Document:

EX-10.8

Exhibit 10.8

UNITED STATES DEPARTMENT OF THE TREASURY

December 29, 2008

General Motors Corporation

300 Renaissance Drive

Detroit, MI 48265-3000

     Re: Commitment Letter for Rights Offering Liquidity

Ladies and Gentlemen:

     The United States Department of the Treasury (“UST”) hereby irrevocably commits, upon
the terms and subject to the conditions set forth in this commitment letter (the “Commitment
Letter”) and in the Term Sheet attached hereto as Exhibit A (the “Term Sheet”), to
provide up to $1 billion (as provided in Appendix A) in the form of a single-draw term loan for use
by General Motors Corporation (the “Borrower;” such facility, the “Facility”) to
purchase Class B Membership Interests of GMAC LLC (the “GMAC Equity”) pursuant to an
offering of approximately $1.25 billion of Common Membership Interests of GMAC LLC to be made to
the existing holders of GMAC LLC Common Membership Interests.

     The Facility will be made available to the Borrower on substantially the same terms and
conditions as the Loan and Security Agreement for the $13.4 billion credit facility being provided
to the Borrower by UST (the “GM Loan”), except (1) the Facility will be secured solely by
the GMAC Equity or other collateral acceptable (collectively, the “GMAC Collateral”) to
lender, and (2) as otherwise provided in the Term Sheet and Appendix A. UST’s commitment hereunder
is subject to (a) entry into a loan agreement and other documentation on terms mutually
satisfactory to the Borrower and UST on or before January 16, 2009 or such other date as is
mutually agreed between the parties, (b) the closing and initial funding of the GM Loan, (c) since
the date of this Commitment Letter, no event described in Section 5.2(f) of the Membership Interest
Subscription Agreement between GMAC LLC, the Borrower and FIM Holdings LLC relating to the GMAC
Rights Offering (as defined in the Term Sheet) shall have occurred, and (d) satisfaction of the
other conditions set forth or referred to in the Term Sheet. The terms and conditions of UST’s
commitment hereunder and of the Facility are not limited to those set forth herein and in the Term
Sheet. Those matters not covered by the provisions hereof and of the Term Sheet will be addressed
in the loan agreement for the Facility, subject to the approval and agreement of UST and the
Borrower.

     You agree (a) to indemnify and hold harmless UST and its affiliates and their respective
officers, employees, advisors, and agents (each, an “Indemnified Person”) from and against
any and all losses, claims, damages and liabilities to which any such Indemnified Person may

 

 

become subject arising out of or in connection with this Commitment Letter, the Facility, the
use of the proceeds thereof or any related transaction or any claim, litigation, investigation or
proceeding relating to any of the foregoing, regardless of whether any Indemnified Person is a
party thereto, and to reimburse each Indemnified Person upon demand for any legal or other expenses
incurred in connection with investigating or defending any of the foregoing, provided that the
foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages,
liabilities or related expenses to the extent they are found by a final, non-appealable judgment of
a court to arise from (i) the willful misconduct or gross negligence of such Indemnified Person or
(ii) a breach by an Indemnified Person of the terms of this Commitment Letter, and (b) to reimburse
UST and its affiliates on demand for all reasonable out-of-pocket expenses (including, without
limitation reasonable fees, time charges and disbursements of counsel) incurred in connection with
the Facility and any related documentation (including, without limitation this Commitment Letter,
the Term Sheet and the definitive financing documentation) or the administration, amendment,
modification or waiver thereof. No Indemnified Person shall be liable for any special, indirect,
consequential or punitive damages in connection with the Facility.

     This Commitment Letter shall not be assignable by the Borrower (and any purported assignment
without such consent shall be null and void), is intended to be solely for the benefit of the
Borrower and is not intended to confer any benefits upon, or create any rights in favor of, any
person other than the Borrower. This Commitment Letter may not be amended or waived except by an
instrument in writing signed by the Borrower and UST. This Commitment Letter may be executed in
any number of counterparts, each of which shall be an original, and all of which, when taken
together, shall constitute one agreement. Delivery of an executed signature page of this
Commitment Letter by facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof. This Commitment Letter and the Term Sheet set forth the entire understanding
of the parties with respect thereto. This Commitment Letter shall be governed by, and construed in
accordance with applicable Federal law and the laws of the State of New York. If this Commitment
Letter, the Term Sheet or any act, omission or event hereunder or thereunder becomes the subject of
a dispute, the Borrower and UST each hereby waive trial by jury.

     The reimbursement and indemnification provisions contained herein and in the Term Sheet shall
remain in full force and effect regardless of whether definitive financing documentation shall be
executed and delivered and notwithstanding the termination of this Commitment Letter or UST’s
commitment hereunder; provided, that your obligations under this Commitment Letter shall
automatically terminate and be superseded by the provisions of the definitive documentation
relating to the Facility upon the initial funding thereunder, and you shall automatically be
released from all liability in connection therewith at such time.

     If the foregoing correctly sets forth our agreement, please indicate your acceptance of the
terms hereof and of the Term Sheet by returning to us an executed counterpart hereof not later than
6:00 p.m., Washington D.C. time today. UST’s commitment will expire at such time in the event UST
has not received such executed counterpart in accordance with the immediately preceding sentence.
This Commitment Letter and Term Sheet supersede any and all prior versions hereof and thereof.

