Document:

Secured Subordinated Promissory Note

 Exhibit 10.4 
 EXECUTION COPY 
 SECURED PROMISSORY NOTE 

THIS SECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, ENCUMBERED OR OTHERWISE TRANSFERRED, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND SUCH STATE
SECURITIES LAWS, OR AN EXEMPTION FROM REGISTRATION THEREUNDER. 
 GREAT LAKES DREDGE & DOCK COMPANY, LLC

 SECURED PROMISSORY NOTE 
  

			
	 US $7,500,000
	 	December 31, 2010

 WHEREAS, L.W. MATTESON, INC., an Iowa corporation (the “Payee”), GREAT LAKES DREDGE & DOCK COMPANY, LLC, a Delaware limited liability company (“Payor”), and
Lawrence W. Matteson and Larry W. Matteson (together, the “Shareholders”) have entered into that certain Asset Purchase Agreement dated as of the date hereof (as amended, the “Purchase Agreement”), whereby Payor has
agreed to purchase from Payee and Payee has agreed to sell to Payor, Payee’s business and substantially all of the assets, rights and properties owned or held by Payee, as more particularly described therein; and 

WHEREAS, the Purchase Agreement provides that, as partial payment of the Aggregate Purchase Price under the Purchase
Agreement, Payor will issue to Payee this secured promissory note (the “Promissory Note”). 

NOW THEREFORE, FOR VALUE RECEIVED, Payor HEREBY PROMISES TO PAY to the order of Payee the principal sum of SEVEN MILLION
FIVE HUNDRED THOUSAND UNITED STATES DOLLARS (US $7,500,000), payable as set forth below. 

1.        Principal and Interest Payments.    The
outstanding principal evidenced hereby shall be payable in the amounts and on the dates specified on Schedule A attached hereto. Interest shall be payable quarterly on the principal balance hereof from time to time remaining unpaid, with the
first such payment being due on March 31, 2011 and on each June 30, September 30, December 31 and March 31 thereafter. Interest shall be paid on the outstanding principal amount hereof and computed on the basis of
actual number of days elapsed and a 365-day year and shall be at a per annum rate (the “Base Rate”) equal to six percent (6.00%). 
 2.        Default Rate of Interest.    If any payment due hereunder from Payor to Payee is not received on the payment date thereof,
interest will be charged on the overdue amount from and including the due date until but not including the date that payment is received at a per annum rate equal to nine percent (9.00%). Interest on overdue payments shall be calculated on the basis
of actual number of days elapsed and a 365-day year and shall be paid together with the payment of the overdue amount. 

  

					
		 	1	 	Seller Note

 3.        Maximum Lawful
Rate.     If any payment of interest hereunder in excess of that amount of interest permitted by applicable law is received by Payee, the amount of such excess payment shall be deemed to have been made in error and
automatically shall be applied to reduce the principal amount outstanding hereunder in the order of maturity. 

4.        Place of Payment; Prepayment.    Principal
and interest on this Promissory Note shall be payable in lawful money of the United States of America by either certified check or wire transfer of immediately available funds to Payee at such address or bank account as Payee may from time to time
direct in writing to Payor. This Promissory Note may, at the option of Payor, be prepaid in whole or in part, at any time and from time to time without premium or penalty. Each prepayment of principal shall be made together with interest accrued
thereon to the date of prepayment. Any and all prepayments shall be applied against the principal installments in the order of maturity. 
 5.        Reference to Purchase Agreement.    This Promissory Note is being executed and delivered pursuant to the terms and conditions
of the Purchase Agreement. This Promissory Note constitutes the “Seller Note” defined in the Purchase Agreement. Unless otherwise defined herein, each capitalized term used herein shall have the meaning ascribed to such term in the
Purchase Agreement. 
 6.        Equipment Security
Agreement.    The obligations of Payor hereunder shall be secured by the collateral identified under that certain Equipment Security Agreement dated as of the date hereof, between Payor and Payee, together with the related
vessel mortgages and UCC financing statements contemplated thereby (collectively, as the same may be amended or modified in accordance with their respective terms, the “Security Documents”). 

