Document:

exv4w4

Exhibit 4.4

 

RESIDENTIAL CAPITAL, LLC

AND EACH OF THE GUARANTORS FROM TIME TO TIME PARTY HERETO

9.625% JUNIOR SECURED GUARANTEED NOTES DUE 2015

 

INDENTURE

Dated as of June 6, 2008

 

U.S. Bank National Association

Trustee

 

 

 

 

CROSS-REFERENCE TABLE*

	 	 	 	 	 
	Trust Indenture	 	 	 	 
	     Act Section	 	 	 	Indenture Section
	310 (a)(1)
	 	 	 	7.10
	(a)(2)
	 	 	 	7.10
	(a)(3)
	 	 	 	N.A.
	(a)(4)
	 	 	 	N.A.
	(a)(5)
	 	 	 	7.10
	(b)
	 	 	 	7.10
	(c)
	 	 	 	N.A.
	311(a)
	 	 	 	7.11
	(b)
	 	 	 	7.11
	(c)
	 	 	 	N.A.
	312(a)
	 	 	 	2.05
	(b)
	 	 	 	12.03
	(c)
	 	 	 	12.03
	313(a)
	 	 	 	7.06
	(b)(1)
	 	 	 	N.A.
	(b)(2)
	 	 	 	7.06; 7.07
	(c)
	 	 	 	7.06; 12.02
	(d)
	 	 	 	7.06
	314(a)
	 	 	 	4.03;12.02; 12.05
	(b)
	 	 	 	N.A
	(c)(1)
	 	 	 	12.04
	(c)(2)
	 	 	 	12.04
	(c)(3)
	 	 	 	N.A.
	(d)
	 	 	 	N.A.
	(e)
	 	 	 	12.05
	(f)
	 	 	 	N.A.
	315(a)
	 	 	 	7.01
	(b)
	 	 	 	7.05; 12.02
	(c)
	 	 	 	7.01
	(d)
	 	 	 	7.01
	(e)
	 	 	 	6.11
	316(a) (last sentence)
	 	 	 	2.09
	(a)(1)(A)
	 	 	 	6.05
	(a)(1)(B)
	 	 	 	6.04
	(a)(2)
	 	 	 	N.A.
	(b)
	 	 	 	6.07
	(c)
	 	 	 	2.12
	317(a)(1)
	 	 	 	6.08
	(a)(2)
	 	 	 	6.09
	(b)
	 	 	 	2.04
	318(a)
	 	 	 	12.01
	(b)
	 	 	 	N.A.
	(c)
	 	 	 	12.01

 

			
	 	 	N.A. means not applicable.
	 
	*	 	This Cross Reference Table is not part of the Indenture.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	ARTICLE I

	DEFINITIONS AND INCORPORATION

	BY REFERENCE

	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Other Definitions
	 	 	19	 
	Section 1.03 Incorporation by Reference of Trust Indenture Act
	 	 	19	 
	Section 1.04 Rules of Construction
	 	 	20	 
	Section 1.05 Retroactive Effect of Indenture with respect to Certain Transactions
	 	 	20	 
	 
	 	 	 	 
	ARTICLE II

	THE NOTES

	 
	 	 	 	 
	Section 2.01 Form and Dating
	 	 	20	 
	Section 2.02 Execution and Authentication
	 	 	21	 
	Section 2.03 Registrar and Paying Agent
	 	 	22	 
	Section 2.04 Paying Agent to Hold Money in Trust
	 	 	22	 
	Section 2.05 Holder Lists
	 	 	22	 
	Section 2.06 Transfer and Exchange
	 	 	23	 
	Section 2.07 Replacement Notes
	 	 	37	 
	Section 2.08 Outstanding Notes
	 	 	37	 
	Section 2.09 Treasury Notes
	 	 	37	 
	Section 2.10 Temporary Notes
	 	 	38	 
	Section 2.11 Cancellation
	 	 	38	 
	Section 2.12 Defaulted Interest
	 	 	38	 
	Section 2.13 Withholding Taxes
	 	 	38	 
	 
	 	 	 	 
	ARTICLE III

	REDEMPTION AND PREPAYMENT

	 
	 	 	 	 
	Section 3.01 Notices to Trustee
	 	 	39	 
	Section 3.02 Selection of Notes to Be Redeemed
	 	 	39	 
	Section 3.03 Notice of Redemption
	 	 	40	 
	Section 3.04 Effect of Notice of Redemption
	 	 	40	 
	Section 3.05 Deposit of Redemption
	 	 	41	 
	Section 3.06 Notes Redeemed in Part
	 	 	41	 
	Section 3.07 Optional Redemption
	 	 	41	 
	Section 3.08 Offer to Purchase by Application of Excess Proceeds
	 	 	42	 
	Section 3.09 Mandatory Redemption
	 	 	44	 

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	 	 	Page
	 
	 	 	 	 
	ARTICLE IV

	COVENANTS

	 
	 	 	 	 
	Section 4.01 Payment of Notes
	 	 	44	 
	Section 4.02 Maintenance of Office or Agency
	 	 	44	 
	Section 4.03 Reports
	 	 	45	 
	Section 4.04 Compliance Certificate
	 	 	46	 
	Section 4.05 Taxes
	 	 	46	 
	Section 4.06 Stay, Extension and Usury Laws
	 	 	46	 
	Section 4.07 Restricted Payments
	 	 	47	 
	Section 4.08 [Reserved]
	 	 	48	 
	Section 4.09 Incurrence of Indebtedness
	 	 	48	 
	Section 4.10 Asset Sales
	 	 	49	 
	Section 4.11 Transactions with Affiliates
	 	 	50	 
	Section 4.12 Liens
	 	 	51	 
	Section 4.13 Maintenance of the Company as a Holding Company
	 	 	52	 
	Section 4.14 Corporate Existence
	 	 	52	 
	Section 4.15 [Reserved]
	 	 	52	 
	Section 4.16 [Reserved]
	 	 	52	 
	Section 4.17 Future Guarantors
	 	 	52	 
	 
	 	 	 	 
	ARTICLE V

	SUCCESSORS

	 
	 	 	 	 
	Section 5.01 Merger, Consolidation, or Sale of Assets
	 	 	53	 
	Section 5.02 Successor Corporation Substituted
	 	 	54	 
	 
	 	 	 	 
	ARTICLE VI

	DEFAULTS AND REMEDIES

	 
	 	 	 	 
	Section 6.01 Events of Default
	 	 	54	 
	Section 6.02 Acceleration
	 	 	56	 
	Section 6.03 Other Remedies
	 	 	56	 
	Section 6.04 Waiver of Past Defaults
	 	 	56	 
	Section 6.05 Control by Majority
	 	 	57	 
	Section 6.06 Limitation on Suits
	 	 	57	 
	Section 6.07 Rights of Holders of Notes to Receive Payment
	 	 	57	 
	Section 6.08 Collection Suit by Trustee
	 	 	58	 
	Section 6.09 Trustee May File Proofs of Claim
	 	 	58	 
	Section 6.10 Priorities
	 	 	58	 
	Section 6.11 Undertaking for Costs
	 	 	59	 
	 
	 	 	 	 
	ARTICLE VII

	TRUSTEE

	 
	 	 	 	 
	Section 7.01 Duties of Trustee
	 	 	59	 

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	 	 	Page
	 
	 	 	 	 
	Section 7.02 Rights of Trustee
	 	 	60	 
	Section 7.03 Individual Rights of Trustee
	 	 	61	 
	Section 7.04 Trustee’s Disclaimer
	 	 	62	 
	Section 7.05 Notice of Defaults
	 	 	62	 
	Section 7.06 Reports by Trustee to Holders of the Notes
	 	 	62	 
	Section 7.07 Compensation and Indemnity
	 	 	62	 
	Section 7.08 Replacement of Trustee
	 	 	64	 
	Section 7.09 Successor Trustee by Merger, etc
	 	 	65	 
	Section 7.10 Eligibility; Disqualification
	 	 	65	 
	Section 7.11 Preferential Collection of Claims Against Company
	 	 	65	 
	Section 7.12 Patriot Act
	 	 	65	 
	Section 7.13 Payment of Additional Interest
	 	 	65	 
	 
	 	 	 	 
	ARTICLE VIII

	COLLATERAL

	 
	 	 	 	 
	Section 8.01 Security Documents
	 	 	66	 
	Section 8.02 Agents
	 	 	66	 
	Section 8.03 Authorization of Actions to Be Taken
	 	 	66	 
	Section 8.04 Release of Collateral
	 	 	67	 
	Section 8.05 Filing, Recording and Opinions
	 	 	68	 
	Section 8.06 Powers Exercisable by Receiver or Trustee
	 	 	69	 
	Section 8.07 Release upon Termination of the Company’s Obligations
	 	 	69	 
	 
	 	 	 	 
	ARTICLE IX

	AMENDMENT, SUPPLEMENT AND WAIVER

	 
	 	 	 	 
	Section 9.01 Without Consent of Holders of Notes
	 	 	69	 
	Section 9.02 With Consent of Holders of Notes
	 	 	70	 
	Section 9.03 Compliance with Trust Indenture Act
	 	 	71	 
	Section 9.04 Revocation and Effect of Consents
	 	 	72	 
	Section 9.05 Notation on or Exchange of Notes
	 	 	72	 
	Section 9.06 Trustee to Sign Amendments, etc
	 	 	72	 
	 
	 	 	 	 
	ARTICLE X

	GUARANTEES

	 
	 	 	 	 
	Section 10.01 Guarantee
	 	 	72	 
	Section 10.02 Limitation on Guarantor Liability
	 	 	73	 
	Section 10.03 Execution and Delivery of Guarantee
	 	 	74	 
	Section 10.04 Guarantors May Consolidate, etc., on Certain Terms
	 	 	74	 
	Section 10.05 Releases
	 	 	75	 

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	 	 	Page
	 
	 	 	 	 
	ARTICLE XI

	SATISFACTION AND DISCHARGE

	 
	 	 	 	 
	Section 11.01 Satisfaction and Discharge
	 	 	75	 
	Section 11.02 Application of Trust Money
	 	 	76	 
	 
	 	 	 	 
	ARTICLE XII

	MISCELLANEOUS

	 
	 	 	 	 
	Section 12.01 Trust Indenture Act Controls
	 	 	77	 
	Section 12.02 Notices
	 	 	77	 
	Section 12.03 Communication by Holders of Notes with Other Holders of Notes
	 	 	78	 
	Section 12.04 Certificate and Opinion as to Conditions Precedent
	 	 	78	 
	Section 12.05 Statements Required in Certificate or Opinion
	 	 	79	 
	Section 12.06 Rules by Trustee and Agents
	 	 	79	 
	Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders
	 	 	79	 
	Section 12.08 Governing Law
	 	 	79	 
	Section 12.09 No Adverse Interpretation of Other Agreements
	 	 	80	 
	Section 12.10 Successors
	 	 	80	 
	Section 12.11 Severability
	 	 	80	 
	Section 12.12 Counterpart Originals
	 	 	80	 
	Section 12.13 Table of Contents, Headings, etc
	 	 	80	 
	Section 12.14 Third-Party Beneficiaries
	 	 	80	 
	 
	 	 	 	 
	ARTICLE XIII

	 
	 	 	 	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE

	 
	 	 	 	 
	Section 13.01 Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	80	 
	Section 13.02 Legal Defeasance and Discharge
	 	 	80	 
	Section 13.03 Covenant Defeasance
	 	 	81	 
	Section 13.04 Conditions to Legal or Covenant Defeasance
	 	 	82	 
	Section 13.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous
Provisions
	 	 	83	 
	Section 13.06 Repayment to the Company
	 	 	84	 
	Section 13.07 Reinstatement
	 	 	84	 
	 
	 	 	 	 
	EXHIBITS

	Exhibit A FORM OF NOTE
	 	 	 	 
	Exhibit B FORM OF CERTIFICATE OF TRANSFER
	 	 	 	 
	Exhibit C FORM OF CERTIFICATE OF EXCHANGE
	 	 	 	 
	Exhibit D FORM OF NOTATION OF GUARANTEE
	 	 	 	 
	Exhibit E FORM OF SUPPLEMENTAL INDENTURE
	 	 	 	 
	Exhibit F FORM OF OFFICERS’ CERTIFICATE FOR RELEASE OF COLLATERAL
	 	 	 	 
	Exhibit G FORM OF OPINION OF COUNSEL FOR RELEASE OF COLLATERAL
	 	 	 	 

 -iv-

 

 

          INDENTURE dated as of June 6, 2008 among Residential Capital, LLC, a Delaware corporation,
each of the Guarantors and U.S. Bank National Association, a national banking association, as
Trustee.

          The Company and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders (as defined) of the 9.625% Junior Secured Guaranteed Notes due
2015 (the “Notes”):

ARTICLE I

DEFINITIONS AND INCORPORATION

BY REFERENCE

     Section 1.01 Definitions.

          “144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing
the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and
registered in the name of, the Depositary or its nominee.

          “Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person
becomes a Subsidiary or assumed in connection with the acquisition of assets from such Person.

          “Additional Interest” has the meaning given to such term in the Registration Rights Agreement.

          “Additional Notes” means additional Notes (other than the Initial Notes) issued under this
Indenture in accordance with Sections 2.02 and 4.09 hereof, as part of the same series as the
Initial Notes.

          “Affiliates” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control,” as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by agreement or
otherwise.

          “Agent” means any Registrar, Collateral Agent, co-registrar, Paying Agent or additional paying
agent.

          “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial
interests in any Global Note, the rules and procedures of the Depositary that apply to such
transfer or exchange.

          “Asset Sale” means any sale, securitization financing, exchange or other disposition by the
Company or any Subsidiary of any Collateral or Supporting Assets to any Person (collectively, for
purposes of this definition, a “transfer”), provided that if any such transaction constitutes part
of a series of related transactions, all of the transactions in such series shall

 

 

constitute a single transfer. For purposes of this definition, the term “Asset Sale” shall
not include:

          (a) transfers of cash or cash equivalents representing payments received in the
ordinary course of business from any obligor under such Collateral;

          (b) the write-off or forgiveness of investments in the ordinary course of business;

          (c) the creation of any Lien permitted under this Indenture; and

          (d) any transfer of assets of Model Home or its Subsidiaries (other than any Collateral
or Supporting Assets with respect to which the Company has relied on clause (3) of the
second paragraph of Section 4.10) other than to the Company or a Subsidiary (other than a
Financing SPV).

          “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors.

          “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under
the Exchange Act, except that in calculating the beneficial ownership of any particular “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to
have beneficial ownership of all securities that such “person” has the right to acquire by
conversion or exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned”
have a corresponding meaning.

          “Board of Directors” means:

          (1) with respect to a corporation, the board of directors of the corporation or any
committee thereof duly authorized to act on behalf of such board;

          (2) with respect to a partnership, the board of directors of the general partner of the
partnership;

          (3) with respect to a limited liability company, the managing member or members or any
controlling committee of managing members thereof; and

          (4) with respect to any other Person, the board or committee of such Person serving a
similar function.

          “Broker-Dealer” has the meaning set forth in the Registration Rights Agreement.

          “Business Day” means a day other than a Saturday, Sunday or other day on which commercial
banking institutions are authorized or required by law to close in New York City or the State of
Minnesota.

-2-

 

          “Capital Lease” means, with respect to any Subsidiary, any lease of (or other agreement
conveying the right to use) any real or personal property by such Subsidiary that, in conformity
with GAAP, is accounted for as a capital lease on the balance sheet of such Subsidiary.

          “Capital Stock” means:

          (1) in the case of a corporation, corporate stock;

          (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock;

          (3) in the case of a partnership or limited liability company, partnership interests
(whether general or limited) or membership interests; and

          (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing Person, but
excluding from all of the foregoing any debt securities convertible into Capital Stock,
whether or not such debt securities include any right of participation with Capital Stock.

          “Collateral” means all of the existing and after-acquired collateral described in the Security
Documents; provided that for purposes of Sections 4.10 and 4.12 the “Collateral” shall include only
Primary Collateral (as defined in the Security Agreement).

          “Collateral Agent” means Wells Fargo Bank, N.A. in its capacity as Third Priority Collateral
Agent under the Security Documents.

          “Collateral Control Agent” has the meaning set forth in the Intercreditor Agreement.

          “Company” means Residential Capital, LLC and any and all successors thereto.

          “Consolidated Net Income” for any period means the net income (or loss) of the Company and its
Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided
that there shall be excluded from such net income (to the extent otherwise included therein),
without duplication:

               (a) the net income (or loss) of any Person that is not a Subsidiary, except to the extent that
cash in an amount equal to any such income has actually been received by the Company or, subject to
clause (c) below, any Subsidiary during such period;

               (b) except to the extent includible in the consolidated net income of the Company pursuant to
the foregoing clause (a), the net income (or loss) of any Person that accrued prior to the date
that (i) such Person becomes a Subsidiary or is merged into or consolidated with the Company or any
Subsidiary or (ii) the assets of such Person are acquired by the Company or any Subsidiary;

-3-

 

               (c) the net income of any Subsidiary during such period to the extent that the declaration or
payment of dividends or similar distributions by such Subsidiary of that income is not permitted by
operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Subsidiary during such period, except
that the Company’s equity in a net loss of any such Subsidiary for such period shall be included in
determining Consolidated Net Income;

               (d) in the case of a successor to the Company by consolidation, merger or transfer of its
assets, any income (or loss) of the successor prior to such merger, consolidation or transfer of
assets; and

               (e) without duplication of amounts otherwise deducted in determining Consolidated Net Income,
the amount of Permitted Tax Distributions for such period.

          “Corporate Trust Office of the Trustee” means a principal office of the Trustee at which at
any time its corporate trust business shall be administered, which office at the date hereof is
located at U.S. Bank National Association, 60 Livingston Avenue, EP-MN-WS3C, St. Paul, MN
55107-2292, or such other address as the Trustee may designate from time to time by notice to the
Holders and the Company, or the principal corporate trust office of any successor Trustee (or such
other address as such successor Trustee may designate from time to time by notice to the Holders
and the Company).

          “corporation” means a corporation, limited liability company, statutory trust, limited
partnership or similar limited liability entity.

          “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any
successor entity thereto.

          “Dealer Managers” means Banc of America Securities LLC, Citigroup Global Markets, Inc.,
Barclays Capital Inc., Deutsche Bank Securities Inc. and Lehman Brothers Inc.

          “Default” means any event that is, or with the passage of time or the giving of notice or both
would be, an Event of Default.

