Document:

exv10w2

 

Exhibit 10.2

AMENDMENT NO. 4 TO FIFTH AMENDED AND RESTATED

RECEIVABLES PURCHASE AGREEMENT

          This Amendment No. 4 to Fifth Amended and Restated Receivables Purchase Agreement (this
“Amendment”) is entered into as of April 4, 2008, among Dairy Group Receivables, L.P., a
Delaware limited partnership (“Dairy Group”), Dairy Group Receivables II, L.P., a Delaware
limited partnership (“Dairy Group II”), WhiteWave Receivables, L.P., a Delaware limited
partnership (“WhiteWave” and, together with Dairy Group and Dairy Group II, the
“Sellers” and each, a “Seller”), each of the parties listed on the signature pages
hereof as a Servicer (each, a “Servicer” and collectively, the “Servicers”), each
of the parties listed on the signature pages hereof as a Financial Institution (each, a
“Financial Institution” and collectively, the “Financial Institutions”), each of
the parties listed on the signature pages hereof as a Company (each, a “Company” and
collectively, the “Companies”), JPMorgan Chase Bank, N.A. (successor by merger to Bank One,
NA (Main Office Chicago)), as Agent (the “Agent”), and Dean Foods Company, as Provider
(“Provider”). Capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Fifth Amended and Restated Receivables Purchase Agreement,
dated as of April 2, 2007, among the Sellers, the Servicers party thereto, the Financial
Institutions, the Companies and the Agent as amended to the date hereof (the “Receivables
Purchase Agreement”).

RECITALS:

          NOW, THEREFORE, in consideration of the premises, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

          Section 1 Definitions. Capitalized terms used herein and not otherwise defined
herein shall have the respective meanings set forth for such terms in, or incorporated by reference
into, the Receivables Purchase Agreement, as amended hereby.

          Section 2. Amendment to Receivables Purchase Agreement. Subject to the terms
and conditions herein and immediately upon the satisfaction of each of the conditions precedent set
forth in Section 3 of this Amendment, the Receivables Purchase Agreement is hereby amended
as follows:

          (a) Section 1.5(f) of the Receivables Purchase agreement is hereby amended and restated in its
entirety to read as set forth immediately below:

          “Nonrenewing Financial Institutions; Decreases. Notwithstanding anything to the
contrary set forth in Section 1.3 or Section 1.5(b) or 1.5(c) hereof, in
accordance with the

 

 

Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

provisions of Section 1.5(a), the Administrative Seller may, with the prior written consent of
all Financial Institutions other than the Nonrenewing Financial
Institution, either (i) with the prior written consent of all Financial Institutions other than the Nonrenewing Financial Institution or (ii) without such consent if the Facility Limit hereunder (being reduced for this purpose by the Commitment of the Nonrenewing Financial Institution and after giving effect any increased amount of Commitment or replacement or substitute financial institutions becoming a party hereto) would remain at or above $600 million  provide the Agent
with an irrevocable prior written notice in conformity with the Required Notice Period (a
“Nonrenewing Financial Institution Reduction Notice”) to reduce in its entirety all of the
Capital of a Nonrenewing Financial Institution on or prior to the Scheduled Liquidity Termination
Date, and the Agent shall promptly notify each Purchaser of such Nonrenewing Financial Institution
Reduction Notice after the Agent’s receipt thereof. Such Nonrenewing Financial Institution
Reduction Notice shall designate (i) the date (the “Nonrenewing Financial Institution
Termination Date”) upon which any such reduction of such Capital and termination of such
Commitment shall occur (which date shall give effect to the applicable Required Notice Period and
shall be on or prior to the Scheduled Liquidity Termination Date) and (ii) the total amount of such
Capital to be reduced in its entirety, which shall be applied to the Purchaser Interests of the
Nonrenewing Financial Institution and its related Company in accordance with the amount of Capital
(if any) owing to such Nonrenewing Financial Institution, on the one hand, and the amount of
Capital (if any) owing to such Company, on the other hand (the “Nonrenewing Financial
Institution Reduction”). On and after the Nonrenewing Financial Institution Termination Date
(after giving effect to the payment to reduce in its entirety its Capital), the Nonrenewing
Financial Institution and its related Company shall no longer purchase or hold any Purchaser
Interests or have any Commitment hereunder, and such Nonrenewing Financial Institution and its
related Company shall duly execute a termination agreement in form and substance requested by the
Agent to effect the foregoing. Only one (1) Nonrenewing Financial Institution Reduction Notice
shall be outstanding at any time. Concurrently with any reduction of Capital pursuant to this
Section 1.5(f), the Sellers shall pay to the applicable Purchaser all Broken Funding Costs
arising as a result of such reduction.”