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[Signature Page Follows]

3

 

	 	 	 	 	 
	 	Very truly yours,

THE UNITED STATES DEPARTMENT OF THE TREASURY

 	 
	 	By:  	/x/ Neel Kashkari
 	 
	 	 	Neel Kashkari 	 
	 	 	Interim Assistant Secretary of 

the
Treasury for Financial Stability 	 
	 

Accepted and agreed to as of

the date first written above by:

GENERAL MOTORS CORPORATION

By:      /x/ Ray G. Young                    

Name: Ray G. Young

Title: Executive Vice President and CFO

Signature Page to Commitment Letter for Rights Offering Liquidity

 

 

EXHIBIT A

 

 

Indicative Summary of Terms for

Secured Term Loan Facility

December 29, 2008

Based upon the preliminary information provided to the United States Department of the Treasury
(the “UST”) regarding the proposed Facility, the following Summary of Terms outlines the key terms
and conditions of the Facility. This Summary of Terms is not intended to be a comprehensive list
of all relevant terms and conditions of the transactions contemplated herein. Final terms will be
included in definitive documentation based on this Summary of Terms and executed by the applicable
parties. This Summary of Terms is intended for the sole benefit of the Company identified on
Appendix A and shall not be relied upon by any other person. Capitalized terms used herein or in
Appendix A and defined herein or in the Commitment Letter or Appendix A are used herein and therein
as so defined.

	 	 	 
	Facility:

	 	A term loan that is secured by a first priority security
interest in the Class B Membership Interests of GMAC LLC
purchased by Borrower in the GMAC Rights Offering and such
other collateral as the lender may require (collectively,
the “GMAC Equity”), and is subject to the terms and
conditions contained herein and in the definitive Facility
documentation.
	 
	 	 
	Borrower:

	 	As set forth on Appendix A.
	 
	 	 
	Lender:

	 	UST, on a fully committed basis.
	 
	 	 
	Closing Date:

	 	As set forth on Appendix A.
	 
	 	 
	Loan:

	 	Lender will make available to Borrower a loan in an
aggregate amount up to the amount set forth on Appendix A
(the “Loan Amount”), as further specified on Appendix A.
	 
	 	 
	Availability:

	 	Borrower may request Lender to fund a draw up to an amount
set forth on Appendix A (such funding, an “Advance”). At
the time of funding by the Lender (the “Advance Date”),
Borrower shall be in compliance with all of the covenants,
representations and warranties of this Facility.
	 
	 	 
	 

	 	Unless otherwise agreed by the UST, Borrower must provide the UST with its
request at least one (1) business day’s prior to the date on which the
Advance will be funded by Lender. For the avoidance of doubt, notice
received by the UST after 5:00 pm Washington, DC time on any business day
shall be deemed to be received on the following business day.
	 
	 	 
	Use of Funds:

	 	The Borrower shall utilize the proceeds from the Advance
as set forth on Appendix A.
	 
	 	 
	Currencies:

	 	The Advance and any prepayments and payments of fees and
indemnities and any other payments under the Facility
shall be made in United States Dollars or in the form of
the GMAC Equity.

 

 

	 	 	 
	Collateral:

	 	As set forth on Appendix A. As security for Borrower’s
performance of all of its obligations under the Facility,
Borrower will grant to Lender a security interest in and
to the Collateral (with the lien priority specified with
respect thereto on Appendix A).
	 
	 	 
	Maturity Date:

	 	The Facility will terminate and the aggregate outstanding
Advance and all fees, expenses, indemnities and other
amounts owing to Lender, will be due and fully payable on
the earlier of (i) the Expiration Date (as set forth on
Appendix A), and (ii) the date of exchange after the
Advance Date, at the option of the Lender, based upon the
facts and circumstances in existence at the time of the
exchange.
	 
	 	 
	Interest Rate:

	 	The Advance shall accrue interest at a rate per annum
equal to (i) the sum of (x) the greater of (A)
three-month LIBOR and (B) the LIBOR Floor, plus (y) the
Spread Amount, multiplied by (ii) the outstanding
principal balance of such Advance. The Interest Rate
shall be determined on the Closing Date and reset on each
Interest Payment Date and shall be calculated on a
360-day year basis for the actual number of days elapsed
(including the first day but excluding the last day)
occurring in the related Interest Period. Interest on
the Advance shall be payable in arrears on each Interest
Payment Date in respect of the previous Interest Period,
and together with all outstanding principal and other
amounts owing, on the Maturity Date.
	 
	 	 
	Interest Period:

	 	For the Advance, (i) initially, the period commencing on
the Advance Date and ending on the calendar day prior to
the next succeeding Interest Payment Date, and (ii)
thereafter, each period commencing on an Interest Payment
Date and ending on the calendar day prior to next
succeeding Interest Payment Date. Notwithstanding the
foregoing, no Interest Period may end after the Maturity
Date.
	 
	 	 
	Interest 

Payment Date:

	 	Set forth on Appendix A.
	 
	 	 
	LIBOR Floor:

	 	Set forth on Appendix A.
	 
	 	 
	Spread Amount:

	 	Set forth on Appendix A.
	 
	 	 
	Mandatory 

Prepayments:

	 	

Subject to any mandatory prepayments from the following
amounts required under existing secured credit
agreements, the Borrower shall apply 100% of the net cash
proceeds of any of the following transactions, to the
extent such transactions relate to collateral for the
Facility, to prepay, on a pro rata basis, the aggregate
outstanding Advance: (i) sales, liquidations or other
transfers of any Collateral, (ii) the incurrence by the
Borrower of any debt (other than permitted indebtedness
including the refinancing of prior indebtedness) or any
equity or other capital raises (other than contributions
of indemnity payments received by the Company

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	 	and required to be applied to satisfy obligations of its subsidiaries), either
public or private, whether in connection with a primary securities offering, a
business combination of any kind, or otherwise, (iii) to the extent
unencumbered, non-ordinary course asset sales (including aircraft divestments);
provided that, with respect to clause (ii), in no event will any of the
Collateral or Lender’s security interest therein be released to the Borrower
until the aggregate outstanding Advance, together with interest thereon at the
applicable Interest Rate and all fees, expenses, indemnities and other amounts
owing to Lender shall have been paid in full. Notwithstanding anything to the
contrary contained herein, any amounts advanced and repaid cannot be
reborrowed.
	 