7.        Set-Off.    By Payee’s acceptance of
this Promissory Note, Payee hereby acknowledges and agrees that Payor shall have the right, in accordance with and subject to the provisions of Article VI of the Purchase Agreement, from time to time, to set-off against any payments due
hereunder for Adverse Consequences incurred by Purchaser Indemnitees pursuant to the Purchase Agreement. Any and all set-offs shall be applied first against accrued but unpaid interest and then against the principal installments in the order of
maturity. Except as provided in the Purchase Agreement, Payor shall have no right to set off, offset or deduct any amount otherwise due, payable or owing under or pursuant to this Promissory Note. 

8.        Event of Default; Mandatory
Prepayment.    Any one or more of the following (whether such occurrence, condition or circumstance shall be voluntary or involuntary or come about or be effected by operation of law or otherwise) shall constitute an event of
default under this Promissory Note (each an “Event of Default”): 

(a)        an order, judgment or decree is entered adjudicating Payor bankrupt
or insolvent, or Payor shall commence any case or proceeding or take any other action relating to it in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement,

  

					
		 	2	 	Seller Note

 
composition or readjustment of its debts, or for any other relief, under any bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement, composition, readjustment of debt or
other similar act or law of any jurisdiction (federal, state or otherwise), domestic or foreign, now or hereafter existing; or if Payor shall apply for a receiver, custodian or trustee of it or for all or a substantial part of its property; or if
Payor shall make an assignment for the benefit of creditors; of if Payor shall be unable to, or shall admit in writing the inability to, pay its debts as they become due; 

(b)        any case, proceeding or other action against Payor shall be commenced
in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangements, composition or readjustment of its debts, or any other relief, under any bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangements,
composition, readjustment of debt or other similar act or law of any jurisdiction (federal, state or otherwise), domestic or foreign, now or hereafter existing; or if a receiver, custodian or trustee of Payor or for all or a substantial part of its
properties shall be appointed; or if a warrant of attachment, execution or distraint, or similar process, shall be issued against any substantial part of the property of Payor; and if in each such case identified in this subsection (b) such
conditions shall continue for a period of sixty (60) days undismissed or undischarged; or 

(c)        Payor fails to make any principal or interest payment within ten
(10) Business Days following its receipt of written notice from Payee of Payor’s failure to make such payment when due. 
 Upon the occurrence of any Event of Default described in Section 8(a) above, all of the indebtedness evidenced by this Promissory Note shall immediately and automatically, without presentment,
demand, protest or notice of any kind (all of which are hereby expressly waived), be immediately due and payable; and upon the occurrence and during the continuance of any other Event of Default, Payee may at Payee’s sole and absolute option
and in addition to any right, power or remedy permitted under this Promissory Note, or by law or in equity or otherwise, by notice in writing (whether by facsimile, other electronic transmission or otherwise) to Payor, declare this Promissory Note
to be, and this Promissory Note (and all of the indebtedness evidenced hereby) shall thereupon be and become, immediately due and payable. 
 9.        No Waiver; Cumulative Remedies.    No delay or omission on the part of Payee in exercising any right hereunder shall operate as
a waiver of any other right under this Promissory Note. No waiver, if any, of any single breach or default shall be deemed a waiver or breach of any other breach or default theretofore or thereafter occurring. No right conferred hereby upon Payee
shall be exclusive of any other right referred to herein or now or hereafter available at law, in equity, by statute or otherwise; all remedies shall be cumulative and not alternative. 

10.      Amendment.    No amendment, modification, termination
or waiver of any provision of this Promissory Note shall be effective unless the same shall be in writing and signed by Payor and Payee. 
 11.      Governing Law.    THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE
OF ILLINOIS, WITHOUT REFERENCE TO THE CHOICE OF LAW PRINCIPLES THEREOF. 

  

					
		 	3	 	Seller Note

12.      Assignment.    Payor may not assign its obligation
hereunder without the prior written consent of Payee. Payee may not assign this Promissory Note to any Person, other than the Shareholders. ANY SUBSEQUENT HOLDER OF THIS PROMISSORY NOTE, BY SUCH HOLDER’S ACCEPTANCE OF THIS PROMISSORY NOTE,
ACKNOWLEDGES AND AGREES TO PAYOR’S RIGHT TO SET-OFF HEREUNDER. This Promissory Note is non-negotiable and may not be sold, assigned or transferred (by operation of law or otherwise) or pledged by Payee, except to the Shareholders, without the
prior written consent of Payor. 