          “Definitive Note” means a certificated Note registered in the name of the Holder thereof and
issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except
that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges
of Interests in the Global Note” attached thereto.

          “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, DTC, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

          “Disqualified Equity Interests” means any class of Equity Interests of the Company or such
Subsidiary that, by its terms, or by the terms of any related agreement or of any security into
which it is convertible, puttable or exchangeable, is, or upon the happening of any event or the
passage of time would be, required to be redeemed by the Company or such Subsidiary,

-4-

 

whether or not at the option of the holder thereof, or matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, in whole or in part, on or prior to the date
which is 91 days after the final maturity date of the Notes.

          “Equity Interests” of any Person means (1) any and all shares or other equity interests
(including common stock, preferred stock, limited liability company interests and partnership
interests) in such Person and (2) all rights to purchase, warrants or options (whether or not
currently exercisable), participations or other equivalents of or interests in (however designated)
such shares or other interests in such Person.

          “Event of Default” means any event that is, or with the passage of time or the giving of
notice or both would be, an event of Event of Default.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          “Exchange Offer” has the meaning set forth in the Registration Rights Agreement.

          “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights
Agreement.

          “Exchange Securities” has the meaning given such term by the Registration Rights Agreement.

          “Excluded Subsidiary” means (i) GMAC Bank, (ii) a Foreign Subsidiary, (iii) any Subsidiary
that is effectively restricted from guaranteeing the Notes by law or regulation, (iv) any Financing
SPV or (v) any Subsidiary that is effectively restricted from guaranteeing the Notes by its
charter, so long as such Subsidiary referred to in this clause (v) is required to make dividends of
all cash legally available therefor that is not required to pay current obligations of such
Subsidiary; provided, that (x) no Subsidiary under (i), (ii), (iii) or (v) above shall be deemed an
Excluded Subsidiary if it guarantees any Indebtedness of the Company or any unsecured Indebtedness
of any Guarantor for borrowed money, whether or not evidenced by bonds, debentures, notes or
similar instruments and (y) no Subsidiary the Equity Interests of which are directly owned by the
Company shall be an Excluded Subsidiary.

          “Existing Notes” means any series of the Company’s existing senior and senior subordinated
notes which were the subject of the exchange offers contemplated by the Offering Memorandum.

          “Fair Value” means, with respect to any Collateral or Supporting Assets at any time, the fair
market value of such Collateral or Supporting Assets at such time (taking into account, among other
things, current market conditions and whether such Collateral or Supporting Assets are subject to
senior claims or set-off rights).

          “Financing Assets” means whole loan mortgages, residual interests, securities (including
Equity Interests or Indebtedness of Subsidiaries that are Financing SPVs but excluding Equity
Interests of other Subsidiaries) and other financial assets or any related assets, rights or
property or the proceeds therefrom.

-5-

 

          “Financing SPV” means a special purpose vehicle formed for financing purposes by the Company
or any Subsidiary in accordance with past practice of the Company (or any reasonable extension or
modification of such past practice including for purposes of financing other types of financial
assets) that does not guarantee any Indebtedness of the Company or any Subsidiary other than
Indebtedness of another Financing SPV and substantially all of the assets of which consist of
Financing Assets.

          “First Priority Collateral Agent” means Wells Fargo Bank, N.A., in its capacity as collateral
agent for the holder of Permitted First Lien Indebtedness.

          “Foreign Subsidiary” means (x) a Subsidiary that is not organized within one of the 50 states
of the United States of America or any jurisdiction that hereafter becomes a state and (y) any
Subsidiary of a Subsidiary referred to in clause (x) above.

          “GAAP” means United States generally accepted accounting principles as in effect from time to
time and as applied by the Company in the preparation of its financial statements.

          “Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is
required to be placed on all Global Notes issued under this Indenture.

          “Global Notes” means, individually and collectively, each of the Restricted Global Notes and
the Unrestricted Global Notes registered in the name of the Depositary or its nominee, deposited
with the Trustee, as custodian for the Depositary substantially in the form of Exhibit A hereto and
that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the
Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4),
2.06(d)(2) or 2.06(f) hereof.

          “GMAC” means GMAC LLC, a Delaware Limited Liability company.

          “GMAC Bank” means GMAC Bank IB, an industrial bank corporation chartered by the State of Utah.

          “GMAC Parties” means GMAC (and its successors) and its Affiliates (other than the Company and
the Company’s Subsidiaries and IB Finance).

          “Government Securities” means direct obligations of, or obligations guaranteed by, the United
States of America, and the payment for which the United States pledges its full faith and credit.

          “Guarantee” means the full and unconditional guarantee of the payment of principal, interest
and premium, if any, on the Notes as set forth in this Indenture.

          “guarantee” means a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any manner including, without
limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements
in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or
services, to

-6-

 

take or pay or to maintain financial statement conditions or otherwise); and when used as a
verb, “guarantee” and conjugations thereof shall have correlative meanings.

          “Guarantor” means (i) each of the Subsidiaries of the Company that is a party to this
Indenture, and (ii) any other Subsidiary that executes a supplemental indenture in accordance with
the provisions of this Indenture.

          “Holder” means the Person in whose name a Note is registered on the registration books kept
for that purpose in accordance with Section 2.03.

          “IB Finance” means IB Finance Holding Company, LLC, a Delaware limited liability company.

          “Indebtedness” means, with respect to any Person, without duplication: (i) all indebtedness of
such Person for borrowed money, whether or not evidenced by bonds, debentures, notes or similar
instruments; (ii) all obligations of such Person as lessee under Capital Leases that have been or
should be recorded as liabilities on a balance sheet of such Person in accordance with GAAP and all
obligations of such Person as lessee under any so-called synthetic, off-balance sheet or tax
retention lease; (iii) all obligations of such Person to pay the deferred purchase price of
property or services (excluding trade accounts payable in the ordinary course of business); (iv)
all indebtedness secured by a Lien on the property of such Person, whether or not such indebtedness
shall have been assumed by such Person; (v) all obligations, contingent or otherwise, with respect
to the face amount of all letters of credit and banker’s acceptances issued for the account of such
Person; (vi) all Disqualified Equity Interests of such Person; (vii) all Suretyship Liabilities of
such Person in respect of obligations of others of the type described in clauses (i) through (vi)
above; and (viii) all indebtedness of any partnership of which such Person is a general partner, to
the extent of such liability; provided, that Indebtedness shall not include (x) obligations arising
from agreements of the Company or a Subsidiary providing for indemnification, contribution,
earnout, adjustment of purchase price or similar obligations, in each case, incurred or assumed in
connection with the acquisition or disposition of any business, assets or Equity Interests of a
Subsidiary otherwise permitted under this Indenture and not required to be reflected as a liability
on a consolidated balance sheet of the Company; or (y) obligations arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within five Business Days of incurrence

          “Indenture” means this Indenture, as amended or supplemented from time to time.

          “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through
a Participant.

          “Initial Notes” means $4,010,280,000 aggregate principal amount of Notes issued under this
Indenture on the Issue Date.

          “Intercreditor Agreement” means the intercreditor agreement, dated as of the Issue Date, by
and between the Company, the Guarantors, the subsidiaries of the Company party thereto, the

-7-

 

Collateral Agent, the First Priority Collateral Agent, the Second Priority Collateral Agent
and the Collateral Control Agent party thereto and the other parties thereof, as the same may be
amended, amended and restated or otherwise supplemented in accordance with the terms hereof and
thereof.

          “Investments” of any Person means:

          (a) all direct or indirect investments by such Person in any other Person in the form of
loans, advances or capital contributions (excluding accounts receivable, trade credit, advances to
customers, commission, travel and similar advances to officers, directors and employees) or other
credit extensions constituting Indebtedness of such other Person, and any guarantee of Indebtedness
of any other Person;

          (b) all purchases (or other acquisitions for consideration) by such Person of Indebtedness,
Equity Interests or other securities of any other Person (other than any such purchase that
constitutes a Restricted Payment of the type described in clause (b) of the definition thereof);
and

          (c) all other items that would be classified as investments on a balance sheet of such Person
prepared in accordance with GAAP (including, if required by GAAP, purchases of assets outside the
ordinary course of business).

          Except as otherwise expressly specified in this definition, the amount of any Investment (other
than an Investment made in cash) shall be the fair market value thereof on the date such Investment
is made.

          “Issue Date” means June 6, 2008.

          “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City
of New York or at a place of payment are authorized by law, regulation or executive order to remain
closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such
payment for the intervening period.

          “Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent
to all Holders of the Notes for use by such Holders in connection with the Exchange Offer.

          “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law, including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest
in and any filing of or agreement to give any financing statement under the Uniform Commercial Code
(or equivalent statutes) of any jurisdiction.

          “Model Home” means GMAC Model Home Finance, LLC, a Delaware limited liability company and a
wholly-owned Subsidiary of Residential Funding Capital, LLC, and its successors and assigns
(including its successor or assign formed as a result of a transaction in

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which GMAC Model Home Finance, LLC becomes a wholly-owned Subsidiary of a holding company that
is a wholly-owned Subsidiary of Residential Funding Capital, LLC).

          “Net Cash Proceeds” means, with respect to any Asset Sale of Collateral, the proceeds thereof
in the form of cash or cash equivalents, net of:

          (a) brokerage commissions and other fees and expenses (including fees, discounts and expenses
of legal counsel, accountants and investment banks, consultants and placement agents) of such Asset
Sale;

          (b) provisions for taxes payable as a result of such Asset Sale (after taking into account any
available tax credits or deductions and any tax sharing arrangements);

          (c) amounts required to be paid to any Person (other than the Company or any Subsidiary)
owning a beneficial interest in the assets subject to the Asset Sale or having a Lien thereon
(excluding the Senior Secured Credit Facility, the Notes and the Senior Secured Notes);

          (d) payments of unassumed liabilities (not constituting Indebtedness) relating to the assets
sold at the time of, or within 30 days after the date of, such Asset Sale; and

          (e) appropriate amounts to be provided by the Company or any Subsidiary, as the case may be,
as a reserve required in accordance with GAAP against any adjustment in the sale price of such
asset or assets or liabilities associated with such Asset Sale and retained by the Company or any
Subsidiary, as the case may be, after such Asset Sale, including pensions and other post-employment
benefit liabilities, liabilities related to environmental matters and liabilities under any
indemnification obligations associated with such Asset Sale, all as reflected in an Officers’
Certificate delivered to the Trustee.

          “Non-U.S. Person” means a Person who is not a U.S. Person.

          “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes
and the Additional Notes shall be treated as a single class for all purposes under this Indenture,
and unless the context otherwise requires, all references to the Notes shall include the Initial
Notes and any Additional Notes.

          “obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages, guarantees and other liabilities payable under the documentation governing
any debt, in each case, whether now or hereafter existing, renewed or restructured, whether or not
from time to time decreased or extinguished and later increased, created or incurred, whether or
not arising on or after the commencement of a case under Title 11, U.S. Code or any similar federal
or state law for the relief of debtors (including post-petition interest) and whether or not
allowed or allowable as a claim in any such case.

          “Offering Memorandum” means the confidential offering memorandum and consent solicitation
statement dated May 5, 2008, as amended and supplemented by Supplement No. 1 dated May 14, 2008 and
Supplement No. 2 dated May 29, 2008.

-9-

 

          “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any
Vice-President of such Person.

          “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of
the Company, one of whom must be the principal executive officer, the principal financial officer,
the treasurer or the principal accounting officer of the Company, that meets the requirements of
Section 12.05 hereof.

          “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the
Trustee, that meets the requirements of Section 12.05 hereof. The counsel may be an employee of or
counsel to the Company, any Subsidiary of the Company or the Trustee.

          “Pari Passu Third Lien Indebtedness” means Permitted Refinancing Indebtedness of the type
described in clause (v) of the definition of Permitted Refinancing Indebtedness that is secured by
a Lien on the Collateral ranking pari passu with the Notes.

          “Participant” means, with respect to the Depositary, a Person who has an account with the
Depositary.

          “Permitted Consideration” means, with respect to an Asset Sale, cash, cash equivalents and/or
assets that, concurrently with such Asset Sale, become Collateral or Supporting Assets for
Collateral.

          “Permitted First Lien Indebtedness” means Indebtedness under the Senior Secured Credit
Facility permitted by Section 4.09(b)(1).

          “Permitted Funding Indebtedness” means Indebtedness incurred in the ordinary course through
financing, securitization and hedging activities, including customary lines of credit, repurchase
transactions or warehouse financings involving residential mortgage loans, home equity loans or
second lien loans (including any reasonable extension or evolution of such activities including for
purposes of financing other types of financial assets) and other Indebtedness on terms at least as
favorable to the Company or the applicable Subsidiary than would be available on an arms-length
basis.

          “Permitted Liens” means:

               (a) Liens existing at the Issue Date;

               (b) Liens that secure Obligations incurred pursuant to Section 4.09(b)(1); provided that such
Liens are subject to the provisions of the Intercreditor Agreement;

               (c) any Lien for taxes or assessments or other governmental charges or levies not then due and
payable (or which, if due and payable, are being contested in good faith either with the third
party to whom such taxes are owed or the third party obligated to pay such taxes and for which
adequate reserves are being maintained, to the extent required by GAAP and such

-10-

 

proceedings have the effect of preventing the forfeiture or sale of the property or assets
subject to any such Lien);

               (d) any warehousemen’s, materialmen’s, landlord’s or other similar Liens arising by law for
sums not then due and payable (or which, if due and payable, are being contested in good faith
either with the third party to whom such sums are owed or the third party obligated to pay such
sums and with respect to which adequate reserves are being maintained, to the extent required by
GAAP and such proceedings have the effect of preventing the forfeiture or sale of the property or
assets subject to any such Lien);

               (e) survey exceptions, encumbrances, easements or reservations of, or rights of others for,
licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar
purposes, or zoning or other similar restrictions as to the use of real properties or Liens
incidental to the conduct of the business of such Person or to the ownership of its properties
which were not incurred in connection with Indebtedness and which do not individually or in the
aggregate materially adversely affect the value of the Company and its Subsidiaries or materially
impair the operation of the business of such Person;

               (f) pledges or deposits (i) in connection with workers’ compensation, unemployment insurance
and other types of statutory obligations or the requirements of any official body, or (ii) to
secure the performance of tenders, bids, surety or performance bonds, leases, purchase,
construction, sales or servicing contracts and other similar obligations incurred in the normal
course of business consistent with industry practice or (iii) to obtain or secure obligations with
respect to letters of credit, guarantees, bonds or other sureties or assurances given in connection
with the activities described in clauses (i) and (ii) above, in each case not incurred or made in
connection with the borrowing of money, the obtaining of advances or credit or the payment of the
deferred purchase price of property or services or imposed by ERISA or the Internal Revenue Code of
1986, as amended, in connection with a “plan” (as defined in ERISA) or (iv) arising in connection
with any attachment unless such Liens shall not be satisfied or discharged or stayed pending appeal
within 60 days after the entry thereof or the expiration of any such stay;

               (g) Liens securing Indebtedness of the Company or a Subsidiary to the extent such secured
Indebtedness is pledged as Collateral;

               (h) Liens to secure any Permitted Refinancing Indebtedness secured by Liens referred to in
clause (a) above; provided that such Liens do not extend to any other property or assets and the
principal amount of the obligations secured by such Liens is not increased;

               (i) licenses of intellectual property granted in the ordinary course of business;

               (j) Liens (i) that are contractual rights of set-off (A) relating to the establishment of
depository relations with banks not given in connection with the issuance of Indebtedness, (B)
relating to pooled deposit or sweep accounts of the Company or any of its Subsidiaries to permit
satisfaction of overdraft or similar obligations and other cash management activities incurred in
the ordinary course of business of the Company and / or any of its

-11-

 

Subsidiaries or (C) relating to purchase orders and other agreements entered into with
customers of the Company or any of its Subsidiaries in the ordinary course of business and (ii) of
a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course
of collection, (Y) encumbering reasonable customary initial deposits and margin deposits and
attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course
of business, and (Z) in favor of banking institutions arising as a matter of law or pursuant to
customary account agreements encumbering deposits (including the right of set-off) and which are
within the general parameters customary in the banking industry;

               (k) Deposits made in the ordinary course of business to secure liability to insurance
carriers;

               (l) leases, subleases, licenses or sublicenses granted to others in the ordinary course of
business so long as such leases, subleases, licenses or sublicenses are subordinate in all respects
to the Liens granted and evidenced by the Security Documents and which do not materially interfere
with the ordinary conduct of the business of the Company or any Subsidiaries and do not secure any
Indebtedness;

               (m) Liens arising from Uniform Commercial Code financing statement filings regarding operating
leases entered into by the Company or any Subsidiary in the ordinary course of business;

               (n) Liens on the assets (other than any Primary Collateral (as defined in the Security
Agreement) or Supporting Assets (as defined in the Security Agreement) with respect to Primary
Collateral) of a Subsidiary that is not a Guarantor securing Indebtedness and other obligations of
such Subsidiary incurred in compliance with this Indenture;

               (o) Liens on the Collateral granted under the Security Documents and the Second Priority
Security Documents in favor of the Collateral Agent and the Second Priority Collateral Agent to
secure the Notes and the Senior Secured Notes, the Guarantees and any Pari Passu Third Lien
Indebtedness; provided that such Liens are subject to the terms of the Intercreditor Agreement;

               (p) Liens on Financing Assets securing Permitted Funding Indebtedness; provided that such
Liens on Financing Assets shall be deemed to be a sale of such Financing Assets for all purposes of
this Indenture, including without limitation, Section 4.10 and Section 8.04 and, in the case of
Primary Collateral (including any required replacement thereof), shall be permitted only to the
extent that such sale and the use of proceeds thereof would comply with Section 4.10; and

               (q) any extensions, substitutions, replacements or renewals of the foregoing.

