shall be comprised of two or more Managers, and may designate one or more of the Managers as
alternate members of any committee, who may, subject to any limitations imposed by the Board of
Managers, replace absent or disqualified Managers at any meeting of that committee. Except as set
forth in this Section 8.12, otherwise waived by the Majority Initial Class A Holders or the
Majority Initial Class B Holders, as applicable, or required by Law or the rules of any securities
exchange or other self regulatory organization from time to time applicable to the Company, the
proportion of Class A Managers and the Class B Managers on each committee of the Board of Managers
shall be as nearly as possible given the number of Managers serving on the committee the same as
the relative proportion of such Managers on the Board of Managers; provided that at least
one Class A Manager and at least one Class B Manager shall serve on each committee of the Board of
Managers, except, in each case, as otherwise may be provided herein. Subject to Section
8.9, any decisions to be made by a committee of the Board of Managers shall require the
approval of a majority of the votes of such committee of the Board of Managers. To the extent not
prohibited by Law or stock exchange listing requirement, any Manager may attend the meetings of any
committee of the Board of Managers on which he or she does not serve, as a non-voting observer.

          (b) Any committee of the Board of Managers, to the extent provided in any resolution of the
Board of Managers, shall have and may exercise all of the authority of the Board of Managers,
subject to the limitations set forth in Section 8.13(c) or in the establishment of such
committee. Any committee members may be removed, or any authority granted thereto may be revoked,
at any time for any reason by a majority of the Board of Managers subject to the limits on
designation of replacement provided above and provided that a Class A Manager may be removed only
by the Majority Initial Class A Holders and that a Class B Manager may be removed only by the
Majority Initial Class B Holders. Each committee of Managers may fix its own rules of procedure
and shall hold its meetings as provided by such rules, except as may otherwise be provided in this
Agreement or by a resolution of the Board of Managers designating such committee.

          (c) No committee of the Board of Managers shall have the authority of the Board of Managers
with respect to any matters (i) subject to the approval rights set forth in Section 7.10,
Section 8.9 and Section 8.10 or (ii) otherwise subject to the approval rights of
the Joint Majority Holders or the Independent Managers.

          (d) There is hereby established an audit committee of the Board of Managers (the “Audit
Committee”) initially comprised of three Independent Managers consisting of the Independent
Managers; provided, however, that if any of the Independent Managers is prohibited from serving on
the Audit Committee by any Law or stock exchange listing requirement, then the Audit Committee may
be comprised of fewer than three Independent Managers during the period of such prohibition, but in
no event less than two Independent Managers (provided, that if there are less than two Independent
Managers that are able to serve on the Audit Committee, the Majority Initial Class A Holders and
Majority Initial Class B Holders shall use commercially reasonable efforts to provide for a
mutually acceptable solution). The Majority Initial Class B Holders shall have the right to
designate the Chairman of the Audit Committee so long as the

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Independent Manager elected by the Majority Initial Class B Holders is a member of the Audit
Committee, and, if not, the Majority Initial Class A Holders shall have the right to designate the
Chairman of the Audit Committee. The Audit Committee shall have and may exercise the powers,
authority and responsibilities that are normally appropriate for the functions of an audit
committee. The Audit Committee shall report its actions, findings and reports to the Board of
Managers on a regular basis.

          (e) There is hereby established the compensation committee of the Board of Managers (the
“Compensation Committee”) initially comprised of three Managers consisting of two Class A
Managers and one Class B Manager. One of the Class A Managers serving on the Compensation
Committee initially shall be the Chairman of the Compensation Committee. The Compensation
Committee shall be responsible for matters related to executive compensation and all other
equity-based incentive compensation plans of the Company. The Compensation Committee shall
determine the compensation of (i) employees of the Company who are Managers of the Company and (ii)
upon the recommendation of the Chief Executive Officer, all Officers or any other employee of the
Company who occupies such other position as may be designated by the Compensation Committee from
time to time. The Compensation Committee shall review the compensation of any director, manager,
officer or other employee of any Subsidiary of the Company as may be designated by the Compensation
Committee from time to time to determine if it has any objection to such compensation. The
Compensation Committee shall have and may exercise the powers and authority granted to it by any
incentive compensation plan for employees of the Company.

     Section 8.14 Delegation of Authority. The Board of Managers may, from time to time
(acting in any applicable case with any required consent under this Agreement), delegate to any
Person (including any Member, Officer or Manager) such authority and powers to act on behalf of the
Company as it shall deem advisable in its discretion, except with respect to any matters (a)
subject to the approval rights set forth in Section 7.10, Section 8.9 and
Section 8.10 or (b) otherwise subject to the approval rights of the Joint Majority Holders
or the Independent Managers. Any delegation pursuant to this Section 8.14 may be revoked
at any time and for any reason or no reason by the Board of Managers.

     Section 8.15 Officers.

          (a) The officers of the Company (the “Officers”) shall consist of a Chief Executive
Officer, a Chief Financial Officer, one or more Presidents, a Secretary and such other Officers as
may be appointed in accordance with the terms of this Agreement. One Person may hold, and perform
the duties of, any two or more of such offices.

          (b) The Chief Executive Officer and the Chief Financial Officer each shall be appointed by a
majority of the Class A Managers following discussion with the Class B Managers; provided
that a majority of the Class B Managers shall have the right to object to the appointment of any
individual if such Managers reasonably believe that such individual is not properly qualified
(which qualifications shall include such individual’s work experience, education and background) to
serve as the Chief Executive Officer or the Chief Financial Officer, as applicable, in which case
the Class A Managers shall propose another individual to act as the Chief Executive Officer or the
Chief Financial Officer, as applicable. The President,

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Auto Finance shall be appointed by the Joint Majority Holders; provided,
however, that, following such time as the GM Control Assignee constitutes the Majority
Initial Class B Holder, the President, Auto Finance shall be appointed by a majority of the members
of the Board of Managers in accordance with the following sentence. All other Officers shall be
appointed by a majority of the members of the Board of Managers; provided that each such
Officer (other than the Secretary) shall be appointed following the nomination of such Officer by
the Chief Financial Officer or any President, as applicable, following consultation with the Chief
Executive Officer. The names and titles of the initial Officers are set forth on the Schedule
of Initial Officers. Any Officer may be removed, with or without cause, at any time by the
Persons who initially appointed such Officer; provided that the Persons that did not
initially appoint such Officer shall have the right, by written notice to the Persons who initially
appointed such Officer, to request the removal of such Officer, which notice shall set forth in
reasonable details the reasons for such request, and the Persons who initially appointed such
Officer shall in good faith consider such request.

          (c) No Officer shall have any rights or powers beyond the rights and powers granted to such
Officers in this Agreement or by action of the Board of Managers. The Chief Executive Officer,
Presidents, Chief Financial Officer and Secretary shall have the following duties and
responsibilities:

          (i) Chief Executive Officer. The Chief Executive Officer of the Company (the
“Chief Executive Officer”) shall perform such duties as may be assigned to them from
time to time by the Board of Managers. Subject to the direction of the Board of Managers,
he or she shall have, and exercise, direct charge of, and general supervision over, the
business and affairs of the Company. He or she shall from time to time report to the Board
of Managers all matters within his or her knowledge that the interest of the Company may
require to be brought to its notice, and shall also have such other powers and perform such
other duties as may be specifically assigned to him or her from time to time by the Board of
Managers. The Chief Executive Officer shall see that all resolutions and orders of the
Board of Managers are carried into effect, and in connection with the foregoing, shall be
authorized to delegate to any President and the other Officers such of his or her powers and
such of his or her duties as the Board of Managers may deem to be advisable.

          (ii) Presidents.

          (A) The Presidents of the Company (each a “President”) shall perform
such duties as may be assigned to them from time to time by the Board of Managers or
as may be designated by the Chief Executive Officer. Each President shall have the
right, subject to the approval of the Board of Managers pursuant to Section
8.15(b) and following consultation with the Chief Executive Officer, to nominate
the Officers who will report to such President or to any Person to whom such
President delegates his or her authority.

          (B) The President, Auto Finance of the Company (the “President, Auto
Finance”) shall perform such duties as may be assigned to him or her from time
to time by the Board of Managers or as may be designated by the

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Chief Executive Officer. Subject to the direction of the Chief Executive
Officer, he or she shall have, and exercise, direct charge of, and general
supervision over, the business and affairs of the global Auto Finance division of
the Company.

          (C) The President, Residential Capital, LLC of the Company shall perform such
duties as may be assigned to him or her from time to time by the Board of Managers
or as may be designated by the Chief Executive Officer. Subject to the direction of
the Chief Executive Officer, he or she shall have, and exercise, direct charge of,
and general supervision over, the business and affairs of the mortgage operations
division of the Company.

          (iii) Chief Financial Officer. The Chief Financial Officer of the Company (the
“Chief Financial Officer”) shall have the custody of the Company’s funds and
securities and shall keep full and accurate accounts of receipts and disbursements in books
belonging to the Company and shall deposit all monies and other valuable effects in the name
and to the credit of the Company, in such depositories as may be designated by the Board of
Managers or by any Officer authorized by the Board of Managers to make such designation.
The Chief Financial Officer shall exercise such powers and perform such duties as generally
pertain or are necessarily incident to his or her office and shall perform such other duties
as may be specifically assigned to him or her from time to time by the Board of Managers or
the Chief Executive Officer. The Chief Financial Officer shall have the right, subject to
the approval of the Board of Managers pursuant to Section 8.15(b) and following
consultation with the Chief Executive Officer, to nominate the Officers who will report to
him or her or to any Person to whom the Chief Financial Officer delegates his or her
authority.

          (iv) Secretary. The Secretary of the Company (the “Secretary”) shall
attend all meetings of the Members and record all votes and the minutes of all proceedings
in a book to be kept for that purpose and shall perform like duties for any committee when
required. He or she shall give, or cause to be given, notice of all meetings of the Members
and, when necessary, of the Board of Managers. The Secretary shall exercise such powers and
perform such duties as generally pertain or are necessarily incident to his or her office,
and he or she shall perform such other duties as may be assigned to him or her from time to
time by the Board of Managers or the Chief Executive Officer. To the greatest extent
possible, the Secretary shall vote, or cause to be voted, all of the Equity Securities of
any Subsidiary of the Company as directed by the Board of Managers.

     Section 8.16 Standard of Care; Fiduciary Duties; Liability of Managers and Officers.

          (a) Any Member, Manager or Officer, in the performance of such Member’s, Manager’s or
Officer’s duties, shall be entitled to rely in good faith on the provisions of this Agreement and
on opinions, reports or statements (including financial statements, books of account any other
financial information, opinions, reports or statements as to the value or amount of the assets,
liabilities, profits or losses of the Company and its Subsidiaries) of the following other Persons
or groups: (i) one or more Officers or employees of such Member or the Company

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or any of its Subsidiaries, (ii) any legal counsel, certified public accountants or other
Person employed or engaged by such Member, the Board of Managers or the Company or any of its
Subsidiaries, or (iii) any other Person who has been selected with reasonable care by or on behalf
of such Member, Manager, Officer or the Company or any of its Subsidiaries, in each case as to
matters which such relying Person reasonably believes to be within such other Person’s professional
or expert competence. The preceding sentence shall in no way limit any Person’s right to rely on
information to the extent provided in Section 18-406 of the Act.

          (b) On any matter involving a conflict of interest not provided for in this Agreement, each
Manager and Officer shall be guided by its reasonable judgment as to the best interests of the
Company and its Subsidiaries and shall take such actions as are determined by such Person to be
necessary or appropriate to ameliorate such conflict of interest.

          (c) Subject to, and as limited by the provisions of this Agreement (including Section
8.7), the Managers and the Officers, in the performance of their duties as such, shall owe to
the Company and its Members duties of loyalty and due care of the type owed under Law by directors
and officers of a business corporation incorporated under the Delaware General Corporation Law of
the State of Delaware; provided that the doctrine of corporate opportunity or any analogous
doctrine shall not apply to the Managers and provided, further, that, other than in
connection with a Direct Conflict, no Manager and no Common Holder that elected such Manager shall
have any duty to disclose to the Company or the Board of Managers confidential information in such
Manager’s or Common Holder’s possession even if it is material and relevant information to the
Company and/or the Board of Managers and neither such Manager nor such Common Holder shall be
liable to the Company or the other Members for breach of any duty (including the duty of loyalty
and any other fiduciary duties) as a Manager or Member by reason of such lack of disclosure of such
confidential information. The provisions of this Agreement, to the extent that they restrict or
eliminate the duties (including the duty of loyalty and other fiduciary duties) and liabilities of
a Manager or Officer otherwise existing at Law or in equity or by operation of the preceding
sentence, are agreed by the Members to replace such duties and liabilities of such Manager or
Officer. Notwithstanding the foregoing provisions and Section 8.16(f), except as otherwise
expressly provided in this Agreement or any other written agreement entered into by the Company or
any of its Subsidiaries and any Manager, if a Manager acquires knowledge of a potential transaction
or matter that may be a business opportunity for both the Common Holder that has the right to
designate such Manager hereunder and the Company or another Member, such Manager shall have no duty
to communicate or offer such business opportunity to the Company or any other Member and shall not
be liable to the Company or the other Members for breach of any duty (including the duty of loyalty
and any other fiduciary duties) as a Manager by reason of the fact that such Manager directs such
opportunity to the Common Holder that has the right to designate such Manager or any other Person,
or does not communicate information regarding such opportunity to the Company, and any such
direction of an opportunity by such Manager, and any action with respect to such an opportunity by
such Common Holder, shall not be wrongful or improper or constitute a breach of any duty hereunder,
at law, in equity or otherwise.

          (d) Except as required by the Act, no individual who is a Manager or an Officer, or any
combination of the foregoing, shall be personally liable under any judgment of a court, or in any
other manner, for any debt, obligation or liability of the Company, whether that

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liability or obligation arises in contract, tort or otherwise solely by reason of being a
Manager or an Officer or any combination of the foregoing.

          (e) No Manager or Officer shall be liable to the Company or any Member for any act or omission
(including any breach of duty (fiduciary or otherwise)), including any mistake of fact or error in
judgment taken, suffered or made by such Person if such Person acted in good faith and in a manner
such Person reasonably believed to be in or not opposed to the best interests of the Company and
which act or omission was within the scope of authority granted to such Person; provided
that such act or omission did not constitute fraud, willful misconduct, bad faith or gross
negligence in the conduct of such Person’s office.

          (f) No Manager shall be liable to the Company or any Member for monetary damages for breach of
fiduciary duty as a Manager; provided that the foregoing shall not eliminate or limit the
liability of a Manager: (i) for any breach of such Manager’s duty of loyalty to the Company or its
Members (as such duty is modified pursuant to the terms of this Agreement); (ii) for acts or
omissions not in good faith or which involve intentional misconduct or a knowing violation of Law;
or (iii) for any transaction from which such Manager derived an improper personal benefit.

ARTICLE IX

TRANSFER OF MEMBERSHIP INTERESTS; SUBSTITUTED MEMBERS

     Section 9.1 Limitations on Transfer of Membership Interests.

          (a) From and after the Effective Date until the fifth anniversary of the Effective Date, no
Common Holder may Transfer any Common Membership Interests (or any portion thereof), except (i)
pursuant to Section 12.2, Section 12.4 or Section 12.6, (ii) to any
Affiliate of such Common Holder, (iii) in the case of any Class A Holder, to any direct or indirect
equityholder (or Affiliate of any direct or indirect equityholder) of such Class A Holder, (iv) in
the case of any Class A Holder, to any Person with the prior written consent of the Majority
Initial Class B Holders (which may be given or withheld in their discretion), (v) in the case of
any Class B Holder, to any Person with the prior written consent of the Majority Initial Class A
Holders (which may be given or withheld in their discretion), or (vi) in the case of GM Holdco, up
to thirty percent (30%) of the Common Membership Interests held by GM Holdco as of the Effective
Date, subject to compliance with Section 9.2, to any Person, so long as, with respect to
clause (ii), (iii), (iv), (v) or (vi) above, the Person to whom such Common Membership Interests
are Transferred, executes, simultaneously with such Transfer, an addendum to this Agreement,
setting forth such Person’s agreement to be bound by the terms and conditions of this Agreement and
the Call Option, and assuming all obligations of the assignor with respect to the acquired Common
Membership Interest, on terms reasonably satisfactory to the Company and, in the case of a Transfer
by any Class B Holder, to the Majority Initial Class A Holders (each Transfer pursuant to clause
(i) through (v) inclusive, an “Exempt Transfer”).