	 	 
	Optional 

Prepayments:

	 	

Upon written notice to the Lender at least two
business days in advance, Borrower may prepay all or
a portion of the outstanding Advance, without
penalty; provided that in no event will any of the
Collateral be released to the Borrower until the
aggregate outstanding Advance, together with interest
thereon at the applicable Interest Rate and all fees,
expenses, indemnities and other amounts owing to
Lender shall have been paid in full. Notwithstanding
anything to the contrary contained herein, any
amounts advanced and repaid cannot be reborrowed.
	 
	 	 
	Executive Privileges
and Compensation:

	 	

Until such time as the Facility is repaid in full and
the UST ceases to own any equity securities of the
Relevant Company acquired pursuant to this Facility
or any other facility between the Relevant Company
and the UST (including any Warrants and underlying
Equity Interests acquired by the UST upon exercise
thereof) (the “Relevant Period”), the following
restrictions on executive privileges and compensation
shall apply to the “Relevant Company,” as defined on
Annex A:

	 	1.	 	The Relevant Company shall be subject to the
executive compensation and corporate governance requirements of Section
111(b) of the EESA and the UST’s guidelines that carry out the
provisions of such subsection for systemically significant failing
institutions as set forth in Notice 2008-PSSFI;
	 
	 	2.	 	The Relevant Company and its respective SEOs
(as defined below) shall modify or terminate all benefit plans,
arrangements and agreements (including golden parachute agreements) to
the extent necessary to be in compliance with Section 111(b) of the
EESA and the guidelines set forth in Notice 2008-PSSFI;
	 
	 	3.	 	The Relevant Company shall comply in all
respects with the limits on annual executive compensation deductibles
imposed by Section 162(m)(5) of Internal Revenue Code of 1986, as
amended, as applicable;

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	 	4.	 	The Relevant Company shall not pay or accrue
any bonus or incentive compensation to the 25 most highly compensated
employees (including the SEOs) (collectively, the “Senior Employees”)
except as approved by the President’s Designee;
	 
	 	5.	 	The Relevant Company shall not adopt or
maintain any compensation plan that would encourage manipulation of
their reported earnings to enhance the compensation of any of its
employees; and
	 
	 	6.	 	The Relevant Company shall maintain all
suspensions and other restrictions of contributions to Benefit Plans
that are in place or initiated as of the Closing Date.

	 	 	 
	 

	 	At any time during the Relevant Period, the Lender shall have the right to
require the Relevant Company to claw back any bonuses or other compensation,
including golden parachutes, paid to any Senior Employees in violation of
any of the foregoing.
	 
	 	 
	 

	 	Within 120 days of the Closing Date, the principal executive officer (or
person acting in a similar capacity) of the Relevant Company shall certify
in writing, to the Lender’s Chief Compliance Officer that the Relevant
Company’s compensation committee has reviewed the compensation arrangements
of the SEOs with its senior risk officers and determined that the
compensation arrangements do not encourage the SEOs to take unnecessary and
excessive risks that threaten the value of the Relevant Company. The
Relevant Company shall preserve appropriate documentation and records to
substantiate such certification in an easily accessible place for a period
not less than three (3) years following the Maturity Date.
	 
	 	 
	 

	 	“President’s Designee” means one or more officers from the Executive Branch
designated by the President. “SEOs” means the Borrower’ “senior executive
officers” as defined in subsection 111(b)(3) of the EESA and regulations
issued thereunder, including the rules set forth in 31 C.F.R. Part 30, or as
otherwise may be defined by the UST. “Benefit Plan” means, collectively,
any compensation, bonus, incentive and other benefit plans (including
supplemental executive retirement plans), arrangements and agreements
(including golden parachute, severance and employment agreements).
	 
	 	 
	Asset Divestment:

	 	With respect to any private passenger aircraft or
interest in such aircraft that is owned or held by the
Borrower or any subsidiary immediately prior to the
Closing Date, such party shall demonstrate to the
satisfaction of the President’s Designee that it is
taking all reasonable steps to divest itself of such
aircraft or interest. Further, the Borrower shall not
acquire or lease any such aircraft or interest in such
aircraft.

4

 

	 	 	 
	Material 

Transactions:

	 	

The Borrower shall provide prompt notice to the
President’s Designee of any asset sale, investment,
contract, commitment, or other transaction not in the
ordinary course of business proposed to be entered into
with a value in excess of $100 million (a “Material
Transaction”). The President’s Designee shall have the
right to review and prohibit any such Material
Transaction if the President’s Designee determines that
it would be inconsistent with or detrimental to the
long-term viability of the Borrower.
	 
	 	 
	Restrictions on 

Expenses:

	 	

During the Relevant Period, the Company shall maintain
and implement its comprehensive written policy on
corporate expenses (“Expense Policy”) and distribute the
Expense Policy to all employees of the Company and its
subsidiaries covered under the policy. Any material
amendments to the Expense Policy shall require the prior
written consent of the President’s Designee, and any
material deviations from the Expense Policy, whether in
contravention thereof or pursuant to waivers provided
for thereunder, shall promptly be reported to the the
President’s Designee.
	 
	 	 
	 

	 	The Expense Policy shall, at a minimum: (i) require compliance with all
applicable law, (ii) apply to the Company and all of its subsidiaries, (iii)
govern (a) the hosting, sponsorship or other payment for conferences and
events, (b) travel accommodations and expenditures, (c) consulting
arrangements with outside service providers, (d) any new lease or
acquisition of real estate, (e) expenses relating to office or facility
renovations or relocations, and (f) expenses relating to entertainment or
holiday parties; and (iv) provide for (a) internal reporting and oversight,
and (b) mechanisms for addressing non-compliance with the policy.
	 
	 	 
	Reporting 

Requirements:

	 	
The Borrower shall deliver to Lender, consistent with
Borrower’s obligations to provide such information pursuant
to the terms of other loan agreements, some or all of the
following periodic reports and certifications:

	 	1.	 	Weekly status report, commencing with the week
of December 29, 2008, detailing the 13-week rolling cash forecast for
the Company and its subsidiaries (on a consolidated and consolidating
basis);
	 
	 	2.	 	Bi-weekly liquidity status report, commencing
with the second week following the Closing Date, detailing, with
respect to the Company and its subsidiaries (on a consolidated and
consolidating basis): (i) the current liquidity profile; (ii) expected
liquidity needs; (iii) any material changes in their business since the
date of the last status report; (iv) any transfer, sale, pledge or
other disposition of any material asset since the date of the last
status report; and (v) any changes to their capital structure.

