Document:

EX-10.1

Exhibit 10.1

GMAC LONG-TERM INCENTIVE PLAN LLC

LONG-TERM EQUITY COMPENSATION INCENTIVE PLAN

As Adopted Effective July 16, 2008

As Amended September 10, 2008

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GMAC LONG-TERM INCENTIVE PLAN LLC

LONG-TERM EQUITY COMPENSATION INCENTIVE PLAN

Table of Contents

	 	 	 
	Section 1

	 	Definitions
	 
	 	 
	Section 2

	 	Purpose of Plan
	 
	 	 
	Section 3

	 	Term of Plan; Amendment and Termination of Plan
	 
	 	 
	Section 4

	 	Administration
	 
	 	 
	Section 5

	 	Eligibility and Participation
	 
	 	 
	Section 6

	 	Bps Available under Plan; Valuation of Awards
	 
	 	 
	Section 7

	 	Grants of Awards
	 
	 	 
	Section 8

	 	Vesting and Payment of Award
	 
	 	 
	Section 9

	 	Restrictive Covenants
	 
	 	 
	Section 10

	 	Termination of Employment; Other Payments
	 
	 	 
	Section 11

	 	Claims
	 
	 	 
	Section 12

	 	Taxes
	 
	 	 
	Section 13

	 	Miscellaneous

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GMAC LONG-TERM INCENTIVE PLAN LLC

LONG-TERM EQUITY COMPENSATION INCENTIVE PLAN

	1.0	 	DEFINITIONS
	 
	 	 	The following terms shall have the following meanings unless the context indicates
otherwise:
	 
	1.1	 	“Award” shall mean a compensatory award that is granted in accordance with Section 7 below
and that Vests and is paid in accordance with Section 9 or 11 below.
	 
	1.2	 	“Award Letter” shall mean a written agreement between GMAC LTIP LLC and the Participant that
establishes the terms, conditions, restrictions and/or limitations applicable to an Award in
addition to those established by the Plan and by the Committee’s exercise of its
administrative powers.
	 
	1.3	 	“Beneficiary” shall mean a beneficiary designated in writing by a Participant to receive a
Payment in the event of a Participant’s death prior to a date of Payment. If no Beneficiary
is designated by the Participant, then the Participant’s estate shall be deemed to be the
Participant’s Beneficiary.
	 
	1.4	 	“Board” shall mean the Board of Managers of the Company.
	 
	1.5	 	“bps” shall mean a hypothetical ownership interest of the Company (based on basis points)
where, for example (i) an Award subject to 1.5 bps would equal an Award relating to a 0.015%
hypothetical ownership interest of the Company and (ii) an Award subject to 3.25 bps would
equal an Award relating to a 0.0325% hypothetical ownership interest of the Company.
	 
	1.6	 	“Cause” shall mean any one of the following:

	 	(a)	 	felony indictment or misdemeanor conviction; or
	 
	 	(b)	 	failure to perform any material responsibility of the leadership position; or
	 
	 	(c)	 	a course of conduct which would tend to hold the Company or any of its
affiliates in disrepute or scandal, as determined by the Board in its sole discretion;
or
	 
	 	(d)	 	failure to follow lawful directions of the Board; or
	 
	 	(e)	 	any material breach of fiduciary duty to the Company; or
	 
	 	(f)	 	gross negligence; or
	 
	 	(g)	 	willful misconduct; or
	 
	 	(h)	 	failure to comply with a material Company policy; or
	 
	 	(i)	 	any act of fraud, theft, or dishonesty; or
	 
	 	(j)	 	breach of any restrictive covenants, including the duty of confidentiality with
respect to Company information.

	1.7	 	“Change in Control” shall mean both:

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	 	(a)	 	a change in the ownership of the Company in accordance with Treasury Regulation
Section 1.409A-3(i)(5)(v); or
	 
	 	(b)	 	a change in effective control of the Company in accordance with Treasury
Regulation Section 1.409A-3(i)(5)(vi); or
	 
	 	(c)	 	a change in the ownership of a substantial portion of the Company’s assets in
accordance with Treasury Regulation Section 1.409A-3(i)(5)(vii);

and either

	 	(i)	 	any person who is not FIM Holdings LLC, GM Finance Co. Holdings Inc., General
Motors Corporation and their affiliates becomes the beneficial owner, directly or
indirectly, of more than 50% of the combined voting power of the then issued and
outstanding securities or other ownership interests of the Company; or
	 
	 	(ii)	 	the sale, transfer or other disposition of all or substantially all of the
business and assets of the Company, whether by sale of assets, merger or otherwise
(determined on a consolidated basis), to a person other than FIM Holdings LLC, GM
Finance Co. Holdings Inc., General Motors Corporation and their affiliates.

	1.8	 	“Change-in-Control Date” shall mean the date a Change in Control occurs.
	 
	1.9	 	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, including
applicable regulations promulgated thereunder.
	 
	1.10	 	“Committee” shall mean the Board’s Compensation and Leadership Committee.
	 
	1.11	 	“Company” shall mean GMAC LLC.
	 
	1.12	 	“Competitive Activity” shall mean an activity in which the Participant engages directly or
indirectly (whether as a principal, agent, partner, member, employee, investor, owner,
consultant, board member or otherwise) that is in direct competition with the Company or any
of its Subsidiaries or affiliates in any of the States within the United States, or countries
within the world, in which the Company or any of its Subsidiaries or affiliates conducts
business with respect to a business in which the Company or any of its subsidiaries or
affiliates engaged or was preparing to engage during employment and on the date of the
termination of employment; provided, however, that an ownership interest of 1% or less in any
publicly held company shall not constitute a Competitive Activity; and further provided,
however, that the Participant may be employed by or otherwise associated with a business or
entity of which a subsidiary, division, segment, unit, etc. is in direct competition with the
Company or any Subsidiary or affiliate but as to which such subsidiary, division, segment,
unit, etc. the Participant has no direct or indirect responsibilities or involvement so long
as the Participant does not breach the covenant of confidentiality contained in Section 11.3
below.
	 
	1.13	 	“Deferral Payment Date” shall mean March 15, 2013, or any other date specified in an Award
Letter.
	 
	1.14	 	“Disability” or “Disabled” shall mean a “disability” as defined under Code Section
409A(a)(2)(C).
	 
	1.15	 	“Dividend Equivalent” shall mean a case amount equal to the amount of a dividend with respect
to GMAC LLC equity that is paid to GMAC LLC equity holders on or after an IPO.
	 
	1.16	 	“Effective Date” shall mean July 16, 2008, the date approved by the Board.
	 
	1.17	 	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time
to time, including applicable regulations promulgated thereunder.

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	1.18	 	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time,
including applicable regulations thereunder.
	 
	1.19	 	“Fair Market Value” shall mean the fair market value of the Company as determined in good
faith by the Board and in accordance with Section 6 below.
	 
	1.20	 	“GMAC LLC” shall mean GMAC LLC, a Delaware limited liability company.
	 
	1.21	 	“GMAC LTIP LLC” shall mean GMAC Long-Term Incentive Plan LLC, a Delaware limited liability
company.
	 
	1.22	 	“IPO” shall mean an underwritten sale to the public of the Company’s equity securities
pursuant to an effective registration statement filed with the Securities and Exchange
Commission on Form S-1 and after which the Company’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, however, that an IPO shall not include any issuance of the Company’s equity
securities in any merger or other business combination, and shall not include any registration
of the issuance of such equity securities to exiting security holders or employees of the
Company on Form S-4 or Form S-8.
	 
	1.23	 	“Member” shall mean a person or entity that owns and holds a Membership Interest.
	 
	1.24	 	“Membership Interest” shall mean either a “Class A Membership Interest” or a “Class B
Membership Interest” as such term is defined under and described in the Amended and Restated
Limited Liability Company Operating Agreement of GMAC LLC dated as of November 30, 2006, as
amended from time to time.
	 
	1.25	 	“Participant” shall mean any employee of the Company or any Subsidiary to whom an Award has
been granted by the Committee under the Plan and who is employed by the Company or any
Subsidiary as of the date the Award Vests in accordance with Section 8 or 10 below.
	 
	1.26	 	“Payment” or “Paid” shall mean a cash payment made to a Participant equal to:

	 	(a)	 	if with respect to an RSU, the product of (x) the Fair Market Value times (y)
bps subject to the Payment, plus any Dividend Equivalents, if applicable; or
	 
	 	(b)	 	if with respect to an SAR, the product of (x) the Fair Market Value less the
Strike Price times (y) bps subject to the Payment.

	1.27	 	“Plan” shall mean the GMAC Long-Term Incentive Plan LLC Long-Term Equity Compensation
Incentive Plan.
	 
	1.28	 	“RSU” shall mean an Award designated as a full-value compensatory vehicle where compensation
attributable to such Award will be measured by the Fair Market Value as of the Payment Date,
and which shall be subject to restrictions and limitations imposed by the Committee on the
date of grant.
	 
	1.29	 	“SAR” shall mean an Award designated as an appreciation-only compensatory vehicle where
compensation attributable to such Award will be measured by the excess, if any, of the Fair
Market Value of the Award as of the Payment Date less the Strike Price, and which shall be
subject to restrictions and limitations imposed by the Committee on the date of grant.
	 
	1.30	 	“Strike Price” shall mean the strike price of an SAR as determined by the Committee.

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	1.31	 	“Subsidiary” shall mean a corporation of which the Company directly or indirectly owns more
than 50 percent of the Voting Stock or any other business entity in which the Company directly
or indirectly has an ownership interest of more than 50 percent.
	 
	1.32	 	“Treasury Regulation” shall mean the regulations promulgated under the Code by the United
States Department of the Treasury, as amended from time to time.
	 
	1.33	 	“Unforeseeable Emergency” shall mean an “unforeseeable emergency” as defined under Code
Section 409A(a)(2)(B)(ii)(I).
	 
	1.34	 	“Unvested Award’” shall mean the portion of an Award that has not yet Vested.
	 
	1.35	 	“Valuation” shall mean a fair market valuation of the Company in accordance with Section 6.3
below.
	 
	1.36	 	“Vest” shall mean that the Participant has an unrestricted right, title and interest to
receive the compensation attributable to the Award (or a portion of such Award) or to
otherwise enjoy the benefits underlying such Award without a “substantial risk of forfeiture”
(as such term is defined and used in Code Section 409A).
	 
	1.37	 	“Vesting Date” shall mean the date on which an Award Vests as specified in the Award Letter.
	 
	1.38	 	“Voting Stock” shall mean the capital stock of any class or classes having general voting
power under ordinary circumstances, in the absence of contingencies, to elect the directors of
a corporation.
	 