          (b) From and after the fifth anniversary of the Effective Date, no Common Holder may Transfer
any Common Membership Interests (or any portion thereof) except in

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compliance with Section 9.2 or pursuant to an Exempt Transfer or as contemplated by
Section 12.2, Section 12.4 or Section 12.6.

          (c) From and after the Effective Date, no Member may Transfer any Class C Membership Interests
(or any portion thereof) except in compliance with Section 9.2(f) or as contemplated by
Section 12.2 or Section 12.4.

          (d) Each Member agrees that the Transfer restrictions set forth in this Agreement may not be
avoided by Transferring interests in any Person who directly holds Common Membership Interests in
the Company. Notwithstanding anything to the contrary contained in this Agreement, (i) the
equityholders of FIM (other than funds and accounts managed by Cerberus Capital Management, L.P.)
shall have the right to Transfer, directly or indirectly, any or all of their interests in FIM to
any other Person that is an equityholder of FIM or Cerberus FIM Investors, LLC as of the Effective
Date, and (ii) Aozora Bank Limited shall have the right to Transfer, directly or indirectly, its
interests in FIM to one or more third Persons so long as Aozora Bank Limited continues to hold
interests of FIM representing not less than fifty percent (50%) of its capital commitment to FIM as
of the date of the Purchase Agreement.

          (e) Notwithstanding anything to the contrary contained in this Section 9.1, no
Transfer of any Membership Interests to an Affiliate may take place without the consent of the
other Members if such Transfer would result in the termination of the Company within the meaning of
Section 708 of the Code and such termination would have a material adverse effect on the Company or
any Member.

     Section 9.2 Right of First Offer; Co-Sale Rights.

          (a) From and after the Effective Date, if GM Holdco as contemplated by Section
9.1(a)(vi), or, from and after the fifth anniversary of the Effective Date, if any Common
Holder (the “Transferring Holder”) desires to Transfer any or all of its Common Membership
Interests (the direct or indirect interests of the Company that are proposed to be Transferred, the
“Offered Membership Interests”), then prior to entering into a binding agreement with
respect to such Transfer, the Transferring Holder shall deliver a notice (the “Sale
Notice”) to the other Common Holders of its desire to Transfer the Offered Membership
Interests.

          (b) Each of the Common Holders holding in excess of ten percent (10%) of the Common Membership
Interests (such Common Holders, collectively, the “Ten Percent Holders”) may (in its sole
discretion, without any obligation to do so) within twenty calendar days after receipt of the Sale
Notice, offer to purchase all (but not less than all) of the Offered Membership Interests specified
in the Sale Notice, whether by itself or together with one or more other Ten Percent Holders (each
Ten Percent Holders submitting such offer, an “Offering Member”), by delivering a written
notice to the Transferring Holder and the other Common Holders, specifying the proposed purchase
price and in reasonable detail the other material terms and conditions of the offer (each an
“Offer”). In addition, each Common Holder may (in its sole discretion without any
obligation to do so) within such time period elect to participate in the contemplated Transfer by
delivering a written notice to the Transferring Holder, specifying the sale price at or above which
it would sell all or any portion of its Pro Rata Share of the Offered Membership Interests (each a
“Co-Sale Offer”).

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          (c) Within ten calendar days after the delivery of one or more Offers to the Transferring
Holder and the other Ten Percent Holders, the Transferring Holder may accept any one of the Offers
or reject any or all of the Offers in its sole discretion by delivery of a written notice of such
acceptance or rejection, as the case may be, to the Offering Members (the “Acceptance/Rejection
Notice”).

          (d) If the Transferring Holder accepts one of the Offers (the “Accepted Offer”), then
the Offering Members whose Offer(s) were rejected by the Transferring Holder shall have the right
(but not the obligation), by giving written notice to the Transferring Holder and the Offering
Member(s) that submitted the Accepted Offer within five calendar days following the delivery of the
Acceptance/Rejection Notice, to participate in the proposed Transfer on the terms and subject to
the conditions set forth in the Accepted Offer (all Offering Members participating in such
Transfer, the “Accepting Offering Members”) and to purchase the number of Offered
Membership Interests to be Transferred by the Transferring Member as shall be equal to the product
obtained by multiplying (i) the total number of Offered Membership Interests, by (ii) a fraction
(A) the numerator of which shall be the total number of Common Membership Interests held by such
Accepting Offering Member as of the date of the Acceptance/Rejection Notice and (B) the denominator
of which shall be the total number of Common Membership Interests then held by all Accepting
Offering Members. If the Transferring Holder has accepted one of the Offers, then the Transferring
Holder and the Accepting Offering Members shall promptly and in good faith negotiate and enter into
written definitive agreements setting forth the definitive terms of the Accepted Offer.

          (e) If (i)(A) the Transferring Holder and the Accepting Offering Members do not enter into a
definitive agreement regarding the purchase of the Offered Membership Interests within forty
calendar days after delivery of the Acceptance/Rejection Notice, (B) the Transferring Holder
rejects all of the Offers or (C) no Offer is made and either (ii)(A) none of the other Common
Holders gives a Co-Sale Offer within the time period set forth in Section 9.2(b) or (B) the
Transferring Holder accepts a price lower than the price set forth in the Co-Sale Offer(s), then
the Transferring Holder may Transfer all (but not less than all) of the Offered Membership
Interests (in the case of clause (i)(A) or (i)(B) above, at a price and on terms that are no more
favorable to the prospective acquirer than the terms and conditions specified in any Offer) for a
period ending on the later to occur of (x) one hundred twenty calendar days thereafter or (y) if a
definitive agreement to Transfer the Offered Membership Interests is entered into by the
Transferring Holder within such one hundred twenty calendar day period, the date on which all
applicable approvals and consents of Governmental Entities and other Persons with respect to such
proposed Transfer have been obtained and any applicable waiting periods under Law have expired or
been terminated; provided that each of the Company and the Members hereby agrees to use its
commercially reasonable efforts to promptly obtain, or to assist the Company or any other Member in
promptly obtaining, all of the foregoing approvals and consents and to take such other actions as
may be reasonably requested by the Company or any other Member in connection with such Transfer.
If, however, the Transferring Holder fails so to complete such Transfer of the Offered Membership
Interests within such time period or if any such agreement to Transfer is terminated, then any
proposed Transfer shall again become subject to the Ten Percent Holders’ right of first offer and
the Common Holders’ co-sale rights set forth in this Section 9.2 and to the other
provisions of this Article IX.

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          (f) If (i)(A) the Transferring Holder and the Accepting Offering Members do not enter into a
definitive agreement regarding the purchase of the Offered Membership Interests within forty
calendar days after delivery of the Acceptance/Rejection Notice, (B) the Transferring Holder
rejects all of the Offers or (C) no Offer is made and (ii) any of the Common Holders have elected
to participate in such Transfer at or above the sale price set forth in the definitive agreements
governing such Transfer (such Common Holders, the “Co-Sale Members”), then the Transferring
Holder may Transfer Offered Membership Interests to any Person and the Co-Sale Members shall be
entitled to sell in the contemplated Transfer, for a period ending on the later to occur of (1) one
hundred twenty calendar days thereafter or (2) if a definitive agreement to Transfer the Offered
Membership Interests is entered into by the Transferring Holder within such one hundred twenty
calendar day period, the date on which all applicable approvals and consents of Governmental
Entities and other Persons with respect to such proposed Transfer have been obtained and any
applicable waiting periods under Law have expired or been terminated; provided that each of
the Company and the Members hereby agrees to use its commercially reasonable efforts to promptly
obtain, or to assist the Company or any other Member in promptly obtaining, all of the foregoing
approvals and consents and to take such other actions as may be reasonably requested by the Company
or any other Member in connection with such Transfer. In such Transfer, the Co-Sale Members shall
each be entitled to sell, at the same price and on the same terms as the Transferring Holder, all
or any portion of such Co-Sale Member’s Pro Rata Share of the Offered Membership Interests.
“Pro Rata Share” means a number of Common Membership Interests up to the number equal to
the total number of Offered Membership Interests, multiplied by a fraction (x) the numerator of
which is the number of Common Membership Interests held by such Co-Sale Member, and (y) the
denominator of which is the number of Common Membership Interests held, in the aggregate, by the
Transferring Holder and all Co-Sale Members. Subject to Section 12.6(d), the Transferring
Holder shall not Transfer any of the Offered Membership Interests to any prospective Transferee if
such prospective Transferee declines to allow the participation of the Co-Sale Members, unless the
Transferring Holder acquires from each Co-Sale Member (at the price set forth in the definitive
agreement governing the Transfer by the Transferring Holder) the number of Common Membership
Interests such Co-Sale Member would have been entitled to Transfer to the prospective Transferee
(or, if less, the number of Membership Interests that such Co-Sale Member requested to Transfer to
such Transferee). Each Co-Sale Member Transferring Common Membership Interests pursuant to this
Section 9.2(f) shall pay its own costs of any sale and a pro rata share (based on the
relative consideration to be received in respect of the Common Membership Interests to be sold) of
the expenses incurred by the Co-Sale Members Transferring Common Membership Interests pursuant to
this Section 9.2(f) (to the extent such costs are incurred for the benefit of all of such
Co-Sale Members and are not otherwise paid by the Transferee) in connection with such Transfer and
shall be obligated to provide the same representations, warranties, covenants and agreements that
the Transferring Holder agrees to provide in connection with such Transfer. Each Co-Sale Member
Transferring Common Membership Interests pursuant to this Section 9.2(f) shall be obligated
to join severally on a pro rata basis (based on the relative
consideration to be received in respect of the Common Membership Interests to be sold) in any indemnification or other obligations
that the Transferring Holder agrees to provide or undertake in connection with such Transfer
(including any representations given with respect to the business and condition of the Company
and/or its Subsidiaries, but other than any such obligations that relate specifically to a
particular Co-Sale

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Member, such as indemnification with respect to representations and warranties given by a
Co-Sale Member regarding such Co-Sale Member’s non-contravention, title and ownership of, and
authority to sell, such Common Membership Interests); provided that the liability resulting
from any such indemnity or similar obligation shall be several and not joint as among the
indemnitors. If, however, the Transferring Holder fails so to complete such Transfer of the
Offered Membership Interests within the time period set forth above or if any such agreement to
Transfer is terminated, then any proposed Transfer shall again become subject to the Ten Percent
Holders’ right of first offer and the Co-Sale Member’s co-sale rights set forth in this Section
9.2 and to the other provisions of this Article IX. The right of first offer and
co-sale rights set forth in this Section 9.2 shall not apply to any Transfer contemplated
by Section 12.2 and/or Section 12.6(a), and the co-sale rights set forth in this
Section 9.2 shall not apply with respect to any Transfer consummated in accordance with the
participation rights set forth in the Registration Rights Agreement. The co-sale rights set forth
in this Section 9.2 shall terminate with respect to any Co-Sale Member at such time as such
Co-Sale Member holds less than twenty percent (20%) of the Common Membership Interests. For the
purposes of this Section 9.2(f), in the event that a Transferring Holder is Transferring
Offered Membership Interests, following the later to occur of (x) five years following the
Effective Date and (y) two years following the initial Public Offering of the Company unless such
Public Offering occurs prior to the third anniversary of the Effective Date, in which case
following the second anniversary of such Public Offering, in excess of forty percent (40%) of the
Common Membership Interests outstanding at such time are proposed to be Transferred, then (1) the
definition of “Co-Sale Members” shall be deemed to include the Class C-1 Holders with respect to
that portion of Class C-1 Membership Interest equivalent to the vested Management Units, provided
that the Transferee shall have agreed in writing to accept Class C-1 Membership Interests, in which
case the price at which such Class C-1 Holders may sell their Class C-1 Membership Interests shall
be the consideration proposed to be paid by the Transferee with respect to the Class C-1 Membership
Interests, which consideration may be less than the consideration to be paid to the other members
with respect to the Membership Interests to be Transferred by them in such transfer and (2) the
phrase “Common Membership Interests” in the definition of “Pro Rata Share” shall be replaced with
the phrase “Membership Interests”.

     Section 9.3 Void Transfers. To the greatest extent permitted by the Act and other
Law, any Transfer by any Member of any Membership Interests or other interest in the Company in
contravention of this Agreement shall be void and ineffective and shall not bind or be recognized
by the Company or any other Person. In the event of any Transfer in contravention of this
Agreement, to the greatest extent permitted by the Act and other Law, the purported Transferee
shall have no right to any profits, losses or Distributions of the Company or any other rights of a
Member.

     Section 9.4 Substituted Member. Each Person to whom any Membership Interest is
Transferred in accordance with the provisions of this Article IX shall agree in writing to
be bound by the provisions of this Agreement and the Call Option as a holder of such Membership
Interests. Upon such agreement, such Person shall become a Substituted Member entitled to all the
rights of a Member with respect to such Membership Interest, and the Schedule of Members
shall be amended to reflect the name, notice address, Membership Interests and Company Interests of
such Substituted Member and to eliminate the name and notice address of and other information
relating to the Transferee with regard to the Transferred Membership Interests.

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     Section 9.5 Effect of Transfer. Following a Transfer of any Membership Interests that
is permitted under this Article IX, the Transferee of such Membership Interests shall be
treated as having made all of the Capital Contributions in respect of, and received all of the
Distributions received in respect of, such Membership Interests, and shall receive allocations and
Distributions under Article V and Article X in respect of such Membership Interests
as if such Transferee were a Member.

     Section 9.6 Additional Transfer Restrictions.

          (a) For so long as GM Holdco and its Affiliates collectively hold at least twenty percent
(20%) of the Common Membership Interests, no Member (other than GM Holdco and its Affiliates) may
Transfer, without the prior written consent of GM Holdco or in connection with a Transfer pursuant
to Section 9.2(f), any of its Membership Interests to any Person, or to any Affiliate of
any Person, that is engaged in the business of manufacturing, developing, producing, marketing,
licensing, selling or distributing motor vehicles (but not component parts) in competition with GM
and its Subsidiaries in any material market or sub-market or such business constitutes a material
portion of its business or the applicable industry taken as a whole in such market or sub-market.

          (b) Any Member proposing to make a Transfer of its Membership Interest pursuant to this
Article IX and the proposed Transferee shall obtain (at its sole cost and expense, but with
all reasonable cooperation from the Company) any waivers, consents or approvals from any third
Person (including any Governmental Entity) that may be necessary in connection with the proposed
Transfer and the admission of the proposed Transferee as a Substitute Member, if applicable.

          (c) Notwithstanding any other provisions of this Article IX, no Transfer of Membership
Interests subject to this Article IX may be made unless in the opinion of counsel (who may
be counsel for the Company), reasonably satisfactory in form and substance to the Board of Managers
and counsel for the Company (which opinion requirement may be waived, in whole or in part, at the
discretion of the Board of Managers), such Transfer would not (i) violate any federal securities
Laws or any state securities or “blue sky” Laws (including any investor suitability standards)
applicable to the Company or the Membership Interests to be Transferred, (ii) cause the Company to
be required to register as an “investment company” under the 1940 Act, (iii) cause the Company (for
so long as it is a limited liability company) to be treated as a publicly traded partnership for
United States federal tax purposes or (iv) have a material and adverse effect on the Company as a
result of any requirement of Law that becomes or that may become applicable in connection with or
as a result of such Transfer.

          (d) No Transfer of a Membership Interest (or beneficial interest therein) shall be effective,
and neither the Company nor the Tax Matters Member shall recognize any such Transfer: (i) unless
the Transferee represents and agrees in a certification acceptable to the Company and the Tax
Matters Member that either (A) it is not, for United States federal tax purposes, a partnership, a
trust, an estate or a “S corporation” (as defined in the Code; each a “Pass-through
Entity”) or (B) it is, for United States federal tax purposes, a Pass-through Entity, but after
giving effect to such purchase of Membership Interests either (1) less than fifty percent (50%) of
the aggregate value of the Pass-through Entity’s assets will consist of Membership

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Interests, and no principal purpose in using a Pass-through Entity to purchase the Membership
Interests is to permit the Company to have more than one hundred “partners” within the meaning of
Treasury Regulations Section 1.7704-1(h)(1)(ii) or (2) it will be treated as one partner in the
Company for purposes of Treasury Regulations Section 1.7704-1(h); (ii) unless the Transferee is a
“qualified purchaser” under the 1940 Act; and (iii) if, as a result of such Transfer, the
Membership Interests would be owned by more than ninety-nine Persons as determined by the Company
(with the written approval of the Joint Majority Holders) in accordance with Treasury Regulations
Section 1.7704-1(h) or, if, as a result of such Transfer, the Company would otherwise be treated as
a publicly traded partnership for United States federal tax purposes.