          “Permitted Refinancing Indebtedness” means Indebtedness that refunds, refinances, renews,
replaces or extends any Indebtedness permitted to be incurred by the Company or any Subsidiary
pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor
or group of lenders or creditors, but only to the extent that:

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               (i) the Permitted Refinancing Indebtedness is scheduled to mature either (a) no earlier than
the Indebtedness being refunded, refinanced or extended or (b) at least 91 days after the maturity
date of the Notes,

               (ii) the Permitted Refinancing Indebtedness has a weighted average life to maturity that is
equal to or greater than the remaining weighted average life to maturity of the Indebtedness being
refunded, refinanced, renewed, replaced or extended,

               (iii) such Permitted Refinancing Indebtedness is in an aggregate principal amount that is less
than or equal to the sum of (a) the aggregate principal or accreted amount (in the case of any
Indebtedness issued with original issue discount, as such) then outstanding under the Indebtedness
being refunded, refinanced, renewed, replaced or extended, (b) the amount of accrued and unpaid
interest, if any, and premiums owed, if any, not in excess of preexisting prepayment provisions on
such Indebtedness being refunded, refinanced, renewed, replaced or extended and (c) the amount of
reasonable and customary fees, expenses and costs related to the incurrence of such Permitted
Refinancing Indebtedness,

               (iv) such Permitted Refinancing Indebtedness is incurred by the same Person (or its successor)
that initially incurred the Indebtedness being refunded, refinanced, renewed, replaced or extended
or by the Company or a Guarantor; and

               (v) if the Indebtedness is Additional Notes or is unsecured such Refinancing Indebtedness is
either unsecured or is in the form of Notes or Indebtedness ranking pari passu with the Notes.

          “Permitted Tax Distributions” means, with respect to any period during which the Company is
treated as a disregarded entity or partnership for U.S. federal, state and/or local income tax
purposes, distributions to the Company’s direct owner(s) (whether pursuant to a tax sharing
agreement or otherwise) to fund the income tax liabilities of such owner(s) (or, if a direct owner
is a pass-through entity, of an indirect owner) resulting from the Company being a partnership or
disregarded entity for federal, state and/or local income tax purposes, in an aggregate amount not
to exceed the product of (i) the net taxable income of the Company for such period, calculated in
accordance with applicable law, reduced by any cumulative net taxable loss with respect to all
prior post-closing periods (determined as if all such periods were one period) to the extent such
cumulative net taxable loss is of a character (ordinary or capital) that would permit such loss to
be deducted against the income of the current period and (ii) the highest combined marginal
federal, state and/or local income tax rate (taking into account the deductibility of state and
local income taxes for federal income tax purposes and the character of the taxable income in
question (i.e., long term capital gain, qualified dividend income, etc.)) applicable to any such
direct or indirect owner of the Company. Permitted Tax Distributions may be made quarterly based
on the Company’s good faith estimate of its taxable income, with appropriate adjustments to be made
on an annual basis based upon the determination of the Company’s actual taxable income.

-13-

 

          “Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization or government or any agency or political
subdivision thereof.

          “Preferred Units” means the non-cumulative, non-participating, perpetual preferred membership
interests of the Company, the designation of which is as set forth in the Amended and Restated
Operating Agreement of the Company.

          “Private Placement Legend” means the legend set forth in Section 2.06(g)(1) hereof to be
placed on all Notes issued under this Indenture except where otherwise permitted by the provisions
of this Indenture.

          “QIB” means a “qualified institutional buyer” as defined in Rule 144A.

          “Qualified Equity Interests” means Equity Interests of the Company other than Disqualified
Equity Interests.

          “Redemption Date” means the applicable date on which Notes are to be redeemed pursuant to
Section 3.07 or Section 3.09.

          “Registration Rights Agreement” means the registration rights agreement relating to the Notes
entered into by the Company and the Trustee.

          “Regulation S” means Regulation S promulgated under the Securities Act.

          “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of
and registered in the name of the Depositary or its nominee.

          “Responsible Officer,” when used with respect to the Trustee, means any officer within the
Corporate Trust Services of the Trustee (or any successor group of the Trustee), including any vice
president, assistant treasurer or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and also means, with respect to
a particular corporate trust matter, any other officer to whom such matter is referred because of
his knowledge of and familiarity with the particular subject.

          “Restricted Definitive Note” means a Definitive Note that is a Restricted Note.

          “Restricted Global Note” means a Global Note that is a Restricted Note.

          “Restricted Note” has the meaning set forth in Rule 144(a)(3) under the Securities Act for the
term “restricted securities”; provided, however, that the Trustee shall be entitled to request and
conclusively rely upon an Opinion of Counsel with respect to whether any Note is a Restricted Note.
Restricted Notes are required to bear the Private Placement Legend.

-14-

 

          “Restricted Payment” is defined to mean any of the following:

          (a) any dividend or other distribution declared and paid on the Equity Interests of the
Company or on the Equity Interests in any Subsidiary of the Company that are held by, or declared
and paid to, any Person other than the Company or a Subsidiary of the Company other than

               (i) dividends, distributions or payments made solely in Qualified Equity Interests of the
Company); and

               (ii) dividends or distributions payable to the Company or a Subsidiary of the Company or to
other holders of Equity Interests of a Subsidiary (other than the GMAC Parties) on a pro rata
basis;

          (b) any payment made by the Company or any of its Subsidiaries to purchase, redeem, acquire or
retire any Equity Interests in the Company or any of its Subsidiaries (including any issuance of
Indebtedness in exchange for such Equity Interests or the conversion or exchange of such Equity
Interests into or for Indebtedness) other than any such Equity Interests owned by the Company or
any Subsidiary and other than the redemption of Equity Interests of IB Finance for up to the fair
market value thereof at the time of redemption (it being understood that any excess over such fair
market value which is paid shall be deemed to be a Restricted Payment and shall be permitted to be
paid to the extent otherwise in compliance with Section 4.07);

          (c) any payment made by the Company or any of its Subsidiaries (other than payments out of the
proceeds of, or in exchange for, Notes, Senior Secured Notes or Permitted Refinancing Indebtedness)
to redeem, repurchase, defease (including an in substance or legal defeasance) or otherwise acquire
or retire for value (including pursuant to mandatory repurchase covenants), prior to any scheduled
maturity, scheduled sinking fund or mandatory redemption payment, Existing Notes, unsecured
Permitted Refinancing Indebtedness of the Existing Notes or subordinated Indebtedness of the
Company or any Guarantor except, in each case, payments of principal required in order to satisfy a
scheduled maturity date on the date such payment is due; and

          (d) any Investment by the Company or any of its Subsidiaries in any GMAC Party.

          “Restricted Period” means the 40-day distribution compliance period as defined in Regulation
S.

          “Retained Proceeds” means Net Cash Proceeds in an aggregate amount of $450 million in the
aggregate following the Issue Date which the Company elects to treat as Retained Proceeds.

          “Rule 144” means Rule 144 promulgated under the Securities Act.

          “Rule 144A” means Rule 144A promulgated under the Securities Act.

          “Rule 405” means Rule 405 promulgated under the Securities Act.

-15-

 

          “Rule 903” means Rule 903 promulgated under the Securities Act.

          “Rule 904” means Rule 904 promulgated under the Securities Act.

          “SEC” means the Securities and Exchange Commission.

          “Second Priority Collateral Agent” means Wells Fargo Bank, N.A., in its capacity as collateral
agent under the Second Priority Security Documents.

          “Second Priority Security Documents” means the Second Priority Pledge and Security Agreement
and Irrevocable Proxy, dated as of the Issue Date, by and among the Company, the Guarantors, the
other Subsidiaries of the Company party thereto and the Second Priority Collateral Agent, any
mortgages, the Intercreditor Agreement and all of the security agreements, pledges, collateral
assignments, mortgages, deeds of trust, trust deeds or other instruments evidencing or creating or
purporting to create any security interests in favor of the Second Priority Collateral Agent or the
Collateral Control Agent for its benefit and for the benefit of the trustee under the Senior
Secured Notes Indenture and the holders of the Senior Secured Notes.

          “Securities Act” means the Securities Act of 1933, as amended.

          “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any
successor to its rating agency business.

          “Security Agreement” means the Third Priority Pledge and Security Agreement and Irrevocable
Proxy, dated as of the Issue Date, by and among the Company, the Guarantors, the other subsidiaries
of the Company party thereto and the Collateral Agent.

          “Security Documents” means the Security Agreement, any mortgages, the Intercreditor Agreement
and all of the security agreements, pledges, collateral assignments, mortgages, deeds of trust,
trust deeds or other instruments evidencing or creating or purporting to create any security
interests in favor of the Collateral Agent or the Collateral Control Agent for its benefit and for
the benefit of the Trustee and the Holders of the Notes.

          “Senior Secured Credit Facility” means the senior secured credit facility dated as of June 4,
2008 by and among the Company, GMAC and the Guarantors as amended, restated, modified, renewed,
refunded, replaced (whether upon or after termination or otherwise) or refinanced (including by
means of sales of debt securities to institutional investors) in whole or in part from time to
time.

          “Senior Secured Notes” means the senior secured guaranteed notes issued pursuant to an
indenture dated as of the Issue Date by and among the Company, the Guarantors and U.S. Bank
National Association as Trustee.

          “Senior Secured Notes Indenture” means the indenture, dated the Issue Date, governing the
Senior Secured Notes.

-16-

 

          “Shelf Registration Statement” means the Shelf Registration Statement as defined in the
Registration Rights Agreement.

          “Significant Subsidiary” means any Subsidiary of the Company (or group of Subsidiaries as to
which a specified condition applies) which meets any of the following conditions:

               (1) the Company’s and its other Subsidiaries’ proportionate share of the total assets (after
intercompany eliminations) of the Subsidiary exceeds 10 percent of the total assets of the Company
and its Subsidiaries on a consolidated basis as of the end of the most recently completed fiscal
year; or

               (2) the Subsidiary’s income from continuing operations before income taxes, extraordinary
items and cumulative effect of a change in accounting principle exceeds 10 percent of such income
of the Company and its Subsidiaries on a consolidated basis for the most recently completed fiscal
year.

For purposes of this definition, a Subsidiary shall mean a Person that is controlled by the Company
directly or indirectly through one or more intermediaries. For purposes of making any
determination or calculations, this definition shall be interpreted in accordance with the rules
and instructions of Rule 1-02 of Regulation S-X under the Securities Act as in effect on the Issue
Date.

          “Subsidiary” means any corporation, partnership, limited liability company, association or
other entity of which at least a majority of the outstanding stock or other interest having by its
terms ordinary voting power to elect a majority of the board of directors, managers or trustees of
such corporation, partnership, limited liability company, association or other entity (irrespective
of whether or not at the time stock or other interest of any other class or classes of such Person
shall have or might have voting power by reason of the happening of any contingency) is at the time
owned by the Company, or owned by one or more Subsidiaries, or owned by the Company and one or more
Subsidiaries (it being understood that GMAC Bank is not a Subsidiary).

          “Supporting Assets”: With respect to any Collateral (a “Subject Asset”) means:

          (i) if such Subject Asset consists of an Equity Interest in any Person, the assets of such
Person;

          (ii) if such Subject Asset consists of a note or other security backed by financial assets and
related property, such assets and property; and

          (iii) with respect to any Subject Asset, any other asset or claim that constitutes a primary
source of the funds expected to repay the investment in, and return on, such Subject Asset.

          “Suretyship Liability” means any agreement, undertaking or arrangement by which any Subsidiary
guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect
agreement, contingent or otherwise, to provide funds for payment, to supply funds to or otherwise
to invest in a debtor, or otherwise to assure a creditor against loss) any Indebtedness,

-17-

 

obligation or other liability of any other Subsidiary (other than by endorsements of
instruments in the course of collection), or guarantees the payment of dividends or other
distributions upon the shares of any other Subsidiary. The amount of any Subsidiary’s obligation
in respect of any Suretyship Liability shall (subject to any limitation set forth therein) be
deemed to be the principal amount of the debt, obligation or other liability supported thereby.

          “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

          “Treasury Yield” means, with respect to any Notes being redeemed, the yield to maturity
implied by (i) the yields reported as of the second Business Day prior to the Redemption Date, on
(a) the Bloomberg Financial Markets News screen PX1 or the equivalent screen provided by Bloomberg
Financial Markets News, or (b) if such on-line market data is not at that time provided by
Bloomberg Financial Markets News, on the display designated as “Page 500” on the Moneyline Telerate
service (or such other display as may replace Page 500 on the Moneyline Telerate service), in any
case for actively traded U.S. Treasury securities having a maturity equal to May 15, 2010, or (ii)
if such yields are not reported at that time or the yields reported as of that time are not
ascertainable (including by way of interpolation), the Treasury Constant Maturity Series yields
reported, for the latest day for which such yields have been so reported at that time, in Federal
Reserve Statistical Release H.15 (519) (or any comparable successor publication) for actively
traded U.S. Treasury securities having a constant maturity equal to May 15, 2010. Such implied
yield will be determined, if necessary, by (x) converting U.S. Treasury bill quotations to
bond-equivalent yields in accordance with accepted financial practice and (y) interpolating
linearly between (1) the actively traded U.S. Treasury security with a maturity closest to and
greater than May 15, 2010 and (2) the actively traded U.S. Treasury security with a maturity
closest to and less than May 15, 2010.

          “Trustee” means U.S. Bank National Association until a successor replaces it in accordance
with Section 7.08 and Section 7.09 and thereafter means the successor serving hereunder.

          “Unrestricted Definitive Note” means a Definitive Note that is an Unrestricted Note.

          “Unrestricted Global Note” means a Global Note that is an Unrestricted Note.

          “Unrestricted Notes” means one or more Notes that do not and are not required to bear the
Private Placement Legend including, without limitation, the Exchange Securities, any Notes sold in
connection with an effective Shelf Registration Statement pursuant to the Registration Rights
Agreement, any Notes from which the Private Placement Legend has been removed in accordance with
Sections 2.07(g) and, with respect to Unrestricted Global Notes, Notes in which a Holder acquires
an interest pursuant to Section 2.07(j).

          “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities
Act.

          “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote in the election of the Board of Directors of such Person.

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     Section 1.02 Other Definitions.

	 	 	 
	 	 	Defined in
	Term	 	  Section  
	“Affiliate Transaction”.
	 	4.11
	“Asset Sale Offer”
	 	3.08
	“Authentication Order”
	 	2.02
	“Covenant Defeasance”
	 	13.03
	“DTC”
	 	2.03
	“Event of Default”
	 	6.01
	“Excess Proceeds”
	 	4.10
	“Legal Defeasance”
	 	13.02
	“Offer Amount”
	 	3.08
	“Offer Period”
	 	3.08
	“Paying Agent”
	 	2.03
	“Permitted Indebtedness”
	 	4.09
	“Primary Collateral”
	 	definition of “Collateral”
	“Purchase Date”
	 	3.08
	“Registrar”
	 	2.03
	“Subject Asset”
	 	definition of “Supporting Assets”

     Section 1.03 Incorporation by Reference of Trust Indenture Act.

          Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture.

          The following TIA terms used in this Indenture have the following meanings:

          “indenture securities” means the Notes;

          “indenture security Holder” means a Holder of a Note;

          “indenture to be qualified” means this Indenture;

          “indenture trustee” or “institutional trustee” means the Trustee; and

          “obligor” on the Notes and the Guarantees means the Company and the Guarantors,
respectively, and any successor obligor upon the Notes and the Guarantees, respectively.

          All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by SEC rule under the TIA have the meanings so assigned to them.

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     Section 1.04 Rules of Construction.

          Unless the context otherwise requires:

          (1) a term has the meaning assigned to it;

          (2) an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;

          (3) “or” is not exclusive;

          (4) words in the singular include the plural, and in the plural include the singular;

          (5) “will” shall be interpreted to express a command;

          (6) provisions apply to successive events and transactions; and

          (7) references to sections of or rules under the Securities Act will be deemed to
include substitute, replacement of successor sections or rules adopted by the SEC from time
to time.

Section 1.05 Retroactive Effect of Indenture with respect to Certain Transactions.

          Solely with respect to any transaction described in Item 1.01 or clauses (a) through (d) of
Item 8.01 of the Company’s Form 8-K filed with the Securities and Exchange Commission June 3, 2008
and consummated prior to the Issue Date, this Indenture shall be deemed to have been in effect
prior to the Issue Date or the consummation of any such transaction (except that any documents
required to be delivered to the Trustee pursuant to Section 4.11 of this Indenture may be delivered
within 15 days following the Issue Date). For the avoidance of doubt the Trustee shall not have
any obligations under this Indenture prior to the date of this Indenture.

ARTICLE II

THE NOTES

     Section 2.01 Form and Dating.

          (a) General. The Notes and the Trustee’s certificate of authentication will be substantially
in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by
law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The
Notes shall be in initial denominations of $2,000 and integral multiples thereof.

          The terms and provisions contained in the Notes will constitute, and are hereby expressly
made, a part of this Indenture and the Company and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound thereby.

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However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling.

          (b) Global Notes. Notes offered and sold in reliance on Rule 144A shall be issued initially
in the form of one or more permanent Restricted Global Notes. Notes in global form will be
substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes initially issued
to or transferred to affiliates (as defined in Rule 144) of the Company shall only be issued in
definitive form and shall be substantially in the form of Exhibit A hereto (but without the Global
Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note”
attached thereto). Each Global Note will represent such of the outstanding Notes as will be
specified therein and each shall provide that it represents the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
outstanding Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the
amount of any increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee,
in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.
Unless and until exchanged for an Exchange Note or sold in connection with an effective Shelf
Registration Statement pursuant to the Registration Rights Agreement, affiliates of the Company may
only hold an interest in Notes in the form of Definitive Notes and are prohibited from taking a
beneficial interest in one or more Global Notes.

     Section 2.02 Execution and Authentication.

          At least one Officer must sign the Notes for the Company by manual or facsimile signature.

          If an Officer whose signature is on a Note no longer holds that office at the time a Note is
authenticated, the Note will nevertheless be valid.

          A Note will not be valid until authenticated by the manual signature of the Trustee. The
signature will be conclusive evidence that the Note has been authenticated under this Indenture.

          The Trustee will, upon receipt of a written order of the Company signed by at least two
Officers (an “Authentication Order”), authenticate Notes for original issue that may be validly
issued under this Indenture, including any Additional Notes. The Authentication Order shall set
forth the number of separate Notes certificates, the principal amount of each of the Notes to be
authenticated, the date on which the Notes are to be authenticated, the registered holder of each
of the Notes and instructions as to where such Notes shall be delivered. The aggregate principal
amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes
authorized for issuance by the Company pursuant to one or more Authentication Orders, except as
provided in Section 2.07 hereof.

          The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Notes. An authenticating agent may authenticate Notes whenever the Trustee may

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do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an Agent to deal with
Holders or an Affiliate of the Company.

     Section 2.03 Registrar and Paying Agent.

          The Company will maintain an office or agency where Notes shall be presented for registration
of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for
payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer
and exchange. The Company may appoint one or more co-registrars and one or more additional paying
agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without notice to
any Holder. The Company will notify the Trustee in writing of the name and address of any Agent
not a party to this Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries
may act as Paying Agent or Registrar.

          The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with
respect to the Global Notes.

          The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act
as Custodian with respect to the Global Notes.