13.      Waivers.    Payor hereby waives presentment for
payment, demand, protest and notice of dishonor and protest, and all other demands and notices, in connection with the delivery, acceptance, performance or other enforcement, of this Promissory Note. 

14.      Payments.    If any payment on this Promissory Note
shall become due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day. 
 15.      Taxes.    If applicable, Payor shall be entitled to deduct and withhold from the amounts payable pursuant to this Promissory Note such
amounts as it is required to deduct or withhold with respect to the making of such payment under the U.S. Internal Revenue Code, or any provision of applicable U.S. state or local or foreign tax law; provided, however, prior to any such deduction or
withholding, Payor shall notify Payee in writing of Payor’s intention to take such action. To the extent that amounts are so withheld or paid over to or deposited with the relevant governmental entity by Payor, such amounts shall be treated for
all purposes of this Promissory Note as having been paid to Payee (or its permitted assignee) in respect of which such deduction and withholding was made by Payor. 

16.      Final Agreement; Fax Signature.    This Promissory
Note, together with the Purchase Agreement, represents the entire agreement between the parties hereto with respect to the subject matter specified herein, and is intended to be the full, complete and exclusive contract governing those matters,
superseding all other discussions, promises, representations, warranties, agreements and understandings between the parties with respect thereto. There are no oral agreements among the parties hereto that are inconsistent with the terms of this
Promissory Note. Any signature hereto sent or delivered by facsimile or other electronic transmission shall be as legally binding and enforceable as a signed original for all purposes. 

17.      Severability; Headings.    Whenever possible, each
provision of this Promissory Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Promissory Note shall be prohibited or invalid under any such law, such provision shall be
ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of this Promissory Note. As used in this Promissory Note, the singular shall include the plural, and the masculine, feminine and neuter pronouns
shall be fully interchangeable, where the context so requires. The headings of sections and paragraphs in this Promissory Note are for convenience only and shall not be construed to limit or define any content, scope or intent of the provisions
hereof. 

  

					
		 	4	 	Seller Note

 18.      Enforcement
Costs.    In the event that either party seeks to enforce its rights or remedies under this Promissory Note or seeks a declaration of costs or obligations under this Promissory Note, the prevailing party shall be awarded its
reasonable attorneys’ fees, costs and expenses. 

19.      Representations and Warranties of Payor.    Payor
hereby represents and warrants to Payee, which representations and warranties shall survive the execution and delivery hereof, that (a) this Promissory Note is the legally valid and binding obligation of Payor, enforceable against Payor in
accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’ rights generally and by general principles of equity (whether
applied in a proceeding at law or in equity), and (b) the Payor is not restricted or prohibited in any way by the terms, provisions or conditions of any material credit or security agreement to which Payor is a party in connection with
Payor’s execution, delivery and performance of this Promissory Note. 

20.      Consent to Jurisdiction.    Any claim, action,
proceeding or lawsuit over any dispute arising out of or relating to this Promissory Note may be initiated in any Federal or state court located in Peoria, Illinois and Payor and Payee further agree that venue for all such matters shall lie
exclusively in such courts. Payor and Payee also agree not to bring any action or proceeding arising out of or relating to this Promissory Note in any other state or federal court unless and until the foregoing court renders a final order that it
lacks, and cannot acquire, the necessary jurisdiction, and either all appeals have been exhausted or the order is no longer appealable. Payor and Payee hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which
they may now or hereafter have, including any claim of forum non conveniens, to venue in the courts located in Peoria, Illinois and Payor and Payee hereby consent to the personal jurisdiction of such courts (and of the appropriate appellate courts
therefrom) and to service of process upon them in accordance with the rules and statutes governing service of process in any such suit, action or proceeding. Payor and Payee agree that a judgment in any such dispute may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by applicable law. 