          (b) Section 2.2 of the Receivables Purchase agreement is hereby amended and restated in its
entirety to read as set forth immediately below (solely for purposes of convenience, modified
language is italicized):

          “Prior to the Amortization Date, any Collections and/or Deemed Collections received by each
Servicer shall be set aside and held in trust by such Servicer for the benefit of the Agent and the
Purchasers for the payment of any accrued and unpaid Aggregate Unpaids or for a Reinvestment as
provided in this Section 2.2 or for payment to a Nonrenewing Financial Institution as
provided in Section 1.5(f) hereof. If at any time any Collections and/or Deemed
Collections are received by any Servicer prior to the Amortization Date, each Seller hereby
requests and the Purchasers hereby agree to make, simultaneously with such receipt, a reinvestment
(each a “Reinvestment”) with that portion of the balance of each and every Collection and
Deemed Collection received by any Servicer that is part of any Purchaser Interest, such that after
giving effect to such Reinvestment, the amount of Capital of such Purchaser Interest immediately
after such receipt and corresponding Reinvestment shall be equal to the amount of Capital
immediately prior to such receipt (but giving effect to any ratable reduction thereof pursuant to
application of an Aggregate Reduction). On each Settlement Date prior to the occurrence of the
Amortization Date, the Servicers shall remit to the Agent’s or applicable Purchaser’s account the
amounts set aside during the preceding Settlement Period that have not been subject to a
Reinvestment and apply such amounts (if not previously paid in accordance with Section 2.1)
to reduce unpaid CP Costs, Yield and other Obligations. If such Capital, CP Costs, Yield and other
Obligations shall be reduced to zero, any additional Collections received by any Servicer (i) if

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Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

applicable, shall be remitted to the Agent’s or applicable Purchaser’s account to the extent
required to fund any Aggregate Reduction on such Settlement Date and (ii) any balance remaining
thereafter shall be remitted from such Servicer to the Sellers on such Settlement Date. Such
Servicer shall use its reasonable best efforts to remit all deposit amounts in the Agent’s or
applicable Purchaser’s account no later than 12:00 noon (Chicago time) on such Settlement Date.
Any such amounts not received by Agent or the applicable Purchaser by 1:00 pm (Chicago time) shall
be deemed to be received on the next succeeding Business Day.

          (c) The definition of “Liquidity Termination Date” as set forth on Exhibit I of the
Receivables Purchase Agreement is hereby amended and restated in its entirety to read as set forth
immediately below:

          ““Liquidity
Termination Date” means March 30, 2009 (as may be extended for an
additional period of time up to 364 days from time to time in accordance with Section 1.5
hereof) provided, however, that the “Liquidity Termination Date” for Wachovia shall
mean May 30, 2008.”

          Section 3. Conditions to Effectiveness of Amendment. This Amendment shall
become effective as of the date hereof upon the satisfaction of the following conditions precedent:

          (a) Documentation. The Agent shall have received each of the documents listed
immediately below, each in form and substance satisfactory to the Agent.

               (i) Executed copies of this Amendment;

               (iii) Executed copies of Amendment No. 7 to Dean Receivables Sale Agreement, dated as of the
date hereof.