          (e) FIM hereby represents and warrants to the other Members that, as of the Effective Date, it
constitutes not more than seventy-four “partners” within the meaning of Treasury Regulations
Section 1.7704-1(h)(1)(ii), Management Company represents and warrants to the other Members that,
as of the Effective Date, it constitutes not more than one “partner” within the meaning of Treasury
Regulations Section 1.7704-1(h)(1)(ii) and each of GM Preferred Holdco and GM Holdco represents and
warrants to the other Members that, as of the Effective Date, they collectively constitute not more
than twenty-five “partners” within the meaning of Treasury Regulations Section 1.7704-1(h)(1)(ii).
None of FIM, Management Company, GM Preferred Holdco and GM Holdco shall Transfer, nor permit any
of their direct or indirect equityholders to Transfer, directly or indirectly, any Membership
Interests if such Transfer would result in (i) FIM and its Transferees collectively constituting
more than seventy-four “partners” within the meaning of Treasury Regulations Section
1.7704-1(h)(1)(ii), (ii) Management Company and its Transferees collectively constituting more than
one “partner” within the meaning of Treasury Regulations Section 1.7704-1(h)(1)(ii) or (iii)GM
Preferred Holdco, GM Holdco and their respective Transferees collectively constituting more than
twenty-five “partners” within the meaning of Treasury Regulations Section 1.7704-1(h)(1)(ii).

     Section 9.7 Transfer Fees and Expenses. The Transferor and Transferee of any
Membership Interests shall be jointly and severally obligated to reimburse the Company for all
reasonable expenses (including attorneys’ fees and expenses) incurred on behalf of the Company in
connection with any Transfer or proposed Transfer, whether or not consummated.

     Section 9.8 Effective Date. Any Transfer and any related admission of a Person as a
Member in compliance with this Article IX shall be deemed effective on such date that the
Transferee complies with the requirements of this Agreement.

     Section 9.9 Acceptance of Prior Acts. A Transferee of the Membership Interest of a
Member who is admitted to the Company in place and stead of a Member accepts, ratifies and agrees
to be bound by all actions duly taken pursuant to the terms and provisions of this Agreement and
the Call Option by the Company prior to the date it was admitted to the Company and, without
limiting the generality of the foregoing, specifically ratifies and approves all agreements and
other instruments as may have been executed and delivered on behalf of the Company prior to such
date and which are in force and effect on such date.

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ARTICLE X

DISSOLUTION

     Section 10.1 In General. The Company shall dissolve and its affairs shall be wound up
upon the first to occur of the following: (a) the written consent of the Joint Majority Holders;
(b) at any time there are no Members of the Company unless the Company is continued in accordance
with the Act; or (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act.

     Section 10.2 Liquidation and Termination. On the dissolution of the Company, the
Board of Managers shall act as liquidator or (in its sole discretion) may appoint one or more
representatives, Members or other Persons as liquidator(s). The liquidators shall proceed
diligently to wind up the affairs of the Company and make final distributions as provided herein
and in the Act. The costs of liquidation shall be borne as a Company expense. Until final
distribution, the liquidators shall continue to operate the Company with all of the power and
authority of the Board of Managers. The steps to be accomplished by the liquidators are as
follows:

          (a) the liquidators shall pay, satisfy or discharge from the Company funds all of the debts,
liabilities and obligations of the Company (including all expenses incurred in liquidation) or
otherwise make adequate provision for payment and discharge thereof (including the establishment of
a cash fund for contingent liabilities in such amount and for such term as the liquidators may
reasonably determine);

          (b) after payment or provision for payment of all of the Company’s liabilities has been made
in accordance with Section 10.2(a), all remaining assets of the Company shall be
distributed in accordance with Section 5.2; and

          (c) any non-cash assets will first be written up or down to their Fair Market Value, thus
creating gain or loss (if any), which resulting gain or loss shall be allocated to the Members’
Capital Accounts in accordance with Article VI, the requirements of Treasury Regulations
Section 1.704-1(b) and other applicable provisions of the Code. In making such distributions, the
liquidators shall allocate each type of asset (e.g., cash or cash equivalents, securities or other
property) among the Members ratably based upon the aggregate amounts to be distributed with respect
to the Membership Interests held by each such Member.

     Section 10.3 Complete Distribution. The distribution to a Member in accordance with
the provisions of Section 10.2 constitutes a complete return to the Member of its Capital
Contributions and a complete distribution to the Member of its interest in the Company and all the
Company’s property and constitutes a compromise to which all Members have consented within the
meaning of the Act. If a Member returns funds to the Company and such funds exceed such Member’s
pro rata share of all funds required to be returned to the Company, then such Member shall have a
claim against the other Members for an amount equal to such excess. Each other Member shall be
liable for a pro rata portion of such excess equal to the amount such Member would have paid had
the amount paid by the Member seeking recovery been recovered from all Members pro rata based on
the relative amount of funds to be returned by each such Member.

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     Section 10.4 Filing of Certificate of Cancellation. Immediately following the
completion of the distribution of the Company’s assets as provided herein, the Board of Managers
(or such other Person or Persons as the Act may require or permit) shall file a certificate of
cancellation with the Secretary of State of the State of Delaware, cancel any other filings made
pursuant to this Agreement that are required to be canceled and take such other actions as may be
necessary to terminate the Company. The Company shall be deemed to continue in existence for all
purposes of this Agreement until it is terminated pursuant to this Section 10.4.

     Section 10.5 Reasonable Time for Winding Up. A reasonable time shall be allowed for
the orderly winding up of the business and affairs of the Company and the liquidation of its assets
pursuant to Section 10.2 to minimize any losses otherwise attendant upon such winding up.

     Section 10.6 Return of Capital. The liquidators shall not be personally liable for
the return of Capital Contributions or any portion thereof to the Members (it being understood that
any such return shall be made solely from Company assets).

     Section 10.7 Antitrust Laws. Notwithstanding any other provision in this Agreement,
in the event that any Antitrust Law is applicable to any Member by reason of the fact that any
assets of the Company shall be distributed to such Member in connection with the winding up of the
Company, such Distribution shall not be consummated until such time as the applicable waiting
periods (and extensions thereof) under such Antitrust Law have expired or otherwise been terminated
with respect to each such Member.

     Section 10.8 Other Remedies. Nothing in this Article X shall limit any
Member’s right to enforce any provision of this Agreement by an action at Law or equity, nor shall
an election to dissolve the Company pursuant to this Article X relieve any Member of any
liability for any prior or subsequent breach of this Agreement or another document referred to
herein.

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ARTICLE XI

INDEMNIFICATION

     Section 11.1 General Indemnity.

          (a) To the fullest extent permitted by the Act, the Company, to the extent of its assets
legally available for that purpose, shall indemnify and hold harmless each Person who was or is
made a party or is threatened to be made a party to or is involved in or participates as a witness
with respect to any action, suit or proceeding, whether civil, criminal, administrative or
investigative (each a “Proceeding”), by reason of the fact that he or she, or a Person of
whom he or she is the legal representative, is or was a Manager or an officer, or is or was serving
at the request of the Company as a manager, director, officer, employee, fiduciary or agent of
another Entity (collectively, the “Indemnified Persons”) from and against any and all loss,
cost, damage, fine, expense (including reasonable fees and expenses of attorneys and other advisors
and any court costs incurred by any Indemnified Person) or liability actually and reasonably
incurred by such Person in connection with such Proceeding if such Person acted in good faith and
in a manner such Person reasonably believed to be in or not opposed to the best interests of the
Company and except that no indemnification shall be made in respect of any claim, issue or matter
as to which such Person shall have been adjudged to be liable to the Company unless and only to the
extent that the Court of Chancery of the State of Delaware or the court in which such action or
suit was brought shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, such Person is fairly and reasonably entitled to
indemnity for such expenses which the Court of Chancery or such other court shall deem proper. The
termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo
contendere or its equivalent, shall not, of itself, create a presumption that the Person did not
act in good faith or in a manner such Person reasonably believed to be in or not opposed to the
best interests of the Company.

          (b) The Company may pay in advance or reimburse reasonable expenses (including advancing
reasonable costs of defense) incurred by an Indemnified Person who is or is threatened to be named
or made a defendant or a respondent in a Proceeding; provided, however, that as a
condition to any such advance or reimbursement, such Indemnified Person shall agree that it shall
repay the same to the Company if such Indemnified Person is finally judicially determined by a
court of competent jurisdiction not to be entitled to indemnification under this Article
XI.

          (c) The Company shall not be required to indemnify a Person in connection with a Proceeding
initiated by such Person against the Company or any of its Subsidiaries if the Proceeding was not
authorized by the Board of Managers. The ultimate determination of entitlement to indemnification
of any Indemnified Person shall be made by the Board of Managers in such manner as the Board of
Managers may determine.

          (d) Any and all indemnity obligations of the Company with respect to any Indemnified Person
shall survive any termination of this Agreement. The indemnification and other rights provided for
in this Article XI shall inure to the benefit of the heirs, executors and administrators of
any Person entitled to such indemnification.

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     Section 11.2 Fiduciary Insurance. Unless otherwise agreed by the Board of Managers
and the Joint Majority Holders, the Company shall maintain, at its expense, insurance (a) to
indemnify Company for any obligations which it incurs as a result of the indemnification of
Indemnified Persons under the provisions of this Article XI, and (ii) to indemnify
Indemnified Persons in instances in which they may not otherwise be indemnified by the Company
under the provisions of this Article XI.

     Section 11.3 Rights Non-Exclusive. The rights to indemnification and the payment of
expenses incurred in defending any Proceeding in advance of its final disposition conferred in this
Article XI shall not be exclusive of any other right which any Person may have or hereafter
acquire under any Law, provision of this Agreement, any other agreement, any vote of Members or
disinterested Managers or otherwise.

     Section 11.4 Merger or Consolidation; Other Entities. For purposes of this
Article XI, references to “the Company” shall include, in addition to the resulting
company, any constituent company (including any constituent of a constituent) absorbed in a
consolidation or merger which, if its separate existence had continued, would have had power and
authority to indemnify its managers, directors, officers, employees or agents, so that any Person
who is or was a manager, director, officer, employee or agent of such constituent company, or is or
was serving at the request of such constituent company as a director, officer, employee or agent of
another company, partnership, joint venture, trust or other enterprise, shall stand in the same
position under this Article XI with respect to the resulting or surviving company as he or
she would have with respect to such constituent company if its separate existence had continued.
For purposes of this Article XI, references to “another Entity” shall include employee
benefit plans; references to “fines” shall include any excise taxes assessed on a Person with
respect to any employee benefit plan; and references to “serving at the request of the Company”
shall include any service as a manager, director, officer, employee or agent of the Company that
imposes duties on, or involves services by, such manager, director, officer, employee or agent with
respect to an employee benefit plan, its participants or beneficiaries; and a Person who acted in
good faith and in a manner such Person reasonably believed to be in or not opposed to the best
interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have
acted in a manner “not opposed to the best interests of the Company” as referred to in this
Article XI.

     Section 11.5 No Member Recourse. Anything herein to the contrary notwithstanding, any
indemnity by the Company relating to the matters covered in this Article XI shall be
provided out of and to the extent of Company assets only and no Member shall have personal
liability on account thereof or shall be required to make additional Capital Contributions to help
satisfy such indemnity of the Company.

ARTICLE XII

OTHER AGREEMENTS

     Section 12.1 Transactions with Affiliates.

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          (a) The Company shall conduct, and shall cause each of its Subsidiaries to conduct, all
transactions with its Affiliates (other than Subsidiaries of the Company), Members and their
respective Affiliates, current or former officers or directors, or any of their respective family
members on terms that are fair and reasonable and no less favorable to the Company or such
Subsidiary than it would obtain in a comparable arm’s-length transaction with a Person that is not
an Affiliate, a Member, an Affiliate of a Member, a current or former officer or director, or a
family member and in compliance with all Laws, it being understood and agreed that (i) all
Transaction Documents (including the Project Agreements), (ii) all agreements or arrangements in
effect as of the Effective Date by the Company and its Subsidiaries, on the one hand, and GM and
its Subsidiaries, on the other hand, set forth on Exhibit G and (iii) all transactions
approved by (A) the Joint Majority Holders, (B) the Class A Managers and the Class B Managers
pursuant to Section 8.9(b) and/or (C) the Independent Managers pursuant to Section
8.10(b), in each case, as required by this Agreement, as applicable, shall each be deemed to be
in compliance with this Section 12.1(a). Subject to the terms of this Agreement and any
documents referred to herein, neither the Company nor any of its Subsidiaries shall be required to
purchase products, services or components from any Member, but may seek quotes for the supply of
products, services or components in its Ordinary Course of Business.

          (b) Subject to Section 8.9(b), Section 8.10(b) and Section 12.1(a),
the Common Holders and Preferred Holders (and Affiliates of, and Persons who are otherwise related
to, a Member) shall have the right to contract and otherwise deal with Company with respect to the
sale, purchase or lease of real and/or personal property, the rendition of services, the lending of
money and for other purposes in arm’s-length transactions, and to receive the purchase price,
costs, fees, commissions, interest, compensation and other forms of consideration in connection
therewith, without being subject to claims for self-dealing.

     Section 12.2 Public Offering.

          (a) In addition to the other rights of the Board of Managers or the Members to require the
Issuer to consummate an initial Public Offering, the Joint Majority Holders jointly shall have the
right, but not the obligation, to require the Issuer to consummate an initial Public Offering.

          (b) In the event that, subject to the provisions of Section 7.10(a)(ii), the Board of
Managers or the Joint Majority Holders, as applicable, approve an initial Public Offering and sale
of securities of the Issuer (including a sale of Equity Securities, debt securities, income deposit
securities or securities of any other kind or combination) pursuant to a Public Offering, then,
subject to Section 4.4(h), each Member and Manager shall take all necessary or desirable
actions required or deemed advisable by the Board of Managers or such Members, as applicable, in
connection with the consummation of such Public Offering, and enter into such agreement or
agreements as are necessary to preserve the rights and obligations of the Members hereunder as in
effect immediately prior to the consummation of such initial Public Offering. Notwithstanding
anything to the contrary contained herein, in the case of a Public Offering that is required
pursuant to Section 12.2(a), none of the Managers shall have any duty to the Members to
independently evaluate or approve any such action but merely to act in any necessary or desirable
fashion to accommodate the implementation of such offering as determined by those persons requiring
registration.

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          (c) In the event that, subject to the provisions of Section 7.10(a)(ii) and
Section 12.2(b), the Board of Managers or the Joint Majority Holders, as applicable, so
determine, subject to Section 4.4(h), each Member who pursuant to the terms of this
Agreement has any right to vote upon or consent to such transaction shall be deemed to have
consented to and, if required under this Agreement or Law, shall vote in favor of a
recapitalization, reorganization, conversion, contribution and/or exchange of such Member’s
Membership Interests into securities that the Board of Managers or the Joint Majority Holders, as
applicable, find acceptable and shall take all necessary or desirable actions required or deemed
advisable by the Board of Managers or the Joint Majority Holders, as applicable, in connection with
the consummation of such recapitalization, reorganization, conversion, contribution and/or
exchange; provided that, if in any such recapitalization, reorganization, conversion,
contribution and/or exchange, the Issuer provides for each holder of Membership Interests to
receive cash, securities of the Issuer or other consideration in exchange for or in satisfaction of
such holder’s Membership Interests, then (i) all holders of the same class or type of interests in
the Company shall receive the same form and proportionate share of consideration as all other
holders of such class or type of interests (for this purpose, the Class A Membership Interests and
Class B Membership Interests shall be considered the same class of interests), and (ii) any
consideration payable or otherwise deliverable to the Members in such recapitalization,
reorganization, conversion, contribution and/or exchange shall be valued by the Board of Managers,
the Joint Majority Holders and/or the Independent Managers, as applicable, in its or their, as
applicable, reasonable discretion (which determination shall be binding, as a matter of contract,
on each Member pursuant to this Agreement) and shall be distributed among the Members according to
the respective class of Membership Interests of the Members in the Company as in effect immediately
prior to the consummation of such recapitalization, reorganization, conversion, contribution and/or
exchange as if such consideration were received by the Company and an amount equal to the value
thereof were distributed to the Members in accordance with the terms of Section 5.1 and
Section 5.2.