	2.0	 	PURPOSE OF PLAN
	 
	2.1	 	Purpose. The purpose of the Plan is to motivate certain employees of the Company and its
Subsidiaries to put forth maximum efforts toward the growth, profitability, and success of the
Company and its Subsidiaries by providing incentives to such employees through payments that
are aligned to the ownership interests of the Company. In addition, the Plan is intended to
provide incentives that will attract and retain highly qualified individuals as employees of
the Company and its Subsidiaries, and to assist in aligning the interests of such employees
with the interests of the Members.
	 
	2.2	 	ERISA. The Plan is intended to be an unfunded “employee benefit plan” (as such term is
defined and used under ERISA) which is maintained primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees for
purposes of Title I of ERISA, and thus the Plan is intended to be treated as and subject to
the “top-hat” plan requirements under ERISA.
	 
	2.3	 	Code Section 409A. The Plan is intended to be a “nonqualified deferred compensation plan” as
such term is defined and used under Code Section 409A, and thus the Plan is intended to be
fully subject to and fully compliant with Code Section 409A.
	 
	3.0	 	TERM OF PLAN; AMENDMENT AND TERMINATION OF PLAN
	 
	3.1	 	Term. The Plan shall be effective as of the Effective Date and shall terminate on the
earlier of (i) the date that all Awards granted under the Plan are Paid or (ii) the 10th
anniversary of the Effective Date, unless sooner terminated by the Board in accordance with
Section 3.2 below.
	 
	3.2	 	Termination of Plan. The Board may suspend or terminate the Plan at any time with or without
prior notice; provided, however, that no action authorized by this Section 3.2 shall reduce
the amount of any outstanding Award or otherwise adversely change the terms and conditions
thereof without the Participant’s prior written consent.

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	3.3	 	Amendment of Plan. The Board may amend the Plan at any time with or without prior notice;
provided, however, that no action authorized by this Section 3.3 shall reduce the amount of
any outstanding Award or otherwise adversely change the terms and conditions thereof without
the Participant’s prior written consent.
	 
	3.4	 	Amendment or Cancellation of Award Letters. The Committee may amend or modify any Award
Letter at any time; provided, however, that if the amendment or modification adversely affects
the Participant, such amendment or modification shall be by mutual agreement between the
Committee and the Participant or such other persons as may then have an interest therein.
	 
	3.5	 	Restrictions to Amendment of Plan. Notwithstanding anything contained in the Plan to the
contrary, any amendment to the Plan or to any Award Letter that would result in compensation
payable under the Plan to be subject to the penalty tax imposed by Code Section 409A shall be
null and void and of no effect as if the Plan had never been amended.
	 
	4.0	 	ADMINISTRATION
	 
	4.1	 	Responsibility. The Committee shall have the responsibility, in its sole discretion, to
control, operate, manage and administer the Plan in accordance with its terms.
	 
	4.2	 	Award Letter. Each Award granted under the Plan shall be evidenced by an Award Letter, which
shall be signed by an authorized agent or officer of GMAC LTIP LLC and the Participant;
provided, however, that in the event of any conflict between a provision of the Plan and any
provision of an Award Letter, the provision of the Plan shall control and prevail.
	 
	4.3	 	Authority of the Committee. The Committee shall have all the discretionary authority that
may be necessary or helpful to enable it to discharge its responsibilities with respect to the
Plan, including but not limited to the following:

	 	(a)	 	to determine eligibility for participation in the Plan;
	 
	 	(b)	 	to determine the size of an Award granted under the Plan;
	 
	 	(c)	 	to set vesting schedules for each Award;
	 
	 	(d)	 	to set the Strike Prices for SARs under the Plan;
	 
	 	(e)	 	to grant Awards to, and to enter into Award Letters with, Participants;
	 
	 	(f)	 	to supply any omission, correct any defect, or reconcile any inconsistency in
the Plan in such manner and to such extent as it shall deem appropriate in its sole
discretion to carry the same into effect;
	 
	 	(g)	 	to issue administrative guidelines as an aid to administer the Plan and make
changes in such guidelines as it from time to time deems proper;
	 
	 	(h)	 	to make rules for carrying out and administering the Plan and make changes in
such rules as it from time to time deems proper;
	 
	 	(i)	 	to the extent permitted under the Plan, grant waivers of Plan terms,
conditions, restrictions, and limitations;
	 
	 	(j)	 	to maintain the Plan’s full compliance with Code Section 409A;

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	 	(k)	 	to recommend Fair Market Value to the Board for purposes of the Plan;
	 
	 	(l)	 	to take any and all other actions it deems necessary or advisable for the
proper operation or administration of the Plan.

	4.4	 	Action by the Committee. The Committee may act only by a majority of its members. Any
determination of the Committee may be made, without a meeting, by a writing or writings signed
by all of the members of the Committee. In addition, the Committee may authorize any one or
more of its members to execute and deliver documents on behalf of the Committee.
	 
	4.5	 	Delegation of Authority. The Committee may delegate to one or more of its members, or to one
or more agents, such administrative duties as it may deem advisable; provided, however, that
any such delegation shall be in writing. In addition, the Committee, or any person to whom it
has delegated duties under this Section 4.5, may employ one or more persons to render advice
with respect to any responsibility the Committee or such person may have under the Plan. The
Committee may employ such legal or other counsel, consultants and agents as it may deem
desirable for the administration of the Plan and may rely upon any opinion or computation
received from any such counsel, consultant or agent. Expenses incurred by the Committee in
the engagement of such counsel, consultant or agent shall be paid by the Company or the
Subsidiary whose employees have benefited from the Plan, as determined by the Committee.
	 
	4.6	 	Determinations and Interpretations by the Committee. All determinations and interpretations
made by the Committee shall be binding and conclusive on all Participants and their heirs,
successors, and legal representatives.
	 
	4.7	 	Liability. No member of the Committee and no employee of the Company shall be liable for any
act or failure to act hereunder, except in circumstances involving his or her bad faith, gross
negligence or willful misconduct, or for any act or failure to act hereunder by any other
member or employee or by any agent to whom duties in connection with the administration of the
Plan have been delegated.
	 
	4.8	 	Indemnification. The Company shall indemnify members of the Committee and any agent of the
Committee against any and all liabilities or expenses to which they may be subjected by reason
of any act or failure to act with respect to their duties on behalf of the Plan, except in
circumstances involving such person’s bad faith, gross negligence or willful misconduct.
	 
	5.0	 	ELIGIBILITY AND PARTICIPATION
	 
	5.1	 	Eligibility. All employees of the Company and its Subsidiaries shall be eligible to
participate in the Plan and to receive Awards.
	 
	5.2	 	Participation. The Committee in its sole discretion shall designate who shall be a
Participant and receive Awards under the Plan. Designation of a Participant in any year shall
not require the Committee to designate such person to receive an Award in any other year or,
once designated, to receive the same Award as granted to the Participant in any other year.
The Committee shall consider such factors as it deems pertinent in selecting Participants and
in determining the bps subject to each Award. Notwithstanding the Committee’s authority to
determine Participants and Awards, the Chief Executive Officer of the Company shall have the
authority to grant RSUs to any Participants who do not receive SARs Awards. The Chief
Executive Officer shall present the RSU Participants and Award bps to the Committee from time
to time or upon the Committee’s request, so that the Committee may determine whether it has
any objection to such compensation for these Participants.
	 
	6.0	 	BPS AVAILABLE UNDER PLAN; VALUATION OF AWARDS

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	6.1	 	Available bps for Grant. The aggregate number of bps that may be granted under all Awards
during the term of the Plan shall not exceed 1000. The aggregate number of bps that may be
granted under all RSU Awards during the term of the Plan shall not exceed 600. The aggregate
number of bps that may be granted under all SAR Awards during the term of the Plan shall not
exceed 400. Awards that are cancelled or forfeited may be regranted.
	 
	6.2	 	Adjustment to Award. If there is any change to the Membership Interests, through merger,
consolidation, reorganization, recapitalization, dividend, split, reverse split, split-up,
split-off, spin-off, combination of Membership Interests, exchange of Membership Interests,
dividend in kind or other like change in capital structure or distribution (other than normal
cash dividends) to Members, an adjustment shall be made to each Award either granted or
available for grant under the Plan so that after such adjustment each Award reflects such
change to the Membership Interests. In addition, for the purpose of preventing any dilution
or enlargement of Participants’ rights under the Plan, the Committee shall have the authority
to adjust, in an equitable manner, the bps available for grant or granted under the Plan, as
well as the Strike Price of outstanding SARs or any other affected term.
	 
	6.3	 	Fair Market Valuation of the Company. The Board shall determine a Valuation (i) at least
once a year and (ii) as of a Change-in-Control Date. The Board may in its sole discretion
determine a Valuation at any other time. Valuations shall take into account the valuation
rules under Treasury Regulation Section 1.409A-1(b)(5)(iv) if compliance with such valuation
rules are necessary for compliance with Code Section 409A.
	 
	7.0	 	GRANTS OF AWARDS
	 
	7.1	 	Grants. The Committee in its sole discretion and at any time may grant Awards to
Participants. Each grant of an Award shall be designated by a fixed bps underlying the Award.
	 
	7.2	 	Types of Grants. The Committee in its sole discretion may grant either RSUs, SARs, or a
combination of both.
	 
	7.3	 	Award Letter. Each Award shall be evidenced by an Award Letter, stating:

	 	(a)	 	the bps underlying the Award;
	 
	 	(b)	 	if the Award is an SAR, then the Strike Price;
	 
	 	(c)	 	the Vesting schedule for each Award;
	 
	 	(d)	 	if the Award is an RSU, whether the Award is subject to a Deferral Payment
Date; and
	 
	 	(e)	 	any other term, condition, restriction and/or limitation with respect to the
Award.

	7.4	 	Deferral. To the extent permitted by the Committee, a Participant may elect to defer
compensation attributable to an RSU Award to the Deferral Payment Date, provided that such
deferral fully complies with Code Section 409A.
	 
	7.5	 	Dividend Equivalents. On or after an IPO, Participants who hold RSUs shall be entitled to
receive Dividend Equivalents to the same extent and in the same manner as equity holders of
the Company’s common stock, if and when such holders receive dividends under such common
stock. The Dividend Equivalent shall be subject to the same Vesting schedule and forfeiture
rules applicable to the related RSU Award.
	 
	8.0	 	VESTING AND PAYMENT OF AWARDS

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	8.1	 	Vesting. Each Award shall Vest in accordance with the Vesting schedule contained in each
Award Letter, as determined by the Committee in its sole discretion, unless Vesting is
accelerated in accordance with Section 8.2 or 10 below.
	 