          (b) Representations and Warranties. (i) As of the date hereof, both before and
after giving effect to this Amendment all of the representations and warranties contained in this
Amendment, the Receivables Purchase Agreement and in each other Transaction Document shall be true
and correct as though made on and as of the date hereof (and by its execution hereof, each Seller
shall be deemed to have represented and warranted such).

          (c) No Amortization Event or Potential Amortization Event. As of the date hereof,
both before and after giving effect to this Amendment, no Amortization Event or Potential
Amortization Event shall have occurred and be continuing which has not been expressly waived by
this Amendment (and by its execution hereof, each Seller shall be deemed to have represented and
warranted such).

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Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

          Section 8. Miscellaneous.

               (a) Effect; Ratification. The amendments set forth herein are effective solely for
the purposes set forth herein and shall be limited precisely as written, and shall not be deemed to
(i) be a consent to any amendment, waiver or modification of any other term or condition of the
Receivables Purchase Agreement or of any other instrument or agreement referred to therein; or (ii)
prejudice any right or remedy which the Companies, the Financial Institutions or the Agent may now
have or may have in the future under or in connection with the Receivables Purchase Agreement or
any other instrument or agreement referred to therein. Each reference in the Receivables Purchase
Agreement to “this Agreement,” “herein,” “hereof” and words of like import and each reference in
the other Transaction Documents to the “Receivables Purchase Agreement” or to the “Purchase
Agreement” or to the Receivables Purchase Agreement shall mean the Receivables Purchase Agreement,
as amended and modified hereby. This Amendment shall be construed in connection with and as part
of the Receivables Purchase Agreement and all terms, conditions, representations, warranties,
covenants and agreements set forth in the Receivables Purchase Agreement and each other instrument
or agreement referred to therein, except as herein amended, waived or modified, are hereby ratified
and confirmed and shall remain in full force and effect.

               (b) Transaction Documents. This Amendment is a Transaction Document executed pursuant
to the Receivables Purchase Agreement and shall be construed, administered and applied in
accordance with the terms and provisions thereof.

               (c) Costs, Fees and Expenses. Each Seller agrees to reimburse the Agent and the
Purchasers upon demand for all costs, fees and expenses (including the reasonable fees and expenses
of counsels to the Agent and the Purchasers) incurred in connection with the preparation, execution
and delivery of this Amendment.

               (d) Counterparts. This Amendment may be executed in any number of counterparts, each
such counterpart constituting an original and all of which when taken together shall constitute one
and the same instrument.

               (e) Severability. Any provision contained in this Amendment which is held to be
inoperative, unenforceable or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable or invalid without affecting the remaining provisions of this Amendment
in that jurisdiction or the operation, enforceability or validity of such provision in any other
jurisdiction.

               (f) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS.

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Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

(Signature Pages Follow)

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Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first
written above.

	 	 	 	 	 	 	 
	 	 	DAIRY GROUP RECEIVABLES, L.P.,

as a Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Dairy Group Receivables GP, LLC,	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	DAIRY GROUP II RECEIVABLES II, L.P.,

as a Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Dairy Group Receivables GP II, LLC.	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	WHITEWAVE RECEIVABLES, L.P.,

as a Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	WhiteWave Receivables GP, LLC,	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Tim Smith	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	 Tim Smith	 	 
	 

	 	Title:
	 	President and Treasurer	 	 

S-1

 

Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

	 	 	 	 	 	 	 
	 	 	JS SILOED TRUST, as a Company
	 
	 	 	 	 	 	 
	 	 	By: JPMorgan Chase Bank, N.A. (successor by
merger to Bank One, NA (Main Office Chicago)),

Its: Attorney-In-Fact
	 
	 	 	 	 	 	 
	 
	 	By:	 	/s/ Ronald J. Atkins	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Ronald J. Atkins	 	 
	 

	 	Title:	 	Executive Director	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One,
NA (Main Office Chicago)), as a Financial Institution and as
Agent
	 
	 	 	 	 	 	 

	 
	 	By:	 	/s/ Ronald J. Atkins	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Ronald J. Atkins	 	 
	 

	 	Title:	 	Executive Director	 	 

S-2

 

Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

	 	 	 	 	 	 	 
	 	 	ATLANTIC ASSET SECURITIZATION LLC (formerly Atlantic Asset
Securitization Corp.), as a Company
	 
	 	 	 	 	 	 
	 	 	By:	 	Calyon New York Branch (successor to
Credit Lyonnais New York Branch)
	 

	 	Its:
	 	Attorney-In-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Konstantina Kourmpetis	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Konstantina Kourmpetis	 	 
	 

	 	Title:	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Sam Pilcer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Sam Pilcer	 	 
	 

	 	Title:	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	CALYON NEW YORK BRANCH (successor to Credit Lyonnais New York
Branch),

as a Financial Institution
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Konstantina Kourmpetis	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Konstantina Kourmpetis	 	 
	 

	 	Title:	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Sam Pilcer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Sam Pilcer	 	 
	 

	 	Title:	 	Managing Director	 	 

S-3

 

Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

	 	 	 	 	 	 	 
	 	 	NIEUW AMSTERDAM RECEIVABLES CORPORATION, as a Company
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ David V. DeAngelis	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	David V. DeAngelis	 	 
	 

	 	Title:	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	COOPERATIEVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A.
“Rabobank International”,

 New York Branch,

as a Financial Institution
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Christopher Lew	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Christopher Lew	 	 
	 

	 	Title:	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Wendi Hu	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Wendi Hu	 	 
	 

	 	Title:	 	Executive Director	 	 

S-4

 

Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

	 	 	 	 	 	 	 
	 	 	VARIABLE FUNDING CAPITAL COMPANY LLC,

 as a Company
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Wachovia Capital Markets, LLC	 	 
	 

	 	Its:
	 	Attorney-In-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Douglas R. Wilson, Sr.	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Douglas R. Wilson, Sr.	 	 
	 

	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as a Financial Institution
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Michael J. Landry	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Michael J. Landry	 	 
	 

	 	Title:	 	Vice President	 	 

S-5

 

Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

	 	 	 	 	 
	 	DEAN FOODS COMPANY,

as Provider

 	 
	 	By:  	/s/
Tim Smith
 	 
	 	Name:  	Tim Smith 	 
	 	Title:  	Vice President and Treasurer 	 
	 
	 	31 LOGISTICS, LLC, as a Servicer

ALTA-DENA CERTIFIED DAIRY, LLC, as a Servicer

BARBER ICE CREAM, LLC, as a Servicer

BARBER MILK, LLC, as a Servicer

BERKELEY FARMS, LLC, as a Servicer

BROUGHTON FOODS, LLC, as a Servicer

COUNTRY DELITE FARMS, LLC, as a Servicer

COUNTRY FRESH, LLC, as a Servicer

CREAMLAND DAIRIES, LLC, as a Servicer

DAIRY FRESH, LLC, as a Servicer

DEAN DAIRY PRODUCTS COMPANY, LLC, as a Servicer

DEAN EAST II, LLC, as a Servicer

DEAN EAST, LLC, as a Servicer

DEAN FOODS COMPANY OF CALIFORNIA, LLC, as a Servicer

DEAN FOODS COMPANY OF INDIANA, LLC, as a Servicer

DEAN FOODS NORTH CENTRAL, LLC, as a Servicer

DEAN ILLINOIS DAIRIES, LLC, as a Servicer

DEAN MILK COMPANY, LLC, as a Servicer

DEAN SOCAL, LLC, as a Servicer

DEAN WEST II, LLC, as a Servicer

DEAN WEST, LLC, as a Servicer

FAIRMONT DAIRY, LLC, as a Servicer

FRIENDSHIP DAIRIES, LLC, as a Servicer

GANDY’S DAIRIES, LLC, as a Servicer

GARELICK FARMS, LLC (f/k/a SUIZA GTL, LLC), as a Servicer

KOHLER MIX SPECIALTIES OF MINNESOTA, LLC, as a Servicer

KOHLER MIX SPECIALTIES, LLC, as a Servicer

 	 
	 	By:  	/s/
Tim Smith
 	 
	 	Name:  	Tim Smith 	 
	 	Title:  	Vice President and Treasurer 	 

S-6

 