     Section 2.04 Paying Agent to Hold Money in Trust.

          The Company will require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the
Paying Agent for the payment of principal, premium or Additional Interest, if any, or interest on
the Notes, and will notify the Trustee of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay all money held by
it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it
to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a
Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as
Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders
all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating
to the Company, the Trustee will serve as Paying Agent for the Notes.

     Section 2.05 Holder Lists.

          The Trustee will preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders and shall otherwise comply with TIA
§ 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least
seven Business Days before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require
of the names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA
§ 312(a).

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     Section 2.06 Transfer and Exchange.

          (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a
whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the
Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged
by the Company for Definitive Notes if:

     (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing agency
registered under the Exchange Act and, in either case, a successor Depositary is not
appointed by the Company within 90 days after the date of such notice from the Depositary;
or

     (2) there has occurred and is continuing a Default with respect to the Notes and any
Holder so requests.

          Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof.

          (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes will be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial
interests in the Global Notes also will require compliance with either subparagraph (1) or (2)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

     (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in
any Restricted Global Note may be transferred to Persons who take delivery thereof in the
form of a beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend; provided, however, that
prior to the expiration of the Restricted Period, transfers of beneficial interests in the
Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a
U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted
Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note. No written orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(1).

     (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to
Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the
Registrar either:

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(A) both:

     (i) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in
another Global Note in an amount equal to the beneficial interest to be
transferred or exchanged; and

     (ii) instructions from the Depositary given in accordance with the
Applicable Procedures containing information regarding the Participant
account to be credited with such increase; or

(B) both:

     (i) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

     (ii) instructions given by the Depositary to the Registrar containing
information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above.

Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f)
hereof, the requirements of this Section 2.06(b)(2) shall be deemed to have been satisfied
upon receipt by the Registrar of the instructions contained in the Letter of Transmittal
delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in
Global Notes contained in this Indenture and the Notes or otherwise applicable under the
Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s)
pursuant to Section 2.06(h) hereof.

     (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery
thereof in the form of a beneficial interest in another Restricted Global Note if the
transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar
receives the following:

     (A) if the transferee will take delivery in the form of a beneficial interest
in the 144A Global Note, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (1) thereof; and

     (B) if the transferee will take delivery in the form of a beneficial interest
in the Regulation S Global Note, then the transferor must deliver a certificate in
the form of Exhibit B hereto, including the certifications in item (2) thereof.

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     (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any
Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in
an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer
complies with the requirements of Section 2.06(b)(2) above and:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the holder of the beneficial
interest to be transferred, in the case of an exchange, or the transferee, in the
case of a transfer, certifies in the applicable Letter of Transmittal that it is not
(i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange
Securities or (iii) a Person who is an affiliate (as defined in Rule 144) of the
Company;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a beneficial interest
in an Unrestricted Global Note, a certificate from such holder in the form
of Exhibit C hereto, including the certifications in item (1)(a) thereof; or

     (ii) if the holder of such beneficial interest in a Restricted Global
Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note, a certificate from such holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in a form
reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

          If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate

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one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate
principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.

          Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global
Note.

          (c) Transfer or Exchange of Beneficial Interests for Definitive Notes.

          (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any
holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial
interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the
Registrar of written instructions from the Depositary, including registration instructions and the
following documentation:

     (A) if the holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note, a certificate from such
holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;

     (B) if such beneficial interest is being transferred to a QIB in accordance with Rule
144A, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (1) thereof;

     (C) if such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (2) thereof;

     (D) if such beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a)
thereof;

     (E) if such beneficial interest is being transferred to the Company or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(b) thereof; or

     (F) if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall
authenticate and deliver to the Person designated in the instructions a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in
a Restricted Global Note pursuant to this Section 2.06(c) shall be registered

-26-

 

in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the
Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the
Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the
Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

          (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A
holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest
for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Note only if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the holder of such beneficial interest, in the
case of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Securities or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Company;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a
certificate from such holder in the form of Exhibit C hereto, including the
certifications in item (1)(b) thereof; or

     (ii) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such
holder in the form of Exhibit B hereto, including the certifications in item (4)
thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in a form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

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          (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If
any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such
beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions
set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of
the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the
Company will execute and the Trustee will authenticate and deliver to the Person designated in the
instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such
name or names and in such authorized denomination or denominations as the holder of such beneficial
interest requests through instructions to the Registrar from or through the Depositary and the
Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend.

          (d) Transfer and Exchange of Definitive Notes for Beneficial Interests.

          (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any
Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in
a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes
delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon
receipt by the Registrar of the following documentation:

     (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for
a beneficial interest in a Restricted Global Note, a certificate from such Holder in the
form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

     (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with
Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (1) thereof;

     (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (2) thereof;

     (D) if such Restricted Definitive Note is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (3)(a) thereof;

     (E) if such Restricted Definitive Note is being transferred to the Company or any of
its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(b) thereof; or

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     (F) if such Restricted Definitive Note is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee will, upon surrender of the Restricted Definitive Note, cancel the Restricted
Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case
of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the
144A Global Note, and in the case of clause (C) above, the Regulation S Global Note.

          (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an
Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note only if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an exchange, or the
transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal
that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the
Exchange Securities or (iii) a Person who is an affiliate (as defined in Rule 144) of the
Company;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the Holder of such Definitive Notes proposes to exchange such Notes for
a beneficial interest in the Unrestricted Global Note, a certificate from such
Holder in the form of Exhibit C hereto, including the certifications in item (1)(c)
thereof; or

     (ii) if the Holder of such Definitive Notes proposes to transfer such Notes to
a Person who shall take delivery thereof in the form of a beneficial interest in the
Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in a form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

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          Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2) and
surrender of the Definitive Notes to the Trustee, the Trustee will cancel the Definitive Notes and
increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

          (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an
Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a
request for such an exchange or transfer and surrender of such Unrestricted Definitive Note, the
Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be
increased the aggregate principal amount of one of the Unrestricted Global Notes.

          If any such exchange or transfer from a Definitive Note to a beneficial interest is effected
pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a time when an Unrestricted Global Note
has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global
Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so
transferred.

          (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder
of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the
Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration
of transfer or exchange, the requesting Holder must present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer in a form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in
writing. In addition, the requesting Holder must provide any additional certifications, documents
and information, as applicable, required pursuant to the following provisions of this Section
2.06(e).

     (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted
Definitive Note may be transferred to and registered in the name of Persons who take
delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the
following:

     (A) if the transfer will be made pursuant to Rule 144A, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof;

     (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof; and

     (C) if the transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver

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a certificate in the form of Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if applicable.

     (2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted
Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note
or transferred to a Person or Persons who take delivery thereof in the form of an
Unrestricted Definitive Note if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the applicable
Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Securities or (iii) a Person who
is an affiliate (as defined in Rule 144) of the Company;

     (B) any such transfer is effected pursuant to the Shelf Registration Statement
in accordance with the Registration Rights Agreement;

     (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the Registration Rights Agreement;
or

     (D) the Registrar receives the following:

     (i) if the Holder of such Restricted Definitive Notes proposes to
exchange such Notes for an Unrestricted Definitive Note, a certificate from
such Holder in the form of Exhibit C hereto, including the certifications in
item (1)(d) thereof; or

     (ii) if the Holder of such Restricted Definitive Notes proposes to
transfer such Notes to a Person who shall take delivery thereof in the form
of an Unrestricted Definitive Note, a certificate from such Holder in the
form of Exhibit B hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests, an Opinion of Counsel in a form reasonably acceptable to the Registrar to
the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities
Act.

     (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of
Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof
in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such
a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof.

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          (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the
Registration Rights Agreement, the Company will issue and, upon receipt of an Authentication Order
in accordance with Section 2.02 hereof, the Trustee will authenticate:

     (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Restricted Global Notes accepted for
exchange in the Exchange Offer by Persons that certify in the applicable Letters of
Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a
distribution of the Exchange Securities and (C) they are not affiliates (as defined in Rule
144) of the Company; and

     (2) Unrestricted Definitive Notes in an aggregate principal amount equal to the
principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange
Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not
Broker-Dealers, (B) they are not participating in a distribution of the Exchange Securities
and (C) they are not affiliates (as defined in Rule 144) of the Company.

          Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal
amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company will
execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of
Definitive Notes so accepted Unrestricted Definitive Notes not bearing the Private Placement Legend
in the appropriate principal amount.

          (g) Legends. The following legends will appear on the face of all Global Notes and Definitive
Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions
of this Indenture.

     (1) Private Placement Legend.

     (A) Unless and until (x) a Note is exchanged for an Exchange Note or sold in connection
with an effective Shelf Registration Statement pursuant to the Registration Rights
Agreement, (y) with respect to a Restricted Global Note, all of the beneficial interests in
such Restricted Global Note have been exchanged for beneficial interests in the Unrestricted
Global Note in accordance with Section 2.06(j) or the Private Placement Legend has been
removed from such Restricted Global Note in accordance with Section 2.06(b)(4), 2.06(c)(2),
2.06(d)(2) or 2.06(e)(2), or (z) the Company determines and there is delivered to the
Trustee an Opinion of Counsel reasonably satisfactory to the Trustee and a letter of
representation of the Company reasonably satisfactory to the Trustee to the effect that the
following legend and the related restrictions on transfer are not required in order to
maintain compliance with the provisions of the Securities Act, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall
bear the legend in substantially the following form:

     “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”)

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AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS,
EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A
BENEFICIAL INTEREST HEREIN, THE HOLDER:

     (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) OR (B) IT IS NOT A U.S. PERSON, IS NOT
ACQUIRING THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING
THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE
SECURITIES ACT,

     (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT
(A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER
REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QIB, IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS, AND

     (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN
INTEREST HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE (2)(D) OR
2(E) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

     IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY OR ANY INTEREST HEREIN WITHIN
THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET
FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS
CERTIFICATE TO THE TRUSTEE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF
REGULATION S UNDER THE SECURITIES ACT.”

     (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant
to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this

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Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will
not bear the Private Placement Legend.

               (2) Global Note Legend. Each Global Note will bear a legend in substantially the following
form:

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT
(1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY
BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH
THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) (‘DTC‘), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

          (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests
in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note
has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be
returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any
time prior to such cancellation, if any beneficial interest in a Global

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Note is exchanged for or transferred to a Person who will take delivery thereof in the form of
a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes
represented by such Global Note will be reduced accordingly and an endorsement will be made on such
Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Note, such other
Global Note will be increased accordingly and an endorsement will be made on such Global Note by
the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

          (i) General Provisions Relating to Transfers and Exchanges.

          (1) To permit registrations of transfers and exchanges, the Company will execute and the
Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order
in accordance with Section 2.02 hereof or at the Registrar’s request.

          (2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to
a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.08, 4.10 and 9.05 hereof).

          (3) The Registrar will not be required to register the transfer of or exchange of any Note
selected for redemption in whole or in part, except the unredeemed portion of any Note being
redeemed in part.

          (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange
of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the
same debt, and entitled to the same benefits under this Indenture, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange.

          (5) Neither the Registrar nor the Company will be required:

     (A) to issue, to register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for
redemption under Section 3.02 hereof and ending at the close of business on the day of
selection;

     (B) to register the transfer of or to exchange any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in part; or

     (C) to register the transfer of or to exchange a Note between a record date and the
next succeeding interest payment date.

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          (6) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any
Agent and the Company may deem and treat the Person in whose name any Note is registered as the
absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be
affected by notice to the contrary.

          (7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the
provisions of Section 2.02 hereof.

          (8) All certifications, certificates and Opinions of Counsel required to be submitted to the
Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be
submitted by facsimile.

          (j) Automatic Exchange from Restricted Global Note to Unrestricted Global Note. Upon
compliance with the following procedures, all of the beneficial interests in a Restricted Global
Note shall be exchanged for beneficial interests in the Unrestricted Global Note. In order to
effect such exchange, the Issuer shall provide written notice to the Trustee instructing the
Trustee to (i) direct the Depositary to transfer all of the outstanding beneficial interests in a
particular Restricted Global Note to the Unrestricted Global Note and provide the Depositary with
all such information as is necessary for the Depositary to appropriately credit and debit the
relevant Holder accounts and (ii) provide prior written notice to all Holders of such exchange,
which notice must include the date such exchange is to occur, the CUSIP number of the relevant
Restricted Global Note and the CUSIP number of the Unrestricted Global Note into which such
Holders’ beneficial interests will be exchanged. As a condition to any such exchange pursuant to
this Section 2.06(j), the Trustee shall be entitled to receive from the Issuer, and rely
conclusively without any liability, upon an Officers’ Certificate and an Opinion of Counsel to the
Issuer, in form and in substance reasonably satisfactory to the Trustee, to the effect that such
transfer of beneficial interests to the Unrestricted Global Note shall be effected in compliance
with the Securities Act. Upon such exchange of beneficial interests pursuant to this Section
2.06(j), the Registrar shall endorse Schedule A to the relevant Notes and reflect on its books and
records the date of such transfer and a decrease and increase, respectively, in the principal
amount of the applicable Restricted Global Note(s) and the Unrestricted Global Note, respectively,
equal to the principal amount of beneficial interests transferred. Following any such transfer
pursuant to this Section 2.06(k), the relevant Restricted Global Note shall be cancelled.

          (k) Transfers of Notes Held by Affiliates. Any certificate (i) evidencing a Note that
has been transferred to an affiliate (as defined in Rule 405) of an Issuer within one year after
the Issue Date, as evidenced by a notation on the assignment form for such transfer or in the
representation letter delivered in respect thereof or (ii) evidencing a Note that has been acquired
from an affiliate (other than by an affiliate) in a transaction or a chain of transactions not
involving any public offering, shall, until one year after the last date on which either the Issuer
or any affiliate of the Issuer was an owner of such Note, in each case, be in the form of a
permanent Definitive Note and bear the Private Placement Legend subject to the restrictions in
Section 2.06(g). The Registrar shall retain copies of all letters, notices and other written
communications received pursuant to this Section 2.06. The Issuer, at its sole cost and expense,

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shall have the right to inspect and make copies of all such letters, notices or other written
communications at any reasonable time upon the giving of reasonable written notice to the
Registrar.

     Section 2.07 Replacement Notes.

          If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue
and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if
the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond
must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to
protect the Company, the Trustee, any Agent and any authenticating agent from any loss or liability
that any of them may suffer if a Note is replaced and subsequently presented or claimed for
payment. The Company may charge for its expenses in replacing a Note.

          Every replacement Note is an additional obligation of the Company and will be entitled to all
of the benefits of this Indenture equally and proportionately with all other Notes duly issued
hereunder.

     Section 2.08 Outstanding Notes.

          The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does
not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.

          If a Note is replaced pursuant to Section 2.07 hereof, it will be deemed outstanding only if
the Trustee receives proof satisfactory to it that the replaced Note is held by a protected
purchaser within the meaning of Section 8-303 of the New York Uniform Commercial Code.

          If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to
be outstanding and interest on it ceases to accrue.

          If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds, on a Redemption Date or maturity date, money sufficient to pay Notes payable on that date,
then on and after that date such Notes will be deemed to be no longer outstanding and will cease to
accrue interest.

     Section 2.09 Treasury Notes.

          In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company or any Guarantor, or by any Person
directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company or any Guarantor, will be considered as though not

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outstanding, except that for the purposes of determining whether the Trustee will be protected
in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee knows are so owned will be so disregarded.

     Section 2.10 Temporary Notes.

          Until certificates representing Notes are ready for delivery, the Company may prepare and the
Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary
Notes will be substantially in the form of certificated Notes but may have variations that the
Company considers appropriate for temporary Notes and as may be reasonably acceptable to the
Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate
definitive Notes in exchange for temporary Notes.

          Holders of temporary Notes will be entitled to all of the benefits of this Indenture.

     Section 2.11 Cancellation.

          The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent will forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and will dispose of
canceled Notes in accordance with its customary procedures (subject to the record retention
requirement of the Exchange Act). The Company may not issue new Notes to replace Notes that it has
paid or that have been delivered to the Trustee for cancellation.

     Section 2.12 Defaulted Interest.

          If the Company defaults in a payment of interest on the Notes, it will pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, in each case at the
rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note and the date of the
proposed payment. The Company will fix or cause to be fixed each such special record date and
payment date; provided that no such special record date may be less than 10 days prior to the
related payment date for such defaulted interest. At least 15 days before the special record date,
the Company (or, upon the written request of the Company, the Trustee in the name and at the
expense of the Company) will mail or cause to be mailed to Holders a notice that states the special
record date, the related payment date and the amount of such interest to be paid.

     Section 2.13 Withholding Taxes.

          The right of any Holder to receive interest on or principal of any Note shall be subject to
any applicable withholding or deduction imposed pursuant to the Internal Revenue Code of 1986, as
amended, or other applicable tax law, including foreign withholding and deduction. Any amounts
properly so withheld or deducted shall be treated as actually paid to the appropriate Holder.

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ARTICLE III

REDEMPTION AND PREPAYMENT

     Section 3.01 Notices to Trustee.

          If the Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.07 or Section 3.09 hereof, it must furnish to the Trustee, at least 35 days but not more
than 60 days before a Redemption Date (or such shorter period as may be agreed between the Company
and the Trustee), an Officers’ Certificate setting forth:

     (1) the provision of this Indenture pursuant to which the redemption shall occur;

     (2) the Redemption Date;

     (3) the principal amount of Notes to be redeemed; and

     (4) the redemption price.

     Section 3.02 Selection of Notes to Be Redeemed.

          If less than all of the Notes are to be redeemed at any time, the Trustee will select Notes
for redemption pro rata, by lot or by such other method in accordance with the procedures of the
Depositary except:

     (1) if the Notes are listed on any national securities exchange, in compliance with the
requirements of the principal national securities exchange on which the Notes are listed; or

     (2) if otherwise required by law.

          In the event of partial redemption, the particular Notes to be redeemed will be selected,
unless otherwise provided herein, not less than 30 nor more than 60 days prior to the Redemption
Date by the Trustee from the outstanding Notes not previously called for redemption.

          The Trustee will promptly notify the Company in writing of the Notes selected for redemption
and, in the case of any Note selected for partial redemption, the principal amount thereof to be
redeemed. Notes and portions of Notes selected will be in amounts of $1,000 or whole multiples of
$1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding
amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except
as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for
redemption also apply to portions of Notes called for redemption.

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     Section 3.03 Notice of Redemption.