5

 

	 	3.	 	Monthly certification that (i) the Expense
Policy conforms to the requirements set forth herein; (ii) the Company
and its subsidiaries are in compliance with the Expense Policy; and
(iii) there have been no material amendments thereto or deviations
therefrom other than those that have been disclosed to and approved by
Lender.
	 
	 	4.	 	Monthly certification that all Benefit Plans
with respect to SEOs and Senior Employees are in compliance with
Section 111(b) of the EESA and the executive compensation terms
specified in the final lending agreement; and
	 
	 	5.	 	Certified copies of all publicly filed
financial reports and auditors opinions.

	 	 	 
	Access to Information
And Right to Audit:

	 	

At all times while the Facility is in effect, the
Borrower and each of its direct and indirect
subsidiaries shall permit the Lender and its agents,
consultants, contractors and advisors, and the
Special Inspector General of the Troubled Assets
Relief Program, access to personnel and any books,
papers, records or other data that may be relevant
to the financial assistance being provided through
the Facility, including compliance with the
financing terms and conditions.
	 
	 	 
	Representations 

And Warranties:

	 	

In addition, with respect to Warrants to be issued
to the UST , the Borrower will represent and warrant
to the UST that, as of the date of this Indicative
Summary of Terms and each date any Warrants are
delivered, (i) the Warrants have been duly
authorized and constitute a valid and legally
binding obligation of the Company enforceable
against it in accordance with its terms; (ii) the
shares of common stock issuable upon exercise of the
Warrants (the “Warrant Shares”) have been duly
authorized and reserved for issuance upon exercise
of the Warrants, and when so issued in accordance
with the terms of the Warrants will be validly
issued, fully paid, and non-assessable; (iii)
Borrower has the corporate power to enter into this
Facility, to execute and deliver the related
Facility documentation and the Warrants and to carry
out its obligations hereunder and thereunder; (iv)
the execution, delivery, and performance by the
Borrower of the Facility documents and the Warrants,
and the consummation of the transactions
contemplated hereby and thereby, have been duly
authorized by all necessary corporate action on
their respective parts, and no further approval or
authorization is required on their respective parts;
(v) each Facility document, when executed and
delivered by the Borrower and Lender, is a valid,
binding and enforceable obligation of the Borrower.

6

 

	 	 	 
	Conditions Precedent
to Closing:

	 	

Closing of the Facility and the funding of the
Advance will be subject to, the satisfaction of
customary conditions precedent, including but not
limited to:

	 	1.	 	Execution of mutually satisfactory Facility
documentation and completion of all conditions to funding contained
therein;
	 
	 	2.	 	Receipt of customary legal opinions from
in-house, domestic and local counsel to the Borrower acceptable to
Lender including, but not limited to, security interest perfection, PTO
filings and analogous foreign law opinions, general corporate matters
and enforceability, and an Investment Company Act opinion;
	 
	 	3.	 	Receipt of officer’s certificates and standard
closing documents and certificates with respect to the Borrower, each
in a form acceptable to Lender;
	 
	 	4.	 	The Lender’s interests in the Collateral shall
be perfected in accordance with applicable law (except to the extent
the interests will be perfected on a post-closing basis, as may be
agreed to by the Lender) and all necessary waivers, amendments,
approvals and consents to the pledge of such Collateral shall have been
obtained;
	 
	 	5.	 	With respect to Collateral on which Lender will
have a first priority lien, evidence that all then-existing liens
thereon have been released or will be released simultaneously with the
funding of the Advance;
	 
	 	6.	 	With respect to Collateral on which Lender will
have a lien of junior priority, if any, an intercreditor agreement duly
executed by the other lienholders, in form and substance acceptable to
Lender in its sole discretion;
	 
	 	7.	 	With respect to any equity investments that
constitute Collateral, receipt of approvals duly executed by the
Borrower’s applicable creditors consenting to the pledge of such equity
investments, to the extent required;
	 
	 	8.	 	With respect to any real property that
constitutes Collateral, receipt of an environmental indemnity from the
Borrower;
	 
	 	9.	 	A waiver shall have been duly executed by the
Borrower and each SEO and delivered to the UST releasing the UST from
any claims that the Borrower and/or the SEOs may otherwise have as a
result of any modification of the terms of any benefit plans,
arrangements and agreements to eliminate any provisions that would not
be in compliance with the executive compensation and corporate
governance requirements of Section 111 of the EESA and the guidelines
set forth in Notice 2008-PSSFI;
	 
	 	11.	 	A waiver shall have been duly executed by each
SEO and delivered to the Borrower (with a copy to the UST) releasing
the

7

 

	 	 	 	Borrower from any claims the SEOs may otherwise have as a result of
any modification of the terms of any benefit plans, arrangements and
agreements to eliminate any provisions that would not be in
compliance with the executive compensation and corporate governance
requirements of Section 111 of the EESA and the guidelines set forth
in Notice 2008-PSSFI;
	 
	 	12.	 	A waiver shall have been duly executed by the
Borrower and each Senior Employee and delivered to the UST releasing
the UST from any claims that the Borrower and such Senior Employees may
otherwise have as a result of the Borrower’s failure to pay or accrue
any bonus or incentive compensation as a result of the foregoing;
	 
	 	13.	 	A waiver shall have been duly executed by each
Senior Employee and delivered to the Borrower (with a copy to the UST)
releasing the Loan Parties from any claims that the SEOs may otherwise
have as a result of the Borrower’s failure to pay or accrue any bonus
or incentive compensation as a result of the foregoing;
	 
	 	14.	 	No material pending or threatened litigation
not otherwise disclosed to and approved by Lender;
	 
	 	15.	 	Payment of all fees and expenses due at the
Closing Date;
	 
	 	16.	 	Satisfaction of the additional conditions
precedent set forth on Appendix A; and
	 
	 	17.	 	Delivery or performance (to the satisfaction of
the Lender) of all other conditions to closing and due diligence items
that may be requested by the Lender.