21.      Notice.  (a)  All notices, requests, demands and other
communications under this Promissory Note shall be in writing and delivered in person, or sent by facsimile or sent by reputable overnight delivery service and properly addressed as follows 

To Payor: 
 Great Lakes Dredge & Dock Company, LLC 
 2122 York Road

 Oak Brook, IL 60523 
 Fax:                                 

 Attention: Chief Financial Officer 

and 

  

					
		 	5	 	Seller Note

 Great Lakes Dredge & Dock Company, LLC 

2122 York Road 
 Oak Brook, IL 60523 
 Fax:
                                 

Attention: Assistant General Counsel 

With a copy to: 
 Winston & Strawn LLP 
 35 West Wacker Drive 

Chicago, IL 60601 
 Fax: (312) 558-5700 
 Attention: Patrick O. Doyle 

To Payee: 
 L.W. Matteson, Inc. 
 P.O. Box 667 

Burlington, IA 52601 
 Attention: Lawrence W. Matteson 
 With a copy to:

 Duane Morris LLP 
 190 S. LaSalle Street, Suite 3700 
 Chicago, IL 60603 

Fax: (312) 499-6701 
 Attention: Brian P. Kerwin 

(b)        Any Person may from time to time change its address for the purpose of
notices to that Person by a similar notice specifying a new address, but no such change shall be deemed to have been given until it is actually received by the Person sought to be charged with its contents. 

(c)        All notices and other communications required or permitted under this
Promissory Note which are addressed as provided in this Section 21 if delivered personally or courier, shall be effective upon delivery; if sent by facsimile, shall be delivered upon receipt of proof of transmission. 

[signature page follows] 

  

					
		 	6	 	Seller Note

 IN WITNESS WHEREOF, the parties hereto have caused this Promissory Note to
be executed as of December 31, 2010. 
  

			
	 GREAT LAKES DREDGE & DOCK
 COMPANY, LLC

	 as Payor

		
	 By:
	 	 /s/ Bruce J. Biemeck

	 Name: Bruce J. Biemeck

	 Title: President and Chief Financial Officer

  

					
		 		 	Seller Note

 SCHEDULE A 
 PRINCIPAL AMORTIZATION 
  

			
	
                    Payment
Date
	  	Principal Payment Amount      
                  
	 1st anniversary of Closing
Date
	  	$2,500,000
	
2nd anniversary of Closing Date
	  	$2,500,000
	 3rd anniversary of Closing Date
	  	$2,500,000

  

					
		 		 	Seller NoteForm of the Senior Guaranteed Note

 Exhibit 4.2 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Ally Financial Inc. or its agent for registration
of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 No. [—] 
 CUSIP No.: 
 ISIN No.: 

[—]% Senior Guaranteed Note Due [—]

 Ally Financial Inc. 

promises to pay to Cede & Co. or registered assigns, 
 the principal sum of [—]on [—]. 
 Interest Payment Dates: [—] and [—] (or, if any such day is not a Business Day (as defined on the
reverse side of this note), the next succeeding Business Day) 
 Record Dates: The calendar day immediately preceding the relevant interest
payment date. 
 Dated: [—] 

[ADDITIONAL PROVISIONS OF THIS NOTE ARE
SET FORTH ON THE REVERSE SIDE OF THIS NOTE] 

 WITNESS THE SEAL OF THE COMPANY AND THE SIGNATURES OF ITS DULY AUTHORIZED OFFICERS.

  

			
	ALLY FINANCIAL INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
[—] 
 [Signature Page to Senior Guaranteed Note due [—] ] 

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	THIS IS ONE OF THE SECURITIES OF THE SERIES DESIGNATED THEREIN REFERRED TO IN THE WITHIN-MENTIONED INDENTURE.
	
	 THE BANK OF NEW YORK MELLON,
AS TRUSTEE

		
	By:	 	  

		 	Authorized Signatory

 Dated: [—] 
 [Signature Page to Senior Guaranteed Note due [—] ] 

  

 [REVERSE SIDE OF NOTE] 

[—]% Senior Guaranteed Note due [—]

 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise
indicated. 
 Ally Financial Inc., a Delaware corporation (hereinafter called the “Company”, which term
includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [—] at the office
or agency of the Company for such purpose in the Borough of Manhattan, The City of New York, on [—], in such coin or currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts, and to pay interest on said principal sum at the rate of [—]% per annum at the office or agency of the Company in the Borough of Manhattan, The
City of New York, in like coin or currency on [—] and [—] (each, an “Interest Payment Date”) of each year, beginning on [—]. Such interest will accrue from and including [—] or the most recent Interest Payment Date (whether or not such Interest Payment Date was a Business Day
(as defined below)) for which interest had been paid or duly provided for to but excluding the relevant Interest Payment Date. The first payment to be made on [—] is in respect of the period from and
including [—] to but excluding [—]. The interest so payable on any Interest Payment Date will, subject to certain exceptions provided in the
Indenture referred to below, be paid to the person in whose name this [—]% Note (as defined below) is registered at the close of business on the calendar day immediately preceding such Interest
Payment Date. At the option of the Company, interest may be paid by check to the registered holder hereof entitled thereto at his last address as it appears on the registry books, and principal may be paid by check to the registered holder hereof or
other person entitled thereto against surrender of this [—]% Note. 
 If an
Interest Payment Date falls on a day that is not a Business Day, the interest payment will be postponed to the next succeeding Business Day, with the same force and effect as if made on the date such payment was due, and no interest will accrue as a
result of such delay. 
 “Business Day” is any day which is not a Saturday or Sunday or a day on which banking
institutions in New York, New York are authorized or obligated by law or executive order to close. 