          Subject to the provisions of Section 3.08 hereof, at least 30 days but not more than 60 days
before a Redemption Date, the Company will mail a notice of redemption to the Depositary and to
each Holder whose Notes are to be redeemed at their registered address. The Company will not
provide notice of redemption to any party other than the Depositary and the Holders. Any notice of
redemption provided to Participants or Indirect Participants will be provided at the discretion of
the Depositary and pursuant to the Depositary’s internal policies.

          The notice will identify the Notes to be redeemed (including the CUSIP number) and will state:

     (1) the Redemption Date;

     (2) the redemption price;

     (3) if any Note is being redeemed in part, the portion of the principal amount of such
Note to be redeemed and that, after the Redemption Date upon surrender of such Note, a new
Note or Notes in principal amount equal to the unredeemed portion will be issued upon
cancellation of the original Note; and

     (4) the name and address of the Paying Agent;

     (5) that Notes called for redemption must be surrendered to the Paying Agent to collect
the redemption price;

     (6) that, unless the Company defaults in making such redemption payment, interest on
Notes called for redemption ceases to accrue on and after the Redemption Date;

     (7) the paragraph of the Notes and/or section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and

     (8) that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes.

          At the Company’s request, the Trustee will give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company has delivered to the Trustee, at least 35
days prior to the Redemption Date (or such shorter period as may be agreed between the Company and
the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding paragraph.

     Section 3.04 Effect of Notice of Redemption.

          Once notice of redemption is mailed in accordance with Section 3.03 hereof, the Notes or
portions of Notes called for redemption will become due and payable on the date and at the place

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of payment stated in the notice at the applicable redemption price, together with interest, if
any, accrued to the date fixed for redemption.

     Section 3.05 Deposit of Redemption.

          One Business Day prior to the Redemption Date, the Company will deposit with the Trustee or
with the Paying Agent money sufficient to pay the redemption price of and accrued interest and
Additional Interest, if any, on all Notes to be redeemed on that date. The Trustee or the Paying
Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent
by the Company in excess of the amounts necessary to pay the redemption price of, and accrued
interest and Additional Interest, if any, on, all Notes to be redeemed.

          If the Company complies with the provisions of the preceding paragraph, on and after the
Redemption Date, interest will cease to accrue on the Notes or the portions of Notes called for
redemption. If a Note is redeemed on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest shall be paid to the Person in
whose name such Note was registered at the close of business on such record date. If any Note
called for redemption is not so paid upon surrender for redemption because of the failure of the
Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal,
from the Redemption Date until such principal is paid, and to the extent lawful on any interest not
paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01
hereof.

     Section 3.06 Notes Redeemed in Part.

          Upon surrender and cancellation of a Note that is redeemed in part, the Company will issue
and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the
expense of the Company a new Note in a principal amount equal to the unredeemed portion of the Note
surrendered and cancelled.

     Section 3.07 Optional Redemption.

          (a) The Company may redeem the Notes at any time, in whole or in part, at a redemption price
equal to the greater of:

     (1) 100% of the principal amount of the Notes being redeemed, or

     (2) the present value of the sum of (A) the redemption price of the Notes on
May 15, 2010 (such redemption price being as set forth in the table in clause (b)
below) and (B) all remaining scheduled payments of interest on the Notes being
redeemed through May 15, 2010 (excluding accrued interest through the Redemption
Date), in each case, discounted to the Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the
Treasury Yield plus 50 basis points,

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plus, in either case, accrued and unpaid interest, if any, to the Redemption Date on
the principal amount of the Notes being redeemed (subject to the right of Holders on
the relevant regular record date to receive interest due on an interest payment date).

          (b) The Company may redeem the Notes in whole or in part, at any time on or after May 15,
2010, upon not less than 30 nor more than 60 days’ notice at the redemption prices (expressed as
percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid
interest, if any, to, but not including, the Redemption Date (subject to the right of Holders on
the relevant regular record date to receive interest due on an interest payment date), if redeemed
during the 12-month period beginning on May 15 of the years indicated:

	 	 	 	 	 
	 	 	Redemption
	Year	 	Price
	2010
	 	 	104.813	%
	2011
	 	 	102.407	%
	2012 and thereafter
	 	 	100.000	%

     Section 3.08 Offer to Purchase by Application of Excess Proceeds.

          In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an
offer to all Holders to purchase Notes (an “Asset Sale Offer”), it will follow the procedures
specified below.

          The Asset Sale Offer shall be made to all Holders and will remain open for a period of at
least 20 Business Days following its commencement and not more than 30 Business Days, except to the
extent that a longer period is required by applicable law (the “Offer Period”). No later than
three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company
will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes (on a pro rata basis,
if applicable) or, if less than the Offer Amount has been tendered, all Notes tendered in response
to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as
interest payments are made.

          If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest and Additional Interest, if any, will be
paid to the Person in whose name a Note is registered at the close of business on such record date,
and no Additional Interest will be payable to Holders who tender Notes pursuant to the Asset Sale
Offer.

          Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a
notice to the Trustee, the Depositary and each of the Holders. The notice will contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset
Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state:

     (1) that the Asset Sale Offer is being made pursuant to this Section 3.08 and Section
4.10 hereof and the length of time the Asset Sale Offer will remain open;

     (2) the Offer Amount, the purchase price and the Purchase Date;

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     (3) that any Note not tendered or accepted for payment will continue to accrue
interest;

     (4) that, unless the Company defaults in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer will cease to accrue interest after the Purchase
Date;

     (5) that Holders electing to have less than all of its Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in integral multiples of $1,000 only;

     (6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will
be required to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the
Company, a Depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice at least three days before the Purchase Date;

     (7) that Holders will be entitled to withdraw their election if the Company, the
Depositary or the Paying Agent, as the case may be, receives, not later than the expiration
of the Offer Period, a telegram, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of the Note the Holder delivered for purchase and a
statement that such Holder is withdrawing his election to have such Note purchased;

     (8) that, if the aggregate principal amount of Notes surrendered by Holders thereof
exceeds the Offer Amount, the Company will select the Notes to be purchased on a pro rata
basis based on the principal amount of Notes surrendered (with such adjustments as may be
deemed appropriate by the Company so that only Notes in denominations of $1,000 or integral
multiples thereof, will be purchased unless all of a Holder’s Note is being purchased); and

     (9) that Holders whose Notes were purchased only in part will be issued new Notes equal
in principal amount to the unpurchased portion of the Notes surrendered (or transferred by
book-entry transfer).

          On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on
a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered
pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes
tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officers’ Certificate stating that such Notes or portions thereof were accepted
for payment by the Company in accordance with the terms of this Section 3.08. The Company, the
Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than
five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the
purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and
the Company will promptly issue a new Note, and the Trustee, upon written request from the Company,
will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to
such Holder, in a principal amount equal to

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any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly
mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the
results of the Asset Sale Offer on the Purchase Date.

          The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other applicable securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale
Offer. To the extent that the provisions of any securities laws or regulations conflict with the
Asset Sale provisions of this Indenture, the Company will comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under the Asset Sale
provisions of this Indenture by virtue of such compliance.

     Section 3.09 Mandatory Redemption.

          The Company will mandatorily redeem one-third of the principal amount of each Note originally
issued (or, if less, the entire then remaining principal amount of Notes) on each of May 15, 2013,
May 15, 2014 and May 15, 2015 at a redemption price equal to the principal amount thereof plus
accrued interest to the Redemption Date (subject to the right of Holders on the relevant regular
record date to receive interest due on an interest payment date).

ARTICLE IV

COVENANTS

     Section 4.01 Payment of Notes.

          The Company will pay or cause to be paid the principal of, premium, if any, and interest and
Additional Interest, if any, on, the Notes on the dates and in the manner provided in the Notes.
Principal, premium, if any, and interest and Additional Interest, if any will be considered paid on
the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of
12:00 p.m. Eastern Time on the due date money deposited by the Company in immediately available
funds and designated for and sufficient to pay all principal, premium, if any, and interest then
due. The Company will pay all Additional Interest, if any, in the same manner on the dates and in
the amounts set forth in the Registration Rights Agreement.

          The Company will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then
applicable interest rate on the Notes to the extent lawful; it will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Additional Interest (without regard to any applicable grace period) at the same rate
to the extent lawful.

     Section 4.02 Maintenance of Office or Agency.

          The Company will maintain in the Borough of Manhattan, the City of New York, an office or
agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or

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co-registrar) where Notes may be surrendered for registration of transfer or for exchange and
where notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company fails to maintain any such
required office or agency or fails to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee.

          The Company may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or rescission will in any
manner relieve the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency.

          The Company hereby designates the office of U.S. Bank Trust National Association at 100 Wall
Street, 16th Floor, New York, New York as one such office or agency of the Company in accordance
with Section 2.03 hereof.

     Section 4.03 Reports.

          (a) The Company will file with the Trustee, within 15 days of being required to file the same
with the SEC, copies of its annual reports and of the information, documents and other reports that
it may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange
Act.

          (b) If the Company is not required to file information, documents or reports with the SEC
pursuant to Section 13 or Section 15(d) of the Exchange Act, the Company will file with the Trustee
and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such
of the supplementary and periodic information, documents and reports which may be required pursuant
to Section 13 of the Exchange Act in respect of a security listed and registered on a national
securities exchange as may be prescribed from time to time in those rules and regulations. At any
time when the reports referred to herein are not filed with the SEC, the Company will maintain a
non-public website on which Holders of Notes, prospective investors and securities analysts may
access the quarterly and annual financial information of the Company, and the Company will direct
Holders of Notes, prospective investors and securities analysts on its publicly available website
to contact the Company’s Chief Financial Officer to obtain access to the non-public website.

          (c) Delivery of the reports, information and documents described in this Section 4.03, to the
Trustee are for informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any covenants hereunder (as to which the Trustee
is entitled to rely exclusively on Officer’s Certificates). The Trustee is under no duty to
examine such reports, information or documents to ensure

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compliance with the provisions of this Indenture or to ascertain the correctness or otherwise
of the information or the statements contained therein. The Trustee is entitled to assume such
compliance and correctness unless a Responsible Officer of the Trustee is informed otherwise.

     Section 4.04 Compliance Certificate.

          (a) The Company and each Guarantor (to the extent that such Guarantor is so required under the
TIA) shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’
Certificate stating that a review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to each such Officer signing such certificate, that to the
best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every
covenant contained in this Indenture and is not in Default in the performance or observance of any
of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge
and what action the Company is taking or proposes to take with respect thereto) and that to the
best of his or her knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest, if any, on the Notes is prohibited or if such
event has occurred, a description of the event and what action the Company is taking or proposes to
take with respect thereto. Except with respect to notice of a Default or Event of Default
contained in the Officer’s Certificate delivered to it pursuant to this Section 4.04, the Trustee
shall have no duty to review, ascertain or confirm the Company’s compliance with, or the breach of
any representation, warranty or covenant made in this Indenture.

          (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee,
forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’
Certificate specifying such Default or Event of Default, what action the Company is taking or
proposes to take with respect thereto and whether additional premium is payable pursuant to Section
6.02 hereof.

     Section 4.05 Taxes.

          The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency,
all material taxes, assessments, and governmental levies except such as are contested in good faith
and by appropriate proceedings or where the failure to effect such payment is not adverse in any
material respect to the Holders of the Notes.

     Section 4.06 Stay, Extension and Usury Laws.

          The Company and each of the Guarantors covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the
Company and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly

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waives all benefit or advantage of any such law, and covenants that it will not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law has been enacted.

     Section 4.07 Restricted Payments.

          (a) The Company will not, and will not permit any of its Subsidiaries to, directly or
indirectly make any Restricted Payment unless, at the time of and after giving effect to such
Restricted Payment:

     (1) no Default or Event of Default shall have occurred and be continuing or will occur
as a consequence thereof;

     (2) after giving effect to such Restricted Payment on a pro forma basis, the aggregate
amount expended or declared for all Restricted Payments made on or after the Issue Date
(excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6) and (7) of
clause (b) of this Section 4.07), shall not exceed the sum (without duplication) of:

     (A) 50% of the Consolidated Net Income (or, if Consolidated Net Income shall be
a deficit, minus 100% of such deficit) of the Company accrued on a cumulative basis
during the period (taken as one accounting period) from the beginning of the first
full fiscal quarter following the fiscal quarter in which the Issue Date occurs and
ending on the last day of the fiscal quarter immediately preceding the date of such
Restricted Payment, plus

     (B) 100% of the aggregate net cash proceeds received by the Company subsequent
to the Issue Date either (i) as a contribution to its common equity capital or (ii)
from the issuance and sale (other than to a Subsidiary) of Qualified Equity
Interests, including Qualified Equity Interests issued upon the conversion of
Indebtedness of the Company, and from the exercise of options, warrants or other
rights to purchase such Qualified Equity Interests (other than, in each case, Equity
Interests or Indebtedness sold to a Subsidiary of the Company),

     (C) minus $859.0 million.

          (b) Notwithstanding the foregoing provisions, the Company and its Subsidiaries may take the
following actions:

     (1) the payment of any dividend on Equity Interests in the Company or a Subsidiary
within 60 days after declaration thereof if at the declaration date such payment would not
have been prohibited by the foregoing provisions of this Section 4.07;

     (2) the retirement of any Equity Interests of the Company by conversion into, or by or
in exchange for, Qualified Equity Interests, or out of net cash proceeds of the
substantially concurrent sale (other than to a Subsidiary of the Company) of other Qualified
Equity Interests;

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     (3) the redemption, defeasance, repurchase or acquisition or retirement for value of
any Indebtedness of the Company or a Guarantor in exchange for or out of the net cash
proceeds of a substantially concurrent issue and sale (other than to a Subsidiary of the
Company) of (x) Qualified Equity Interests or (y) Permitted Refinancing Indebtedness;

     (4) [Reserved];

     (5) Permitted Tax Distributions;

     (6) the exchange of the Preferred Units of the Company existing as of the Issue Date
for any property into which such Preferred Units are exchangeable in accordance with their
terms; and

     (7) Restricted Payments in an amount not to exceed $250 million per year.

     Section 4.08 [Reserved].

     Section 4.09 Incurrence of Indebtedness.

          (a) The Company will not, nor will it permit any Subsidiary to, at any time create, issue,
incur (by conversion, exchange or otherwise), assume, guarantee or otherwise become liable in
respect of any Indebtedness (including Acquired Indebtedness) other than Permitted Indebtedness (as
defined below).

          (b) The provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the
following items of Indebtedness (collectively, “Permitted Indebtedness”):

     (1) Indebtedness under the Senior Secured Credit Facility in an aggregate principal
amount not to exceed $3,500.0 million less the aggregate principal amount of Indebtedness
under the Senior Secured Credit Facility permanently repaid (which, if such Indebtedness
under the Senior Secured Credit Facility is revolving credit Indebtedness, is accompanied by
a corresponding reduction of the commitment with respect thereto) with the Net Cash Proceeds
from any Asset Sale of Collateral;

     (2) Indebtedness (other than Indebtedness described in the foregoing clause (1))
outstanding on the Issue Date and up to $2,150.0 million of Senior Secured Notes (including
Senior Secured Notes issued on the Issue Date) issued in exchange for Existing Notes
maturing prior to December 31, 2009 and up to $6,250.0 million of Notes (including the
Initial Notes) issued in exchange for any other Existing Notes;

     (3) Permitted Funding Indebtedness;

     (4) Indebtedness among the Company and its Subsidiaries;

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     (5) Indebtedness under interest rate agreements and currency exchange agreements
entered into in the ordinary course of business and not for speculative purposes;

     (6) Permitted Refinancing Indebtedness in respect of Indebtedness outstanding in
reliance on clauses (2) and (3) above and this clause (6);

     (7) Indebtedness of the Company and the Guarantors that is subordinated to the Notes
and the Guarantees;

     (8) Indebtedness to the GMAC Parties incurred in accordance with the provisions
described in Section 4.11, provided that such Indebtedness is not secured by any Collateral;
and

     (9) Indebtedness of the Company or any Subsidiary not otherwise permitted hereunder in
an aggregate principal amount or liquidation preference, which when aggregated with the
principal amount and liquidation preference of all other Indebtedness then outstanding and
incurred pursuant to this clause (9), does not at any one time outstanding exceed $500.0
million.

          For purposes of determining compliance with this Section 4.09, and the outstanding principal
amount of any particular Indebtedness incurred pursuant to and in compliance with, this Section
4.09: (x) in the event that an item of Indebtedness meets the criteria of more than one of the
categories of Permitted Indebtedness described in clauses (1) through (9) of this Section 4.09(b),
the Company will, in its sole discretion, classify or reclassify, or later divide, classify or
reclassify, such item of Indebtedness in any manner that complies with this Section 4.09 and such
item of Indebtedness will be treated as having been incurred pursuant to only one of such clauses
or pursuant to this covenant (provided that all Indebtedness outstanding under the Senior Secured
Credit Facility will at all times be deemed to be outstanding pursuant to Section 4.09(b)(1)
above); and (y) the principal amount of any Disqualified Equity Interests will be equal to the
greater of the maximum mandatory redemption or repurchase price (not including, in either case, any
redemption or repurchase premium) or the liquidation preference thereof.

     Section 4.10 Asset Sales.

          (a) The Company will not, and will not permit any of its Subsidiaries to, consummate an Asset
Sale unless:

     (1) the Company (or the applicable Subsidiary, as the case may be) receives
consideration in the form of Permitted Consideration; and

     (2) at the time of the Asset Sale, the Permitted Consideration received in such Asset
Sale by the Company or such Subsidiary is at least equal to the Fair Value of the Collateral
or Supporting Assets issued or sold or otherwise disposed of.

          (b) Within 270 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Company
or the applicable Subsidiary, as the case may be, may:

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     (1) apply such Net Cash Proceeds at its option to permanently repay Permitted First
Lien Indebtedness and, if such Permitted First Lien Indebtedness repaid is revolving credit
Indebtedness, to correspondingly reduce commitments with respect thereto;

     (2) apply such Net Cash Proceeds at its option to repurchase, optionally redeem or
optionally prepay Senior Secured Notes or the Notes; or

     (3) provide additional Collateral or Supporting Assets (including by way of an increase
in any advance or Equity Interest which is existing Collateral or Supporting Assets) with a
Fair Value substantially equivalent to the Net Cash Proceeds received in such Asset Sale.