          (d) Notwithstanding any other provision in this Agreement to the contrary, from and after the
Effective Date until the fifth anniversary of the Effective Date, no Member shall Transfer any of
such Member’s Common Membership Interests or Class C Membership Interests (or successor Equity
Securities of the Issuer) in a secondary public sale without the prior written consent of the Joint
Majority Holders.

     Section 12.3 Preemptive Rights.

          (a) The Company shall not issue, sell or exchange, agree to issue, sell or exchange, or
reserve or set aside for issuance, sale or exchange, (i) any Equity Securities of the Company to
any Person or (ii) any debt securities of the Company to any Member (collectively, the
“Preemptive Securities”) unless, in each case, the Company shall have first offered to sell
to each Common Holder (each a “Preemptive Holder”) such Preemptive Holder’s Preemptive
Share of the Preemptive Securities, at a price and on such other terms as shall have been specified
by the Company in writing delivered to each such Preemptive Holder (the “Preemptive
Offer”), which Preemptive Offer shall by its terms remain open and irrevocable for a period of
at least thirty calendar days from the date it is delivered by the Company (the “Preemptive
Offer Period”). Each Preemptive Holder may elect to purchase all or any portion of such
Preemptive Holder’s Preemptive Share of the Preemptive Securities as specified in the Preemptive
Offer at

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the price and upon the terms specified therein by delivering written notice of such election
to the Company as soon as practical but in any event within the Preemptive Offer Period;
provided that if the Company is issuing Equity Securities together as a unit with any debt
securities or other Equity Securities, then any Preemptive Holder who elects to purchase the
Preemptive Securities pursuant to this Section 12.3 must purchase the same proportionate
mix of all of such securities; provided further that if the Company is issuing
securities that would entitle the holder thereof to vote, then a Preemptive Holder may elect not to
have any voting rights with respect to such securities, and if such election is made, such
Preemptive Holder shall not have any voting rights with respect to such securities.
Notwithstanding anything to the contrary set forth in this Agreement, a Preemptive Holder may
assign all or any portion of its right to acquire Preemptive Securities to its direct or indirect
equityholders, and upon any such assignment, each such equityholder shall be deemed a Preemptive
Holder for the purposes of this Section 12.3.

          (b) Each Preemptive Holder’s “Preemptive Share” of Preemptive Securities shall be
determined as follows: the total number of Preemptive Securities, multiplied by a fraction, (i) the
numerator of which is the number of Common Membership Interests then held, directly or indirectly,
by such Preemptive Holder, and (ii) the denominator of which is the number of Common Membership
Interests then held by all Preemptive Holders (including such Preemptive Holder).

          (c) Upon the expiration of the Preemptive Offer Period, the Company shall offer to sell to the
Preemptive Holders that have elected to purchase all of their Preemptive Share of the Preemptive
Securities any Preemptive Securities that have not otherwise been acquired by the Preemptive
Holders, at the same price and on the same terms as those specified in the Preemptive Offer, and
such Preemptive Holders shall have the right to acquire all or any portion of such Preemptive
Securities within thirty calendar days following the expiration of the Preemptive Offer Period
(such period, the “Preemptive Reoffer Period”).

          (d) Upon the expiration of the Preemptive Offer Period or the Preemptive Reoffer Period, as
applicable, the Company shall be entitled to sell such Preemptive Securities which the Preemptive
Holders have not elected to purchase for a period ending on the later to occur of (i) one hundred
twenty calendar days following the expiration of the Preemptive Offer Period or the Preemptive
Reoffer Period, as applicable, or (ii) if a definitive agreement to Transfer the Preemptive
Securities is entered into by the Company within such one hundred twenty calendar day period, the
date on which all applicable approvals and consents of Governmental Entities and other Persons with
respect to such proposed Transfer have been obtained and any applicable waiting periods under Law
have expired or been terminated, in each case on terms and conditions not materially more favorable
to the purchasers thereof than those offered to the Preemptive Holders. Each of the Company and
the Members hereby agrees to use its commercially reasonable efforts to promptly obtain, or to
assist the Company or any other Member in promptly obtaining, all of the foregoing approvals and
consents and to take such other actions as may be reasonably requested by the Company or any other
Member in connection with such Transfer. Any Preemptive Securities to be sold by the Company
following the expiration of such period must be reoffered to the Preemptive Holders pursuant to the
terms of this Section 12.3 or if any such agreement to Transfer is terminated.

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          (e) The provisions of this Section 12.3 shall not apply to the following issuances of
Equity Securities:

          (i) incentive Membership Interests issued to or for the benefit of employees, officers,
directors and other service providers of or to the Company or any of its Subsidiaries in
accordance with the terms hereof or any applicable incentive plan of the Company;

          (ii) securities issued by the Company in connection with a Public Offering;

          (iii) securities issued as consideration in acquisitions or commercial borrowings or
leasing;

          (iv) securities issued upon conversion of convertible or exchangeable securities of the
Company or any of its Subsidiaries that are outstanding on the Effective Date or were not
issued in violation of this Section 12.3; and

          (v) a subdivision of Membership Interests (including any Membership Interests
Distribution or Membership Interest split), any combination of Membership Interests
(including any reverse Membership Interest split) or any recapitalization, reorganization,
reclassification or conversion of the Company or any of its Subsidiaries.

          (f) Nothing in this Section 12.3 shall be deemed to prevent the Majority Class A
Holders, the Majority Class B Holders or any of their respective Affiliates from purchasing for
cash any Preemptive Securities without first complying with the provisions of Section 12.3;
provided that in connection with such purchase, (i) the Company (or applicable Subsidiary)
gives prompt notice to the other Preemptive Holders, which notice shall describe in reasonable
detail the Preemptive Securities being purchased by the Person(s) making such purchase (the
“Purchasing Holder”) and the purchase price thereof and (ii) the Purchasing Holder and the
Company (or applicable Subsidiary), as soon as commercially reasonable following such purchase by
the Purchasing Holder, take all steps necessary to enable the other Preemptive Holders to
effectively exercise their respective rights under Section 12.3 with respect to their
purchase of a pro rata portion of the Preemptive Securities issued to the Purchasing Holder after
such purchase.

          (g) The preemptive rights granted in this Section 12.3 shall terminate upon the
earlier to occur of the consummation of a Qualified Public Offering and a Company Sale.

     Section 12.4 Take-Along Rights.

          (a) If the Joint Majority Holders at any time following the Effective Date jointly elect to
consummate, or to cause the Company to consummate, a transaction constituting a Company Sale, the
Joint Majority Holders shall notify the Company and the other Members in writing of such election.
The other Members shall have no consent, voting or appraisal rights with respect to such a Company
Sale and shall have no right to object to the proposed transaction. The Members and the Company
shall take all actions reasonably necessary or desirable to cause the consummation of such Company
Sale on the terms proposed by the Joint

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Majority Holders. Without limiting the foregoing, if the proposed Company Sale is structured
as or involves a sale or redemption of Common Membership Interests, the Members shall agree to sell
their pro rata share of the Common Membership Interests being sold in such Company Sale (based on
the number of Common Membership Interests held by each Member) on the terms and conditions approved
by the Joint Majority Holders, and the Members shall execute any merger, asset purchase, security
purchase, recapitalization or other sale agreement approved by the Joint Majority Holders in
connection with such Company Sale.

          (b) Each Member shall bear such Member’s pro rata share (based upon the relative value of
Membership Interests sold) of the costs of any sale of Membership Interests pursuant to a Company
Sale to the extent such costs are incurred for the benefit of all Members and are not otherwise
paid by the Company or the acquiring Person and shall be obligated to provide the same
representations, warranties, covenants and agreements that the Joint Majority Holders agree to
provide in connection with such transaction; provided that the representations and
warranties provided by any Member pursuant to this Section 12.4 (but not such Member’s
indemnification obligations) shall be limited to representations and warranties relating to
non-contravention, title and ownership of, and authority to sell, such Membership Interests. Each
Member shall be obligated to join severally on a pro rata basis (based on the relative
consideration to be received in respect of the Membership Interests to be sold) in any
indemnification or other obligations that the Joint Majority Holders agree to provide or undertake
in connection with such transaction (including any representations given with respect to the
business and condition of the Company and/or its Subsidiaries, but other than any such obligations
that relate specifically to a particular member, such as indemnification with respect to
representations and warranties given by a Member regarding such Member’s non-contravention, title
and ownership of, and authority to sell, such Membership Interests); provided that (i) the
liability resulting from any such indemnity or similar obligation shall be several and not joint as
among the indemnitors, and (ii) no Member shall be obligated in connection with such transaction to
agree to indemnify or hold harmless the purchaser with respect to an amount in excess of the net
cash proceeds paid to such Member in connection with such transaction. Costs incurred by or on
behalf of a Member for such Member’s sole benefit shall not be considered costs of the transaction
hereunder. In the event that any transaction that the Joint Majority Holders elect to consummate
or cause to be consummated pursuant to this Section 12.4 is not consummated for any reason,
the Company shall reimburse the Joint Majority Holders for all actual, reasonable and documented
out-of-pocket expenses paid or incurred by the Joint Majority Holders in connection therewith and
shall reimburse each other Member for any expenses it previously paid pursuant to the first
sentence of this Section 12.4(b).

          (c) In the event of a sale or exchange by the Members of all or substantially all of the
Membership Interests held by the Members (whether by sale, merger, recapitalization,
reorganization, consolidation, combination or otherwise and whether as part of a Company Sale or
otherwise), each Member shall receive in exchange for the Membership Interests held by such Member
the same form of consideration as each other Member, and the aggregate consideration payable upon
consummation of such Company Sale to all Members in respect of their Membership Interests shall be
apportioned and distributed (subject to adjustment for Company expenses, purchase price
adjustments, escrow amounts, purchase price holdbacks, indemnity obligations and other similar
items) as between the Membership Interests in accordance with the distribution priorities set forth
in Section 5.2, as in effect immediately prior to such Company

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Sale, after giving effect to all prior Distributions, and as among the holders of Membership
Interests, ratably based on the Membership Interests actually Transferred in such Company Sale;
provided, that the amount of consideration received by the Class C-1 Holders shall be
appropriately adjusted to reflect the fair value of their economic interest in the Company as
determined by the Board of Managers in its reasonable discretion; provided,
further, that if there is more than one form of consideration, each form of consideration
shall be apportioned and distributed as between the Membership Interests on a pro rata basis among
the Common Membership Interests in accordance with the relative distribution priority set forth in
Section 5.2, as in effect immediately prior to such Company Sale, after giving effect to
all prior Distributions, and, as between the holders of Membership Interests, ratably in accordance
with each Member’s pro rata share (based on the number of Membership Interests held by each
Member); provided, further, that if any holders of Membership Interests are given
an option as to the form and amount of consideration to be received, each holder of Common
Membership Interests shall be given the same option. Each Member shall take all necessary or
desirable actions in connection with the distribution or allocation among the Members of the
aggregate consideration from such sale or exchange as requested by the Company.

     Section 12.5 Optional Redemption of Preferred Membership Interests.

          (a) The Preferred Membership Interests shall not be redeemable or repurchaseable by the
Company, except as set forth in this Section 12.5 or as otherwise agreed to by the Majority
Preferred Holders.

          (b) Subject to Section 12.5(d), the Company may redeem all or any portion of the
Preferred Membership Interests then outstanding, by delivering irrevocable written notice to the
Preferred Holders (a “Redemption Notice”) not less than thirty calendar days prior to the
redemption date fixed by the Company and specified in the Redemption Notice (such date, the
“Redemption Date”), at a price for each Preferred Membership Interest (the “Redemption
Value”) that is equal to (i) at any time prior to the fifth anniversary of the Effective Date,
the sum of (A)(1) the Unreturned Preferred Capital Amount in respect of such Preferred Membership
Interest, multiplied by (2) 1.03, plus (B) the Preferred Accrued Distribution Amount with respect
to such Preferred Membership Interest for the immediately preceding Fiscal Quarter, if any, or (ii)
at any time from and after the fifth anniversary of the Effective Date, the sum of (A) the
Unreturned Preferred Capital Amount in respect of such Preferred Membership Interest, plus (B) the
Preferred Accrued Distribution Amount with respect to such Preferred Membership Interest for the
immediately preceding Fiscal Quarter, if any. Notwithstanding any other provision in this
Section 12.5, if the redemption of any Preferred Membership Interests pursuant to this
Section 12.5 is to be consummated in connection with a Company Sale, then the Company may
elect, by giving notice thereof in the Redemption Notice, for such redemption to be contingent on
and simultaneous with the consummation of such Company Sale.

          (c) The Company shall redeem the Preferred Membership Interests specified in the applicable
Redemption Notice on the Redemption Date on a pro rata basis among all Preferred Holders and shall
pay to each Preferred Holder (upon surrender by such Preferred Holder at the Company’s principal
office of the certificate representing the Preferred Membership Interests held by such Preferred
Holder to be redeemed pursuant to Section 12.5(b) duly endorsed in blank or to the Company,
or, if no such certificate has been issued representing

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such Preferred Membership Interests, then upon written notice given by such Preferred Holder
together with an appropriate duly executed assignment of such Preferred Membership Interests) an
amount per Preferred Membership Interest that is equal to the Redemption Value thereof. All
payments pursuant to this Section 12.5(c) shall be made in cash in immediately available
funds. Following any such Redemption Date and the payment of the Redemption Value, the Preferred
Membership Interests shall represent the right only to receive the Redemption Value thereof as of
such Redemption Date and shall not accrue any Preferred Accrued Distribution Amount following such
Redemption Date.

          (d) Any redemption pursuant to this Section 12.5 shall be made in accordance with the
provisions set forth on Exhibit H.

     Section 12.6 Transactions Involving Blocker Corps.

          (a) Each of the Members understands and acknowledges that, subject to Section 4.4(h),
in connection with one or more Public Offerings, the equityholders of one or more of the Blocker
Corps (or pass-through vehicles formed for the purpose of investing directly or indirectly in
Membership Interests, including Management Company) may desire to exchange the Equity Securities of
such Blocker Corps (or pass-through vehicles formed for the purpose of investing directly or
indirectly in Membership Interests) for shares of Equity Securities of a new or an existing
corporation (“Newco”) prior to or after the occurrence of any such Public Offerings. Upon
the written request of the Majority Initial Class A Holders made reasonably in advance (and if the
Majority Initial Class A Holders do not so request, then upon the written request of Management
Company), and in any case not later than thirty calendar days in advance of such proposed exchange,
to the extent that any Member is a holder of any securities of a Blocker Corp (or pass-through
vehicles formed for the purpose of investing directly or indirectly in Membership Interests), each
of the Members hereby agrees to use its commercially reasonable efforts to facilitate the formation
of Newco on a tax-free basis.

          (b) Notwithstanding any other provision in this Agreement, if any Initial Class A Holder has
the right or obligation to Transfer any or all of its Common Membership Interests pursuant to
Section 9.2 or Section 12.4, then such Person shall have the right, at its
election, to permit its equityholders to Transfer an equity interest in the applicable Blocker Corp
holding directly or indirectly Membership Interests of the Company that corresponds to such Blocker
Corp’s beneficial ownership (as determined in accordance with Rule 13d-3 of the Exchange Act) of
Common Membership Interests that such Initial Class A Holder otherwise would have been permitted to
Transfer pursuant to such Section (such equity interests, the “Blocker Corp Interests”);
provided that the Transferee shall have agreed in writing to accept the Blocker Corp
Interests, which agreement shall set forth in reasonable detail whether the Transferee shall have
reduced the aggregate purchase price to be paid by the Transferee for such Blocker Corp Interests
as a result of its agreement to acquire the Blocker Corp Interests instead of acquiring directly
the Common Membership Interests beneficially owned by such Blocker Corp and, if so, the aggregate
amount of such reduction. In all such cases the Transferring Member shall use commercially
reasonable efforts to obtain the agreement of the Transferee to purchase Blocker Corp Interests at
the same purchase price or as near thereto as possible. In such Transfer, the equityholders of
such Blocker Corp shall have the right to receive the consideration proposed to be paid by the
Transferee with respect to the Blocker Corp Interests, which consideration may be

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less than the consideration to be paid to the other Members with respect to any Common
Membership Interests to be Transferred by them in such Transfer. If the Initial Class A Holders
request that a potential Transferee acquire the Blocker Corp Interests in any Transfer pursuant to
Section 9.2, and such Transferee does not agree to acquire such Blocker Corp Interests,
then the Initial Class A Holders shall have the right, but not the obligation, to Transfer their
Common Membership Interests in such Transfer, and if the Initial Class A Holders exercise such
right, then no such Transfer shall be consummated unless such Common Membership Interests of the
Initial Class A Holders are included in such Transfer; provided that, if any Initial Class
A Holder does not agree to Transfer its Common Membership Interests in such Transfer, then the
other Initial Class A Holders shall have the first right to sell a number of Common Membership
Interests to such Transferee that is equal to the number of Common Membership Interests that such
non-Transferring Initial Class A Holder would have been entitled to Transfer to such Transferee.