  
 1 

 This [—]% Note is one of a duly
authorized issue of debentures, notes, bonds or other evidences of indebtedness of the Company (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture
dated as of July 1, 1982 (as may be supplemented from time to time, herein called the “Indenture”), duly executed and delivered by the Company to The Bank of New York Mellon (herein called the “Trustee”, which
term includes any successor trustee under the Indenture), to which the Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Company and the Holders of the Securities. The terms of this [—]% Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act. The Securities are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency
between the terms of this [—]% Note and the terms of the Indenture, the terms of this [—]% Note shall control. The Securities may be issued in one or
more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), and may otherwise
vary as in the Indenture provided. This [—]% Note is one of [—] global notes which together represent all of the Company’s [—]% Senior Guaranteed Notes Due [—] (the “[—]% Notes”, which term shall
include any Additional Notes (as defined below), limited in initial issuance to the aggregate principal amount of $[—]. The [—]% Notes will bear
interest, calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 The [—]% Notes are in registered book-entry form without coupons in initial denominations of $2,000 and integral multiples of $1,000. 
 Each of GMAC Latin America Holdings LLC, GMAC International Holdings B.V., GMAC Continental LLC, IB Finance Holding Company, LLC and Ally US LLC (each a subsidiary of the Company and, together with any
other subsidiaries of the Company that execute a joinder to the Guarantee Agreement (as defined below) after the date hereof, each a “Guarantor”), has entered into a guarantee agreement dated as of [—] (as may be amended, supplemented or modified from time to time, the “Guarantee Agreement”), among the Company, each Guarantor and the Trustee, and evidenced by the execution of the
Notation of Guarantee attached hereto, pursuant to which each Guarantor has provided a guarantee (each a “Guarantee”) in accordance with the terms and conditions thereof. The Trustee is hereby authorized to amend the Guarantee
Agreement in accordance with the terms thereof. 
 In addition to the covenants of the Company set forth in the Indenture, the
Company agrees that (each an “Additional Covenant”): 
 (a) the Company shall not be permitted
to sell, dispose of or otherwise transfer any of the equity interests of any Guarantor held by the Company in a transaction following which the Company ceases to own a majority of the equity interests of such Guarantor (a “Guarantor Equity
Sale”) unless the net sale proceeds of such Guarantor Equity Sale are used within 5 Business Days following the receipt by the Company of such net sale proceeds from such Guarantor Equity Sale to make an investment in one or more Guarantors
or Subsidiaries of Guarantors, including any Subsidiary of the Company that becomes a Guarantor or a Subsidiary of a Guarantor; 

  
 2 

 (b) the Company shall not permit any of its Subsidiaries, other than any
Guarantor, to guarantee the payment of (A) any Debt (as defined in the Guarantee Agreement) of the Company or any direct or indirect parent of the Company or (B) any Debt incurred to repay, retire, redeem, refund, refinance, replace,
defease, cancel, repurchase or exchange any such Debt referred to in clause (A), unless in each case such Subsidiary executes and delivers a joinder to the Guarantee Agreement providing for a Guarantee by such Subsidiary of the [—]% Notes on an unsubordinated basis; provided that financings, securitizations and hedging activities conducted by a Subsidiary of the Company in the ordinary course of business and not incurred in
contemplation of the payment of Debt described in clause (A) prior to its stated maturity shall not be deemed to be covered by clause (B); provided further that in the event that any Subsidiary rendering a Guarantee of the [—]% Notes is released and discharged in full of the guarantee of all such other Debt, then the Guarantee of the [—]% Notes shall be automatically and
unconditionally released and discharged; 
 (c) the Company shall not, and shall not permit any of its
Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder of [—]% Notes for or as an inducement to any consent,
waiver or amendment of any of the terms or provisions of the Indenture or the [—]% Notes unless such consideration is offered to be paid or agreed to be paid to all Holders of the [—]% Notes which so consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement; and 