	8.2	 	Vesting Due to a Change in Control. During the one-year period immediately following the
Change-in-Control Date, a Participant’s unvested Awards shall 100% immediately Vest as of the
date of an involuntary termination of the Participant’s employment by the Company without
Cause.
	 
	8.3	 	Payment of RSU Awards. RSUs that Vest shall be Paid to the Participant within 75 days after
a Vesting Date, based on the most recent Valuation, provided that if all or a portion of the
RSUs are subject to a valid deferral in accordance with Section 7.4 above, then such RSUs
shall be Paid in accordance with such Deferral Payment Date based on the most recent Valuation
prior to the Deferral Payment Date.
	 
	8.4	 	Payment of SAR Awards. SARs that Vest shall be paid to the Participant by March 15
immediately following the December 31, 2012 final Vesting Date, but not later than 75 days
after a Vesting Date based on (i) if the Participant’s employment has not been terminated
prior to the date of Payment, then the most recent Valuation or (ii) if the Participant’s
employment has been terminated (including termination due to death) prior to the date of
Payment, then the most recent Valuation preceding the date of the termination of the
Participant’s employment (including a termination due to death).
	 
	8.5	 	Payment of Dividend Equivalents. Dividend Equivalents (if any) shall be paid when the
related RSU Award is paid to the Participant in accordance with Section 8.3 above.
	 
	9.0	 	RESTRICTIVE COVENANTS
	 
	9.1	 	Non-Competition. While the Participant who is awarded SARs, or who participates or
participated in the GMAC Management LLC Class C Membership Interests Plan, is employed by the
Company or a Subsidiary, and during the 1-year period immediately following the date of any
termination of the Participant’s employment with the Company or a Subsidiary, such Participant
shall not at any time, directly or indirectly, whether on behalf of himself or herself or any
other person or entity, engage in a Competitive Activity. The restrictions in this Section 9.1
do not apply to a Participant who is not awarded SARs, or who does not or did not participate
in the GMAC Management LLC Class C Membership Interests Plan unless the restrictions in this
Section 9.1 are specified in the Participant’s Award Letter.
	 
	9.2	 	Non-Solicitation of Customers/Clients and Employees. While the Participant is employed by
the Company or a Subsidiary, and during the 2-year period immediately following the date of
any termination of the Participant’s employment with the Company or a Subsidiary, such
Participant shall not at any time, directly or indirectly, whether on behalf of himself or
herself or any other person or entity (i) solicit any client and/or customer of the Company or
any Subsidiary with respect to a Competitive Activity or (ii) solicit or employ any employee
of the Company or any Subsidiary, or any person who was an employee of the Company or any
subsidiary during the 60-day period immediately prior to the Participating Senior Leader’s
termination, for the purpose of causing such employee to terminate his or her employment with
the Company or such Subsidiary.
	 
	9.3	 	Confidentiality. While the Participant is employed by the Company or a Subsidiary, and at
all times thereafter, a Participant shall not disclose to anyone or make use of any trade
secret or proprietary or confidential information of the Company, including such trade secret
or proprietary or confidential information of any customer or client or other entity to which
the Company owes an obligation not to disclose such information, which he or she acquires
during his or her employment with the Company, including but not limited to records kept in
the ordinary course of business, except:

	 	(a)	 	as such disclosure or use may be required or appropriate in connection with his
or her work as an employee of the Company; or

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	 	(b)	 	when required to do so by a court of law, by any governmental agency having
supervisory authority over the business of the Company or by any administrative or
legislative body (including a committee thereof) with apparent jurisdiction to order
him or her to divulge, disclose or make accessible such information; or
	 
	 	(c)	 	as to such confidential information that becomes generally known to the public
or trade without his or her violation of this Section 9.3; or
	 
	 	(d)	 	to the Participant’s spouse, attorney, and/or his or her personal tax and
financial advisors as reasonably necessary or appropriate to advance the Participant’s
tax, financial and other personal planning (each an “Exempt Person”), provided,
however, that any disclosure or use of any trade secret or proprietary or confidential
information of the Company by an Exempt Person shall be deemed to be a breach of this
Section 9.3 by the Participant.

	9.4	 	Non-Disparagement. While the Participant is employed by the Company or a Subsidiary, and at
all times thereafter, a Participant shall not make any statements or express any views that
disparage the business reputation or goodwill of the Company and/or any of its Subsidiaries,
affiliates, investors, members, officers, or employees.
	 
	9.5	 	Enforcement of Section 9. If a Participant materially violates any provision of this Section
9, he or she shall immediately forfeit any right, title and interest to any Award that has not
yet been paid. In addition, such Participant shall be required to repay to GMAC LTIP LLC a
cash amount equal to the value of all Payments made during the 24-month period ending on the
date the Company initiates an enforcement action under this Section 9 and shall reimburse the
Company for its legal fees and costs associated with recovery of these amounts.
	 
	9.6	 	Enforcement of Non-Competition, Non-Solicitation and Confidentiality Covenants. If a
Participant violates or threatens to violate any provisions of this Section 9, the Company
shall not have an adequate remedy at law. Accordingly, the Company shall be entitled to such
equitable and injunctive relief, without the posting of a bond, as may be available to
restrain the Participant and any business, firm, partnership, individual, corporation or
entity participating in the breach or threatened breach from the violation of the provisions
of this Section 9. Nothing in the Plan shall be construed as prohibiting the Company from
pursuing any other remedies available at law or in equity for breach or threatened breach of
this Section 9, including the recovery of damages. If the Company is successful in enforcing
its rights under this provision, the affected Participant shall reimburse the Company for its
legal fees and costs associated with such enforcement action.
	 
	10.0	 	TERMINATION OF EMPLOYMENT; OTHER DISTRIBUTIONS
	 
	10.1	 	Death. If a Participant dies prior to a Payment, then the Participant’s Unvested Awards shall
Vest (if at all) as of the date of death of such Participant in accordance with the Award
Letter.
	 
	10.2	 	Termination of Employment Due to Disability. If a Participant’s employment is terminated due
to Disability prior to a Payment, then the Participant’s Unvested Awards shall Vest (if at
all) as of the date of such termination of employment in accordance with the Award Letter.
	 
	10.3	 	Termination for Cause. If a Participant’s employment is terminated by the Company or a
Subsidiary for Cause prior to a Payment, then the Participant’s Vested and Unvested Awards
shall be immediately forfeited as of the date of such termination of employment.
	 
	10.4	 	Termination without Cause. If a Participant’s employment is terminated by the Company or a
Subsidiary without Cause, including a Qualified Termination under the GMAC Senior Leadership
Severance Plan effective as of June 1, 2008, prior to a Payment, then:

-11-

 

	 	(a)	 	the Participant’s Unvested Award shall Vest (if at all) in accordance with the
Award Letter; and
	 
	 	(b)	 	all other of the Participant’s Unvested Awards shall be immediately forfeited
as of the date of such termination of employment.

	10.5	 	Termination by Participant. If a Participant’s employment is terminated by the Participant
prior to a Payment, then the Participant’s Unvested Awards shall be immediately forfeited as
of the date of such termination of employment.
	 
	10.6	 	Disability. The Committee, in its sole discretion, may provide in the Award Letter or take
such unilateral action so that Awards will be Paid if a Participant is Disabled (even if the
Participant’s employment with the Company or a Subsidiary is not terminated), provided that
such Payment fully complies with Code Section 409A.
	 
	10.7	 	Unforeseeable Emergency. The Committee, in its sole discretion, may provide in the Award
Letter or take such unilateral action so that all or a portion of the Awards will be Paid if a
Participant has an Unforeseeable Emergency, provided that such Payment fully complies with
Code Section 409A.
	 
	10.8	 	Section 409A Mandatory 6-Month Delay. Notwithstanding anything contained in the Plan to the
contrary, if the Committee determines that the Participant is a “specified employee” as such
term is defined and used under Code Section 409A(a)(2)(B)(i) and Treasury Regulation Section
1.409A-3(i)(2), then all Payments based on a termination of employment shall be subject to a
mandatory delay and Paid on the first day of the 7th month following the date that would have
been the date of Payment if the Participant had not been determined by the Committee to be a
“specified employee” and based on the most recent Valuation as of the date that would have
been the date of Payment had the Participant had not been determined by the Committee to be a
specified employee.
	 
	11.0	 	CLAIMS
	 
	11.1	 	Claims Procedure. If any Participant or Beneficiary, or his or her legal representative, has
a claim for benefits under the Plan which is not being paid, such claimant may file a written
claim with the Committee setting forth the amount and nature of the claim, supporting facts,
and the claimant’s address. Written notice of the disposition of a claim by the Committee
shall be furnished to the claimant within 90 days after the claim is filed. In the event of
special circumstances, the Committee may extend the period for determination for up to an
additional 90 days, in which case it shall so advise the claimant. If the claim is denied,
the reasons for the denial shall be specifically set forth in writing, pertinent provisions of
the Plan shall be cited, including an explanation of the Plan’s claim review procedure, and,
if the claim is perfectible, an explanation as to how the claimant can perfect the claim shall
be provided.
	 
	11.2	 	Claims Review Procedure. If a claimant whose claim has been denied wishes further
consideration of his or her claim, he or she may request the Committee to review his or her
claim in a written statement of the claimant’s position filed with the Committee no later than
60 days after receipt of the written notification provided for in Section 11.1 above. The
Committee shall fully and fairly review the matter and shall promptly advise the claimant, in
writing, of its decision within the next 60 days. Due to special circumstances, the Committee
may extend the period for determination for up to an additional 60 days, in which case it
shall so advise the claimant.
	 
	12.0	 	TAXES
	 
	12.1	 	Withholding Taxes. The Company and/or GMAC LTIP LLC shall be entitled to withhold from any
and all payments made to a Participant under the Plan all federal, state, local and/or other
taxes or imposts which the Company determines are required to be so withheld from such
payments or by reason of any other payments made to or on behalf of the Participant or for his
or her benefit hereunder.

-12-

 

	12.2	 	Golden Parachute Excise Tax Reduction. If a Participant becomes subject to the excise tax
imposed by Code Section 4999 (the “Parachute Excise Tax”), then the Company and the
Participant agree that the aggregate “parachute payment” (as such term is used under Code
Section 280G) shall be reduced to 299.99% of the Participant’s “base amount” (as such term is
used under Code Section 280G). If such reduction occurs under this Section 12.2, the
Participant may select in his or her own discretion what portion of the parachute payments
will be so reduced.
	 
	12.3	 	Code Section 409A. The Plan is subject to Code Section 409A. Notwithstanding anything
contained in the Plan to the contrary, the Committee shall have full authority to operate the
Plan and to override or amend any provision in the Plan or any Award Letter in order for the
Plan to be fully compliant — both in form and in operation — with Code Section 409A.
	 