          (c) Any Net Cash Proceeds from Asset Sales in excess of Retained Proceeds, that are not
applied or invested as provided in the preceding paragraph of this Section 4.10 will constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, within 30
days thereof, the Company will make an offer to purchase (an “Asset Sale Offer”) to all Holders and
holders of Pari Passu Third Lien Indebtedness in an amount equal to the Excess Proceeds in
accordance with Section 3.08. The offer price in any Asset Sale Offer will be equal to 100% of the
principal amount plus accrued and unpaid interest to the date of purchase, and will be payable in
cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use
those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the sum total
of the aggregate principal amount of Notes and Pari Passu Third Lien Indebtedness tendered into an
Asset Sale Offer, when aggregated, exceeds the amount of Excess Proceeds, the Trustee will select
the Notes and Pari Passu Third Lien Indebtedness to be purchased on a pro rata basis. Upon
completion of an Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. The
Company may, at its election, make an Asset Sale Offer concurrently for the Senior Secured Notes,
the Notes, and, if applicable, Pari Passu Third Lien Indebtedness; provided however, that in the
event such Asset Sale Offer is oversubscribed, the Company shall first purchase all Senior Secured
Notes tendered in such offer prior to purchasing any Notes or Pari Passu Third Lien Indebtedness.

     Section 4.11 Transactions with Affiliates.

          (a) The Company will not, and will not permit any of its Subsidiaries (other than any Excluded
Subsidiary) to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter
into or make or amend any transaction or series of related transactions, contract, agreement, loan,
advance or guarantee with, or for the benefit of, any Affiliate of the Company involving aggregate
consideration in excess of $10.0 million (each of the foregoing, an “Affiliate Transaction”),
unless:

     (1) such Affiliate Transaction is on terms that are not materially less favorable to
the Company or the relevant Subsidiary than those that could reasonably have been obtained
in a comparable arm’s length transaction by the Company or such Subsidiary with an
unaffiliated party; and

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     (2) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $250.0 million, the Company
delivers to the Trustee a resolution adopted in good faith by the majority of the Board of
Directors of the Company approving such Affiliate Transaction and set forth in an Officers’
Certificate certifying that such Affiliate Transaction complies with clause (1) of this
Section 4.11(a); and:

     (3) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $500.0 million, the Company must
obtain and deliver the Trustee a written opinion of a nationally recognized investment
banking, accounting or appraisal firm stating that the transaction is fair to the Company or
such Subsidiary, as the case may be, from a financial point of view.

          (b) The provisions of Section 4.11(a) shall not apply to:

     (1) Restricted Payments that are permitted by Section 4.07;

     (2) the payment of reasonable and customary fees and indemnities to members of the
Board of Directors of the Company or a Subsidiary;

     (3) the payment of reasonable and customary compensation and other benefits (including
retirement, health, option, deferred compensation and other benefit plans) and indemnities
to Officers and employees of the Company or any Subsidiary;

     (4) transactions between or among the Company and/or its Subsidiaries;

     (5) the issuance of Equity Interests (other than Disqualified Equity Interests) of the
Company otherwise permitted hereunder and capital contributions to the Company;

     (6) any agreement or arrangement as in effect on the Issue Date and any amendment or
modification thereto so long as such amendment or modification is not more disadvantageous
to the Holders of the Notes in any material respect; and

     (7) transactions with customers, clients, suppliers or purchasers or sellers of goods
or services, in each case, in the ordinary course of business and consistent with past
practice and on terms that are no less favorable to the Company or such Subsidiary, as the
case may be, as determined in good faith by the Company, than those that could be obtained
in a comparable arm’s length transaction with a Person that is not an Affiliate of the
Company.

     Section 4.12 Liens.

          The Company will not, nor will it permit any Subsidiary to, at any time create or suffer to
exist any Lien (other than any Permitted Liens) on any Collateral (whether now owned or hereafter
acquired) to secure any Indebtedness or other contractual obligations of the Company or any
Subsidiary unless the Notes have a third Lien on such Collateral junior to the first Liens

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securing Permitted First Lien Indebtedness and the Liens securing the Senior Secured Notes but
not to any other Indebtedness or contractual obligations.

          The Company shall not, nor shall it permit any Subsidiary to, at any time create or suffer to
exist any Lien on any assets or property of the Company or any Subsidiary (whether now owned or
hereafter acquired) which is not Collateral without thereby expressly securing the due and punctual
payment of the principal of (premium, if any) and interest on the Notes and all other payments
thereunder or hereunder in the order of priority set forth in the Intercreditor Agreement and, in
any event, with the Notes being secured at least equally and ratably with any and all other
obligations and Indebtedness secured by such pledge or Lien (other than Permitted First Lien
Indebtedness and the Senior Secured Notes), for so long as any such other obligations and
Indebtedness shall be so secured; provided, however, that this restriction shall not apply to
Permitted Liens.

          In no event shall any Lien on any assets of the Company or any Subsidiary for the benefit of
the holders of Existing Notes be permitted.

     Section 4.13 Maintenance of the Company as a Holding Company.

          The Company shall act as a passive holding company of its Subsidiaries and shall not own any
material assets other than (i) Equity Interests of Guarantors, (ii) assets in respect of hedging
agreements, (iii) so long as no Event of Default has occurred and is continuing, cash and cash
equivalents and other immaterial assets in the ordinary course of business consistent with past
practice and (iv) assets which are subject to a perfected Lien as Collateral for the Notes.

     Section 4.14 Corporate Existence.

          Subject to Article V hereof, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect its existence, rights (charter and statutory) and
franchises. The Company shall not, however, be required to preserve any rights or franchises if
its Board of Directors determines that the preservation thereof is no longer desirable in the
conduct of the Company’s business and that the loss thereof is not disadvantageous in any material
respect to the Holders.

     Section 4.15 [Reserved].

     Section 4.16 [Reserved].

     Section 4.17 Future Guarantors.

          The Company shall:

          (a) within 45 days after the end of each of the first three fiscal quarters of each year and
90 days after the end of each fiscal year,

          (b) contemporaneously with the acquisition of any Person which upon such acquisition is, or of
any asset which causes the Subsidiary acquiring such assets (without regard

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to any other assets of such Subsidiary) to be, a Significant Subsidiary (other than an
Excluded Subsidiary), and

          (c) contemporaneously with the guarantee by any Subsidiary of any Indebtedness of the Company
or any Guarantor,

cause (i) in the case of 4.17(a) above, each Person that is a Significant Subsidiary (other than an
Excluded Subsidiary) as of the end of such quarter or fiscal year and is not already a Guarantor,
(ii) in the case of the 4.17(b) above, such Significant Subsidiary and (iii) in the case of 4.17(c)
above, such Subsidiary, to execute and deliver to the Trustee a supplemental indenture pursuant to
this Indenture whereby such Subsidiary unconditionally guarantees the principal of (premium, if
any), and interest on the Notes and all other amounts payable by the Company and shall agree to be
bound by this Indenture.

ARTICLE V

SUCCESSORS

     Section 5.01 Merger, Consolidation, or Sale of Assets.

          The Company shall not merge or consolidate with any other corporation or sell, assign,
transfer, lease or otherwise convey all or substantially all of its property or assets to any
Person, unless:

     (1) either the Company is the continuing corporation, or the successor Person (if other
than the Company) is a corporation organized and existing under the laws of the United
States or a state thereof and such corporation expressly assumes the due and punctual
payment of the principal of (and premium, if any), interest, if any, all the Notes and any
coupons, according to their tenor, and the due and punctual performance and observance of
all of the covenants and conditions of this Indenture to be performed by the Company by
supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by
such corporation;

     (2) each Guarantor, by supplemental indenture, confirms that their Guarantee shall
apply to the surviving entity’s obligations under the Notes and this Indenture, as modified
by such supplemental indenture, and confirms the due and punctual performance of the
Guarantee and the covenants of the Guarantor in this Indenture; and

     (3) immediately after such merger or consolidation, or such sale or conveyance, no
Event of Default has occurred and is continuing.

          For purposes of Section 5.01, any sale, assignment, transfer, lease or other conveyance or
conveyance of the properties and assets of one or more Significant Subsidiaries (other than to the
Company or another Subsidiary), which, if such assets were owned by the Company, would constitute
all or substantially all of the Company’s properties and assets, will be deemed to be the transfer
of all or substantially all of the Company’s properties and assets.

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     Section 5.02 Successor Corporation Substituted.

          Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the properties or assets of the Company in a
transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the
successor Person formed by such consolidation or into or with which the Company is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed
to, and be substituted for (so that from and after the date of such consolidation, merger, sale,
assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture
referring to the “Company” shall refer instead to the successor Person and not to the Company), and
may exercise every right and power of the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein; provided, however, that the predecessor
Company shall not be relieved from the obligation to pay the principal of and interest on the Notes
except in the case of a sale of all of the Company’s assets in a transaction that is subject to,
and that complies with the provisions of, Section 5.01 hereof.

ARTICLE VI

DEFAULTS AND REMEDIES

     Section 6.01 Events of Default.

          Each of the following is an “Event of Default”:

     (1) the Company’s failure to (x) pay principal (or premium, if any, on) any of the
Notes as and when the same shall become due and payable either at maturity, upon redemption,
by declaration or otherwise or (y) consummate a mandatory redemption of the Notes pursuant
to Section 3.09 on any date required by such Section;

     (2) the Company’s failure to pay any installment of interest, upon any of the Notes as
and when due and payable, which such failure continues for a period of 30 days;

     (3) the Company’s failure to observe or perform any of the covenants or agreements
described in Sections 4.07, 4.09, 4.10, 4.11, 4.12, 4.13, 4.17 and 5.01 of this Indenture
for a period of 30 days after the date on which the Trustee or the Holders of at least 25%
in aggregate principal amount of the Notes gives the Company written notice of its failure
to perform;

     (4) the Company’s failure, or the failure of any Guarantor, to perform any other
covenant in this Indenture, which failure continues for 90 days after the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes gives the Company written
notice of the Company’s, or such Guarantor’s, failure to perform;

     (5) (x) the Company’s failure, or failure by any of the Company’s Subsidiaries, to
perform any term or provision of any evidence of Indebtedness (excluding Indebtedness of any
of the Company’s Subsidiaries that is a Financing SPV), whether such Indebtedness now exists
or shall hereafter be created, or any other condition shall occur, and as a result of the
occurrence of which default or condition any such

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Indebtedness in an amount in excess of $50,000,000 shall become or be declared to be
due and payable, or the Company, or any of the Company’s Subsidiaries, shall be obligated to
purchase any such Indebtedness, prior to the date on which it would otherwise become due and
payable, (y) any Indebtedness of the Company or any of its Subsidiaries (excluding
Indebtedness of any of the Company’s Subsidiaries that is a Financing SPV) in an amount in
excess of $50,000,000 shall not be paid when due at its stated maturity or (z) an “Event of
Default” occurs and is continuing under any indenture governing the Existing Notes;

     (6) the entry against the Company or any Significant Subsidiary of a final judgment or
final judgments for the payment of money in an aggregate amount in excess of $50,000,000, by
a court or courts of competent jurisdiction, which judgments remain undischarged, unwaived,
unstayed, unbonded or unsatisfied for a period of 60 consecutive days;

     (7) any Security Document or Intercreditor Agreement is held to be unenforceable or
invalid for any reason, the security interest purported to be created by the Security
Documents are held to be unenforceable, invalid or impaired with respect to a material
portion of the Collateral, the Company, any Guarantor or any Grantor (as defined in the
Security Agreement) defaults in the performance of the terms of any of the Security
Documents or the Intercreditor Agreement in a manner that adversely affects the
enforceability or validity of the security interest on a material portion of the Collateral
or in a manner that adversely affects the condition or value of a material portion of the
Collateral, or the Company, any Guarantor or any Grantor (as defined in the Security
Agreement) repudiates or disaffirms any of its obligations under any of the Security
Documents or the Intercreditor Agreement;

     (8) the Company, any Significant Subsidiary or any Guarantor shall commence a voluntary
case or proceeding under any applicable federal or state bankruptcy, insolvency,
reorganization or other similar law now or hereafter in effect or of any other case or
proceeding to be adjudicated a bankrupt or insolvent, or shall consent to the entry of a
decree or order for relief in an involuntary case or proceeding against the Company, such
Significant Subsidiary or such Guarantor, or the filing by the Company, any Significant
Subsidiary or any Guarantor of a petition or answer to consent seeking reorganization or
relief under any such applicable federal or state law, or the consent by the Company, any
Significant Subsidiary or any Guarantor to the filing of such petition or to the appointment
of or taking possession by a custodian, receiver, liquidator, assignee, trustee, custodian,
sequestrator (or similar official) of the Company, such Significant Subsidiary or any
Guarantor or of any substantial part of its property, or the making by the Company, any
Significant Subsidiary or any Guarantor of any general assignment for the benefit of
creditors, or the taking of action by the Company, any Significant Subsidiary or any
Guarantor in furtherance of any such action;

     (9) a court having jurisdiction in the premises shall enter a decree or order for
relief in respect of the Company, any Significant Subsidiary or any Guarantor in an
involuntary case under any applicable bankruptcy, insolvency, reorganization or other

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similar law now or hereafter in effect, or a decree or order adjudging the Company,
such Significant Subsidiary or such Guarantor a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment, or composition of
or in respect of the Company, such Significant Subsidiary or Guarantor or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of
the Company, such Significant Subsidiary or such Guarantor or for any substantial part of
its property, or ordering the winding-up or liquidation of its affairs, shall have been
entered and such decree or order shall remain unstayed and in effect for a period of ninety
(90) days; or

     (10) any Guarantee shall cease to be in full force and effect (unless such Guarantee
has been released in accordance with this Indenture).

     Section 6.02 Acceleration.

          If any Event of Default other than an Event of Default specified in clause (8) or (9) of
Section 6.01 hereof, has occurred and is continuing, either the Trustee or the Holders of not less
than 25% in aggregate principal amount of Notes then outstanding under this Indenture may declare
the principal of the Notes and all accrued interest thereon to be due and payable immediately. If
an Event of Default specified in clause (8) or (9) of Section 6.01 hereof occurs, the principal of
all outstanding Notes and all accrued interest thereon shall be due and payable, without further
action or notice on the part of the Trustee or any Holder.

          The Holders of a majority in aggregate principal amount of the then outstanding Notes by
written notice to the Trustee may, on behalf of all of the Holders, rescind an acceleration and its
consequences, if the rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal, interest or premium or Additional Interest, if
any, that has become due solely because of the acceleration) have been cured or waived.

     Section 6.03 Other Remedies.

          If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal, premium and Additional Interest, if any, and interest on the
Notes or to enforce the performance of any provision of the Notes or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note
in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

     Section 6.04 Waiver of Past Defaults.

          Holders of not less than a majority in aggregate principal amount of the then outstanding
Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, waive any
existing Default or Event of Default and its consequences hereunder, except a continuing Default or
Event of Default in the payment of the principal of, premium and Additional Interest, if any,

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or interest on, the Notes (including in connection with an offer to purchase); provided,
however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes
may rescind an acceleration and its consequences, including any related payment default that
resulted from such acceleration in accordance with Section 6.02. Upon any such waiver, such
Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent
or other Default or impair any right consequent thereon.

     Section 6.05 Control by Majority.

          Holders of a majority in aggregate principal amount of the then outstanding Notes may direct
the time, method and place of conducting any proceeding for exercising any remedy available to the
Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to
follow any direction that conflicts with law or this Indenture, that the Trustee determines may be
unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in
personal liability.

     Section 6.06 Limitation on Suits.

          A Holder may pursue a remedy with respect to this Indenture or the Notes only if:

     (1) such Holder has previously given the Trustee written notice that an Event of
Default is continuing;

     (2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes
have requested that the Trustee pursue the remedy;

     (3) such Holder or Holders have offered the Trustee satisfactory indemnity against any
loss, liability or expense;

     (4) the Trustee has not complied with such request within 60 days after receipt of the
request and the offer of indemnity; and

     (5) Holders of a majority in aggregate principal amount of the then outstanding Notes
have not given the Trustee a direction inconsistent with such request.

          A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a
Note or to obtain a preference or priority over another Holder of a Note.

     Section 6.07 Rights of Holders of Notes to Receive Payment.

          Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium and Additional Interest, if any, and interest on the Note, on
or after the respective due dates expressed in the Note (including in connection with an offer to
purchase), or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

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     Section 6.08 Collection Suit by Trustee.

          If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal of, premium and Additional Interest, if any,
and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent
lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.

     Section 6.09 Trustee May File Proofs of Claim.

          The Trustee is authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company
(or any other obligor upon the Notes), its creditors or its property and shall be entitled and
empowered to collect, receive and distribute any money or other property payable or deliverable on
any such claims and any custodian in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or
under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.

     Section 6.10 Priorities.

          If the Trustee collects any money pursuant to this Article VI or pursuant to the Security
Documents, it shall pay out the money in the following order:

     First: pro rata to the Trustee, its agents and attorneys for amounts due under Section
7.07 hereof, and the Collateral Agent and Collateral Control Agent, their agents and
attorneys for amounts due under the Security Documents including, in each case, payment of
all compensation, expenses and liabilities incurred by the Trustee, the Collateral Agent and
the Collateral Control Agent and the costs and expenses of collection;

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     Second: to Holders of Notes for amounts due and unpaid on the Notes for principal,
premium and Additional Interest, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal,
premium and Additional Interest, if any and interest, respectively; and

     Third: to the Company or to such party as a court of competent jurisdiction shall
direct.

          The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10.

     Section 6.11 Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the
claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the
Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more
than 10% in aggregate principal amount of the then outstanding Notes.

ARTICLE VII

TRUSTEE

     Section 7.01 Duties of Trustee.

          (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of
the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
its exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs.

          (b) Except during the continuance of an Event of Default:

     (1) the duties of the Trustee will be determined solely by the express provisions of
this Indenture and the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee will examine the certificates and opinions to determine
whether or not they conform to the requirements of this Indenture. The Trustee shall have
no obligation to check or verify the mathematical accuracy of any calculations or financial
information contained therein.

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          (c) The Trustee may not be relieved from liabilities for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

     (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

     (2) the Trustee will not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the
pertinent facts; and

     (3) the Trustee will not be liable with respect to any action it takes or omits to take
in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof.

          (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01.

          (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or
incur any liability. The Trustee will be under no obligation to exercise any of its rights and
powers under this Indenture at the request of any Holders, unless such Holder has offered to the
Trustee security and indemnity satisfactory to it against any loss, liability or expense.

          (f) The Trustee will not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.

     Section 7.02 Rights of Trustee.

          (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or
matter stated in the document.

          (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits
to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee
may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection from liability in respect of any action
taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

          (c) The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any agent appointed with due care.

          (d) The Trustee will not be liable for any action it takes or omits to take in good faith that
it believes to be authorized or within the rights or powers conferred upon it by this Indenture.