          (c) Notwithstanding any other provision in this Agreement, if any Class C Holder has the right
or obligation to Transfer any or all of its Class C Membership Interests pursuant to Section
9.2 or Section 12.4, then such Person shall have the right, at its election, to permit
its equityholders to Transfer a number of Management Units in the Management Company that
corresponds to the Management Company’s beneficial ownership (as determined in accordance with Rule
13d-3 of the Exchange Act) of Class C Membership Interests that such Class C Holder otherwise would
have been permitted to Transfer pursuant to such Section; provided that the Transferee
shall have agreed in writing to accept the Management Units, which agreement shall set forth in
reasonable detail whether the Transferee shall have reduced the aggregate purchase price to be paid
by the Transferee for such Management Units as a result of its agreement to acquire the Management
Units instead of acquiring directly the Class C Membership Interests beneficially owned by the
Management Company and, if so, the aggregate amount of such reduction. In all such cases the
Transferring Member shall use commercially reasonable efforts to obtain the agreement of the
Transferee to purchase Management Units at the same purchase price as Class C Membership Interests
or as near thereto as possible. In such Transfer, the equityholders of the Management Company
shall have the right to receive the consideration proposed to be paid by the Transferee with
respect to the Management Units, which consideration may be less than the consideration to be paid
to the other Members with respect to any Membership Interests to be Transferred by them in such
Transfer. If the Class C Holders request that a potential Transferee acquire the Management Units
in any Transfer pursuant to Section 9.2, and such Transferee does not agree to acquire such
Management Units, then the Class C Holders shall have the right, but not the obligation, to
Transfer their Class C Membership Interests in such Transfer (provided that the Transferee agrees
in writing to accept such Class C Membership Interests), and if the Class C Holders exercise such
right and the Transferee agrees in writing to accept such Class C Membership Interests, then no
such Transfer shall be consummated unless such Class C Membership Interests are included in such
Transfer; provided that, if any Class C Holder does not agree to Transfer its Membership
Interests in such Transfer, then the other Class C Holders shall have the first right to sell a
number of Class C Membership Interests to such Transferee that is equal to the number of Class C
Membership Interests that such non-Transferring Class C Holder would have been entitled to Transfer
to such Transferee.

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          (d) Notwithstanding any provision set forth in Section 9.2(f) or this Section
12.6, no Transferring Holder shall have any obligation to acquire Blocker Corp Interests or
Management Units, as applicable, in connection with the exercise of any Member’s co-sale rights
pursuant to Section 9.2 unless such Transferring Holder and such Co-Sale Member (or the
equityholders of the applicable Blocker Corp), each acting in good faith, are able to agree upon an
appropriate discount with respect to the purchase price of such Blocker Corp Interests or
Management Units, as applicable.

     Section 12.7 Auto Finance and Other Separate Businesses. Notwithstanding anything to
the contrary in this Agreement, the Company has been advised by FIM, consistent with Schedule 10.1
to the Purchase Agreement, that certain of FIM’s direct and indirect members have bifurcated their
indirect Membership Interests in the Company into five separate interests (each a
“Subinterest”), (a) one interest which participates only in the Tax Book Profit, Tax Book
Loss and Distributions attributable to the auto finance business, (b) one interest which
participates only in the Tax Book Profit, Tax Book Loss and Distributions attributable to the
insurance business, (c) one interest which participates only in the Tax Book Profit, Tax Book Loss
and Distributions attributable the business of Residential Capital, LLC and its Subsidiaries
(“Rescap”), (d) one interest which participates only in the Tax Book Profit, Tax Book Loss
and Distributions attributable to the Company’s interest in Capmark Financial Group Inc.
(“Capmark”) (formerly known as GMAC Commercial Mortgage), and (e) one interest which
participates only in the Tax Book Profit, Tax Book Loss and Distributions attributable to the
business segment known as Commercial Finance and any other business or assets and liabilities of
the Company other than the auto finance business, the insurance business, ResCap or Capmark. All
income, loss, costs and expenses of the Company shall be allocated among such Subinterests pursuant
to schedules provided to the Company by FIM allocating the entities owned directly and indirectly
by the Company among the Subinterests and otherwise in a manner reasonably determined by FIM. The
Company shall use commercially reasonable efforts to provide FIM with all financial and tax
information otherwise required to be provided hereunder, within the time periods otherwise set
forth herein, on a Subinterest-by-Subinterest basis.

ARTICLE XIII

CONFIDENTIALITY

     Section 13.1 Non-Disclosure. Each party hereto agrees that it will use, and will
cause each of its Affiliates, and each of its and their respective partners, members, managers,
shareholders, directors, officers, employees and agents (collectively, “Agents”) to use,
its commercially reasonable efforts to maintain the confidentiality of all Confidential Information
disclosed to it by any other party or the definitive agreements contemplated herein or through its
interest in the Company or the operation of its business or the use or ownership of its assets, by
limiting internal disclosure of any such information to those Persons who have an actual need to
know such information in connection with the business of the Company and will not, without the
prior written consent of the disclosing party, use such information other than in connection with
the transactions contemplated herein.

     Section 13.2 Exceptions. Notwithstanding Section 13.1, any party hereto may
disclose any Confidential Information: (a) to any Governmental Entity in connection with
applications for

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approval of the transactions contemplated hereby and the other Transaction
Documents (or, in the case of any regulated Affiliate of a Member, in connection with audits by the
applicable Governmental Entities), (b) to financial institutions in connection with financings of
the transactions contemplated hereby, (c) in the case of any Member, (i) to a bona fide potential
Transferee if such Member desires to undertake any Transfer of its Membership Interests permitted
by this Agreement, (ii) to its stockholders, limited partners, members or other equityholders, as
the case may be, all materials made available to such Member pursuant to the terms of this
Agreement and (iii) to its indirect stockholders, limited partners, members or other equityholders,
as the case may be, so long as the Confidential Information disclosed to such Persons is limited to
the materials delivered to such party pursuant to clauses (i) through (vi) inclusive of
Section 4.5(a), provided that (A) in the case of subclauses (i), (ii) and (iii) of
this clause (c), prior to the disclosure of any Confidential Information, such Person shall execute
an agreement containing the terms set forth in Section 13.1, and (B) in the case of clauses
(ii) and (iii) above, the disclosure of Confidential Information relating to commercial
transactions or commercial relationships of the Company and its Subsidiaries shall be strictly
limited to such Persons who have an actual need to know such information in connection with the
administration of their equity interest in such Member, (d) to any rating or similar agency in
connection with its analysis or review of the Company or any of its Subsidiaries, (e) to any other
Person if such party becomes compelled by Law (including by deposition, interrogatory, request for
documents, subpoena, civil investigative demand, mandatory provision of Law, regulation or stock
exchange rule) to disclose any of the Confidential Information. In addition, each Member may
report to its stockholders, limited partners, members or other equityholders, as the case may be,
the general status of such Member’s investment in the Company (without disclosing specific
Confidential Information). A disclosing Member shall be responsible for a breach by any third
Person to whom such disclosing Member discloses Confidential Information in accordance with the
terms of subclauses (c)(ii) and (c)(iii) of this Section 13.2. In the case of clause (e)
above, the disclosing party shall (i) provide the other parties hereto with prompt written notice
of such requirement so that such non-disclosing parties may seek a protective order or other
appropriate remedy or waive compliance with the terms of this Article XIII and (ii) take
such reasonable legally available steps as the non-disclosing parties may reasonably request to
resist or narrow such requirement (at the expense of the non-disclosing parties). In the event
that such protective order or remedy is not obtained, or that the non-disclosing parties waive
compliance with the terms hereof, the disclosing party agrees to furnish only that portion of the
Confidential Information that it is advised by counsel is required to be furnished, and to exercise
its commercially reasonable efforts to obtain assurance that confidential treatment shall be
accorded such Confidential Information.

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ARTICLE XIV

MISCELLANEOUS PROVISIONS

     Section 14.1 Amendments. Except as otherwise expressly provided herein, including in
Section 3.2, this Agreement may only be amended, modified or waived by the Board of
Managers with the written consent of the Joint Majority Holders; provided that if any such
amendment, modification or waiver would adversely affect in any material respect any Member or
group of Members who have comparable rights under this Agreement disproportionately to the other
Members having such comparable rights, such amendment, modification, or waiver shall also require
the written consent of the Member(s) so adversely affected; provided, further, that
the written consent of the Class C Holders holding a majority of the Class C Membership Interests
outstanding at such time shall be required for any amendment, modification or waiver to any of the
following provisions hereof in a manner adverse to the Class C Holders: (i) the definition of
“Agreed Initial Value,” (ii) the definition of “Tax Amount,” (iii) Section 3.1(b), (iv) Section
3.2(a) with respect to a reduction in the authorized number of Class C Membership Interests, (v)
Section 5.1(d), (vi) Section 7.10(xi)(C), (vii) Section 9.1(c), (viii) Section 9.2(f) with respect
to the rights of Class C Holders, (ix) Section 12.2(d), (x) Section 12.4(c) with respect to Class C
Membership Interests, (xi) Sections 12.6(a), (c) and (d) and (xii) the first and second proviso of
this Section 14.1. Notwithstanding the foregoing, any amendment that would require any Member to
contribute or loan additional funds to the Company or impose personal liability upon any Member
shall not be effective against such Member without its written consent. FIM agrees that, for so
long as the Initial Class B Holders hold in excess of twenty percent (20%) of the Voting Power,
neither FIM nor any of its members shall amend, delete or otherwise modify or waive or fail to give
effect to the last sentence of Section 9.1(a)(i) of that certain Limited Liability Company
Agreement of FIM, dated as of April 2, 2006, by and among Cerberus FIM Investors, LLC, Citigroup
Inc., Aozora Bank Limited and each of the other Persons from time to time party thereto, without
the prior written consent of the Majority Initial Class B Holders.

     Section 14.2 Remedies. Each Member shall have all rights and remedies set forth in
this Agreement and all rights and remedies that such Person has been granted at any time under any
other agreement or contract and all of the rights that such Person has under any Law. Any Person
having any rights under any provision of this Agreement or any other agreements contemplated hereby
shall be entitled to enforce such rights specifically (without posting a bond or other security) to
recover damages by reason of any breach of any provision of this Agreement and to exercise all
other rights granted by Law.

     Section 14.3 Notice Addresses and Notices. All notices, demands, financial reports,
other reports and other communications to be given or delivered under or by reason of the
provisions of this Agreement shall be in writing and shall be deemed to have been given or made
when (a) delivered personally to the recipient, (b) sent by facsimile to the recipient (with hard
copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day)
if sent by facsimile before 5:00 p.m. New York
time on a Business Day, and otherwise on the next Business Day, or (c) one Business Day after
being sent to the recipient by reputable overnight courier service (charges prepaid). Such
notices, demands and other communications shall be sent to the notice address for such recipient
set forth on the Schedule of Members, or in the Company’s books and records, or to such
other notice address or to the attention of such

87

 

other person as the recipient party has specified
by prior written notice to the sending party. Any notice to the Board of Managers or the Company
shall be deemed given if received by the Board of Managers at the principal office of the Company
designated pursuant to Section 2.2(b).

     Section 14.4 Counterparts. This Agreement may be executed in several counterparts,
each of which will be deemed an original but all of which will constitute one and the same
instrument.

     Section 14.5 Assignment. Subject to the provisions of this Agreement relating to
transferability, this Agreement shall be binding upon and inure to the benefit of the Members and
their respective permitted assigns, but no rights, interests or obligations of any Member herein
may be assigned without the prior written consent of the Joint Majority Holders except the
Transfers in compliance with the terms of Article IX; provided, however,
that no assignment of this Agreement or any rights hereunder shall be made without the assignee, as
a condition of such assignment, assuming in writing its assignor’s obligations under this
Agreement, to the extent applicable to such assignment.

     Section 14.6 Entire Agreement; Waiver. Subject to Section 14.7, this
Agreement and the other documents referred to herein, constitute the entire agreement among the
parties and contain all of the agreements among the parties with respect to the subject matter
hereof and supersede all prior agreements and negotiations between the parties concerning the
subject matter herein, including the Original Agreement. Failure by any party hereto to enforce
any covenant, duty, agreement, term or condition of this Agreement, or to exercise any right
hereunder, shall not be construed as thereafter waiving such covenant, duty, term, condition or
right; and in no event shall any course of dealing, custom or usage of trade modify, alter or
supplement any term of this Agreement.

     Section 14.7 Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under Law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under any Law or rule in
any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had never been
contained herein.

     Section 14.8 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the
Laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules
or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the Laws of any jurisdiction other than the State of Delaware.

88

 

     Section 14.9 Independent Contractors; Expenses. This Agreement does not constitute
any party hereto the partner, agent or legal representative of any other party hereto, except to
the extent that Company is classified as a partnership for United States federal income tax
purposes and the Members are treated as “partners” for such tax purposes. Each party hereto is
independent and responsible for its own expenses (except as otherwise agreed pursuant to
Article XI), including attorneys’ and other professional fees incurred in connection with
the transactions contemplated by this Agreement.

     Section 14.10 Press Release. Each of the Members shall consult with the Joint
Majority Holders before issuing any press releases or otherwise making any public statements with
respect to this Agreement or the transactions contemplated hereby, and no Member shall issue any
press release or make any public statement without the prior written consent of the Joint Majority
Holders, except as may be required by Law and then only with such prior consultation with the Joint
Majority Holders to the extent practicable.

     Section 14.11 Survival. The provisions of Section 4.4, Section 6.16,
Article XI, Article XIII, Section 14.8, Section 14.11, Section
14.14, Section 14.16 and Section 14.17 shall survive and continue in full force
in accordance with its terms, notwithstanding any termination of this Agreement or the dissolution
of the Company.

     Section 14.12 Creditors. None of the provisions of this Agreement shall be for the
benefit of or enforceable by any creditors of the Members, the Company or any of its Affiliates
(other than Indemnified Persons), and no creditor who makes a loan to any Member, the Company or
any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement
executed by the Company in favor of such creditor) at any time as a result of making the loan any
direct or indirect interest in Company profits, losses, Distributions, capital or property other
than as a secured creditor.

     Section 14.13 Further Action. The parties hereto agree to execute and deliver all
documents, provide all information and take or refrain from taking such actions as may be necessary
or appropriate to achieve the purposes of this Agreement.

     Section 14.14 Delivery by Facsimile or Email. This Agreement, the agreements referred to herein, and each other agreement or instrument
entered into in connection herewith or therewith or contemplated hereby or thereby, and any
amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or
email with scan or facsimile attachment, shall be treated in all manner and respects as an original
agreement or instrument and shall be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. At the request of any party hereto or to
any such agreement or instrument, each other party hereto or thereto shall re-execute original
forms thereof and deliver them to all other parties. No party hereto or to any such agreement or
instrument shall raise the use of a facsimile machine or email to deliver a signature or the fact
that any signature or agreement or instrument was transmitted or communicated through the use of a
facsimile machine or email as a defense to the formation or enforceability of a contract, and each
such party forever waives any such defense.

89

 

     Section 14.15 Strict Construction. The parties hereto have participated collectively
in the negotiation and drafting of this Agreement; accordingly, if any ambiguity or question of
intent or interpretation arises, then it is the intent of the parties hereto that this Agreement
shall be construed as if drafted collectively by the parties hereto, and it is the intent of the
parties hereto that no presumption or burden of proof shall arise favoring or disfavoring any party
hereto by virtue of the authorship of any provisions of this Agreement.