	 	 	 	 	 

Amendment no. 4 to fifth amended and restated

receivables purchase agreement 

	 	 	 	 	 
	 	LAND-O-SUN DAIRIES, LLC, as a Servicer

LIBERTY DAIRY COMPANY, as a Servicer

LOUIS TRAUTH DAIRY, LLC, as a Servicer

MAYFIELD DAIRY FARMS, LLC, as a Servicer

MCARTHUR DAIRY, LLC, as a Servicer

MEADOW BROOK DAIRY COMPANY, as a Servicer

MIDWEST ICE CREAM COMPANY, LLC, as a Servicer

MODEL DAIRY, LLC, as a Servicer

MORNINGSTAR FOODS, LLC, as a Servicer

NEW ENGLAND DAIRIES, LLC, as a Servicer

PET O’FALLON, LLC, as a Servicer

PURITY DAIRIES, LLC, as a Servicer

REITER DAIRY, LLC, as a Servicer

ROBINSON DAIRY, LLC, as a Servicer

SCHENKEL’S ALL-STAR DAIRY, LLC, as a Servicer

SHENANDOAH’S PRIDE, LLC, as a Servicer

SOUTHERN FOODS GROUP, LLC, as a Servicer

SULPHUR SPRINGS CULTURED SPECIALTIES, LLC, as a Servicer

SWISS II, LLC, as a Servicer

SWISS PREMIUM DAIRY, LLC, as a Servicer

T.G. LEE FOODS, LLC, as a Servicer

TERRACE DAIRY, LLC, as a Servicer

TUSCAN/LEHIGH DAIRIES, INC., as a Servicer

VERIFINE DAIRY PRODUCTS CORPORATION OF SHEBOYGAN, LLC, as a Servicer

WHITEWAVE FOODS COMPANY, as a Servicer

 	 
	 	By:  	/s/
Tim Smith
 	 
	 	Name:  	Tim Smith 	 
	 	Title:  	Vice President and Treasurer 	 
	 

S-7exv10w1

 

Exhibit 10.1

EXCHANGE AGREEMENT

     This Exchange Agreement (this “Agreement”), dated and effective as of March 31, 2008,
is entered into by and among GMAC LLC, a Delaware limited liability company (“GMAC”),
Residential Capital, LLC, a Delaware limited liability company (“ResCap”), and IB Finance
Holding Company, LLC, a Delaware limited liability Company (“IB Finance”).

     WHEREAS, GMAC is the holder of [650,000] units (the “ResCap Preferred Units”) of
preferred membership interests of ResCap pursuant to the Amended and Restated Limited Liability
Company Agreement of ResCap Capital, LLC, dated as of March 31, 2008 (the “ResCap
Agreement”);

     WHEREAS, IB Finance has a class of preferred membership interests, consisting of [650,000]
units (the “IB Finance Preferred Units”), authorized by the Amended and Restated Limited
Liability Company Agreement of IB Finance Holding Company, LLC, dated as of March 31, 2008, and
none of such units are issued and outstanding as of the date hereof; and

     WHEREAS, the parties hereto desire to enter into this Agreement to provide GMAC with the
option to elect, at any time after January 1, 2009, subject to the terms and conditions of this
Agreement, to exchange all (but not less than all) of the ResCap Preferred Units for an equivalent
number of IB Finance Preferred Units on a one-for-one basis (the “Exchange”).