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          (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company will be sufficient if signed by an Officer of the Company.

          (f) The Trustee will be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Holders unless such Holders have
offered to the Trustee reasonable indemnity or security reasonably satisfactory to the Trustee
against the losses, liabilities and expenses that might be incurred by it in compliance with such
request or direction.

          (g) In no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

          (h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any
event that is in fact such a default is received by the Trustee at the Corporate Trust Office of
the Trustee, and such notice references the Notes and this Indenture.

          (i) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and
other Person employed to act hereunder.

          (j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth
the names of individuals and/or titles of Officers authorized at such time to take specified
actions pursuant to this Indenture.

          (k) The Trustee shall not be required to give any bond or surety in respect of the execution
of the trusts and powers under this Indenture.

          (l) The Trustee shall not be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused, directly or indirectly, by
circumstances beyond its reasonable control, including without limitation, acts of God,
earthquakes, fire, flood, terrorism, wars and other military disturbances, sabotage, epidemics,
riots, interruptions, loss or malfunction of utilities, computer (hardware or software) or
communication services, accidents, labor disputes, acts of civil or military authorities and
governmental action.

     Section 7.03 Individual Rights of Trustee.

          The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or any Affiliate of the Company with the same rights it
would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest (as defined in the TIA) it must eliminate such conflict within 90 days, apply to the SEC
for permission to continue as trustee (if this Indenture has been qualified under the

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TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also
subject to Sections 7.10 and 7.11 hereof.

     Section 7.04 Trustee’s Disclaimer.

          The Trustee will not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the
proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any
provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any
statement or recital herein or any statement in the Notes or any other document in connection with
the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

     Section 7.05 Notice of Defaults.

          If a Default or Event of Default occurs and is continuing and if it is actually known to a
Responsible Officer of the Trustee, the Trustee will mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case of a Default or
Event of Default in payment of principal of, premium or Additional Interest, if any, or interest
on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the interests of the Holders of
the Notes.

     Section 7.06 Reports by Trustee to Holders of the Notes.

          (a) Within 60 days after each February 15 beginning with the February 15 following the date of
this Indenture, and for so long as Notes remain outstanding, the Trustee will mail to the Holders
of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if
no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting
date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The
Trustee will also transmit by mail all reports as required by TIA § 313(c).

          (b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by
the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which
the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee
when the Notes are listed on or delisted from any stock exchange.

     Section 7.07 Compensation and Indemnity.

          (a) The Company will pay to the Trustee from time to time such compensation for its acceptance
of this Indenture and services hereunder as shall be agreed in writing by the Company and the
Trustee. The Trustee’s compensation will not be limited by any law on compensation of a trustee of
an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its
services. Such expenses will include the reasonable compensation, disbursements and expenses of
the Trustee’s agents and counsel.

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          (b) The Company and the Guarantors will indemnify the Trustee and any predecessor Trustee
against any and all losses, liabilities, damages, claims or expenses, including taxes (other than
those based upon, measured by or determined by the income of the Trustee) incurred by it arising
out of or in connection with the acceptance or administration of its duties under this Indenture,
including the reasonable costs and expenses of enforcing this Indenture against the Company and the
Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted
by the Company, the Guarantors, any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the extent any such
loss, liability or expense may be attributable to its negligence or bad faith. The Trustee will
notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Company will not relieve the Company or any of the Guarantors of their obligations
hereunder. The Company or such Guarantor will defend the claim and the Trustee will cooperate in
the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees
and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement
made without its consent, which consent will not be unreasonably withheld.

          (c) The obligations of the Company and the Guarantors under this Section 7.07 will survive the
satisfaction and discharge of this Indenture and the resignation or removal of the Trustee.

          (d) To secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the
Trustee will have a Lien prior to the Notes on all money or property held or collected by the
Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien
will constitute a Permitted Lien and will survive the satisfaction and discharge of this Indenture.

          (e) When the Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(8) or (9) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

          (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.

          (g) The Company and the Guarantors will indemnify the Collateral Agent and the Collateral
Control Agent and any predecessor Collateral Agent and the Collateral Control Agent against any and
all losses, liabilities, damages, claims or expenses (including costs and expenses of counsel),
including taxes incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, including the reasonable costs and expenses of
enforcing this Indenture against the Company and the Guarantors (including this Section 7.07) and
defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder or
any other Person) or liability in connection with the exercise or performance of any of its powers
or duties hereunder, except to the extent any such loss, liability or expense may be attributable
to its negligence or bad faith. The Collateral Agent and the Collateral Control Agent will notify
the Company promptly of any claim for which it may seek indemnity. Failure by the

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Collateral Agent or the Collateral Control Agent to so notify the Company will not relieve the
Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor
will defend the claim and the Collateral Agent and the Collateral Control Agent will cooperate in
the defense. The Collateral Agent or the Collateral Control Agent may have separate counsel and
the Company will pay the reasonable fees and expenses of such counsel. Neither the Company nor any
Guarantor need pay for any settlement made without its consent, which consent will not be
unreasonably withheld.

     Section 7.08 Replacement of Trustee.

          (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section
7.08.

          (b) The Trustee may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Company. The Holders of a majority in aggregate principal amount of
the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in
writing. The Company may remove the Trustee if:

     (1) the Trustee fails to comply with Section 7.10 hereof;

     (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

     (3) a custodian or public officer takes charge of the Trustee or its property; or

     (4) the Trustee becomes incapable of acting.

          (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for
any reason, the Company will promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

          (d) If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in
aggregate principal amount of the then outstanding Notes may petition any court of competent
jurisdiction (at the expense of the Company) for the appointment of a successor Trustee.

          (e) If the Trustee, after written request by any Holder who has been a Holder for at least six
months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

          (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will
become effective, and the successor Trustee will have all the rights, powers and

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duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its
succession to Holders. The retiring Trustee will promptly transfer all property held by it as
Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid
and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will
continue for the benefit of the retiring Trustee.

     Section 7.09 Successor Trustee by Merger, etc.

          If the Trustee consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation, the successor corporation without any further
act will be the successor Trustee.

     Section 7.10 Eligibility; Disqualification.

          There shall at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized
under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $100.0
million as set forth in its most recent published annual report of condition.

          This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1),
(2) and (5). The Trustee is subject to TIA § 310(b).

     Section 7.11 Preferential Collection of Claims Against Company.

          The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA §
311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated therein.

     Section 7.12 Patriot Act.

          To help the government fight the funding of terrorism and money laundering activities, federal
law requires all financial institutions to obtain, verify and record information that identifies
each individual person who opens an account. For a non-individual person such as a business
entity, a charity, a trust or other legal entity the Trustee will ask for documentation to verify
its formation and existence as a legal entity. The Trustee may also ask to see financial
statements, licenses, identification and authorization documents from individuals claiming
authority to represent the entity or other relevant documentation.

     Section 7.13 Payment of Additional Interest.

          If Additional Interest is payable, the Company shall deliver to the Trustee a certificate to
that effect stating (a) the amount of such Additional Interest that is payable and (b) the date on
which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee
receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry
that no such Additional Interest is payable. If the Company has paid Additional Interest directly

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to the Persons entitled to it, the Company shall deliver to the Trustee a certificate setting
forth the particulars of such payment.

ARTICLE VIII

COLLATERAL

     Section 8.01 Security Documents.

          The payment of the principal of and interest and premium, if any, on the Notes when due,
whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or
otherwise and whether by the Company pursuant to the Notes or by any Guarantor pursuant to its
Guarantee and the payment and performance of all other obligations of the Company and the
Guarantors under this Indenture, the Notes, the Guarantees and the Security Documents are secured
as provided in the Security Documents which the Company, the Guarantors and certain other
Subsidiaries of the Company have entered into simultaneously with the execution of this Indenture
and will be secured by Security Documents hereafter delivered as required or permitted by this
Indenture. The Company shall, and shall cause each Guarantor and each Grantor (as defined in the
Security Agreement) to, and each Guarantor shall, do all filings (including filings of continuation
statements and amendments to Uniform Commercial Code financing statements that may be necessary to
continue the effectiveness of such Uniform Commercial Code financing statements) and all other
actions as are necessary or required by the Security Documents to maintain (at the sole cost and
expense of the Company and the Guarantors) the security interest created by the Security Documents
in the Collateral as a perfected security interest, subject only to Permitted Liens.

     Section 8.02 Agents.

          Subject to Section 7.01 hereof and Sections 13 and 14 of the Security Agreement, neither the
Trustee nor any of its officers, directors, employees, attorneys or agents will be responsible or
liable for the existence, genuineness, value or protection of any Collateral, for the legality,
enforceability, effectiveness or sufficiency of the Security Documents, for the creation,
perfection, priority, sufficiency or protection of any Lien securing the Notes or the Guarantees,
or for any defect or deficiency as to any such matters, or for any failure to demand, collect,
foreclose or realize upon or otherwise enforce any such Liens or Security Documents or any delay in
doing so.

     Section 8.03 Authorization of Actions to Be Taken.

          (a) Each Holder of Notes, by its acceptance thereof, consents and agrees to be bound by the
terms of each Security Document and the Intercreditor Agreement, as originally in effect and as
amended, supplemented or replaced from time to time in accordance with its terms or the terms of
this Indenture, authorizes and directs the Trustee and the Collateral Agent to enter into the
Security Documents to which it is a party, authorizes and empowers the Trustee and the Collateral
Agent to enter into, execute and deliver, the Intercreditor Agreement, and authorizes and empowers
the Trustee and the Collateral Agent to bind the Holders of Notes as set forth in the Security
Documents to which either of them is a party and the Intercreditor

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Agreement and to perform their obligations and exercise their rights and powers thereunder and
to make the representations set forth therein on behalf of the Holders.

          (b) The Collateral Agent, the Collateral Control Agent and the Trustee are authorized and
empowered to receive for the benefit of the Holders of Notes any funds collected or distributed
under the Security Documents or the Intercreditor Agreement to which the Collateral Agent or
Trustee is a party and, subject to the terms of the Security Documents and the Intercreditor
Agreement, to make further distributions of such funds to the Holders of Notes according to the
provisions of this Indenture.

          (c) Subject to the provisions of Sections 7.01 and Section 7.02 and the Intercreditor
Agreement, the Trustee may, in its sole discretion and without the consent of the Holders (but is
not obligated to), direct, on behalf of the Holders, the Collateral Agent to take all actions it
deems necessary or appropriate in order to:

     (1) foreclose upon or otherwise enforce any or all of the Liens;

     (2) enforce any of the terms of the Security Documents to which the Collateral Agent or
Trustee is a party; or

     (3) collect and receive payment of any and all amounts under the Notes and the
Guarantees.

          Subject to Sections 7.01 and 7.02 and the Intercreditor Agreement and at the Company’s sole
cost and expense, the Trustee is authorized and empowered (but not obligated) to institute and
maintain, or direct the Collateral Agent or Collateral Control Agent to institute and maintain,
such suits and proceedings as it may deem reasonably expedient to protect or enforce the Liens
under the Security Documents or the Security Documents to which the Collateral Agent or Collateral
Control Agent or Trustee is a party or to prevent any impairment of Collateral by any acts that may
be unlawful or in violation of the Security Documents to which the Collateral Agent or Collateral
Control Agent or Trustee is a party or this Indenture, and such suits and proceedings as the
Trustee or the Collateral Agent or Collateral Control Agent may deem reasonably expedient, at the
Company’s sole cost and expense, to preserve or protect its interests and the interests of the
Holders of Notes in the Collateral, including power to institute and maintain suits or proceedings
to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or
compliance with, such enactment, rule or order would impair the security interest hereunder or be
prejudicial to the interests of Holders, the Trustee, the Collateral Agent, or the Collateral
Control Agent.

     Section 8.04 Release of Collateral.

          (a) Collateral may be released from the Lien and security interest created by the Security
Documents at any time or from time to time in accordance with the provisions of the Intercreditor
Agreement. In addition, the Liens on any Collateral shall be released (and upon the request of the
Company pursuant to an Officers’ Certificate in the form of Exhibit F and Opinion of Counsel in the
form of Exhibit G certifying that all conditions precedent hereunder

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have been met, the Trustee shall take such actions as may be requested by the Company to
evidence such release at the Company’s sole cost and expense) under any one or more of the
following circumstances:

     (i) upon the sale, transfer or other disposition of such property or assets (other than
to the Company or a Guarantor) to the extent not prohibited under Section 4.10 hereof, the
Lien of the Security Documents shall be released on the assets so transferred;

     (ii) upon the release of a Guarantor from its Guarantee pursuant Section 10.05, the
property and assets of such Guarantor shall be released from the Lien of the Security
Documents; or

     (iii) in connection with any release of Liens pursuant to any amendment complying with
Article IX hereof.

No purchaser or grantee of any property or rights purporting to be released shall be bound to
ascertain the authority of the Trustee to execute the release or to inquire as to the existence of
any conditions herein prescribed for the exercise of such authority so long as the conditions set
forth in Section 10.4 have been satisfied.

          (b) The Liens on any Collateral securing the Notes and the Guarantees and the other
obligations under this Indenture will terminate and be released automatically upon any satisfaction
and discharge of this Indenture pursuant to Section 11.01 or any Legal Defeasance or Covenant
Defeasance in compliance with Article XIII.

     Section 8.05 Filing, Recording and Opinions.

          (a) The Company will comply with the provisions of Trust Indenture Act Sections 314(b) and
314(d) (including, without limitation, the provision of an initial and annual Opinion of Counsel
under Section 314(b)), in each case following qualification of this Indenture pursuant to the Trust
Indenture Act, except to the extent not required as set forth in any SEC regulation or
interpretation (including any no-action letter issued by the Staff of the SEC, whether issued to
the Company or any other Person). Following such qualification, to the extent the Company is
required to furnish to the Trustee an Opinion of Counsel pursuant to Trust Indenture Act Section
314(b)(2), the Company will furnish such opinion not more than 60 but not less than 30 days prior
to each September 30.

          (b) Following qualification of this Indenture pursuant to the Trust Indenture Act, if any
Collateral is released in accordance with this Indenture or any Security Document, the Trustee will
determine whether it has received all documentation required by Trust Indenture Act Section 314(d)
in connection with such release and, based on such determination and the Opinion of Counsel
delivered pursuant to Section 11.04(a), will, upon request, deliver a certificate to the Collateral
Agent, the Collateral Control Agent and the Company setting forth such determination.

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     Section 8.06 Powers Exercisable by Receiver or Trustee.

          In case the Collateral shall be in the possession of a receiver or trustee, lawfully
appointed, the powers conferred in this Article VIII upon the Company or a Guarantor with respect
to the release, sale or other disposition of such property may be exercised by such receiver or
trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any
similar instrument of the Company or a Guarantor or of any Officer or Officers thereof required by
the provisions of this Article VIII; and if the Trustee shall be in the possession of the
Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee.

     Section 8.07 Release upon Termination of the Company’s Obligations.

          In the event that the Company delivers to the Trustee, in a form acceptable to it, an
Officers’ Certificate and Opinion of Counsel certifying that the conditions set forth in Section
8.04 have been satisfied, the Trustee shall deliver to the Company, the Collateral Agent and the
Collateral Control Agent a notice stating that the Trustee, on behalf of the Holders, disclaims and
gives up any and all rights it has in or to the Collateral, and any rights it has under the
Security Documents, and upon receipt by the Collateral Agent and the Collateral Control Agent of
such notice, the Collateral Agent and the Collateral Control Agent shall be deemed not to hold a
Lien in the Collateral on behalf of the Trustee and shall do or cause to be done, at the Company’s
sole cost and expense, all acts reasonably necessary to release such Lien as soon as is reasonably
practicable.

ARTICLE IX

AMENDMENT, SUPPLEMENT AND WAIVER

     Section 9.01 Without Consent of Holders of Notes.

          Notwithstanding Section 9.02 hereof, the Company, the Guarantors and the Trustee may amend and
change this Indenture and the Security Documents and may consent to without the consent of the
Holders in order to:

          (a) evidence the succession of another corporation to the Company or each Guarantor or
successive successions, and the assumption by any successor corporation of certain covenants,
agreements and obligations;

          (b) add to the covenants of the Company for the benefit of the Holders;

          (c) cure any ambiguity, omission, defect or inconsistency, provided that such action does not
adversely affect the interests of the Holders;

          (d) convey, transfer, assign, mortgage or pledge any property to or with the Trustee;

          (e) evidence and provide the acceptance of the appointment of a successor Trustee under this
Indenture; and

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          (f) (i) evidence the succession of another corporation to each Guarantor, or successive
successions, and the assumption by any successor corporation of certain covenants, agreements and
obligations; (ii) add to the covenants of a Guarantor for the benefit of the Holders; (iii)
evidence and provide for any new Guarantees with respect to the Notes or the release of any
Guarantor pursuant to the Indenture; (iv) provide for additional Collateral; (v) release Collateral
in accordance with this Indenture and the Security Documents; and (vi) to secure any Pari Passu
Third Lien Indebtedness.

          Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 9.06 hereof, the Trustee or the Collateral Agent will
join with the Company and the Guarantors in the execution of any amended or supplemental indenture
or other amendment authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee and
Collateral Agent will not be obligated to enter into such amended or supplemental indenture that
affects its own rights, duties or immunities under this Indenture or otherwise.

     Section 9.02 With Consent of Holders of Notes.

          Except as provided below in this Section 9.02, the Company, the Trustee and the Collateral
Agent may amend or supplement this Indenture (including, without limitation, Sections 3.08 and 4.10
hereof) and the Notes, the Intercreditor Agreement, the Security Documents and the Guarantees with
the consent of the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single
class (including, without limitation, consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any
existing Default (other than a Default in the payment of the principal of, premium or Additional
Interest, if any, or interest on, the Notes, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this Indenture, the
Notes, the Security Documents or the Guarantees may be waived with the consent of the Holders of a
majority in aggregate principal amount of the then outstanding Notes (including, without
limitation, Additional Notes, if any) voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the
Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for
purposes of this Section 9.02.

          Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon the filing with
the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as
aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06 hereof, the
Trustee or the Collateral Agent will join with the Company and the Guarantors in the execution of
such amended or supplemental indenture or other amendment unless such amended or supplemental
indenture directly affects the Trustee’s or the Collateral Agent’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee or the Collateral

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Agent may in its discretion, but will not be obligated to, enter into such amended or
supplemental Indenture or amendment.

          It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to
approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient
if such consent approves the substance thereof.