(d) the Company shall furnish to the Holder of this [—]% Note and to
prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act of 1933, as amended, for so long as this [—]% Note remains
outstanding during any period when it is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, or otherwise permitted to furnish the Securities and Exchange Commission with certain information
pursuant to Rule 12g3-2(b) of the Securities Exchange Act of 1934. 

  
 3 

 In addition to the Events of Default set forth in the Indenture, it shall be an
“Event of Default” under the [—]% Notes if at any time (x) the Guarantee of any Guarantor (A) ceases to be in full force and effect (other than in accordance with the terms
of the Guarantee Agreement and the Indenture) or (B) is declared null and void and unenforceable or found to be invalid, (y) any Guarantor asserts in writing that its Guarantee is not in effect or is not its legal, valid and binding
obligation (other than by reason of release of such Guarantor from its Guarantee in accordance with the terms of the Guarantee Agreement and the Indenture) or (z) the Company or any Guarantor fails to duly observe or perform any of the
covenants or agreements on the part of the Company or the Guarantors in the Guarantee Agreement for a period of thirty days after the date on which written notice of such failure, requiring the Company or such Guarantor to remedy the same, shall
have been given to the Company or a Guarantor, as applicable, by the Trustee or to the Company or a Guarantor, as applicable, by the Holders of at least twenty-five percent in aggregate principal amount of the
[—]% Notes then outstanding. 
 In case an Event of Default, as defined in the
Indenture or herein, with respect to the [—]% Notes, shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable in the
manner, with the effect and subject to the conditions provided in the Indenture. For the avoidance of doubt, the conditions to such a declaration upon the occurrence of an Event of Default described in the immediately preceding paragraph shall be
the same as the conditions for such a declaration upon the occurrence of an Event of Default pursuant to clauses (a), (b) or (c) of Section 6.01 of the Indenture. Holders of the [—]%
Notes shall vote as a separate class with respect to any defaults, Events of Default or remedies relating thereto as a result of any covenants, obligations, or provisions affecting only the [—]%
Notes, including the Additional Covenants. 
 The Indenture contains provisions permitting the Company and the Trustee, with the
consent of the Holders of not less than 662/3% in aggregate principal amount of the Securities at the time outstanding (as defined in the Indenture) of all series to be affected by the execution of such supplemental indentures referred to in this
sentence (voting as one class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or
modifying in any manner the rights of the Holders of the Securities of each such series; provided that no such supplemental indenture shall (i) extend the fixed maturity of any Security, or reduce the principal amount thereof or premium,
if any, or reduce the rate or extend the time of payment of any interest thereon, without the consent of the Holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities, the Holders of which are required to
consent to any such supplemental indenture, without the consent of the Holders of all Securities then outstanding. Any such consent or waiver by the Holder of this [—]% Note shall be conclusive and
binding upon such Holder and upon all future Holders of this [—]% Note and of any [—]% Note issued upon the registration of transfer hereof, or in
lieu hereof, whether or not notation for such consent or waiver is made upon this [—]% Note. 

  
 4 

 Holders of the [—]% Notes shall vote as a
separate class with respect to amendments, modifications or waivers affecting only the [—]% Notes, including amendments, modifications or waivers with respect to the Additional Covenants. Holders of
[—]% Notes that contain redemption or mandatory redemption provisions shall vote as a separate class with respect to amendments, modifications or waivers that affect only such provisions. Holders of
Securities that are not [—]% Notes, or, with respect to redemption or mandatory redemption provisions, that do not have such provisions, shall not have any voting rights with respect to such matters.

 For the avoidance of doubt, in determining whether the Holders of the required aggregate principal amount of [—]% Notes have concurred in any direction, consent or waiver, [—]% Notes which are owned by the Company or any other obligor on the [—]% Notes, or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the
[—]% Notes, shall be disregarded and deemed not to be outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only [—]% Notes which a responsible officer of the Trustee knows are so owned shall be so disregarded.
[—]% Notes so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this paragraph if the pledgee shall establish to the satisfaction of the Trustee the
pledgee’s right to vote such [—]% Notes and that the pledgee is not a person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or
any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 
 No reference herein to the Indenture and no provision of this [—]% Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this [—]% Note at the place, at the respective times, at the rate, and in the coin or currency, herein prescribed. 