	 	 	 
	Conditions Precedent
to the Advance:

	 	

The obligation of Lender to make the Advance will be
subject to the satisfaction of the following
conditions precedent:

	 	1.	 	No unmatured Event of Default or Event of
Default shall have occurred and be continuing; and
	 
	 	2.	 	Other customary conditions precedent.

	 	 	 
	Covenants

	 	Unless waived by Lender, the Borrower shall be subject
to customary covenants for this type of transaction
(with certain exceptions to be mutually agreed).
	 
	 	 
	Events of Default:

	 	Will include, consistent with events of default set
forth in the $13.4 billion loan agreement to which the
Borrower and the Lender will become parties, but not be
limited to each of the following events:

	 	1.	 	Breach of representations, warranties or
covenants or other terms and conditions of the Facility;
	 
	 	2.	 	Default on any payment obligation under the
Facility;
	 
	 	3.	 	Bankruptcy/insolvency of the Borrower;

8

 

	 	4.	 	Change in control of the Borrower;
	 
	 	5.	 	The Borrower’s or default under any other debt
or prepayment obligations the outstanding principal balance of which
equals or exceeds $100 million;
	 
	 	6.	 	Lender ceases to have a perfected first
priority security interest or ownership interest in any material
portion of the Collateral;
	 
	 	7.	 	Cross default to any other facility or
arrangement between the Borrower or any of its affiliates and Lender.

	 	 	 
	 

	 	Upon the occurrence of any of the foregoing, Lender shall have the option to
make demand, at which time the Facility will terminate and all amounts owing
with respect to the Facility will be immediately exchanged for the GMAC
Equity in full and complete satisfaction of the Borrower’s obligations under
the Facility. Lender shall be entitled to any and all remedies pursuant to
the Facility documents and applicable law, each of which shall be cumulative
and in addition to every other remedy available to the Lender.
	 
	 	 
	DIP Loan 

Conversion:

	 	

Upon the filing of a voluntary or involuntary
bankruptcy petition by or in respect of the Borrower,
Lender shall have the exclusive right, exercisable at
its option, to convert this Facility into a
debtor-in-possession facility in form and substance
acceptable to Lender.
	 
	 	 
	Warrant:

	 	The UST will receive warrants to purchase common shares
of the Company as set forth in the Indicative Summary
of Terms for Secured Term Loan Facility dated December
19, 2008.
	 
	 	 
	Fees and Expenses:

	 	The Borrower shall be responsible for any and all
reasonable legal fees, reasonable due diligence and
other reasonable out-of-pocket expenses incurred by or
on behalf of the Lender in connection with this
Facility, whether or not the Facility closes or funds.
	 
	 	 
	Governing Law:

	 	Applicable Federal law (including conflicts of law
rules), and in the absence of applicable Federal law,
the law of the State of New York, without regard to
conflict of laws doctrine applied in such state (other
than Section 5-1401 of the New York General Obligations
Law).

9

 

Appendix A to Secured Term Loan Facility

GM

Additional Terms

	 	 	 
	Company/Borrower:

	 	General Motors Corporation.
	 
	 	 
	Expected Closing
and Advance Date:

	 	Expected date for closing and funding: On or about January 16, 2009.
	 
	 	 
	Loan Amount:

	 	Up to $1 billion, to be made available to Borrower, upon request
(subject to the Loan Parties’ satisfaction of the other terms and
conditions of the Facility), on or after the closing date of the
GMAC Rights Offering.
	 
	 	 
	Use of Funds:

	 	The funds advanced may be used by the Borrower to purchase, through
the applicable subsidiaries, $1 billion Class B Membership
Interests of GMAC LLC (the “Purchased Interests”) pursuant to an
offering of $1 .25 billion Common Membership Interests of GMAC LLC
to the existing Common Holders (the “GMAC Rights Offering”).
Capitalized terms used in this section and not otherwise defined
herein shall have the respective meanings set forth in the GMAC LLC
Operating Agreement.
	 
	 	 
	 

	 	The funds advanced may be used by the Borrower to purchase, through
the applicable subsidiaries, $1 billion Class B Membership
Interests of GMAC LLC (the “Purchased Interests”) pursuant to an
offering of $1 .25 billion Common Membership Interests of GMAC LLC
to the existing Common Holders (the “GMAC Rights Offering”).
Capitalized terms used in this section and not otherwise defined
herein shall have the respective meanings set forth in the GMAC LLC
Operating Agreement.
	 
	 	 
	 

	 	The funds advanced may be used by the Borrower to purchase, through
the applicable subsidiaries, $1 billion Class B Membership
Interests of GMAC LLC (the “Purchased Interests”) pursuant to an
offering of $1.25 billion Common Membership Interests of GMAC LLC
to the existing Common Holders (the “GMAC Rights Offering”).
Capitalized terms used in this section and not otherwise defined
herein shall have the respective meanings set forth in the GMAC LLC
Operating Agreement.
	 
	 	 
	 

	 	The funds advanced may be used by the Borrower to purchase, through
the applicable subsidiaries, $1 billion Class B Membership
Interests of GMAC LLC (the “Purchased Interests”) pursuant to an
offering of $1.25 billion Common Membership Interests of GMAC LLC
to the existing Common Holders (the “GMAC Rights Offering”).
Capitalized terms used in this section and not otherwise defined
herein shall have the respective meanings set forth in the GMAC LLC
Operating Agreement.
	 