     Section 14.16 Consent to Jurisdiction. Each party hereto hereby irrevocably and
unconditionally (a) agrees that any suit, action or proceeding, at law or equity, arising out of or
relating to this Agreement shall only be brought in the Court of Chancery of the State of Delaware
(or, if the Court of Chancery of the State of Delaware lacks jurisdiction, then in the applicable
Delaware state court), or if under applicable Law exclusive jurisdiction of such suit, action or
proceeding is vested in the federal courts, then the United States District Court for the District
of Delaware, (b) expressly submits to the personal jurisdiction and venue of such courts for the
purposes thereof and (c) waives and agrees not to raise (by way of motion, as a defense or
otherwise) any and all jurisdictional, venue and convenience objections or defenses that such party
may have in such suit, action or proceeding. Each party hereto hereby irrevocably and
unconditionally consents to the service of process of any of the aforementioned courts. Nothing
herein contained shall be deemed to affect the right of any party hereto to serve process in any
manner permitted by Law or commence legal proceedings or otherwise proceed against any other party
hereto in any other jurisdiction to enforce judgments obtained in any suit, action or proceeding
brought pursuant to this Section 14.16.

     Section 14.17 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL
RIGHTS TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED
HEREBY OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND
ENFORCEMENT OF THIS AGREEMENT.

     Section 14.18 Specific Performance. Each of the parties hereto acknowledges and
agrees that the other parties hereto would be damaged irreparably in the event that any of the
provisions of this Agreement are not performed in accordance with their specific terms or otherwise
are breached. Accordingly, each of the parties hereto agrees that the other parties hereto shall
be entitled to seek an injunction or injunctions to prevent breaches of the provisions hereof in
any action instituted in any court of the United States or any state thereof having jurisdiction
over the parties hereto and the matter (subject to the provisions set forth in Section
14.16 above), in addition to any other remedy to which they may be entitled, at law or in
equity.

[END OF PAGE]

[SIGNATURE PAGES FOLLOW]

90

 

SIGNATURE PAGES TO AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

     IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Agreement as of the date first written above.

	 	 	 	 	 	 
	 	 	FIM HOLDINGS LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Seth Plattus
	 

	 	 	 	 
	 

	 	Name:
	 	Seth Plattus
	 

	 	Title:
	 	Managing Director

 

 

SIGNATURE PAGES TO AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

     IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Agreement as of the date first written above.

	 	 	 	 	 	 
	 	 	GM FINANCE CO. HOLDINGS LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Walter G. Borst
	 

	 	 	 	 
	 

	 	Name:
	 	Walter G. Borst
	 

	 	Title:
	 	Chief Executive Officer

 

 

SIGNATURE PAGES TO AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

     IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Agreement as of the date first written above.

	 	 	 	 	 	 
	 	 	GM PREFERRED FINANCE CO. HOLDINGS INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Sachin Mehra
	 

	 	 	 	 
	 

	 	Name:
	 	Sachin Mehra
	 

	 	Title:	 	Vice President 

 

 

SIGNATURE PAGES TO AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

     IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Agreement as of the date first written above.

	 	 	 	 	 	 
	 	 	GMAC MANAGEMENT LLC
	 	 	
	 
	 	By:	 	GMAC LLC, its manager
	 	 	
	 

	 	By:	 	/s/ Sanjiv Khattri
	 

	 	 	 	 
	 

	 	Name:
	 	Sanjiv Khattri
	 

	 	Title:	 	Executive Vice President and

Chief Financial Officer 

 

 

SIGNATURE PAGES TO AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

The undersigned has executed or caused to be executed on its behalf this Agreement as of the date
first written above solely with respect to such Person’s agreement to Section 7.16.

	 	 	 	 	 	 
	 	 	CERBERUS CAPITAL MANAGEMENT L.P.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Seth Plattus
	 

	 	 	 	 
	 

	 	Name:	 	 Seth Plattus
	 

	 	Title:
	 	Managing Director

 

 

SIGNATURE PAGES TO AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

The undersigned has executed or caused to be executed on its behalf this Agreement as of the date
first written above solely with respect to such Person’s agreement to Section 2.1(a),
Section 7.16 and Section 7.17.

	 	 	 	 	 	 
	 	 	GENERAL MOTORS CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Walter G. Borst
	 

	 	 	 	 
	 

	 	Name:
	 	Walter G. Borst
	 

	 	Title:
	 	Treasurerexv10w2

 

Exhibit 10.2

Portions of this Exhibit were omitted and filed separately with the Securities and Exchange
Commission pursuant to a request for confidential treatment. Such portions are marked by a series
of asterisks.

Execution Copy

INTELLECTUAL PROPERTY LICENSE AGREEMENT

PARTIES

     This Intellectual Property License Agreement (this “Agreement”) is made and entered into as of
November 30, 2006 by and between General Motors Corporation, a Delaware corporation, and those of
its Vauxhall Motors Ltd., Opel Eisenach GmbH, Saab Automobile AB, Saturn Corporation and OnStar
Corporation Subsidiaries who choose to join General Motors Corporation as a party to this Agreement
pursuant to execution of an Opt-in Letter in the form of exhibits attached hereto and incorporated
herein by reference (referred to collectively as “GM”), and GMAC LLC, a Delaware limited liability
company (“Licensee”).

RECITALS

     A. GM, directly and through its Subsidiaries, as defined in this Agreement, is a worldwide
manufacturer, distributor, marketer, and seller of motor vehicles and related goods and services
(“GM Products”).

     B. Licensee is a worldwide diversified financial services company that directly, and through
its Subsidiaries, provides automotive and non-automotive finance and lease, insurance, banking,
mortgage lending, and other services to a variety of affiliated and unaffiliated, consumer and
commercial customers.

     C. GM and Licensee provide significant services and resources to each other. The
transactions, relationships, interactions and dealings between GM and Licensee (“Dealings”)
contribute significantly to the success of GM and Licensee, generally providing efficiencies and
enhanced results for each of them, including business opportunities and referrals, data and
resource sharing, economies of scale, leveraging staff expertise, and administrative conveniences.
These efficiencies flow from, among other things, four aspects of their relationship: (1) the
formal ownership structure that existed historically, resulting in tax, legal, and administrative
efficiencies; (2) propinquity, familiarity, and common corporate culture and industry experience
allowing informal and simplified interactions; (3) sound business practices, including economies of
scale and leveraging of resources; and (4) their “shared” or “common” customers (i.e., GM dealers
and purchasers of GM motor vehicles). Combined, these efficiencies result in highly valuable and
significant organizational, operational, business and financial synergies. Although specific
aspects of the Dealings entered into at arm’s length as described in this Agreement may benefit one
party more than the other from time to time, these synergies produce net positive effects for GM
and Licensee jointly, and for each company individually to a commensurate degree.

 

 

     D. GM and Licensee have undertaken to formally document certain of the Dealings related to the
material services provided by GM and its Subsidiaries to Licensee and its Subsidiaries and vice
versa in several services agreements entered into concurrently herewith, including a Marketing
Services Agreement, Dealer Financing Service Agreement, Consumer Financing Services Agreements,
Remarketing Service Agreement, the European Cooperation Agreement and the Information Technology
Agreement (each between GM and Licensee) and an Insurance Services Agreement (between GM and
Licensee’s GMAC Insurance Holdings, Inc. subsidiary) and a Licensing and Co-operation Agreement
dated 28 February 2002 (among GM Holden Ltd. Interleasing (Australia) Ltd and TVPR Pty Limited)
(collectively “Services Agreements”).

     E. GM and Licensee desire to grant to the other licenses and rights with respect to its
trademarks and other intellectual property, subject to the terms and conditions provided in this
Agreement.

AGREEMENT

     In consideration of the promises and the mutual covenants and agreements and the
representations and warranties contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, GM and Licensee agree
as follows:

ARTICLE I

DEFINITIONS

     The words in this Agreement have the meanings usually and customarily ascribed to them in
commercial contracts, except that words that are capitalized have the respective meanings ascribed
to such words below or elsewhere in this Agreement.

     “Affiliate” has the meaning set forth in Rule 12b-2 of the regulations promulgated under the
Securities Exchange Act of 1934, as amended.

     “Change in Control” means (i) Licensee beneficially owning (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934, as amended), directly or indirectly, less than 20%
of the total ordinary voting power of the capital stock of the Transferred Entity; or (ii)
occupation of a majority of the seats on the board of directors of the Transferred Entity by
individuals for whom neither Licensee nor its Subsidiaries voted in favor at the election of such
directors or approved in writing before or at the time of their appointment by the board of
directors.

     “Consumer Financing Services Agreements” means the United States Consumer Financing Services
Agreement, the International Consumer Financing Services Agreement, Nuvell Consumer Financing
Services Agreement, and the Canada Consumer Financing Services Agreement between GM and Licensee.

2

 

     “GM Trademarks” means trademarks and service marks owned by GM and licensed to Licensee under
this Agreement as listed in Exhibit 1, attached hereto and incorporated herein by reference.

     “Losses” means any and all claims, demands, causes of action, proceedings, losses, damages,
expenses, liabilities (including strict liability), fines, penalties, deficiencies, judgments or
costs, including reasonable accountants’ and attorneys’ fees, court costs, amounts paid in
settlement, and costs and expenses of investigations.

     “Nameplate Trademarks” means those GM Trademarks specifically identified in Exhibit I as the
Nameplate Trademarks and in Opt-in Letters only upon execution by certain Subsidiaries of GM.

     “Governmental Authority” means any international, supranational, national, federal,
territorial, state, provincial, or local court, government, department commission, board, bureau,
agency, official, or other regulatory, administrative or governmental authority.

     “Person” means any individual, corporation, partnership, joint venture, limited liability
company, limited liability partnership, association, joint stock company, trust, unincorporated
organization, or other organization, whether or not a legal entity, and any Governmental Authority.

     “Subsidiary” means, with respect to any Person, any other Person of which a majority of the
voting interests is owned, directly or indirectly, by such Person, except that in the case of GM,
Subsidiary excludes Licensee and its Subsidiaries.

     “Including”, “includes” and derivatives thereof means including or includes, as the case may
be, without limitation.

ARTICLE II

FRAMEWORK

Section 2.1 Compliance. GM and Licensee will comply, in all material respects, with all
applicable laws and legal requirements in connection with their use of the trademarks and other
intellectual property of the other party as contemplated by this Agreement.

Section 2.2 Cooperation. GM and Licensee will reasonably cooperate with and assist each
other in carrying out the other’s obligations under this Agreement and will execute and deliver all
documents and instruments necessary and appropriate to do so.

ARTICLE III

LICENSE OF INTELLECTUAL PROPERTY

Section 3.1 License to GM Trademarks.

3

 

     (a) License to Nameplate Trademarks. GM grants Licensee a non-exclusive,
non-transferable, royalty-free and worldwide license to use and display the Nameplate Trademarks
for the sole purpose of performing, marketing, advertising, and promoting: (i) the services
contemplated by the Services Agreements; (ii) financial services provided in Mexico through
Licensee’s Mexican subsidiary, Masterlease S.A. de C.V., to purchasers of GM products. Licensee is
prohibited from using the Nameplate Trademarks in connection with any trade name or business name.

     (b) License to GM PROTECTION PLAN and GM MOTOR CLUB. GM grants Licensee an exclusive,
non-transferable and royalty-bearing license to use and display the “GM PROTECTION PLAN”, “GENERAL
MOTORS PROTECTION PLAN” and “GM MOTOR CLUB” names and logos solely in the United States
and solely in connection with the operation, marketing, advertising, and promoting of Licensee’s GM
Protection Plan and GM Motor Club businesses. Subject to Article VI of this Agreement, GM will
exercise due care in its protection of the GM PROTECTION PLAN, GENERAL MOTORS PROTECTION PLAN and
GM MOTOR CLUB names and logos to protect Licensee’s use of such names and logos exclusive of
infringing uses by third parties.

     (c) License to GMAC Name and Logo. GM grants Licensee a non-transferable, exclusive
(including with respect to GM), royalty-free and worldwide license to use and display the GMAC name
and logo in connection with the operation, marketing, advertising, and promoting (including use of
the GMAC name and logo to manufacture, have manufactured, distribute and sell consumer merchandise
such as apparel, cups, key chains or other similar novelty items) of its current automotive and
non-automotive finance, lease, insurance, banking, mortgage, and lending businesses (“Business”).
Licensee may use the GMAC name and logo for existing lines of business (including financing of
dealerships which sell, begin selling, or expand their sale of products of third party motor
vehicle manufacturers and for customers of such dealerships) and those expressly set forth in
Exhibit 6, attached hereto and incorporated herein by reference. Licensee may request a license to
use the GMAC name and logo in connection with any new financial services business or in connection
with providing services to third party motor vehicle manufacturers. GM will determine, in its sole
discretion, whether to grant any such additional licenses and whether any such grant will be
royalty bearing. Licensee agrees to notify GM of its intention to begin use of the GMAC name and
logo in a new country prior to use to allow GM adequate time to determine the availability of the
GMAC name and logo for use in such country and, if necessary or upon Licensee’s request, file
corresponding trademark applications to protect Licensee’s intended use. GM agrees that if it
declines to file, prosecute, maintain, obtain or renew an application or registration for the GMAC
name and logo for use in connection with the Business or, if requested by Licensee, a new business,
Licensee has the right, at its cost and upon notice to GM, to file, prosecute, maintain, obtain, or
renew such trademark application or registration in GM’s name. Notwithstanding anything to the
contrary contained in this Agreement, GM will not be prohibited from using or displaying the GMAC
name and logo in connection with GM’s marketing, advertising and promotional activities to
reference the services being performed by the Licensee under the Service Agreements.

     (d) License to Licensee Trademarks. Licensee hereby grants GM a non-transferable,
non-exclusive, royalty-free and worldwide license to use and display the trademarks of Licensee,
such as SmartLease and SmartBuy, in connection with GM’s marketing, advertising

4

 

and promotional activities to reference the services being performed by the Licensee under the
Service Agreements. GM’s use of the Licensee’s trademarks will be limited to only those of
Licensee’s trademarks that are being used by Licensee in connection with the applicable Service
Agreement and GM will be prohibited from using the Licensee’s trademarks in connection with any
trade name or business name.

Section 3.2 License to “GENERAL MOTORS” and “GM”. Subject to Sections 3.1(b) and 3.1(c) of
this Agreement, GM grants to Licensee a non-exclusive, non-transferable, royalty-free and worldwide
license to use the “GENERAL MOTORS” and “GM” names as part of its trade names or business names,
currently “General Motors Acceptance Corporation” and similar names in other jurisdictions (e.g.,
GM Acceptance Ltda. in Argentina). Any proposed changes or additions to current trade names or
business names incorporating the GENERAL MOTORS or GM names must be approved by GM prior to use,
which approval will not be unreasonably withheld or delayed. The license provided for in this
Section 3.2 terminates fifteen (15) months from the effective date of this Agreement, except with
respect to Licensee’s use of “GENERAL MOTORS” as part of “GENERAL MOTORS ACCEPTANCE CORPORATION” in
the United States and Canada. Reasonable extensions of this termination date will be granted by GM
in the event of delays imposed by local regulatory authorities. GM agrees that it will not license
use of the GENERAL MOTORS or GM name to any party, other than Licensee, during the term of this
Agreement for use in connection with any trade name or business name that is identical, or
confusingly similar, to “General Motors Acceptance Corporation”, “GM Acceptance Corporation” or
“GMAC”.

Section 3.3 Manner of Use. The parties will use and display the trademarks of the other
party only in the form, color, dimension, and manner approved by the party owner (including use in
connection with internet domain names), and in accordance with any written trademark guidelines
provided thereby. GM acknowledges that Licensee may, in connection with a particular promotion or
event, have a need to make non-permanent, minor changes to the appearance of the GMAC name or logo,
such as changes to font type or coloring. GM will not object to such changes and no prior approval
of GM is required. Upon a party’s written request, the other party will furnish samples of
proposed advertising, brochures, marketing and promotional materials, and other documentation in
connection with its use of the requesting party’s trademarks. Except with respect to the GMAC name
and logo, the parties will, and will ensure that their Subsidiaries make any changes to its use of
the other party’s trademarks, as reasonably requested by the party owner, including, but not
limited to, changing the use of one or more of the trademarks within a commercially reasonable
time. Licensee further agrees and will ensure that it and its Subsidiaries will not use any GM
Trademarks, other than the GMAC name and logo, in advertising or promotional activities with third
party motor vehicle manufacturers. If GM requests that Licensee make changes to the appearance of
the GMAC name or logo from its appearance as exists as of the date of this Agreement, Licensee and
GM will work together to arrive at a good faith estimate of the costs Licensee will reasonably
incur in connection with its implementation of the requested change. If, after arriving at a
mutually-agreeable good faith estimate, GM requires Licensee to proceed with such changes, GM
agrees to reimburse Licensee for the costs it incurs in connection with making the required
changes, not to exceed the mutually-agreed upon good faith estimate. The parties also agree, and
will ensure that their respective sublicensees, stop using any trademarks of the other party in any
advertising or promotional activity if the other party objects on the basis that such advertising
or promotional

5

 

activity would be unethical, in poor taste, misleading, deceptive, or in its sole discretion, would
reflect unfavorably on them.