The Company may from time to time, without notice to or the consent of the registered holders of the
[—]% Notes, create and issue additional notes (the “Additional Notes”) ranking pari passu with the [—]% Notes in all respects
(or in all respects except for the payment of interest accruing prior to the issue date of such Additional Notes or except for the first payment of interest following the issue date of such Additional Notes). Such Additional Notes may be
consolidated and form a single series with the [—]% Notes and have the same terms as to status, redemption or otherwise as the [—]% Notes.

 This [—]% Note may not be redeemed prior to maturity. 

Upon due presentment for registration of transfer of this [—]% Note at the office or
agency designated and maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, pursuant to the provisions of the Indenture, a new [—]% Note for an equal aggregate
principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith. 

  
 5 

 The Company, the Trustee and any authorized agent of the Company or the Trustee may deem
and treat the Holder in whose name this [—]% Note is registered upon the books of the Company to be, and may treat such Holder as, the absolute owner of this
[—]% Note (whether or not this [—]% Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of
receiving payment of, or on account of, the principal hereof (and premium, if any) and interest hereon, and for all other purposes, and neither the Company nor the Trustee nor any authorized agent of the Company or the Trustee shall be affected by
any notice to the contrary. 
 No recourse under or upon any obligation, covenant or agreement in the Indenture or any indenture
supplemental thereto or in any Security, or because of any indebtedness represented thereby, shall be had against any incorporator, or against any past, present or future stockholder, officer or director, as such, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

This [—]% Note is governed by and construed in accordance with the laws of the State of
New York. 
 This [—]% Note shall not be valid or become obligatory for any
purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture. 
 The Company
will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Guarantee Agreement. 

  
 6 

 ASSIGNMENT FORM 
 FOR VALUE RECEIVED the undersigned hereby sells, 
 assigns and transfers unto

  

	
	 PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

			
	  

	  

	Please print or typewrite name and address including postal zip code of assignee
	  

	the within [—]% Note of Ally Financial Inc. and hereby irrevocably constitutes and appoints
	  
	  	attorney to transfer said
	[—]% Note on the books of the within-named Company, with full power of substitution in the
premises.

  

					
	Dated:                         	  		    	
		  	  
 SIGN HERE
	    	  

		  		    	NOTICE: THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR
ANY CHANGE WHATEVER.
		  		    	  
 SIGNATURE GUARANTEED

 NOTATION OF GUARANTEE 

For value received, each Guarantor (which term includes any successor Person under the Guarantee Agreement) has, irrevocably and
unconditionally guaranteed, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, to the Trustee (as defined below), each Holder of a [—]% Note
authenticated and delivered by the Trustee and each of their successors, transferees and assigns, to the extent set forth in the Guarantee Agreement dated as of [—] (as amended, supplemented or
otherwise modified from time to time, the “Guarantee Agreement”) among Ally Financial Inc., the Guarantors party thereto and The Bank of New York Mellon, as Trustee (the “Trustee”), the performance and punctual
payment when due, whether at maturity, by acceleration or otherwise, of all payment obligations of Ally Financial Inc. in respect of the [—]% Notes (pursuant to the terms thereof and of the
Indenture), whether for payment of (i) principal of, or premium, if any, interest or additional interest on the [—]% Notes, (ii) expenses, (iii) indemnification or (iv) otherwise.
The obligations of the Guarantors to the Holders of [—]% Notes and to the Trustee pursuant to the Guarantee Agreement are expressly set forth in the Guarantee Agreement and reference is hereby made
to the Guarantee Agreement for the precise terms of the Guarantee. 
 Capitalized terms used but not defined herein have the
meanings given to them in the Guarantee Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  

			
	GMAC LATIN AMERICA HOLDINGS LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	GMAC INTERNATIONAL HOLDINGS B.V.
		
	By:	 	  

		 	Name:
		 	Title:
	
	GMAC CONTINENTAL LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	ALLY US LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	IB FINANCE HOLDING COMPANY, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Notation
of Guarantee – Senior Guaranteed Note due [—]]

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