	 	 
	 

	 	The funds advanced shall be used by the Borrower to purchase up to
$1 billion of Class B Membership Interests of GMAC LLC (the

 

 

	 	 	 
	 

	 	“Purchased Interests”) pursuant to an offering of approximately
$1.25 billion Common Membership Interests of GMAC LLC to the
existing Common Holders (the “GMAC Rights Offering”). Capitalized
terms used in this section and not otherwise defined herein shall
have the respective meanings set forth in the GMAC LLC Operating
Agreement.
	 
	 	 
	Expiration Date:

	 	January 16, 2012 at 5:00 pm Washington, DC time.
	 
	 	 
	Payment Date:

	 	The last business day of each calendar quarter, commencing with the
first calendar quarter in 2009.
	 
	 	 
	LIBOR Floor:

	 	 2.00%.
	 
	 	 
	Spread Amount:

	 	300 basis points; provided that upon the occurrence and during the
continuance of an Event of Default, the Spread Amount shall be
equal to 800 basis points.
	 
	 	 
	Financial Covenants:

	 	Minimum liquidity and maximum leverage covenants to be determined
by the President’s Designee.
	 
	 	 
	Additional
Conditions
Precedent to
Closing:

	 	(1) The Common Holders of the Class A Membership Interests of GMAC
LLC and holders of the Class C Membership Interests of GMAC LLC
shall have consented in writing to the pledge to Lender of the
Class B Membership Interests under this Facility.
	 
	 	 
	 

	 	(2) Cerberus ResCap Financing, LLC (or its applicable affiliate)
and the Borrower shall each have converted 100% of their respective
participation interests in GMAC LLC’s senior secured credit
facility with Residential Funding Company, LLC and GMAC Mortgage,
LLC, dated June 4, 2008, to Common Membership Interests.
	 
	 	 
	Additional
Condition Precedent
to Making the Loan:

	 	Each Common Holder of Common Membership Interests of GMAC LLC shall
have waived its preemptive rights under Section 12.3 of the GMAC
LLC Operating Agreement.
	 
	 	 
	Collateral:

	 	The Borrower shall and shall cause its affiliates to grant to
Lender first-priority liens the GMAC Equity issued to them in the
GMAC Rights Offering, together with certain other GMAC equity now
owned by the Borrower, and such other collateral as may be
requested by the Lender and provided by the Borrower from time to
time.
	 
	 	 
	Relevant Company:

	 	General Motors Corporation.EX-10.1

EXHIBIT
10.1

Execution Copy

Assumption Agreement

     This Assumption Agreement (this “Agreement”) is entered into as of December 31, 2008 by Bob
Evans Farms, Inc., an Ohio corporation (the “Successor Corporation”), in favor of the persons or
entities listed on Schedule A attached to the Note Purchase Agreement (defined below) and their
successors (collectively, the “Noteholders”), each of which is a party to (or a transferee of a
party to) that certain Note Purchase Agreement dated as of July 28, 2008, among Bob Evans Farms,
Inc., a Delaware corporation (the “Parent Guarantor”), and BEF Holding Co., Inc., a Delaware
corporation (the “Issuer”), and the several Noteholders (the “Note Purchase Agreement”).
Capitalized terms used herein without definition (including, without limitation, in Exhibits A-1,
A-2, B, C, D and E hereto) shall have the meanings assigned to such terms in the Note Purchase
Agreement.

Witnesseth:

     Whereas, pursuant to the Agreement of Merger dated as of December 31, 2008, between
the Successor Corporation and the Issuer, the Issuer has been merged with and into the Successor
Corporation (the “Transaction”) and, as a result of the Transaction, the Successor Corporation has
assumed all of the rights, duties, liabilities and obligations of the Issuer, including, without
limitation, all of the rights, duties, liabilities and obligations of the Issuer under the Note
Purchase Agreement;

     Whereas, the Successor Corporation, as the surviving corporation of the Transaction,
shall receive direct and indirect benefits by reason of the investments made by the Noteholders
under the Note Purchase Agreement (which benefits are hereby acknowledged);

     Whereas, the obligations of the Issuer under the Note Purchase Agreement and the
Notes, have been guaranteed by the Parent Guarantor, pursuant to the terms and provisions of
Section 11 of the Note Purchase Agreement (the “Parent Guaranty”) and by the Subsidiary Guarantor
pursuant to that certain Subsidiary Guaranty Agreement dated as of July 28, 2008 (the “Subsidiary
Guaranty”);

     Whereas, the Note Purchase Agreement requires, as a condition precedent to the
consummation of the Transaction, that the Successor Corporation execute and deliver this Agreement;
and

     Whereas, the Note Purchase Agreement further requires, as a condition precedent to
the consummation of the Transaction, that the Parent Guarantor and the Subsidiary Guarantor each
confirm in writing their respective obligations under the Note Purchase Agreement and the
Subsidiary Guaranty, as applicable.

     Now Therefore, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Successor
Corporation hereby agrees as follows:

 

 

          1. Assumption. (a) The Successor Corporation, as the surviving corporation of the
Transaction, hereby unconditionally and expressly assumes, confirms and agrees to perform
and observe each and every one of the covenants, rights, promises, agreements, terms,
conditions, obligations, duties and liabilities of the Issuer under the Note Purchase
Agreement and the Notes and under any documents, instruments or agreements executed and
delivered or furnished, or to be executed and delivered or furnished, by the Issuer in
connection therewith, and to be bound by all waivers made by the Issuer with respect to any
matter set forth therein.

          (b) All references to the Issuer in the Note Purchase Agreement or any Note or any
document, instrument or agreement executed and delivered or furnished, or to be executed and
delivered or furnished, in connection therewith shall be deemed to be references to the
Successor Corporation, except for references to the Issuer relating to its status prior to
the consummation of the Transaction. Upon the written request of any holder of Notes, the
Successor Corporation will issue a replacement Note in the form of Exhibit A-1 or Exhibit
A-2 hereto, as applicable (each, a “Replacement Note” and collectively, the “Replacement
Notes”), in exchange for such holder’s existing Note within 10 Business Days of any such
request.