Section 3.4 Notice of Ownership. Unless otherwise agreed to by the parties on a
case-by-case basis, the parties, consistent with historical and current practice in connection with
their own trademarks, will use the following notice somewhere in its advertising, brochures,
nationally distributed marketing and promotional materials, and other similar advertising and
marketing material (but not including business cards, letterhead, memo pads, envelopes, and other
stationary items; e-mail notices; press releases, rate sheets, and local dealer communications; and
other similar non-advertising and non-marketing material) in a conspicuous location in connection
with its use of the other party’s trademarks.

     “[“Trademarks”] are trademarks of [the other party], used under license by [party].”

     When displaying the GMAC trademark, the following is allowed instead of the foregoing notice:

     “GMAC is a registered trademark.”

     The parties acknowledge and agree that the notice requirement of this Section 3.4 does not
apply to any materials printed prior to the date of this Agreement, even if such printed materials
are distributed after the date of this Agreement; provided, however, that to the extent that
reprintings of such materials are made after the date of this Agreement, the aforementioned notice
will be included therein.

Section 3.5 Other Intellectual Property Rights.

     (a) GM Grant. GM grants Licensee a non-transferable, non-exclusive, royalty-free and
worldwide license under all GM patents (including the right to make, have made, use, have used,
offer for sale, and sell), copyrights (including the right to reproduce, prepare derivative works,
distribute and publicly display or perform), trade secrets and other forms of intellectual
property, excluding trademark rights, currently used by Licensee in the conduct of the Business or
as necessary for performing, marketing, advertising and promoting the services contemplated under
by the Service Agreements. The license grant of this Section 3.5(a) is limited to use by Licensee
in the conduct of its Business and, other than as expressly set forth in Section 3.7 hereunder,
Licensee is expressly prohibited from granting any sublicense to Licensee’s parent or it’s parent’s
affiliates.

     (b) Licensee Grant. Licensee grants GM a non-transferable, non-exclusive,
royalty-free, and worldwide license under all Licensee patents (including the right to make, have
made, use, have used, offer for sale, and sell), copyrights (including the right to reproduce,
create derivative works, distribute and publicly display or perform), trade secrets and other forms
of intellectual property, excluding trademark rights, currently used by GM in the conduct of its
business or as necessary in connection with GM’s marketing, advertising and promoting the services
being performed by the Licensee under the Service Agreements. The license grant of this Section
3.5(b) is limited to use by GM in the conduct of its business and, other than as

6

 

expressly set forth in Section 3.7 hereunder, GM is expressly prohibited from granting any
sublicense to GM’s affiliates.

Section 3.6 Consumer Merchandise. Unless otherwise agreed and except with respect to the
use of the GMAC name and logo by Licensee, neither party is granted any right or license under this
Agreement to sell, or otherwise distribute for sale (collectively, to merchandise), any
merchandise, novelty items, or other goods bearing the trademarks or other intellectual property of
the other party, without the express written consent of the owner of the respective trademark or
other intellectual property. If either party requests to use the other party’s trademarks or other
intellectual property for merchandising, the parties will discuss such request in good faith,
including fees associated with such use of the trademarks and other intellectual property, if any.
The parties will document any agreement resulting from such discussions.

Section 3.7 Sublicense. Absent approval by the trademark or other intellectual property
owner, sublicensing of the trademarks or other intellectual property of the owner is prohibited
except as follows:

     (a) Subsidiaries. A party may sublicense and allow its Subsidiaries to use the other
party’s trademarks and other intellectual property subject to the terms of this Agreement;

     (b) Capmark Financial Group Inc. Licensee may sublicense the GMAC name and/or logo to
Capmark Financial Group Inc. but only to the extent of the Trademark License Agreement between
Licensee and Capmark Financial Group dated March 23, 2006.

     (c) Existing third party arrangements. Licensee and its Subsidiaries may continue,
renew, amend, or replace any license or sublicense of the GMAC name and/or logo to third parties
under licensing sublicensing arrangements existing as of the date hereof. In the event of any
inconsistency between this Agreement and any such arrangements, the terms of this Agreement govern.

     (d) Future third party arrangements: Licensee acknowledges that it has sought to
identify on Exhibit 8 the categories of activities for which, and categories of Persons to which,
Licensee and its Subsidiaries currently license and sublicense, and have historically licensed and
sublicensed, the GMAC name and logo (“Approved Categories”). Licensee may grant to third parties
sublicenses of the GMAC name and logo not in existence as of the date hereof provided that they
fall within the Approved Categories.

     If there are one or more categories of activities or entities for which Licensee or its
Subsidiaries have historically licensed or sublicensed the GMAC name and/or logo to third parties
as of the date hereof, but which are not listed in Exhibit 8, Licensee will promptly upon discovery
send a revised Exhibit 8 to GM that includes such missing category, and upon delivery of the
revised Exhibit 8 to GM, such category will be deemed one of the “Approved Categories” for which
sublicensing is permitted hereunder.

     If one of the exceptions above does not apply, and Licensee seeks GM’s consent to sublicense
the GMAC name and/or logo, GM will respond to such request within a reasonable amount of time. GM
will advise Licensee as to the individuals or business functions that would

7

 

be involved in responding to the request and a reasonable estimate of the amount of time that
GM will take to respond to the request. Any such sublicense will be subject to the terms hereof.

     If requested by the trademark or other intellectual property owner for the purpose of
fulfilling a registration or recordal requirement under local law or regulations, the other party
will use reasonable best efforts to cause its sublicensees to enter into a separate intellectual
property license agreement that is substantially identical to this Agreement.

Section 3.8 Royalty.

     (a) Royalty for License to GM PROTECTION PLAN. In payment for Licensee’s use of the
license to the GM PROTECTION PLAN and GENERAL MOTORS PROTECTION PLAN trademarks granted pursuant to
section 3.1(b) of this Agreement, Licensee will pay GM a royalty of ***% of the dealer cost (as
that term is used in the GM Protection Plan program) received by Licensee or its Subsidiaries, net
of cancellations, on sales of the GM Protection Plan, excluding contracts sold to GM, e.g. in
connection with GM’s promotion of a particular model vehicle, and excluding base contracts for GM
Certified Used Vehicles. Base contracts are those provided to the retail customer without a charge
identified separately from the price of the vehicle.

     (b) Royalty for License to GM MOTOR CLUB. In payment for Licensee’s use of the
license to the GM MOTOR CLUB trademark granted pursuant to section 3.1(b) of this Agreement,
Licensee will pay GM a royalty of ***% of the revenues, net of cancellations, of the GM Motor Club.

     (c) Royalties for use of trademarks of GM Subsidiaries in situations analogous to Sections
3.1(b) will be set forth in the relevant Opt-in Letter, in which case the terms of such Opt-in
Letter must be accepted by Licensee.

     (d) Guaranteed Minimum Royalty. Licensee agrees that it will pay guaranteed minimum
Royalties in the amount of $15 million per year on a pre-tax basis, only until the exclusive
license granted in Section 3.1(b) is terminated under Section 5.2(d) in whole or in part.

     (e) Statements and Royalty Payments. In connection with the royalties in subsections
(a), (b) and, if any, (c), Licensee will furnish to GM not later than thirty days after the end of
each calendar month: (1) complete and accurate monthly statements showing (i) the dealer cost
received by Licensee or its Subsidiaries on sales of the GM Protection Plan during the preceding
month and any applicable deductions for cancellations; and (ii) revenues of the GM Motor Club
during the preceding month and any applicable deductions for cancellations; and (2) a check in
payment of the royalty due from such sales and revenues as reported in (1) above. The receipt or
acceptance by GM of any of the statements furnished pursuant to this Agreement or any royalties
paid hereunder (or the cashing of any royalty checks paid hereunder) will not preclude GM from
questioning the correctness of or mistakes which are discovered in such statements or payments, and
in the event that any inconsistencies or mistakes are discovered in such statements or payments,
they will promptly upon notice be rectified and the appropriate payments made by Licensee provided,
however, that if GM fails to notify Licensee of a potential

8

 

dispute within two years after receipt of a statement or payment, GM will be deemed to have
waived any claims with respect thereto. If any amount due and payable hereunder is not made on the
due date, then, without prejudice to any other rights of GM, GM will charge interest on such
outstanding amount at the rate of 1.00 percentage point above the prime rate as quoted in the Wall
Street Journal from the due date until the date of payment.

     (f) Records. Licensee will keep accurate books of account and records covering all
transactions relating to the payment of royalties in this Agreement, and GM or its nominee will
have the right at all reasonable business hours to examine said books of account and records and
all other documents and material in the possession or under the control of Licensee with respect to
the payment of royalties under this Agreement, and will have free and full access thereto for said
purposes and for the purpose of making extracts therefrom. Licensee must segregate its records in
such a manner as to facilitate a complete audit and agrees that such audit may be used as a basis
of settlement of charges in accordance with this Agreement. If it is determined that there is a
deficiency of 5% or more in the royalties paid or owed to GM, then Licensee will bear all
reasonable expenses related to such verification, examination or audit by GM (or its nominee).
Examinations under this paragraph will be conducted during normal business hours with notice of
such examination provided to Licensee at least one week prior to such examination, and not more
often than once each calendar year. All books of account and records will be kept available for at
least two years after the expiration or termination of this Agreement.

Section 3.9 Domain Names. The licenses to use the other party’s trademarks granted under
this Agreement include the right to register and use internet domain names (i.e., URLs) comprising,
in whole or in part, the licensed trademarks of the other party, subject to the following:

     (a) the use must otherwise comply with the terms and conditions of this Agreement;

     (b) the registrant will cease using and will transfer ownership of any such internet domain
name to the other party (i.e., trademark owner) upon the other party’s written request at any time
during the term of this Agreement, unless:

          (i) the domain name incorporates the GMAC trademark, in which case, the Licensee may continue
to use it throughout the term of this Agreement; or

          (ii) subject to Section 3.9(b)(i) above, the domain name also includes the trademark of the
domain name registrant or another party, in which case it need not be assigned but must be
abandoned.

     (c) any cessation of use, transfer, or abandonment of a domain name required under this
Subsection 3.9 will be done as promptly as practicable without disrupting the business of the
domain name registrant; and

     (d) transferring ownership of any domain name incorporating the trademarks of the other party
to any party other than the trademark owner is specifically prohibited.

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Section 3.10 Continuation of Certain Rights Upon Transfer of a Subsidiary. Any sublicense
to a Subsidiary of Licensee terminates if such Subsidiary ceases to be a Subsidiary as a result of:
(i) Licensee’s transferring in one or more transactions 50% or more of the voting interests of the
Transferred Entity to a third party; or (ii) a public offering of the equity securities of any
Subsidiary of Licensee such that a Change in Control occurs (any such entity described in (i) or
(ii), a “Transferred Entity”), provided that Licensee or, in the case of (ii) above, the applicable
Subsidiary, may request GM to license the GMAC name and logo to the Transferred Entity on a
non-exclusive, royalty-free basis for the remaining term of this Agreement (“License Request”). GM
will respond to the License Request in a reasonable time. If the following conditions are met, GM
may not unreasonably withhold its consent to the License Request, or condition its consent in an
unreasonable manner such as by requiring a payment or other consideration in return for its consent
to the License Request and must negotiate in good faith a license agreement with the Transferred
Entity on terms substantially similar to those in this Agreement:

     (a) the Transferred Entity is not engaged in the auto finance business;

     (b) the GMAC name and logo is material to the business of the Transferred Entity;

     (c) the Transferred Entity agrees to be bound by obligations substantially similar to those in
this Agreement and to the following additional obligations:

          (i) to indemnify GM, and its directors, employees, representatives, and agents from any and
all Losses relating to the Transferred Entity’s use of the GMAC name and logo in connection with
its business, except for claims relating to trademark infringement for use of the GMAC name and
logo as permitted by the license agreement;

          (ii) to indemnify GM and its directors, employees, representatives, and agents from any and
all Losses relating to imputation by any taxing authority of royalty income; and

          (iii) to meet quality and service standards appropriate for the industry in connection with
the business operations in which the Transferred Entity uses the GMAC name or logo.

     (d) The license to the Transferred Entity is limited (i) to use in the United States, Canada,
Mexico, and United Kingdom in connection with the Business, and (ii) use in the additional
countries of Germany and The Netherlands in connection with mortgage and lending operations, with a
reasonable transition period to cease using the GMAC name and logo in any other jurisdiction; and

     (e) neither the transferee nor any of its Affiliates is a competitor of GM or any of its
Subsidiaries in the business of the manufacture and distribution of motor vehicles, powertrains and
components of powertrains, and spare parts; except that such transferee or its Affiliates may
retain, purchase or otherwise acquire (directly or indirectly) up to 5% of the outstanding shares
of capital stock of any such business listed on a national securities exchange or publicly traded
in the over-the-counter market without being deemed to be such a “competitor”.

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If Licensee or the Transferred Entity did not submit a License Request to GM or GM did not approve
such License Request, the Transferred Entity must discontinue using the GMAC name and logo within
60 days following the transfer.

Any sublicense to a Subsidiary of GM terminates if such entity ceases to be a Subsidiary of GM.

ARTICLE IV

OWNERSHIP

Section 4.1 The parties acknowledge that all right, title and interest in and goodwill attaching to
the other party’s trademarks are and will remain vested in such other party, and neither party will
take or assist any other person to take any action that may invalidate, prejudice or impair the
other party’s right, title and interest in and to their respective trademarks.

Section 4.2 Neither party will challenge the other party’s title to such other party’s trademarks
or challenge the validity of this Agreement. Neither party will register or record the trademarks
of the other party, nor use or attempt to register any trademark or trade name that is confusingly
similar thereto (or a transliteration or translation thereof) in any state, region or country,
except as expressly allowed by this Agreement.

Section 4.3 Any and all trademark rights that are derived from use of the trademarks of the other
party will inure solely to the benefit of, and be on behalf of, such other party.

Section 4.4 Costs. Licensee will reimburse GM for all third party costs incurred by GM in
connection with its management of the GMAC name and logo, including the search, clearance,
application, registration, renewal, enforcement and protection of the GMAC name and logo,
worldwide, and recordal of this Agreement or any registered user agreement relating to this
Agreement. These costs will be paid monthly in arrears, within 30 days of the invoice date. If
any amount due and payable hereunder is not made by the due date then, without prejudice to any
other rights of GM, GM will charge interest on such outstanding amount at the rate of 1.00
percentage point above the prime rate as quoted in the Wall Street Journal from the due date until
the date of payment

ARTICLE V

TERM; TERMINATION

Section 5.1 Term. The initial term of this Agreement commences on the date as set forth in
the preamble section of this Agreement entitled “Parties”, and, unless earlier terminated as
provided for in Section 5.2, expires on the 10th anniversary. Upon the expiration of the initial
or any renewal term of this Agreement, the term of this Agreement will be automatically renewed for
an additional one (1) year period. If any of the Services Agreements are extended by the parties
thereto, then this Agreement will be automatically extended as to be coterminous with such extended
Services Agreement. For purposes of this Agreement, “Term” means the initial term and any renewal
term.