	12.4	 	No Guarantee of Tax Consequences. No person connected with the Plan in any capacity,
including, but not limited to, the Company and any Subsidiary and their directors, officers,
agents and employees, makes any representation, commitment, or guarantee that any tax
treatment, including, but not limited to, federal, state and local income, estate and gift tax
treatment, will be applicable with respect to amounts payable or provided under the Plan, or
paid to or for the benefit of a Participant under the Plan, or that such tax treatment will
apply to or be available to a Participant on account of participation in the Plan.
	 
	13.0	 	MISCELLANEOUS
	 
	13.1	 	Listing of Awards and Related Matters. If at any time the Committee shall determine that the
listing, registration or qualification of Awards with respect to any Award on any securities
exchange or under any applicable law, or the consent or approval of any governmental
regulatory authority, is necessary or desirable as a condition of, or in connection with, the
granting of an Award, such Award may not be exercised, distributed or paid out, as the case
may be, in whole or in part, unless such listing, registration, qualification, consent or
approval shall have been effected or obtained free of any conditions not acceptable to the
Committee.
	 
	13.2	 	No Right, Title, or Interest in Company Assets. Participants shall have no right, title, or
interest whatsoever in or to any investments which the Company may make to aid it in meeting
its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant
to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary
relationship between the Company and any Participant, beneficiary, legal representative or any
other person. To the extent that any person acquires a right to receive payments from the
Company under the Plan, such right shall be no greater than the right of an unsecured general
creditor of the Company. All payments to be made hereunder shall be paid from the general
funds of the Company and no special or separate fund shall be established and no segregation
of assets shall be made to assure payment of such amounts except as expressly set forth in the
Plan.
	 
	13.3	 	Nontransferability. Awards granted under the Plan, and any rights and privileges pertaining
thereto, may not be transferred, assigned, pledged, or hypothecated in any manner, by
operation of law or otherwise, other than by will or by the laws of descent and distribution.
	 
	13.4	 	Voting and Distribution Rights. A Participant shall not be entitled to any voting rights,
distributions or any other rights or privileges of an equity holder as a result of the grant
of an Award.
	 
	13.5	 	No Right to Continued Employment or Service or to Grants. The Participant’s rights, if any,
to continue to serve the Company or any Subsidiary as an officer, employee, or otherwise,
shall not be enlarged or otherwise affected by his or her designation as a Participant under
the Plan, and the Company or the applicable Subsidiary reserves the right to terminate the
employment of any Employee at any time. The adoption of the Plan shall not be deemed to give
any Employee or any other individual any right to be selected as a Participant or to be
granted an Award.

-13-

 

	13.6	 	Awards Subject to Foreign Laws. The Committee may grant Awards to individual Participants
who are subject to the tax and/or other laws of nations other than the United States, and such
Awards may have terms and conditions as determined by the Committee as necessary to comply
with applicable foreign laws. The Committee may take any action that it deems advisable to
obtain approval of such Awards by the appropriate foreign governmental entity; provided,
however, that no such Awards may be granted pursuant to this Section 13.4 and no action may be
taken which would result in a violation of the Exchange Act or any other applicable law.
	 
	13.7	 	Governing Law. The Plan, all Awards granted hereunder, and all actions taken in connection
herewith shall be governed by and construed in accordance with the laws of the State of
Michigan without reference to principles of conflict of laws, except as superseded by
applicable federal law.

* * * * *

-14-EX-10.2

Exhibit 10.2

EXECUTION
COPY

PURCHASE AGREEMENT

FREDDIE MAC STRIPPED INTEREST CERTIFICATES, SERIES 256

July 30, 2008

Cerberus International, Ltd.

First Commercial Centre

Second Floor, Suite No. 2, East Mall Drive

PO Box F-44656

Freeport, GBI, Bahamas

     Ladies and Gentlemen:

     GMAC Mortgage, LLC (the “Company”) proposes to sell to Cerberus International, Ltd.,
as purchaser (the “Purchaser”) the original notional principal balance of certain Freddie
Mac Stripped Interest Certificates, Series 256 (the “SCs”), listed on Schedule I attached
hereto, and having the characteristics set forth in the Offering Documents. The SCs will be issued
by Freddie Mac (the “Issuer”) pursuant to the Pass-Through Certificates Master Trust
Agreement, dated as of December 31, 2007 (the “Master Trust Agreement”), as supplemented by
the Terms Supplement, dated as of July 15, 2008 (the “Terms Supplement”, and together with
the Master Trust Agreement, the “Trust Agreement”) and will represent ownership interests
in excess servicing fees attributable to certain first lien, single-family, fixed rate conventional
mortgage loans currently serviced by the Company on behalf of the Issuer and recharacterized as
excess yield pursuant to the Master Agreement #MA08021951, dated as of March 18, 2008 (which
includes a provision titled “Release of Excess Yield to Seller”), together with a supplementary
Term Sheet with respect to the excess yield relating to the SCs (together, the “Master
Agreement”). The SCs will be sold to the Company by the Issuer pursuant to an agreement to
purchase excess yield between the Issuer and the Company, dated as of July 25, 2008 (the
“Agreement to Purchase Excess Yield”). This Purchase Agreement (the “Agreement”),
the related Agreement to Purchase Excess Yield Agreement and the related Master Agreement are
sometimes referred to herein collectively as the “Transaction Documents.” The SCs will be issued
in the minimum denominations and will have the terms set forth in the offering circular dated
December 31, 2007 (the “Offering Circular”) and the related offering circular supplement
dated July 15, 2008 (the “Offering Circular Supplement”).

     Capitalized terms used but not defined herein shall have the meanings assigned to such terms
in the Glossary in Exhibit D hereto.

     This is to confirm the arrangements with respect to the purchase of the SCs (as defined
herein) by you.

     1. Purchase and Sale. Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth, the Company agrees to sell to you, and you agree
to purchase from the Company, the original notional principal balance of the SCs to be purchased by
the Purchaser. The Company and the Purchaser intend that the conveyance of

			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

1

 

company’s right, title and interest in the SCs herein contemplated shall constitute, and be
construed as, a sale of the SCs and not a grant of a security interest to secure a loan. The
purchase prices of the SCs shall be the prices set forth in the applicable pricing letter (the
“Pricing Letter”), the form of which is Exhibit B hereto.

     2. Delivery and Payment. Delivery of and payment for the notional principal balance
of the SCs to be purchased in the offering shall be no later than 2:30 P.M. New York City time on
the applicable closing date (such date and time of delivery of and payment for such SCs being
hereinafter referred to as the applicable “Closing Date”). Delivery of the SCs shall be
made in book-entry form, against payment by you of the purchase price thereof to or upon the order
of the Company by wire transfer in immediately available funds.

     3. Representations and Warranties. (a) The Company represents and warrants to, and
agrees with, you that:

     (i) As of the Closing Date, the Covered Documents do not contain an untrue statement of
fact or omit to state a material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading; provided,
however, that the Company makes no representation or warranty as to the Purchaser
Information contained in or omitted from the Covered Documents, or as to any information as
to which no person is liable hereunder as specified in the proviso to Section 7(a).

     (ii) The Company has been duly formed and is validly existing in good standing as a
limited liability company under the laws of the State of Delaware and has the requisite
power to own its properties and to conduct its business as presently conducted by it.

     (iii) This Agreement has been duly authorized, executed and delivered by the Company.

     (iv) As of the Closing Date, the SCs will conform in all material respects to the
description thereof contained in the Covered Documents.

     (v) The execution and delivery of this Agreement by the Company and its performance and
compliance with the terms of this Agreement will not violate the Company’s Certificate of
Formation or Limited Liability Company Agreement or constitute a material default (or an
event which, with notice or lapse of time, would constitute a material default) under, or
result in the material breach of, any material contract, agreement or other instrument to
which the Company is a party or which may be applicable to the Company or any of its assets;

     (vi) This Agreement, assuming due authorization, execution and delivery by the
Purchaser, constitutes a valid, legal and binding obligation of the Company, enforceable
against it in accordance with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of creditors’ rights
generally and to general principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law and to

			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

2

 

public policy as it relates to indemnification and contribution under applicable
securities laws;

     (vii) The Company is not in default with respect to any order or decree of any court or
any order, regulation or demand of any federal, state, municipal or governmental agency,
which default might have consequences that would materially and adversely affect the
condition (financial or other) or operations of the Company or its properties or might have
consequences that would materially adversely affect its performance hereunder;

     (viii) No litigation is pending or, to the best of the Company’s knowledge, threatened
against the Company which would prohibit its entering into this Agreement or performing its
obligations under this Agreement;

     (ix) The Company will comply in all material respects in the performance of this
Agreement; and

     (x) No information, certificate of an officer, statement furnished in writing or report
delivered to the Purchaser, any Affiliate of the Purchaser will, to the knowledge of the
Company, contain any untrue statement of a material fact or omit a material fact necessary
to make the information, certificate, statement or report not misleading.

      (b) The Purchaser represents and warrants to, and agrees with, the Company that:

     (i) This Agreement has been duly authorized, executed and delivered by the Purchaser.

     (ii) The Purchaser understands and agrees that (a) the SCs are exempted securities
under Section 3(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”).

     (iii) The Purchaser (a) is a substantial, sophisticated institutional investor having
such knowledge and experience in financial and business matters, and in particular in such
matters related to securities similar to the SCs, such that it is capable of evaluating the
merits and risks of investment in the SCs, and (b) is able to bear the economic risks of
such an investment.

     (iv) As of the Closing Date, (A) the Purchaser represents and warrants that it has been
furnished with, and has had an opportunity to review, (1) a copy of the Covered Documents,
and (2) all other documents, financial data and information regarding the SCs, the Mortgage
Loans represented thereby and the Company that the Purchaser has requested from the Company
and (B) the Purchaser has had any questions arising from such review answered by the Company
to the satisfaction of the Purchaser.

     (v) The Purchaser will not sell, offer, pledge or otherwise transfer any of the SCs,
except in compliance with the provisions of this Agreement. SCs are not

			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

3

 

exempt from registration under “blue sky” or state securities laws (except where the
SCs will have been qualified for offering and sale at the Purchasers’ direction under such
“blue sky” or state securities laws).

     (vi) None of the Purchaser’s assets currently constitute, or in the future will
constitute, “plan assets” within the meaning of Section 3(42) of the Employee Retirement
Income Security Act of 1974, as amended.

     (vii) The Purchaser Information does not contain an untrue statement of a material fact
or omit to state a material fact necessary to make such statements, in light of the
circumstances under which they were made, not misleading; provided, however,
that the Purchaser makes no representation that the related Offering Circular Supplement
(exclusive of the Purchaser Information) does not include any untrue statements of a
material fact and does not omit to state any material facts necessary to make the statements
contained therein, in light of the circumstances under which they were made, not misleading.