          2. Representations and Warranties. The Successor Corporation hereby accepts and
assumes all obligations and liabilities of the Issuer related to each representation or
warranty made by the Issuer in the Note Purchase Agreement or any other document, instrument
or agreement executed and delivered or furnished in connection therewith. The Successor
Corporation further represents, warrants and affirms for the benefit of the Noteholders
that:

          (a) The representations and warranties set forth in Exhibit B hereto are true and
correct as of the date hereof after giving effect to the transactions contemplated hereby;

          (b) Immediately after giving effect to the Transaction, (i) the Successor Corporation
and the Parent Guarantor would have been in compliance with Section 10.3 of the Note
Purchase Agreement as of October 24, 2008, and (ii) no Default or Event of Default has
occurred and is continuing, or as a result of the transactions contemplated hereby, will
occur under the Note Purchase Agreement; and

          (c) The Successor Corporation is a solvent corporation organized and existing under the
laws of the State of Ohio.

          3. Opinions of Counsel. The Noteholders shall receive opinions in form and substance
reasonably satisfactory to the Noteholders from counsel to the Successor Corporation
substantially in the form of Exhibit C hereto.

          4. Further Assurances. At any time and from time to time, upon any Noteholder’s
request and at the sole expense of the Successor Corporation, the Successor Corporation will
promptly execute and deliver any and all further instruments and

- 2 -

 

documents and will take such further action as such Noteholder may reasonably deem necessary
to effect the purposes of this Agreement.

          5. Requisite Approval; Fees. This Agreement shall be effective as of the date first
written above upon the satisfaction of the following conditions precedent: (a) the Successor
Corporation shall have executed this Agreement and delivered a duly executed copy of this
Agreement to the Noteholders; (b) the Parent Guarantor shall have executed and delivered the
acknowledgment, consent and ratification of the Note Purchase Agreement to the Noteholders,
in the form attached hereto as Exhibit D; (c) the Subsidiary Guarantor shall have executed
and delivered the acknowledgment, consent and ratification of the Subsidiary Guaranty to the
Noteholders, in the form attached hereto a Exhibit E; and (d) the Successor Corporation
shall have paid all reasonable out-of-pocket expenses incurred by the Noteholders in
connection with the transactions contemplated by this Agreement, including without
limitation the reasonable fees, expenses and disbursements of Chapman and Cutler LLP which
are reflected in statements of counsel rendered on or prior to the date of this Agreement.

          6. Amendment, Etc. No amendment or waiver of any provision of this Agreement shall be
effective, unless the same shall be in writing and executed in accordance with the
provisions of the Note Purchase Agreement.

          7. Binding Effect; Assignment. This Agreement shall be binding upon the Successor
Corporation, and shall inure to the benefit of the Noteholders and their respective
successors and assigns.

          8. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.

[Remainder of Page Intentionally Blank]

- 3 -

 

     In Witness Whereof, the undersigned has caused this Agreement to be duly executed and
delivered by its duly authorized officer on the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	Bob Evans Farms, Inc., an Ohio corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Tod P. Spornhauer	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Tod P. Spornhauer	 	 
	 

	 	 	 	Title:	 	Senior Vice
President — Finance,
Controller, Assistant Treasurer and Assistant
Secretary	 	 

- 4 -

 

Form of Series A Note

Bob Evans Farms, Inc.

6.39% Senior Note, Series A, due July 28, 2014

			
	 	 	 
	No. RA-[     ]
	 	[Date]
	$[               ]
	 	PPN 096761 A*2

     For Value Received, Bob Evans Farms, Inc., an Ohio corporation (the
“Issuer”), hereby promises to pay to [___], or its registered assigns, the principal
sum of $[___] Dollars on July 28, 2014, with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 6.39% per
annum from the date hereof, payable quarterly, on the 28th of each January, April, July and October
in each year, commencing October 28, 2008, until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole
Amount (as defined in the Note Purchase Agreement referred to below), payable quarterly as
aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from
time to time equal to the greater of (i) 8.39% or (ii) 2% over the rate of interest publicly
announced by National City Bank from time to time in Cleveland, Ohio as its “base” or “prime” rate.
Capitalized terms used but not defined herein shall have the meaning assigned thereto in the Note
Purchase Agreement.

     Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are
to be made in lawful money of the United States of America at the principal office of JP Morgan
Chase Bank in New York, New York or at such other place as the Issuer shall have designated by
written notice to the holder of this Note as provided in the Note Purchase Agreement referred to
below.

     This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to
the Note Purchase Agreement, dated as of July 28, 2008 among Bob Evans Farms, Inc., a
Delaware corporation (the “Parent Guarantor”), BEF Holding Co., Inc., a Delaware
corporation, and the institutional investors named therein (as assumed by the Issuer pursuant to
the Assumption Agreement dated as of December 31, 2008, and as further amended, supplemented or
modified from time to time, the “Note Purchase Agreement”), and this Note is entitled to the
benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase Agreement and
(ii) to have made the representations set forth in Sections 6.1 and 6.2 of the Note Purchase
Agreement, provided that with respect to Section 6.2 such holder may (in reliance upon information
provided by the Issuer, which shall not be unreasonably withheld) make a representation to the
effect that the purchase by such holder of any Note will not constitute a non-exempt prohibited
transaction under section 406(a) of ERISA.

Exhibit A-1

(to Assumption Agreement)

 

 

     This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender
of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized
in writing, a new Note of the same Series for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for registration of transfer,
the Issuer may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Issuer will not be affected by any
notice to the contrary.

     Pursuant to (i) Section 11 of the Note Purchase Agreement and (ii) that certain Subsidiary
Guaranty Agreement dated as of July 28, 2008 (as from time to time amended, joined, supplemented or
otherwise modified, the “Subsidiary Guaranty”), respectively, the Parent Guarantor and the
Subsidiary Guarantor have absolutely and unconditionally guarantied the payment in full of the
principal of, the Make-Whole Amount, if any, and interest on this Note and the performance by the
Issuer of all of its obligations contained in the Note Purchase Agreement all as more fully set
forth in said Note Purchase Agreement.