Section 5.2 Termination of the Agreement. This Agreement may be terminated as follows:

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     (a) By either party at the end of the Term upon three years notice prior to the end of any
Term; provided, however, that the license grant of Section 3.1(a)(ii) may be terminated by either
party upon one-year prior written notice at any time;

     (b) By either party upon the 30th day after giving notice to the other party of material
breach of this Agreement by such other party, if such material breach has not been cured to the
reasonable satisfaction of the non-breaching party on or before such 30th day, however, if such
breach is not capable of cure within such 30-day period and the breaching party is acting
diligently to accomplish a timely cure, this Agreement will not terminate until the expiration of a
reasonable period for the completion of the cure to the reasonable satisfaction of the
non-breaching party, but, in any event, not more than 90 days after the date of the notice of
breach;

     (c) If any Governmental Authority requires GM or Licensee to terminate this Agreement or any
material obligation(s) under it; any such termination will be effective as of the effective date of
such required termination; and

     (d) Upon termination of the exclusivity provisions under the Dealer Financing Service
Agreement or any of the Consumer Financing Services Agreements, GM may, at its option, terminate
this Agreement with respect to Licensee’s use of (i) the GM PROTECTION PLAN, GENERAL MOTORS
PROTECTION PLAN and GM MOTOR CLUB names and logos provided for in Section 3.1(b); (ii) the SATURN
SERVICE PLAN names and logos provided for in Exhibit 5, and (iii) the GMAC name and logo in
connection with its automotive related businesses as provided for in part, in Section 3.1(c). For
purposes of this Agreement, automotive-related businesses include automotive dealer financing;
automotive consumer financing and automotive leasing. GM will not have the right to terminate this
Agreement pursuant to this Section 5.2(d) for any of Licensee’s other businesses including the
insurance, mortgage, banking, or full-service leasing businesses. GM’s right to terminate this
Agreement pursuant to this Section 5.2(d) is further limited to only those countries or, in the
case of the United States, areas within the country, as specified in the applicable Service
Agreement, where exclusivity has been lost.

Section 5.3 Termination by a GM Subsidiary. Termination of this Agreement by General
Motors Corporation will also constitute termination on behalf of any and all GM Subsidiaries who
may have executed an Opt-in Letter. Termination of this Agreement by one or more GM Subsidiaries,
however, will only constitute termination with respect to those particular GM Subsidiaries, and not
constitute a termination on behalf of General Motors Corporation or any other GM Subsidiary.

Section 5.4 Termination of the Service Agreements. This Agreement terminates automatically
upon expiration or termination of all of the Services Agreements.

Section 5.5 Effect of Expiration or Termination.

     Upon the expiration or termination of this Agreement:

     (a) all licenses and sublicenses granted under or pursuant to this Agreement will
automatically terminate;

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     (b) (i) if the termination is pursuant to paragraph (b) or (c) of Section 5.2, then each party
agrees to, and will ensure that its sublicensees, discontinue using the trademarks and other
intellectual property of the other party within a commercially reasonable time, not to exceed 180
days; provided, however, that a party will not unreasonably refuse to grant additional time to the
extent any delays were caused by Governmental Authorities; provided further, however, that if
termination pursuant to paragraph (b) of section 5.2 is for breach of paragraph b(ii) of this
Section 5.5, each party agrees to, and will ensure that its sublicensees, discontinue using the
trademarks and other intellectual property of the other party within a commercially reasonable
time, not to exceed 90 days.

          (ii) other than a termination pursuant to paragraph (b) or (c) of Section 5.2 as provided
above, then each party agrees to, and will ensure that its sublicensees, discontinue using the
trademarks and other intellectual property of the other party within a commercially reasonable
time, not to exceed 90 days; provided, however, that a party will not unreasonably refuse to grant
additional time to remove their trademarks which were displayed in a manner reasonably requiring
additional time for removal such as, for example, on buildings and outdoor signs or to the extent
the delays were caused by Governmental Authorities;

     (c) Licensee agrees and will ensure that it and its sublicensees will amend their company name
registrations to remove the GM Trademarks therefrom; and

     (d) the parties agree, and will ensure that its sublicensees, abandon or assign to the other
party, at the other party’s election, any internet domain names comprising the other party’s
trademark, in whole or in part; provided, however, that if such internet domain name also includes
the trademark of another party, it will not be assigned but must be abandoned.

Notwithstanding the time provisions of paragraph 5.5(b) above, in connection with any GMAC real
estate franchise agreements entered into prior to the date hereof that have not been amended,
renewed, or extended during the term of this Agreement, the time period within which the
franchisees must discontinue use of the GMAC name and logo is extended to twelve months from the
expiration or termination of this Agreement. In all other respects, the provisions of paragraph
5.5(b) continue to apply.

Section 5.6 Injunctive Relief. The parties recognize that the nature of the damage caused
to the other party by the continued unauthorized use of the other party’s trademarks or other
intellectual property and would entitle the other party to the entry of an injunction by any court
of competent jurisdiction against such continued unauthorized use of its trademarks or other
intellectual property, and the parties therefore consent to such an injunction.

ARTICLE VI

INFRINGEMENT

Section 6.1 Each party has the sole right to take legal action against third parties who are
infringing upon its rights in its respective trademarks or other intellectual property and retain
any amount received from the infringing party pursuant to a corresponding settlement agreement
(less, in the case of GM, any amounts attributable to such legal action which Licensee has

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reimbursed GM in accordance with Section 4.4 of this Agreement); provided, however, that, should GM
elect not to take legal action against a third party infringing the GMAC name or logo, Licensee
will be entitled to take such action, at its own expense and to retain any resulting settlement
recovery.

Section 6.2 In connection with any legal action commenced by Licensee concerning the GMAC name and
logo pursuant to Section 6.1 herein, it will not take any legal position or enter into any
settlement agreement that would be reasonably expected to adversely impact GM and, in particular,
the rights of GM in and to the GMAC name and logo. GM agrees to cooperate with Licensee, at
Licensee’s expense, in connection with Licensee’s pursuit of such legal action.

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

Section 7.1 Representations and Warranties of the Parties. GM and Licensee each hereby
represent and warrant to the other party that:

     (a) It is an entity duly organized, validly existing, and in good standing under the laws of
the jurisdiction in which it was formed and has all requisite power and authority to enter into and
perform all of its obligations under this Agreement.

     (b) The execution, delivery, and performance of this Agreement by it have been duly authorized
by all requisite corporate action on its part.

     (c) This Agreement constitutes a valid and binding obligation of it and is enforceable against
it in accordance with its terms.

     (d) The execution and performance of this Agreement by it will not (i) violate any provision
of applicable law, (ii) conflict with the terms or provisions of its organizational or governance
documents, or any other material instrument relating to the conduct of its business or the
ownership of its property or (iii) conflict with any other material agreement to which it is a
party or by which it is bound.

     (e) There are no actions, suits, proceedings or other litigation or governmental investigation
pending or, to its knowledge, threatened, by or against it with respect to this Agreement or in
connection with the Dealings contemplated by this Agreement.

     (f) There is no order, injunction, or decree outstanding against, or relating to, it that
could reasonably be expected to have a material adverse effect upon its ability to perform its
obligations under this Agreement.

Section 7.2 Representations and Warranties of GM. GM represents and warrants to Licensee
that, to the best of its knowledge, use of the GM Trademarks in accordance with the terms of this
Agreement will not infringe, dilute or violate the rights of any Person.

14

 

Section 7.3 Representations and Warranties of Licensee. Licensee represents and warrants
to GM that, to the best of its knowledge, use of the Licensee trademarks in accordance with the
terms of this Agreement will not infringe, dilute or violate the rights of any Person.

ARTICLE VIII

LIABILITY

Section 8.1 Liability. Each party will be liable in contract for the breach of its, and
its sublicensees’, obligations, covenants, and agreements under this Agreement, but will not be
liable to the other party: (i) under tort, except for gross negligence or willful misconduct; (ii)
under equity; or (iii) for claims arising out of any contract with any customer, dealer, or other
third party or otherwise in connection with their relationship with such Persons. Notwithstanding
anything to the contrary in this Agreement, during the 12 month period immediately following the
commencement of the Term of this Agreement (“Grace Period”), Licensee will:

     (a) conduct a commercially reasonable survey of existing third- party licensing and
sublicensing arrangements to determine whether the third party’s use of the sublicensed trademark
and performance under such arrangements comply with the terms of such existing license and
sublicense arrangements (“Third Party Noncompliance”); and

     (b) take commercially reasonable measures in consultation with GM to rectify any discovered
material Third Party Noncompliance, including consulting with the subject sublicensee, sending
“cease and desist” notices, and litigation, as appropriate.

     Licensee will not be liable in any respect for noncompliance by sublicensees (excluding
Subsidiaries) that occurred at any time before the end of the Grace Period. To the extent that
noncompliance by a particular sublicensee (excluding a Subsidiary) began before the end of the
Grace Period and continues thereafter, Licensee will not be liable in any respect for those
instances of noncompliance provided that Licensee sent a cease and desist notice, or initiated
litigation, arbitration, or other judicial or quasi judicial enforcement action against such
sublicensee before the end of the Grace Period and for so long as Licensee continues to use
commercially reasonable means to diligently prosecute enforcement actions to secure their
compliance, including with respect to cases where only a cease and desist notice was sent during
the Grace Period, initiating litigation, arbitration, or other judicial or quasi judicial
enforcement action at the appropriate time.

Section 8.2 Limitation of Damages. Neither party is liable under Section 8.1 for any
incidental, consequential, or non-economic damages.

Section 8.3 Equitable Remedies Permitted. Nothing in this Section limits or restricts
either party’s ability to seek equitable remedies, including specific performance.

Section 8.4 GM’s Indemnification of Licensee. Notwithstanding anything to the contrary
herein contained, GM agrees to indemnify and hold harmless Licensee, its officers, directors,
agents and employees from and against any and all claims, demands, obligations, causes of action
and lawsuits and all damages, liabilities, fines, judgments, costs (including settlement costs),
and expenses associated therewith (including the payment of reasonable attorney fees and

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disbursements), arising out of a claim that Licensee’s use of the GM PROTECTION PLAN, GM MOTOR CLUB
and the SATURN SERVICE PLAN names and logos as authorized under this Agreement infringes the
trademark or other intellectual property rights of any third party; provided that (i) prompt
written notice is given to GM of any such claim or suit, (ii) GM will have the option and right to
undertake and conduct the defense of such claim or suit, (iii) and Licensee cooperates fully in all
respects with GM in the conduct and defense of such claim or suit and proceedings related thereto.
Licensee may, at its own expense, appear in any such action through counsel of its own choosing.

ARTICLE IX

MISCELLANEOUS

Section 9.1 Successors and Assigns. This Agreement binds and inures to the benefit of the
parties hereto and their respective successors and assigns. Neither party may assign, delegate, or
otherwise transfer any of its rights or obligations under the Agreement, by operation of law or
otherwise, to any party other than one of its Subsidiaries without the consent of the other party
hereto, which consent will not be unreasonably withheld; provided that any assignment or transfer
to any Subsidiary will not relieve any party of its obligations under this Agreement.

Section 9.2 Waiver. The failure of any party to insist, in any one or more instances, upon
the performance of any of the terms, covenants, or conditions of this Agreement or to exercise any
right hereunder, will not operate or be construed as a waiver of any default, right, or remedy or
of that party’s right to insist upon strict compliance in the future. No waiver of any term,
condition or other provision of this Agreement is effective against a party unless acknowledged by
such party in writing.

Section 9.3 Unenforceability. If a court of competent jurisdiction holds any one or more
of the provisions of this Agreement to be unenforceable, such unenforceability will not affect any
other provision. In such event, the parties will substitute a provision that is as close as
possible to the intent of the original unenforceable provisions.

Section 9.4 Headings. Headings used in this Agreement are for reference purposes only and
will not be deemed a part of this Agreement or used in the interpretations of the substantive
provisions of it.

Section 9.5 Governing Law. This Agreement is governed by, and construed and enforced in
accordance with the laws of the State of New York, excluding any conflict of law provisions which
would require application of any other law.

Section 9.6 Dispute Resolution.

     (a) Any dispute, controversy, claim or disagreement arising from or in connection with this
Agreement (“Dispute”), will be exclusively governed by and resolved in accordance with the
provisions of this Section 9.6. The parties will use reasonable efforts to settle all Disputes
before resorting to litigation.

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     (b) Any Dispute which cannot be resolved at the working level will immediately be escalated
to the Licensee President Auto Finance and the GM Treasurer, or their designees for the particular
matter, for resolution.

     (c) Any Dispute under this Agreement which is not resolved by the Licensee President Auto
Finance and the GM Treasurer (or their designees for the particular matter) within 30 days of
submission to them will immediately be escalated to the Licensee CEO and GM CFO. If the Dispute is
not resolved within 90 days of the date of escalation to the Licensee Auto Finance President and GM
Treasurer, either party may pursue legal remedies.

     (d) Each party agrees that any suit, action or proceeding against the other party arising out
of or relating to this Agreement or any transaction contemplated hereby may only be brought in any
federal or state court located in the city, county and State of New York, and each party hereby
submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action or
proceeding. Each party further agrees that service of any process, summons, notice or document by
U.S. registered mail to such party’s respective address set forth in this Agreement for notice is
effective service of process for any action, suit or proceeding in the State of New York with
respect to any matters to which it has submitted to jurisdiction in this Section. EACH OF THE
PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     (e) This Section 9.6 does not limit either party’s right to apply to a court of the State of
New York for equitable, provisional relief with respect to any Dispute pending the resolution of
the Dispute pursuant to this Section 9.6.

Section 9.7 Entire Agreement. This Agreement, including the Exhibits attached hereto,
constitutes the entire agreement between Licensee and GM with respect to the subject matter of this
Agreement and, except to the extent otherwise contemplated by this Agreement, supersedes all
previous oral and written agreements, proposals, negotiations, representations, commitments and
other communications among the parties with respect to its subject matter.

Section 9.8 Amendments. This Agreement may not be revised, discharged, altered, amended,
modified, or renewed except by a writing signed by duly authorized representatives of the parties.

Section 9.9 Counterparts. This Agreement may be executed simultaneously in one or more
counterparts, each of which is deemed an original and all of which together constitute one and the
same instrument.

Section 9.10 Notices. All notices, requests, and other communications to any party hereto
required by or permitted under this Agreement must be in writing, including facsimile transmittal,
and sent to the addresses indicated below:

     To GM:

Treasurer

767 Fifth Avenue

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14th Floor

New York, NY 10153

     with a copy to:

General Motors Corporation

Intellectual Property — Legal Staff

300 Renaissance Center

Mail Code 482-C23-B21

P.O. Box 300

Detroit, MI 48265-3000

USA

Attention: Trademark Counsel

     To Licensee:

President Auto Finance

GMAC LLC

Mail Code 482-B12-D21

200 Renaissance Center

P.O. Box 200

Detroit, MI 48265

Facsimile: 313 665 6309

     with a copy to:

General Counsel

GMAC LLC

Mail Code – 482-B09-B11

200 Renaissance Center

P.O. Box 200

Detroit, MI 48265

Facsimile: 313 665 6189

or at such other address to the attention of such other person as either party may designate by
written notice to the other party hereto. All such notices, requests, and other communications are
deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in
the place of receipt and such day is a business day in the place of receipt. Otherwise, any such
notice, request, or communication is deemed not to have been received until the next succeeding
business day in the place of receipt.

     Notice will be deemed given and received as follows: (a) if given by facsimile, when the
facsimile is transmitted to compatible equipment in the possession of the recipient and
confirmation of complete receipt is received by the sending party during normal business hours or
on the next business day if not confirmed during normal business hours; (b) if hand delivered to a
party against a receipted copy, when the copy is receipted; (c) if given by a nationally recognized
and reputable overnight delivery service, the day on which the notice is actually

18

 

received by the party; or (d) if given by certified mail, return receipt requested, postage
prepaid, two business days after it is posted with the postal service.

     The provisions above governing the date on which a notice is deemed to have been received by a
party means and refers to the date on which a party, and not its counsel or other recipient to
which a copy of the notice may be sent, is deemed to have received the notice.

     If a notice is tendered pursuant to the provisions of this Agreement and is refused by the
intended recipient, the notice will nonetheless be deemed to have been given and is effective as of
the date provided in this Agreement.

     In any event, any notice given to a party in a manner other than that provided in this
Agreement that the party actually receives, is effective with respect to the party on receipt.

Section 9.11 Relationship of Parties. Nothing contained in this Agreement will be
construed as creating a joint venture, association, partnership, franchise, or agency relationship,
and nothing contained in this Agreement will be construed as making a party liable for the debts or
obligations of the other party, unless expressly provided in this Agreement or another agreement.

19

 

     IN WITNESS WHEREOF, the parties hereto by their duly authorized representatives have executed
this Agreement effective as of the date first above written.

	 	 	 
	GENERAL MOTORS CORPORATION

	 	GMAC LLC
	 
	 	 
	/s/ Walter G. Borst

	 	/s/ Sanjiv Khattri
	 

	 	 
	Signature

	 	Signature
	 
	 	 
	Walter G. Borst

	 	Sanjiv Khattri
	 

	 	 
	Print Name

	 	Print Name
	 
	 	 
	 

	 	Executive Vice President and
	Treasurer

	 	Chief Financial Officer
	 

	 	 
	Title

	 	Title

20

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