     (viii) Each of it and its agents has complied and will comply with all applicable laws
and regulations in each country or jurisdiction where it may purchase, offer, sell or
deliver the SCs or distribute the Offering Documents and it has not offered, sold or
delivered and will not offer, sell or deliver, any SCs and has not distributed or published
and will not distribute or publish any offering material (including the Offering Documents)
in or from any country or jurisdiction except under circumstances that will result in
compliance with all applicable laws and regulations and that will not impose any obligations
on the Issuer or the Company that the Issuer or the Company shall not have agreed to
specifically in writing.

     (ix) If the Purchaser satisfies the distribution requirements with respect to the SCs
offered or sold in the United States by delivering an electronic version of the Offering
Documents, such electronic delivery will be accomplished in a manner consistent with (i) all
applicable rules and interpretive guidance of the U.S. Securities and Exchange Commission as
if the SCs were registered under the Act, and (ii) applicable law, regulation and government
policy of any applicable jurisdiction. The electronic version of the Offering Documents
must be obtained from the Company or reproduced in a manner that is designed to produce, and
does produce, an accurate reproduction. The Company, however, has no obligation to provide
an electronic version of the Offering Documents. If the Purchaser uses a version of the
Offering Documents not provided by the Company, the Purchaser agrees to ensure, and to
assume all responsibility for ensuring, that the reproduction is an accurate reproduction of
the original Offering Documents. The Purchaser will terminate or cause to be terminated
immediately the electronic delivery of the Offering Documents upon the Company’s request, in
the Company’s sole discretion.

     (x) Commencing July 25, 2008, if its agents disseminate through any medium, including
the Purchaser’s website, any statistical or other information relating to the mortgage loans
related to the SCs (the “Mortgage Loans”) or the SCs, other than

			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

4

 

information expressly contained in the Offering Documents, such information shall be
accompanied by the following legend:

     “The information with respect to the [Mortgage Loans] [SCs] set forth [herein]
[below] has not been collected, summarized or provided by Freddie Mac. Freddie Mac
has made no independent verification of such information, does not warrant its
truth, accuracy or completeness and assumes no obligation or liability with respect
thereto.”

     Anything in the immediately preceding paragraph to the contrary notwithstanding, the
requirements set forth above shall be deemed to be satisfied as to the Purchaser if,
commencing July 25, 2008, when such Purchaser disseminates through any medium any
statistical or other information relating to the Mortgage Loans or the SCs, other than
information expressly contained in the Offering Documents, such information is accompanied
by the following legend:

     “The information is provided solely by [such Purchaser], not as agent for any
issuer, and although it may be based on data supplied to it by an issuer, the issuer
has not participated in its preparation and makes no representations regarding its
accuracy or completeness.”

     (xi) It shall not disseminate, through any medium including its website, any such
statistical or other information which is based on the notional principal balances of any
SCs (or the scheduled balances of any Mortgage Loans) reflected in any SC Trust Factors (as
that term is defined in the Offering Documents) until after Freddie Mac has published such
SC Trust Factors or otherwise made them available.

     (xii) The Company did not participate in the preparation of the Purchaser Information.

     (c) Notwithstanding anything to the contrary contained in this Agreement, the Company is not
making any representation, warranty or covenant regarding the marketability of the SCs. The
Purchaser specifically acknowledges that any resale of the SCs is the Purchaser’s sole
responsibility and the Company shall not have any obligation, express or implied, to assist the
Purchaser in the marketing or sale of the SCs, except as set forth in Section 5 hereof.

     4. Offering by Purchaser. It is understood that the Purchaser will only offer the
SCs, if it offers the SCs at all, for sale to a limited number of institutional investors and the
Purchaser will not offer, sell or otherwise distribute the SCs in any state in which the SCs are
not exempt from registration under “blue sky” or state securities laws (except where the SCs will
have been qualified for offering and sale at the Purchasers’ direction under such “blue sky” or
state securities laws).

     5. Agreements. The Company agrees with the Purchaser that:

     (a) If the transactions contemplated by this Agreement are consummated, the Company will pay
or cause to be paid all expenses incidental to the performance of the obligations of the Company
under this Agreement, and for expenses incurred in distributing the

 
			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

5

 

Covered Documents (including any amendments and supplements thereto) to the Purchaser. Except
as herein provided, the Purchaser shall be responsible for paying all costs and expenses incurred
by the Purchaser, including the fees and disbursements of counsel for the Purchaser in connection
with the purchase and sale of the SCs.

     (b) The Company has delivered to the Purchaser a copy of the Covered Documents. The Company
may amend or supplement the Covered Documents at any time, but is under no obligation to do so.
Upon delivery of any amendment or supplement to the Covered Documents to the Purchaser by the
Company, the Purchaser will discontinue use of the previous version of the Covered Documents, will
return all unused copies of such previous version to the Company and will deliver copies of such
Covered Documents as so amended or supplemented to all recipients of such previous version of the
Covered Documents.

     6. Conditions to the Obligations of the Purchaser. The obligation of the Purchaser to
purchase the SCs shall be subject to the following conditions with respect to such SCs:

     (a) The Purchaser shall have received a copy of the Covered Documents.

     (b) Since July 1, 2008 there shall have been no material adverse change (not in the ordinary
course of business) in the condition of the Company.

     (c) The Company shall have delivered to you a certificate, dated the Closing Date, of the
President, a Executive Vice President, a Vice President or an Assistant Secretary of the Company to
the effect that the signer of such certificate has carefully examined this Agreement and that, to
the best of his or her knowledge after reasonable investigation: (A) the representations and
warranties of the Company in this Agreement are true and correct in all material respects and (B)
the Company has, in all material respects, complied with all the agreements and satisfied all the
conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date.

     (d) The Purchaser shall have received the opinion of Mayer Brown LLP, special counsel for the
Company, dated the Closing Date, substantially to the effect set forth in Exhibit A-1 and
the opinion of Hu A. Benton, associate general counsel for the Company, dated the Closing Date,
substantially to the effect set forth in Exhibit A-2.

     (e) Deloitte & Touche LLP shall have furnished to the Company a letter or letters addressed to
the Company and dated as of or prior to the date of first use of the applicable Covered Documents
in the form and reflecting the performance of the procedures previously agreed to by the Issuer.

     The Company will furnish you with conformed copies of the above opinions, certificates and
documents as you reasonably request.

     7. Indemnification and Contribution. Notwithstanding Section 4 hereof, In the
event that the Purchaser sells the SCs within six months after the Closing Date and, in connection
with such resale, uses a copy of the Covered Documents as originally provided, as amended or
supplemented by the Company pursuant to Section 5(b) (it being understood and

			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

6

 

agreed that the Company is not obligated to provide any updated information with regard to the
matters discussed in the Covered Documents):

     (a) The Company agrees to indemnify and hold harmless you and each person who controls you
within the meaning of either Section 15 of the 1933 Act or Section 20 of the Securities Exchange
Act of 1934, as amended (the “1934 Act”), from and against any and all losses, claims,
damages and liabilities incurred directly in connection with resales where the Purchaser complied
with the representations, warranties and agreements in Section 3(b) (ii), (iii),
(v), (vi), (viii), (ix), (x) and (xi) herein
(provided that the Purchaser shall not be deemed to have violated any such representation,
warranty or agreement as a result of an untrue statement or alleged untrue statement of a material
fact or the omission or the alleged omission of a material fact in the Covered Documents) caused by
any untrue statement or alleged untrue statement of a material fact contained in the Covered
Documents as of the Closing Date or caused by any omission or alleged omission to state therein as
of the Closing Date a material fact necessary to make the statements therein, in light of the
circumstances under which they are made on the Closing Date, not misleading, except insofar as such
losses, claims, damages or liabilities are caused by any such untrue statement or omission or
alleged untrue statement or omission based upon Purchaser Information; and provided,
however, that such indemnity with respect to the Covered Documents shall not inure to the
benefit of the Purchaser (or any person controlling the Purchaser) to the extent that such loss,
claim, damage or liability of the Purchaser results from the fact that the Purchaser sold SCs to a
person to whom there was not sent or given at or prior to the settlement date of the sale of such
SCs a copy of the final Covered Documents (as amended or supplemented through such date in any case
where the Company has previously furnished the Purchaser with copies thereof on or prior to the
close of business on the Business Day preceding such settlement date), in any case where the untrue
statement or omission of a material fact which caused such loss, claim, damage or liability was
contained in such Covered Documents and was corrected in the Covered Documents (as amended or
supplemented), and provided, further, that neither the Company nor you will be
liable in any case to the extent that any such loss, claim, damage or liability arises out of or is
based upon any such untrue statement or alleged untrue statement or omission or alleged omission
made in the information contained in the Covered Documents.

     (b) The Purchaser agrees to indemnify and hold harmless the Company, their respective
directors or officers and any person controlling the Company to the same extent as the indemnity
set forth in Section 7(a) above from the Company to you for breach of any representation or
warranty of the Purchaser made in Section 3(b).

     (c) In case any proceeding (including any governmental investigation) shall be instituted
involving any person in respect of which indemnity may be sought pursuant to either Section
7(a) or 7(b), such person (the “indemnified party”) shall promptly notify the person
against whom such indemnity may be sought (the “indemnifying party”) in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel reasonably
satisfactory to the indemnified party to represent the indemnified party and any others the
indemnifying party may designate in such proceeding and shall pay the reasonable fees and
disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified
party shall have the right to retain its own counsel, but the reasonable fees and expenses of such
counsel shall be at the expense of such indemnified party unless (i) the

 
			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

7

 

indemnifying party and the indemnified party shall have mutually agreed to the retention of
such counsel or (ii) the named parties to any such proceeding (including any impleaded parties)
include both the indemnifying party and the indemnified party and representation of both parties by
the same counsel would be inappropriate due to actual or potential differing interests between
them. It is understood that the indemnifying party shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of
more than one separate firm for all such indemnified parties. Such firm shall be designated in
writing by you in the case of parties indemnified pursuant to Section 7(a) and by the
Company in the case of parties indemnified pursuant to Section 7(b). Subject to the third
preceding sentence, the indemnifying party may, at its option, at any time upon written notice to
the indemnified party, assume the defense of any proceeding and may designate counsel satisfactory
to the indemnifying party in connection therewith provided that the counsel so designated
would have no actual or potential conflict of interest in connection with such representation.
Unless it shall assume the defense of any proceeding, the indemnifying party shall not be liable
for any settlement of any proceeding, effected without its written consent, but if settled with
such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by reason of such settlement
or judgment. If the indemnifying party assumes the defense of any proceeding, it shall be entitled
to settle such proceeding with the consent of the indemnified party or, if such settlement provides
for release of the indemnified party in connection with all matters relating to the proceeding
which have been asserted against the indemnified party in such proceeding by the other parties to
such settlement, without the consent of the indemnified party.