     The Issuer will make required prepayments of principal on the date and in the amount specified
in the Note Purchase Agreement. This Note is also subject to optional prepayment, in whole or from
time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but
not otherwise.

     If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing,
the principal of this Note may be declared or otherwise become due and payable in the manner, at
the price (including any applicable Make-Whole Amount) and with the effect provided in the Note
Purchase Agreement.

     This Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles of the
law of such state that would require the application of the laws of a jurisdiction other than such
State.

	 	 	 	 	 
	 	Bob Evans Farms, Inc.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-1-2

 

Form of Series B Note

Bob Evans Farms, Inc.

6.39% Senior Note, Series B, due July 28, 2013

			
	 	 	 
	No. RB-[     ]
	 	[Date]
	$[               ]
	 	PPN 096761 A@0

     For Value Received, the undersigned, Bob Evans Farms, Inc., an Ohio
corporation (the “Issuer”), hereby promises to pay to [___], or its registered assigns,
the principal sum of $[___] Dollars on July 28, 2013, with interest (computed on
the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate
of 6.39% per annum from the date hereof, payable quarterly, on the 28th of each January, April,
July and October in each year, commencing October 28, 2008, until the principal hereof shall have
become due and payable, and (b) to the extent permitted by law on any overdue payment (including
any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of
any Make-Whole Amount (as defined in the Note Purchase Agreement referred to below), payable
quarterly as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate
per annum from time to time equal to the greater of (i) 8.39% or (ii) 2% over the rate of interest
publicly announced by National City Bank from time to time in Cleveland, Ohio as its “base” or
“prime” rate. Capitalized terms used but not defined herein shall have the meaning assigned
thereto in the Note Purchase Agreement.

     Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are
to be made in lawful money of the United States of America at the principal office of JP Morgan
Chase Bank in New York, New York or at such other place as the Issuer shall have designated by
written notice to the holder of this Note as provided in the Note Purchase Agreement referred to
below.

     This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to
the Note Purchase Agreement, dated as of July 28, 2008 among Bob Evans Farms, Inc., a
Delaware corporation (the “Parent Guarantor”), BEF Holding Co., Inc., a Delaware
corporation, and the institutional investors named therein (as assumed by the Issuer pursuant to
the Assumption Agreement dated as of December 31, 2008, and as further amended, supplemented or
modified from time to time, the “Note Purchase Agreement”), and this Note is entitled to the
benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase Agreement and
(ii) to have made the representations set forth in Sections 6.1 and 6.2 of the Note Purchase
Agreement, provided that with respect to Section 6.2 such holder may (in reliance upon information
provided by the Issuer, which shall not be unreasonably withheld) make a representation to the
effect that the purchase by such holder of any Note will not constitute a non-exempt prohibited
transaction under section 406(a) of ERISA.

Exhibit A-2

(to Assumption Agreement)

 

 

     This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender
of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized
in writing, a new Note of the same Series for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for registration of transfer,
the Issuer may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Issuer will not be affected by any
notice to the contrary.

     Pursuant to (i) Section 11 of the Note Purchase Agreement and (ii) that certain Subsidiary
Guaranty Agreement dated as of July 28, 2008 (as from time to time amended, joined, supplemented or
otherwise modified, the “Subsidiary Guaranty”), respectively, the Parent Guarantor and the
Subsidiary Guarantor have absolutely and unconditionally guarantied the payment in full of the
principal of, the Make-Whole Amount, if any, and interest on this Note and the performance by the
Issuer of all of its obligations contained in the Note Purchase Agreement all as more fully set
forth in said Note Purchase Agreement.

     This Note is subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise.

     If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing,
the principal of this Note may be declared or otherwise become due and payable in the manner, at
the price (including any applicable Make-Whole Amount) and with the effect provided in the Note
Purchase Agreement.

     This Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles of the
law of such state that would require the application of the laws of a jurisdiction other than such
State.

	 	 	 	 	 
	 	Bob Evans Farms, Inc.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-2-2

 

Acknowledgment and Consent

     The undersigned acknowledges receipt of a copy of, and hereby consents to, the Assumption
Agreement, ratifies and confirms its continued guarantee of the obligations of the Issuer under the
Note Purchase Agreement and the Notes, as assumed under this Assumption Agreement by the Successor
Corporation, pursuant to the terms of the Note Purchase Agreement, and confirms that all of the
terms, provisions and conditions thereof continue unimpaired and remain in full force and effect on
this 31st day of December, 2008.

	 	 	 	 	 
	 	Bob Evans Farms, Inc., a Delaware
corporation

 	 
	 	By:  	/s/
Tod P. Spornhauer	 
	 	 	Name:  	Tod P. Spornhauer	 
	 	 	Title:  	Senior Vice President — Finance,
Controller, Assistant Treasurer and Assistant Secretary	 
	 

Exhibit D

(to Assumption Agreement)

 

 

Acknowledgment and Consent

     The undersigned acknowledges receipt of a copy of, and hereby consents to, the Assumption
Agreement, ratifies and confirms its continued guarantee of the obligations of the Issuer under the
Note Purchase Agreement and the Notes, as assumed under this Assumption Agreement by the Successor
Corporation, pursuant to the terms of the Subsidiary Guaranty, and confirms that all of the terms,
provisions and conditions thereof continue unimpaired and remain in full force and effect on this
31st day of December, 2008.

	 	 	 	 	 
	 	Mimi’s Café, LLC, a Delaware limited
liability company

 	 
	 	By:  	/s/
Tod P. Spornhauer	 
	 	 	Name:  	Tod P. Spornhauer	 
	 	 	Title:  	Manager, Assistant Treasurer and Assistant
Secretary	 
	 

Exhibit E

(to Assumption Agreement)

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