     NOW, THEREFORE, in consideration of the mutual promises contained herein, it is hereby agreed
as follows:

     1. Exchange. At any time after January 1, 2009, GMAC may elect to exchange all (but
not less than all) of its ResCap Preferred Units into an equivalent number of IB Finance Preferred
Units by delivering a written notice (the “Exchange Notice”) at least 5 business days prior
to the effective date of the Exchange (the “Exchange Date”) specified in such notice to
each of ResCap and IB Finance. The Exchange Notice shall set forth the number of ResCap Preferred
Units then outstanding (the “Outstanding Number”). GMAC’s right to deliver an Exchange
Notice and cause such exchange of its ResCap Preferred Units shall automatically terminate if a
Bankruptcy Proceeding occurs prior to January 1, 2009. For purposes of this Agreement,
“Bankruptcy Proceeding” shall mean that ResCap or any of its significant subsidiaries (as
defined in Rule 1-02(w) of Regulation S-X under the federal securities laws) (i) has voluntarily
initiated proceedings of any nature under the federal Bankruptcy Code, or any similar state,
federal or foreign law for the relief of debtors, (ii) has made a general assignment for the
benefit of creditors, (iii) is the subject of an involuntary proceeding under the federal
Bankruptcy Code, or any similar federal, state or foreign law for the relief of debtors, or (iv)
has had all or any substantial part of its assets be the subject of attachment or other judicial
seizure.

     2. Exchange Notice. The Exchange Notice shall be delivered to ResCap and IB Finance
at their respective addresses set forth below. The Exchange Notice shall be deemed to have been
duly given if personally delivered or sent by overnight mail or courier or by facsimile
transmission, and shall be deemed received (i) if sent by overnight mail or courier, when actually

1

 

received, (ii) if sent by facsimile transmission, on the date sent, and (iii) if delivered by
hand, on the date of receipt.

To ResCap:

1 Meridian Crossings

Minneapolis, MN 55423

Attention:                                        

Facsimile:                                        

With a copy to:

Mayer Brown LLP

71 S. Wacker Drive

Chicago, Illinois 60606

Attention: Philip J. Niehoff

                 Brian M. May

Facsimile: 312-701-7711

To IB Finance:

200 Renaissance Center, 12th Floor

Detroit, MI 48265

Attention:                                        

Facsimile:                                        

With a copy to:

Mayer Brown LLP

71 S. Wacker Drive

Chicago, Illinois 60606

Attention: Philip J. Niehoff

                 Brian M. May

Facsimile: 312-701-7711

     3. Conversion. On the Exchange Date, IB Finance will convert the Outstanding Number
of IB Finance common units then held by ResCap into the Outstanding Number of IB Finance Preferred
Units and deliver such units to GMAC (or such wholly-owned direct or indirect affiliate of GMAC as
is specified in the Exchange Notice) and GMAC (or such other specified person) will become a member
of IB Finance.

     4. Assignment. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns; provided that, except
with the written consent of the other parties, no assignment of this Agreement or any rights or
obligations hereunder, by operation of law or otherwise, may be made by any party (except that if
GMAC assigns its ResCap Preferred Units to another person as permitted by Section 19 of the

2

 

ResCap Agreement, GMAC may assign its rights and obligations under this Agreement to that same
person).

     5. Entire Agreement. This Agreement constitutes the entire agreement of the parties
with respect to the subject matter hereof.

     6. Governing Law. This Agreement shall be governed by, and construed under, the laws
of the State of Delaware (without regard to conflict of laws principles).

     7. Amendment. This Agreement may not be modified, altered, supplemented or amended
except pursuant to a written agreement executed and delivered by all the parties hereto.

     8. Counterparts. This Agreement may be executed in two or more counterparts, each of
which is deemed to be an original, but all of which together constitutes one and the same
instrument.

[Signature Page Follows]

3

 

     IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed
this Agreement as of the date first written above.

	 	 	 	 	 
	 	 	GMAC LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Cathy L. Quenneville
	 

	 	 	 	 
	 

	 	 	 	Name: Cathy L. Quenneville
	 

	 	 	 	Title: Secretary
	 
	 	 	 	 
	 	 	RESIDENTIAL CAPITAL, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James N. Young
	 

	 	 	 	 
	 

	 	 	 	Name: James N. Young
	 

	 	 	 	Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	IB FINANCE HOLDING COMPANY, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Cathy L. Quenneville
	 

	 	 	 	 
	 

	 	 	 	Name: Cathy L. Quenneville
	 

	 	 	 	Title: Secretary

4

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