     (d) If the indemnification provided for in this Section 7 is unavailable to an
indemnified party under Section 7(a) or Section 7(b) hereof or insufficient in
respect of any losses, claims, damages or liabilities referred to therein, then the indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages or liabilities, in
such proportion as is appropriate to reflect not only the relative benefits received by the Company
on the one hand and the Purchaser on the other from the offering of the SCs but also the relative
fault of the Company on the one hand and of the Purchaser on the other in connection with the
statements or omissions which resulted in such losses, claims, damages or liabilities, as well as
any other relevant equitable considerations. The relative fault of the Company on the one hand and
of the Purchaser on the other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company or by the Purchaser and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.

     (e) The Company and the Purchaser agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation or by any
other method of allocation which does not take account of the considerations referred to in
Section 7(d) above. The amount paid or payable by an indemnified party as a result of the
losses, claims, damages and liabilities referred to in this Section 7 shall be deemed to
include, subject to the limitations set forth above, any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or
claim except where the indemnified party is required to bear such expenses pursuant to Section
7(d); which

			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

8

 

expenses the indemnifying party shall pay as and when incurred, at the request of the
indemnified party, to the extent that the indemnifying party believes that it will be ultimately
obligated to pay such expenses. In the event that any expenses so paid by the indemnifying party
are subsequently determined to not be required to be borne by the indemnifying party hereunder, the
party which received such payment shall promptly refund the amount so paid to the party which made
such payment. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

     8. Representations and Indemnities to Survive. The respective agreements,
representations, warranties, indemnities and other statements of the Company, or the officers of
any of the Company and the Purchaser set forth in or made pursuant to this Agreement will remain in
full force and effect, regardless of (i) any termination of this Agreement, (ii) any investigation
made by the Purchaser or on behalf of the Purchaser or any person controlling the Purchaser or by
or on behalf of the Company and their respective directors or officers or any person controlling
the Company and (iii) acceptance of and payment for any of the SCs.

     9. Notices. All communications hereunder will be in writing and effective only on
receipt, and, if sent to the Purchaser, will be mailed, delivered or telegraphed and confirmed to
it at Cerberus International, Ltd. c/o Premier Fund Services Limited, First Commercial Centre,
Second Floor, Suite No. 2, East Mall Drive, P.O. Box F-44656, Freeport, GBI, Bahamas, and Partridge
Hill Overseas Management, LLC c/o Cerberus Capital Management, L.P., 299 Park Avenue,
22nd Floor, New York, New York 10171, Attention: Michael Hisler, with a copy (which
shall not constitute notice) to Lowenstein Sandler PC 1251 Avenue of the Americas, New York, New
York, 10020, or, if sent to the Company, will be mailed, delivered or telegraphed and confirmed to
it at GMAC Mortgage, LLC 1100 Virginia Drive, Ft. Washington, Pennsylvania 19034, Attention:
Thomas Neary, Executive Vice President.

     10. Nonassignability. The rights and obligations under this Agreement may not be
assigned without the prior written consent of the parties hereto.

     11. Successors. This Agreement will inure to the benefit of and be binding upon the
parties hereto and their respective successors and (subject to Section 10 hereof) assigns,
and no other person will have any right or obligation hereunder.

     12. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     13. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall for all purposes be deemed to be an original and all of which shall together
constitute but one and the same instrument.

[SIGNATURES FOLLOW]

 
			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

9

 

     If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us a counterpart hereof, whereupon this letter and your acceptance shall represent a
binding agreement among the Company and the Purchaser.

	 	 	 	 	 
	 	Very truly yours,
 	 
	 	 

 	 
	 	GMAC MORTGAGE, LLC

 	 
	 	By:  	/s/ Thomas Neary
 	 
	 	 	Name:  	Thomas Neary 	 
	 	 	Title:  	Executive Vice President 	 
	 

The foregoing Agreement is hereby confirmed

and accepted as of the date first above written.

	 	 	 	 	 	 	 
	CERBERUS INTERNATIONAL, LTD.	 	 
	 
	 	 	 	 	 	 
	By:	 	Partridge Hill Overseas Management, LLC,

its investment manager
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey L. Lomasky
 

	 	 
	 

	 	 	 	Jeffrey L. Lomasky	 	 
	 

	 	 	 	Senior Managing Director	 	 

 
			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

S-1 

 

SCHEDULE I

	 	 	 	 	 
	 	 	Original Notional	 
	CUSIP	 	Principal Balance	 
	3128HU3T6
	 	$	45,381,006.67	 
	3128HU3U3
	 	$	62,198,035.33	 
	3128HU3V1
	 	$	58,751,225.33	 
	3128HU3W9
	 	$	38,790,319.33	 
	3128HU3Y5
	 	$	45,946,848.67	 
	3128HU3Z2
	 	$	64,601,840.00	 
	3128HU4A6
	 	$	43,456,892.67	 
	3128HU4B4
	 	$	22,887,814.00	 
	3128HUZ79
	 	$	1,730,897.33	 
	3128HU2D2
	 	$	1,572,260.00	 
	3128HU2L4
	 	$	1,653,174.00	 
	3128HU2T7
	 	$	935,580.00	 
	3128HU2Y6
	 	$	942,400.67	 
	3128HU3E9
	 	$	2,281,090.00	 
	3128HU3L3
	 	$	1,445,996.67	 
	3128HU3S8
	 	$	1,531,280.00	 
	 
	Totals
	 	$	394,106,660.67	 

 
			
	 
	 
	 	Purchase Agreement

Schedule I-1 

 

EXHIBIT A-1

FORM OF OPINION OF MAYER BROWN LLP

 
			
	 
	 
	 

A-1-1 

 

	 	 	 
	July 30, 2008

	 	Mayer Brown LLP
	 

	 	1675 Broadway
	 

	 	New York, New York 10019-5820
	 
	 	 
	Cerberus International, Ltd.

	 	Main Tel (212) 506-2500
	First Commercial Centre

	 	Main Fax (212) 262-1910
	Second Floor, Suite No. 2, East Mall Drive

	 	www.mayerbrown.com
	PO Box F-44656
	 	 
	Freeport, GBI, Bahamas
	 	 

	 	 	 
	Re:

	 	Freddie Mac Stripped Interest
Certificates, Series 256

Ladies and Gentlemen:

     We have acted as special counsel to GMAC Mortgage, LLC (the “Seller”) in connection
with the sale of the original notional principal balance of certain Freddie Mac Stripped Interest
Certificates, Series 256 (the “Purchaser SCs”) to Cerberus International, Ltd. (the
“Purchaser”) pursuant to the Purchase Agreement, dated July 30, 2008 (the “Purchase
Agreement”).

     The Purchaser SCs are being issued in connection with the transactions contemplated by
Purchase Agreement and this letter is delivered pursuant to the Purchase Agreement. Capitalized
terms not defined herein have the meanings assigned to them in the Purchase Agreement.

     In arriving at the opinions expressed below, we have examined originals, or copies identified
to our satisfaction as being true copies, of such records, documents and other instruments as in
our judgment were necessary or appropriate, including an executed copy of the Purchase Agreement.

     As to facts relevant to the opinions expressed herein, we have relied upon certificates of
public officials or certificates or opinions of officers or other representatives of the Seller.
We have also relied upon the representations and warranties set forth in, or made pursuant to, the
Purchase Agreement. In addition, we have made such investigations of such matters of law as we
have deemed appropriate as a basis for the opinions expressed below. Further, we have assumed the
genuineness of all signatures and the authenticity of the document submitted to us as an original
and the conformity with the original document of all documents submitted to us as copies.

     On the basis of, and subject to, the foregoing, and subject to the limitations, assumptions,
qualifications and exceptions set forth herein, it is our opinion that:

			
	 
	 
	 	Purchase Agreement 

A-1-2 

 

1. The Purchase Agreement constitutes a legal, valid and binding agreement of the Seller,
enforceable against the Seller in accordance with its terms.

2. The execution and delivery by the Seller of the Purchase Agreement and the consummation
by the Seller of the transactions therein contemplated do not result in the violation of any
provisions of the Applicable Laws. As used in this opinion, the term “Applicable Laws”
means those state laws of the State of New York that, in our experience and without
independent investigation, are normally applicable to transactions of the type contemplated
by the Purchase Agreement; provided that the term “Applicable Laws” shall not include state
securities or blue sky laws or any rules or regulations thereunder and any antifraud or
similar laws.

     The foregoing opinions and other statements are subject to the following limitations,
qualifications and exceptions:

     A. Members of our firm are admitted to the bar of the State of New York and the foregoing
opinions are limited to matters arising under the laws of the State of New York as in effect on the
date hereof. We express no opinion as to the laws, rules or regulations of any other jurisdiction
or as to the municipal laws or the laws, rules or regulations of any local agencies or governmental
authorities of or within the State of New York, or in each case as to any matters arising
thereunder or relating thereto. We expressly disclaim any responsibility to advise you or any
other person of any development or circumstance or any kind including any change of law or fact
that may occur after the date of this opinion letter, even in such development, circumstance or
change may affect the legal analysis, conclusion or any matter set forth in or relating to this
opinion letter.

     B. Our opinion set forth in paragraph 1 above is subject to bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other similar laws
relating to or affecting creditors’ rights generally and to general equitable principles
(regardless of whether considered in a proceeding in equity or at law), including concepts of
commercial reasonableness, good faith and fair dealing and the possible unavailability of specific
performance or injunctive relief. In addition, we advise you that rights to indemnification may be
limited by applicable law or public policy.

     C. With respect to the Purchase Agreement being executed or to be executed by any party,
except with respect to the Seller, we have assumed, to the extent relevant to the opinions set
forth herein, that (i) such party has been duly organized and is existing under the laws of its
jurisdiction of organization and (ii) such party has full rights, power and authority to execute,
deliver and perform its obligations under the Purchase Agreement to which it is a party and such
Purchase Agreement has been duly authorized, executed and delivered by and, is a valid, binding and
enforceable agreement or obligation, as the case may be, of, such party.

     This letter is solely for your benefit in connection with the transaction described in the
first paragraph above and may not be quoted or relied upon by, nor may copies be delivered to,

			
	 
	 
	 	Purchase Agreement 

A-1-3 

 

any other person, nor may this letter be relied upon by you for any other purpose, without our
prior written consent.

Very truly yours,

MAYER BROWN LLP

TS/AY

			
	 
	 
	 	Purchase Agreement 

A-1-4 

 

EXHIBIT A-2

FORM OF OPINION OF IN-HOUSE COUNSEL

 
			
	 
	 
	 	Purchase Agreement 

A-2-1 

 

July 30, 2008

Cerberus International, Ltd.

First Commercial Centre

Second Floor, Suite No. 2, East Mall Drive

PO Box F-44656

Freeport, GBI, Bahamas

Re: Freddie Mac Stripped Interest Certificates,

      Series 256

Ladies and Gentlemen:

I am internal counsel employed by Residential Funding Company, LLC, and have acted as counsel to
GMAC Mortgage, LLC, a Delaware limited liability company and successor by merger to GMAC Mortgage
Corporation, a Pennsylvania corporation (the “Company”), and have advised the Company with respect
to certain matters in connection with the Purchase Agreement, dated as of July 30, 2008 (the
“Purchase Agreement”).

     I have examined, or caused to be examined, originals, or a copy certified to my satisfaction,
of the Purchase Agreement and such other documents, certificates and instruments which I have
deemed necessary or appropriate in connection with this opinion. As to matters of fact, I have
examined and relied without independent verification upon representations, warranties and covenants
of parties to the above documents contained therein and, where I have deemed appropriate,
representations or certifications of officers of parties to the Purchase Agreement or public
officials. In rendering this opinion letter, I have assumed with your permission and without
independent verification, (i) the authenticity of all documents submitted to me as originals, the
genuineness of all signatures, the legal capacity of natural persons and the conformity to the
originals of all documents submitted to me as copies and the authenticity of the originals of such
copies, (ii) with respect to parties other than the Company, the due authorization, execution and
delivery of such documents, and the necessary entity power with respect thereto, and with respect
to all parties, the enforceability of such documents and (iii) that there is not and will not be
any other oral or written agreement, usage of trade, or course of dealing among the parties that
modifies or supplements the agreements expressed in the Purchase Agreement.

			
	 
	 
	 	Purchase Agreement

A-2-2 

 

     Capitalized terms used herein, but not defined herein, shall have the meanings assigned to
them in the Purchase Agreement.

     Based upon the foregoing, but subject to the assumptions, exceptions, qualifications and
limitations herein expressed, I am of the opinion that:

1. The Company has been duly formed, is validly existing as a limited liability company and is in
good standing under the laws of the State of Delaware;

2. The Company has the power and authority to execute and deliver the Purchase Agreement and to
perform its obligations under the Purchase Agreement;

3. The Purchase Agreement has been duly authorized, executed and delivered by the Company;

4. There are no actions, proceedings or investigations pending or, to my knowledge, threatened
against or affecting the Company before or by any court, arbitrator, administrative agency or other
governmental authority which, if adversely determined, would have a material and adverse effect on
the Company’s ability to perform its obligations under the Purchase Agreement;

5. No consent, approval, authorization or order of, or filing or registration with, any state or
federal court or governmental agency or body is required for the execution and delivery by the
Company of the Purchase Agreement or the consummation by the Company of the transactions
contemplated in the Purchase Agreement, except such as have been obtained or made; and

6. The Company is not in violation of any of its limited liability company organizational
documents, and neither the execution or delivery of or performance by the Company under the
Purchase Agreement, nor the consummation by the Company of any other of the transactions
contemplated therein, will conflict with or result in a breach or violation of any term or
provision of, or constitute a default (or an event which with the passing of time or notification,
or both, would constitute a default) under, any of the limited liability company organizational
documents of the Company, or any indenture or other agreement or instrument to which the Company is
a party or by which the Company is bound, or any state or federal statute or regulation applicable
to the Company or any order of any state or federal court, regulatory body, administrative agency
or governmental body having jurisdiction over the Company.

The opinions set forth above are subject to the following qualifications:

	(a)	 	I am admitted to practice in the State of Texas and the District of Columbia, and I render no
opinion herein as to matters involving the laws of any jurisdiction other than the State of
Texas and the District of Columbia and the Federal laws of the United States of America.
However, insofar as the opinions expressed in paragraphs 1 and 2 above relate to matters that
are governed by the laws of the State of Delaware, I am generally familiar with the laws of
the State of Delaware as they relate to the organization and governance of limited liability
companies, and I do not feel it necessary to consult with Delaware counsel. I do not express
any opinion with respect to the securities laws of any jurisdiction or any other matter not
specifically addressed above.

	(b)	 	The opinions expressed above do not address any of the following legal issues: (i) Federal
securities laws and regulations administered by the Securities and Exchange

			
	 
	 
	 	Purchase Agreement 

A-2-3 

 

	 	 	Commission, state “Blue Sky” laws and regulations, and laws and regulations relating to
commodity (and other) futures and indices and other similar instruments, (ii) pension and
employee benefit laws and regulations (e.g., ERISA), (iii) Federal and state antitrust and
unfair competition laws and regulations, (iv) Federal and state laws and regulations
concerning filing and notice requirements (e.g., Hart-Scott-Rodino and Exon-Florio), (v) the
statutes and ordinances, administrative decisions and the rules and regulations of counties,
towns, municipalities and special political subdivisions (whether created or enabled through
legislative action at the Federal, state or regional level) and judicial decisions to the
extent that they deal with the foregoing, (vi) Federal and state tax laws and regulations,
(vii) Federal and state racketeering laws and regulations (e.g., RICO), (viii) Federal and
state labor laws and regulations, (ix) Federal and state bank regulatory laws, (x) Federal
and state laws, regulations and policies concerning (1) national and local emergency, (2)
possible judicial deference to acts of sovereign states, and (3) criminal and civil
forfeiture laws, and (xi) other Federal and state statutes of general application to the
extent they provide for criminal prosecution (e.g., mail fraud and wire fraud statutes).

	(c)	 	In rendering the opinions above, I have only considered the applicability of statutes, rules,
and regulations that a lawyer in the State of Texas and the District of Columbia exercising
customary professional diligence would reasonably recognize as being directly applicable to
the Company, to the transaction contemplated by the Purchase Agreement, or both.

     The opinions set forth herein are intended solely for the benefit of the addressee hereof in
connection with the transactions contemplated herein and shall not be relied upon by any other
person or for any other purpose without my prior written consent.

     Except for reproductions for inclusion in transcripts of the documentation relating to the
transactions contemplated herein, this opinion may not be copied or otherwise reproduced or quoted
from, in whole or in part, without my prior written consent.

     This opinion is limited to the specific issues addressed and is limited in all respects to
laws and facts existing on the date of this opinion.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 

	 	 
	 

	 	Name:
	 	Hu. A. Benton	 	 
	 

	 	Title:
	 	Associate Counsel	 	 

			
	 
	 
	 	Purchase Agreement 

A-2-4 

 

EXHIBIT B

GMAC Mortgage, LLC

Freddie Mac Stripped Interest Certificates, Series [      ]

[           ], 200[   ]

GMAC Mortgage, LLC

1100 Virginia Drive

Ft. Washington, Pennsylvania 19034

     Re: Freddie Mac Stripped Interest Certificates, Series [ ]

     Ladies and Gentlemen:

          Pursuant to Section 4 of the Purchase Agreement, dated July [ ], 2008, among GMAC Mortgage,
LLC and ___ (the “Purchaser”) relating to the Certificates referenced
above, the undersigned does hereby certify that:

Section 1. The SCs: The SCs hereunder are as follows:

(a) Classes: The Classes of SCs that constitute “SCs” are listed below:

	 	 	 	 	 	 	 	 	 
	Class	 	Allocations	 	 	Proceeds	 
	1
	 	 	 	 	 	 	 	 
	2
	 	 	 	 	 	 	 	 
	3
	 	 	 	 	 	 	 	 
	4
	 	 	 	 	 	 	 	 
	5
	 	 	 	 	 	 	 	 
	6
	 	 	 	 	 	 	 	 
	7
	 	 	 	 	 	 	 	 
	8
	 	 	 	 	 	 	 	 
	9
	 	 	 	 	 	 	 	 
	10
	 	 	 	 	 	 	 	 
	11
	 	 	 	 	 	 	 	 
	12
	 	 	 	 	 	 	 	 
	13
	 	 	 	 	 	 	 	 
	14
	 	 	 	 	 	 	 	 
	15
	 	 	 	 	 	 	 	 
	16
	 	 	 	 	 	 	 	 
	 
	Totals
	 	 	 	 	 	 	 	 

The Purchaser agrees, subject to the terms and provisions herein and of the captioned Purchase
Agreement, to purchase Classes of the SCs listed above at the prices set forth in the settlement
statement attached hereto as Exhibit A.

			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

B-1 

 

(b) The SCs shall have such other characteristics as described in the related Covered Documents,

(c) The “Closing Date” is July [ ], 2008,

Sincerely,

[PURCHASER]

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 
			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

B-2 

 

EXHIBIT C

EXCLUDED INFORMATION

(ATTACHED HERETO)

			
	 
	 
	 	Purchase Agreement — Freddie Mac Series 256

C-1 

 

     Modeling Assumptions

     To prepare the yield table below, we have employed the following assumptions (the “Modeling
Assumptions”), among others:

	 	•	 	As of July 1, 2008, each Mortgage represented in the related Mortgage Group
has an Excess Yield Rate, interest rate, remaining term to maturity and loan age
equal to the weighted average Excess Yield Rate, interest rate, remaining term to
maturity and loan age for that Mortgage Group shown in the table on page S-7.
	 
	 	•	 	The Class Coupons for the WAC/IO SCs remain constant at their initial Class
Coupons.
	 
	 	•	 	Payments on the Classes are always received on the 15th of the month,
whether or not a Business Day.
	 
	 	•	 	Each Class is outstanding from the Closing Date to retirement and no
exchanges occur.
	 
	 	•	 	The Classes are purchased at the prices listed in the table, plus accrued
interest from the first day of the month of the Closing Date.

     When reading the table and the related text, you should bear in mind that the Modeling
Assumptions, like any other stated assumptions, are unlikely to be entirely consistent with actual
experience. For example, most of the Mortgages will not have the characteristics assumed, the Class
Coupons for the WAC/IO SC Classes will vary over time and many Payment Dates will occur on a
Business Day after the 15th of the month.

Yield Table

     The following table shows, at various percentages of CPR, pre-tax yields to maturity
(corporate bond equivalent) of each Class. We have prepared this table using the Modeling
Assumptions and the assumed prices shown in the table, plus accrued interest from July 1, 2008.
Actual sales may not occur at the assumed prices.

     The Mortgages will have characteristics that are more diverse than those assumed, and Mortgage
prepayment rates will differ from the constant rates shown. These differences will affect the
actual payment behavior and yields of the Classes. In the case of the WAC/IO Classes,
disproportionately fast prepayments on the related Mortgages with relatively higher Excess Yield
Rates would increase the likelihood of a reduced or negative yield.

     See Prepayment, Yield and Suitability Considerations — Tabular Information in Supplements in
the Offering Circular for a description of yield calculations and the CPR prepayment model.

C-2 

 

Pre-Tax Yields of All Classes

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class	 	Assumed Price	 	5.0% CPR	 	10.0% CPR	 	15.0% CPR	 	20.0% CPR	 	25.0% CPR
	1
	 	 	22.25	%	 	 	15.4	%	 	 	9.7	%	 	 	3.9	%	 	 	(2.2	)%	 	 	(8.4	)%
	2
	 	 	22.25	 	 	 	15.3	 	 	 	9.6	 	 	 	3.7	 	 	 	(2.3	)	 	 	(8.5	)
	3
	 	 	22.25	 	 	 	15.0	 	 	 	9.3	 	 	 	3.5	 	 	 	(2.5	)	 	 	(8.7	)
	4
	 	 	22.25	 	 	 	15.3	 	 	 	9.6	 	 	 	3.7	 	 	 	(2.3	)	 	 	(8.5	)
	5
	 	 	22.25	 	 	 	15.2	 	 	 	9.5	 	 	 	3.7	 	 	 	(2.3	)	 	 	(8.6	)
	6
	 	 	22.25	 	 	 	15.1	 	 	 	9.4	 	 	 	3.6	 	 	 	(2.5	)	 	 	(8.7	)
	7
	 	 	22.00	 	 	 	18.3	 	 	 	12.6	 	 	 	6.7	 	 	 	0.5	 	 	 	(5.8	)
	8
	 	 	22.00	 	 	 	18.1	 	 	 	12.4	 	 	 	6.5	 	 	 	0.4	 	 	 	(5.9	)
	9
	 	 	22.00	 	 	 	18.0	 	 	 	12.3	 	 	 	6.3	 	 	 	0.2	 	 	 	(6.0	)
	10
	 	 	22.00	 	 	 	18.2	 	 	 	12.5	 	 	 	6.6	 	 	 	0.5	 	 	 	(5.8	)
	11
	 	 	22.00	 	 	 	18.1	 	 	 	12.4	 	 	 	6.5	 	 	 	0.4	 	 	 	(5.9	)
	12
	 	 	22.00	 	 	 	18.1	 	 	 	12.3	 	 	 	6.4	 	 	 	0.3	 	 	 	(6.0	)
	13
	 	 	21.75	 	 	 	21.3	 	 	 	15.5	 	 	 	9.5	 	 	 	3.3	 	 	 	(3.1	)
	14
	 	 	21.75	 	 	 	21.2	 	 	 	15.4	 	 	 	9.4	 	 	 	3.2	 	 	 	(3.2	)
	15
	 	 	21.75	 	 	 	21.2	 	 	 	15.4	 	 	 	9.4	 	 	 	3.2	 	 	 	(3.2	)
	16
	 	 	21.75	 	 	 	21.2	 	 	 	15.4	 	 	 	9.4	 	 	 	3.2	 	 	 	(3.1	)
	17
	 	 	21.75	 	 	 	21.2	 	 	 	15.4	 	 	 	9.4	 	 	 	3.2	 	 	 	(3.1	)
	18
	 	 	21.75	 	 	 	21.2	 	 	 	15.4	 	 	 	9.4	 	 	 	3.2	 	 	 	(3.2	)
	19
	 	 	21.75	 	 	 	21.2	 	 	 	15.4	 	 	 	9.4	 	 	 	3.2	 	 	 	(3.2	)
	20
	 	 	21.50	 	 	 	24.3	 	 	 	18.4	 	 	 	12.3	 	 	 	6.1	 	 	 	(0.4	)
	21
	 	 	21.50	 	 	 	24.3	 	 	 	18.4	 	 	 	12.3	 	 	 	6.1	 	 	 	(0.4	)
	22
	 	 	21.50	 	 	 	24.3	 	 	 	18.4	 	 	 	12.4	 	 	 	6.1	 	 	 	(0.4	)
	23
	 	 	21.50	 	 	 	24.3	 	 	 	18.4	 	 	 	12.4	 	 	 	6.1	 	 	 	(0.4	)
	24
	 	 	21.50	 	 	 	24.3	 	 	 	18.4	 	 	 	12.3	 	 	 	6.1	 	 	 	(0.4	)
	25
	 	 	21.50	 	 	 	24.3	 	 	 	18.4	 	 	 	12.3	 	 	 	6.1	 	 	 	(0.4	)
	26
	 	 	21.50	 	 	 	24.3	 	 	 	18.4	 	 	 	12.3	 	 	 	6.1	 	 	 	(0.4	)
	27
	 	 	12.00	 	 	 	14.7	 	 	 	9.1	 	 	 	3.3	 	 	 	(2.7	)	 	 	(8.8	)
	28
	 	 	12.00	 	 	 	14.5	 	 	 	8.9	 	 	 	3.1	 	 	 	(2.9	)	 	 	(9.0	)
	29
	 	 	12.00	 	 	 	15.5	 	 	 	9.8	 	 	 	4.0	 	 	 	(2.0	)	 	 	(8.2	)
	30
	 	 	12.00	 	 	 	14.7	 	 	 	9.1	 	 	 	3.3	 	 	 	(2.7	)	 	 	(8.9	)
	31
	 	 	12.00	 	 	 	15.3	 	 	 	9.6	 	 	 	3.8	 	 	 	(2.2	)	 	 	(8.4	)
	32
	 	 	12.50	 	 	 	18.8	 	 	 	13.1	 	 	 	7.2	 	 	 	1.1	 	 	 	(5.2	)
	33
	 	 	12.50	 	 	 	18.2	 	 	 	12.5	 	 	 	6.6	 	 	 	0.5	 	 	 	(5.7	)
	34
	 	 	12.50	 	 	 	18.6	 	 	 	12.8	 	 	 	6.9	 	 	 	0.9	 	 	 	(5.4	)
	35
	 	 	12.50	 	 	 	18.4	 	 	 	12.7	 	 	 	6.8	 	 	 	0.7	 	 	 	(5.6	)
	36
	 	 	12.50	 	 	 	18.6	 	 	 	12.8	 	 	 	6.9	 	 	 	0.9	 	 	 	(5.4	)
	37
	 	 	12.50	 	 	 	18.4	 	 	 	12.6	 	 	 	6.7	 	 	 	0.7	 	 	 	(5.6	)
	38
	 	 	13.00	 	 	 	22.7	 	 	 	16.9	 	 	 	10.9	 	 	 	4.7	 	 	 	(1.7	)
	39
	 	 	13.00	 	 	 	22.1	 	 	 	16.3	 	 	 	10.3	 	 	 	4.2	 	 	 	(2.2	)
	40
	 	 	13.00	 	 	 	23.3	 	 	 	17.4	 	 	 	11.4	 	 	 	5.2	 	 	 	(1.2	)
	41
	 	 	13.00	 	 	 	22.5	 	 	 	16.6	 	 	 	10.6	 	 	 	4.5	 	 	 	(1.9	)
	42
	 	 	13.00	 	 	 	23.2	 	 	 	17.4	 	 	 	11.4	 	 	 	5.2	 	 	 	(1.2	)
	43
	 	 	13.00	 	 	 	22.5	 	 	 	16.6	 	 	 	10.6	 	 	 	4.5	 	 	 	(1.9	)
	44
	 	 	13.50	 	 	 	26.2	 	 	 	20.2	 	 	 	14.2	 	 	 	7.9	 	 	 	1.4	 
	45
	 	 	13.50	 	 	 	26.5	 	 	 	20.6	 	 	 	14.5	 	 	 	8.2	 	 	 	1.7	 
	46
	 	 	13.50	 	 	 	27.1	 	 	 	21.1	 	 	 	15.0	 	 	 	8.7	 	 	 	2.2	 
	47
	 	 	13.50	 	 	 	28.2	 	 	 	22.2	 	 	 	16.1	 	 	 	9.8	 	 	 	3.2	 
	48
	 	 	13.50	 	 	 	28.0	 	 	 	22.0	 	 	 	15.8	 	 	 	9.5	 	 	 	3.0	 
	49
	 	 	13.50	 	 	 	27.4	 	 	 	21.4	 	 	 	15.3	 	 	 	9.0	 	 	 	2.5	 
	50
	 	 	22.25	 	 	 	15.3	 	 	 	9.6	 	 	 	3.8	 	 	 	(2.2	)	 	 	(8.5	)
	51
	 	 	22.00	 	 	 	18.3	 	 	 	12.5	 	 	 	6.6	 	 	 	0.5	 	 	 	(5.8	)
	52
	 	 	21.75	 	 	 	21.3	 	 	 	15.4	 	 	 	9.4	 	 	 	3.3	 	 	 	(3.1	)
	53
	 	 	21.50	 	 	 	24.3	 	 	 	18.4	 	 	 	12.3	 	 	 	6.1	 	 	 	(0.4	)
	54
	 	 	22.00	 	 	 	19.4	 	 	 	13.7	 	 	 	7.7	 	 	 	1.6	 	 	 	(4.8	)
	55
	 	 	12.00	 	 	 	14.7	 	 	 	9.1	 	 	 	3.3	 	 	 	(2.7	)	 	 	(8.9	)
	56
	 	 	12.50	 	 	 	18.6	 	 	 	12.8	 	 	 	6.9	 	 	 	0.9	 	 	 	(5.4	)
	57
	 	 	13.00	 	 	 	22.6	 	 	 	16.8	 	 	 	10.8	 	 	 	4.6	 	 	 	(1.8	)
	58
	 	 	13.50	 	 	 	26.7	 	 	 	20.7	 	 	 	14.6	 	 	 	8.3	 	 	 	1.8	 
	59
	 	 	12.50	 	 	 	20.4	 	 	 	14.6	 	 	 	8.7	 	 	 	2.5	 	 	 	(3.8	)

CERTAIN FEDERAL INCOME TAX CONSEQUENCES

     You should read Certain Federal Income Tax Consequences — General, — Giant Certificates
—Application of the Stripped Bond Rules and — Strips in the Offering Circular for a general
discussion of the anticipated material federal income tax consequences of owning an interest in a
Class of SCs.

C-3 

 

EXHIBIT D

GLOSSARY

     Covered Documents: The Offering Circular Supplement.

     Offering Documents: The Offering Circular together with the related Offering Circular
Supplement.

     Purchaser Information: The statement “to one or more funds and/or accounts managed by
affiliates of Cerberus Capital Management, L.P.” set forth in the last sentence on the cover of the
Offering Circular Supplement.

 
			
	 
	 
	 	Purchase Agreement 

D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]