          After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Company will mail to the Holders of Notes affected thereby a notice briefly describing the
amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, will not, however, in any way impair or affect the validity of any such amended or
supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes then outstanding voting as a single class may
waive compliance in a particular instance by the Company with any provision of this Indenture or
the Notes or the Guarantees. However, without the consent of each Holder affected, an amendment,
supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a
non-consenting Holder):

     (1) change the fixed maturity of the Notes;

     (2) reduce the principal amount of, or premium, if any, or reduce the rate of, or
extend the time of payment of interest on, the Notes;

     (3) reduce any amount due and payable upon acceleration of the Notes or the amount
provable in bankruptcy;

     (4) make the principal of, or premium, if any, or interest, if any, on the Notes
payable in any currency other than as provided in the Notes;

     (5) impair the right to institute suit for the enforcement of any payment on or after
its stated maturity, or in the case of redemption, on or after the Redemption Date;

     (6) reduce the percentage in aggregate principal amount of outstanding Notes necessary
to modify or amend this Indenture;

     (7) reduce the percentage in aggregate principal amount of outstanding Notes necessary
to waive Event of Defaults as described in Section 6.01; or

     (8) release all or substantially all of the Collateral from the Lien of the Security
Documents (other than in accordance with Article VIII) or release all or substantially all
of the value of the Guarantees (other than in accordance with Section 10.05).

     Section 9.03 Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture or the Notes will be set forth in a amended or
supplemental indenture that complies with the TIA as then in effect.

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     Section 9.04 Revocation and Effect of Consents.

          Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any Note. An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder.

     Section 9.05 Notation on or Exchange of Notes.

          The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee
shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

          Failure to make the appropriate notation or issue a new Note will not affect the validity and
effect of such amendment, supplement or waiver.

     Section 9.06 Trustee to Sign Amendments, etc.

          The Trustee will sign any amended or supplemental indenture authorized pursuant to this
Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until
the Board of Directors of the Company approves it. In executing any amended or supplemental
indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be
fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an
Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or
supplemental indenture is authorized or permitted by this Indenture.

ARTICLE X

GUARANTEES

     Section 10.01 Guarantee.

          (a) Subject to this Article X, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee and its successors and assigns, irrespective of the validity and enforceability of
this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

     (1) the principal of, premium and Additional Interest, if any, and interest on, the
Notes will be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of and interest on the Notes,
if any, if lawful, and all other obligations of the Company to the Holders or the Trustee
hereunder or thereunder will be promptly paid in full or performed, all in accordance with
the terms hereof and thereof; and

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     (2) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.

          Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of
collection.

          (b) The Guarantors hereby agree that their obligations hereunder are unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenant that this Guarantee will not be discharged except by
complete performance of the obligations contained in the Notes and this Indenture.

          (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in
relation to either the Company or the Guarantors, any amount paid by the Company or any Guarantor
either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, will be
reinstated in full force and effect.

          (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation
to the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on
the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes
of this Guarantee notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any
declaration of acceleration of such obligations as provided in Article VI hereof, such obligations
(whether or not due and payable) will forthwith become due and payable by the Guarantors for the
purpose of this Guarantee. The Guarantors will have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the Guarantee.

     Section 10.02 Limitation on Guarantor Liability.

          Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent

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Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the
extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the
Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be
limited to the maximum amount that will, after giving effect to such maximum amount and all other
contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after
giving effect to any collections from, rights to receive contribution from or payments made by or
on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this
Article X, result in the obligations of such Guarantor under its Guarantee not constituting a
fraudulent transfer or conveyance.

     Section 10.03 Execution and Delivery of Guarantee.

          To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that
a notation of such Guarantee substantially in the form attached as Exhibit E hereto will be
endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee
and that this Indenture will be executed on behalf of such Guarantor by one of its Officers.

          Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof will remain
in full force and effect notwithstanding any failure to endorse on each Note a notation of such
Guarantee.

          If an Officer whose signature is on this Indenture or on the Guarantee no longer holds that
office at the time the Trustee authenticates the Note on which a Guarantee is endorsed, the
Guarantee will be valid nevertheless.

          The delivery of any Note by the Trustee, after the authentication thereof hereunder, will
constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors.

     Section 10.04 Guarantors May Consolidate, etc., on Certain Terms.

          For the benefit of the Notes, no Guarantor shall merge or consolidate with any other
corporation or sell, assign, transfer, lease or otherwise convey all or substantially all of its
property or assets to any Person, unless either:

          (a) (x) either such Guarantor is the continuing corporation, or the successor Person (if other
than the Guarantor) is a corporation or limited liability company organized and existing under the
laws of the United States or a state thereof and, such corporation or limited liability company
expressly assumes the Guarantee of such Guarantor by supplemental indenture satisfactory to the
Trustee, executed and delivered to the Trustee by such corporation; and

                (y) immediately after such merger or consolidation, or such sale or conveyance, no Event of
Default has occurred and is continuing; or

          (b) such merger, consolidation, lease, transfer or conveyance complies with Section 4.10
hereof.

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          In case of any such consolidation, merger, sale or conveyance and upon the assumption by the
successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same
effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to
be signed any or all of the Guarantees to be endorsed upon all of the Notes issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the Trustee. All the
Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture
as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture
as though all of such Guarantees had been issued at the date of the execution hereof.

          Except as set forth in Articles IV and V hereof, and notwithstanding clauses 2(a) and (b)
above, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or
merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or
conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the
Company or another Guarantor.

     Section 10.05 Releases.

          The Guarantee of a Guarantor will be released (so long as no Event of Default has occurred and
is continuing) with respect to the Notes:

          (a) in connection with any sale, exchange or transfer of all of the stock of the Guarantor to
any Person (other than the Company or a Subsidiary or Affiliate of the Company), provided such sale
is not prohibited under this Indenture;

          (b) upon the payment in full of the Notes; or

          (c) upon Legal Defeasance or satisfaction and discharge of the Indenture as provided below in
Articles XI and XIII.

ARTICLE XI

SATISFACTION AND DISCHARGE

     Section 11.01 Satisfaction and Discharge.

          This Indenture will be discharged and will cease to be of further effect as to all Notes
issued hereunder, when:

     (1) either:

     (a) all Notes that have been authenticated, except lost, stolen or destroyed
Notes that have been replaced or paid and Notes for whose payment

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money has been deposited in trust and thereafter repaid to the Company, have
been delivered to the Trustee for cancellation; or

     (b) all Notes that have not been delivered to the Trustee for cancellation have
become due and payable by reason of the mailing of a notice of redemption or
otherwise or will become due and payable within one year and the Company or any
Guarantor has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and
non-callable Government Securities, in amounts as will be sufficient, without
consideration of any reinvestment of interest, to pay and discharge the entire
Indebtedness on the Notes not delivered to the Trustee for cancellation for
principal, premium and Additional Interest, if any, and accrued interest to the date
of maturity or redemption;

     (2) no Default has occurred and is continuing on the date of the deposit (other than a
Default resulting from the borrowing of funds to be applied to such deposit) and the deposit
will not result in a breach or violation of, or constitute a default under, any other
instrument to which the Company or any Guarantor is a party or by which the Company or any
Guarantor is bound;

     (3) the Company or any Guarantor has paid or caused to be paid all sums payable by the
Company and/or the Guarantors under this Indenture; and

     (4) the Company has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of the Notes at maturity or on the
Redemption Date, as the case may be.

In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

          Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited
with the Trustee pursuant to subclause (b) of clause (1) of this Section 11.01, the provisions of
Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will be
deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

     Section 11.02 Application of Trust Money.

          Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium and Additional Interest, if any) and
interest for whose payment such money has been deposited with the Trustee; but such money need not
be segregated from other funds except to the extent required by law.

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          If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s and any Guarantor’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof;
provided that if the Company has made any payment of principal of, premium or Additional Interest,
if any, or interest on, any Notes because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the
money or Government Securities held by the Trustee or Paying Agent.

ARTICLE XII

MISCELLANEOUS

     Section 12.01 Trust Indenture Act Controls.

          If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by
TIA §318(c), the imposed duties will control, provided that the provisions under Sections 314(b)
and 314(d) shall only apply following qualification of this Indenture pursuant to the Trust
Indenture Act.

     Section 12.02 Notices.

          Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly
given if in writing and delivered in Person or by first class mail (registered or certified, return
receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery,
to the others’ address:

          If to the Company and/or any Guarantor:

Residential Capital, LLC

7501 Wisconsin Avenue, Suite 900

Bethesda, MD 20814

Facsimile No.: (301) 664-6999

Attention: Hu Benton, Managing Director,

          VP and Associate Counsel

With a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, California 90071

Attention: Casey Fleck, Esq.

If to the Trustee:

U.S. Bank National Association

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60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107-2292

Facsimile No.: (651) 495-8097

Attention: Richard Prokosch

          The Company, any Guarantor or the Trustee, by notice to the others, may designate additional
or different addresses for subsequent notices or communications.

          All notices and communications (other than those sent to Holders) will be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.

          Any notice or communication to a Holder will be sent by first class mail, certified or
registered, return receipt requested, sent by overnight air courier guaranteeing next day delivery,
or sent electronically to the Holder at the Holder’s address as it appears on the registration
books of the Registrar. Any notice or communication will also be sent by first class mail,
certified or registered, return receipt requested, or by overnight air courier to any Person
described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or
communication to a Holder or any defect in it will not affect its sufficiency with respect to other
Holders.

          If a notice or communication is sent in the manner provided above within the time prescribed,
it is duly given, whether or not the addressee receives it.

          If the Company sends a notice or communication to Holders, it will at the same time send to
the Trustee and each Agent a copy of such notice or communication by first class mail, certified or
registered, return receipt requested, or by overnight air courier.

     Section 12.03 Communication by Holders of Notes with Other Holders of Notes.

          Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else
shall have the protection of TIA § 312(c).

     Section 12.04 Certificate and Opinion as to Conditions Precedent.

          Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:

     (1) an Officers’ Certificate in a form reasonably satisfactory to the Trustee (which
must include the statements set forth in Section 12.05 hereof) stating that, in the opinion
of the signers, all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been satisfied; and

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     (2) an Opinion of Counsel in a form reasonably satisfactory to the Trustee (which must
include the statements set forth in Section 12.05 hereof) stating that, in the opinion of
such counsel, all such conditions precedent and covenants have been satisfied.

     Section 12.05 Statements Required in Certificate or Opinion.

          Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply
with the provisions of TIA § 314(e) and must include:

     (1) a statement that the Person making such certificate or opinion has read such
covenant or condition;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been satisfied; and

     (4) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied.

     Section 12.06 Rules by Trustee and Agents.

          The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

     Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders.

          No director, Officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, will have any liability for any obligations of the Company or any Guarantor under the
Notes, this Indenture or the Guarantees, or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the
Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

     Section 12.08 Governing Law.

          THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE,
THE NOTES, THE SECURITY AGREEMENT AND THE GUARANTEES INCLUDING, WITHOUT LIMITATION, SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW.

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     Section 12.09 No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret any other indenture, loan or debt agreement of the
Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may
not be used to interpret this Indenture.

     Section 12.10 Successors.

          All agreements of the Company in this Indenture and the Notes will bind its successors. All
agreements of the Trustee in this Indenture will bind its successors. All agreements of each
Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05
hereof.

     Section 12.11 Severability.

          In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions will not in any way be
affected or impaired thereby.

     Section 12.12 Counterpart Originals.

          The parties may sign any number of copies of this Indenture. Each signed copy will be an
original, but all of them together represent the same agreement.

     Section 12.13 Table of Contents, Headings, etc.

          The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

     Section 12.14 Third-Party Beneficiaries.

          The Collateral Agent and Collateral Control Agent are express intended third-party
beneficiaries of this Indenture.

ARTICLE XIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

               Section 13.01 Option to Effect Legal Defeasance or Covenant Defeasance. The Company
may, at its option and at any time, elect to have either Section 13.02 or 13.03 hereof applied to
all outstanding Notes upon compliance with the conditions set forth below in this Article XIII.

               Section 13.02 Legal Defeasance and Discharge. Upon the Company’s exercise under
Section 13.01 hereof of the option applicable to this Section 13.02, the Company and the Guarantors
shall, subject to the satisfaction of the conditions set forth in Section 13.04

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hereof, be deemed to have been discharged from their obligations with respect to all
outstanding Notes and Guarantees and with respect to the Security Documents on the date the
conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal
Defeasance means that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 13.05 hereof and the other Sections of this
Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under
such Notes and this Indenture including that of the Guarantors (and the Trustee, on demand of and
at the expense of the Company, shall execute proper instruments acknowledging the same), except for
the following provisions which shall survive until otherwise terminated or discharged hereunder:

(a) the rights of Holders of Notes to receive payments in respect of the principal of,
premium, if any, and interest on the Notes when such payments are due solely out of the
trust created pursuant to this Indenture referred to in Section 13.04 hereof;

(b) the Company’s obligations with respect to Notes concerning issuing temporary Notes,
registration of such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance
of an office or agency for payment and money for security payments held in trust;

(c) the rights, powers, trusts, duties and immunities of the Trustee, and the
obligations of the Company and Guarantors in connection therewith; and

(d) this Section 13.02.

If the Company exercises under Section 13.01 the option applicable to this Section 13.02, subject
to satisfaction of the conditions set forth in Section 13.04 hereof, payment of the Notes may not
be accelerated because of an Event of Default under clauses (3), (4), (5), (6), (7), (8), (9) or
(10) of Section 6.01. Subject to compliance with this Article VIII, the Company may exercise its
option under this Section 13.02 notwithstanding the prior exercise of its option under Section
13.03 hereof.

               Section 13.03 Covenant Defeasance. Upon the Company’s exercise under Section 13.01
hereof of the option applicable to this Section 13.03, the Company and the Guarantors shall,
subject to the satisfaction of the conditions set forth in Section 13.04 hereof, be released from
their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.09,
4.10, 4.11, 4.12, 4.13, 4.14 and 4.17 hereof with respect to the outstanding Notes on and after the
date the conditions set forth in Section 13.04 hereof are satisfied (“Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes, the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether directly or indirectly,

-81-

 

by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to
comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except
as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In
addition, upon the Company’s exercise under Section 13.01 hereof of the option applicable to this
Section 13.03 hereof, subject to the satisfaction of the conditions set forth in Section 13.04
hereof, Sections 6.01(3), 6.01(4), 6.01(5), 6.01(6), 6.01(7), 6.01(8), 6.01(9) and 6.01(10) hereof
shall not constitute Events of Default.

               Section 13.04 Conditions to Legal or Covenant Defeasance. The following shall be the
conditions to the application of either Section 13.02 or 13.03 hereof to the outstanding Notes:

          In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Notes:

     (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders of the Notes cash in U.S. dollars, Government Securities, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
firm of independent public accountants, to pay the principal amount of, premium, if any, and
interest due on the Notes on the stated maturity date or on the Redemption Date, as the case
may be, of such principal amount, premium, if any, or interest on such Notes and the Company
must specify whether such Notes are being defeased to maturity or to a particular Redemption
Date;

     (b) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that the Company has complied with all conditions precedent
relating to Legal Defeasance and Covenant Defeasance;

     (c) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee confirming that,

     (1) the Company has received from, or there has been published by, the United
States Internal Revenue Service a ruling, or

     (2) since the Issue Date, there has been a change in the applicable U.S.
federal income tax law,

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, subject to customary assumptions and exclusions, the Holders of the Notes will not
recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a
result of such Legal Defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred.

The Company will not have to deliver the Opinion of Counsel required in the immediately
preceding paragraph with respect to Legal Defeasance if all the Notes that

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have not at that time been delivered to the Trustee for cancellation (1) are delivered by us
to the Trustee for cancellation (other than mutilated, destroyed, lost or stolen New Notes),
(2) have become due and payable or (3) will by their terms become due and payable within one
year, or are to be called for redemption within one year;

     (d) no Default (other than that resulting from borrowing funds to be applied to make
such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in
each case, the granting of Liens in connection therewith) shall have occurred and be
continuing on the date of such deposit with respect to this Indenture;

     (e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under, the Senior Credit Facilities or any other
material agreement or instrument (other than this Indenture) to which the Company or any
Restricted Guarantor is a party or by which the Company or any Restricted Guarantor is bound
(other than that resulting from any borrowing of funds to be applied to make the deposit
required to effect such Legal Defeasance or Covenant Defeasance and any similar and
simultaneous deposit relating to other Indebtedness, and the granting of Liens in connection
therewith);

     (f) the Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Company with the intent of defeating, hindering,
delaying or defrauding any creditors of the Company or any Restricted Guarantor or others;
and

     (g) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and
exclusions) each stating that all conditions precedent provided for or relating to the Legal
Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

               Section 13.05 Deposited Money and Government Securities to Be Held in Trust; Other
Miscellaneous Provisions. Subject to Section 13.06 hereof, all money and Government Securities
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 13.05, the “Trustee”) pursuant to Section 13.04
hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company or a Guarantor acting as Paying Agent) as the
Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in
respect of principal, premium, and interest, but such money need not be segregated from other funds
except to the extent required by law.

          The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or Government Securities deposited pursuant to Section 13.04 hereof
or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

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          Anything in this Article XIII to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon the request of the Company any money or Government
Securities held by it as provided in Section 13.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 13.04(a) hereof), are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance.

               Section 13.06 Repayment to the Company. Subject to any applicable abandoned property
law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of, premium, if any, or interest on any Note and remaining
unclaimed for two years after such principal, and premium, if any, or interest has become due and
payable shall be paid to the Company on its request or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Note shall thereafter look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease.

               Section 13.07 Reinstatement. If the Trustee or Paying Agent is unable to apply any
United States dollars or Government Securities in accordance with Section 13.02 or 13.03 hereof, as
the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations
under this Indenture and the Notes shall be revived and reinstated as though no deposit had
occurred pursuant to Section 13.02 or 13.03 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 13.02 or 13.03 hereof, as the case
may be; provided that, if the Company makes any payment of principal of, premium, if any,
or interest on any Note following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the money held
by the Trustee or Paying Agent.

[Signature Pages Follow]

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	Dated as of June 6, 2008	 	RESIDENTIAL CAPITAL, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James N. Young	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James N. Young	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 
	Dated as of June 6, 2008	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	GMAC RESIDENTIAL HOLDING COMPANY, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James N. Young	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James N. Young	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	GMAC-RFC HOLDING COMPANY, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James N. Young	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James N. Young	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	GMAC MORTGAGE, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James N. Young	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James N. Young	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	RESIDENTIAL FUNDING COMPANY, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James N. Young	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James N. Young	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	HOMECOMINGS FINANCIAL, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James N. Young	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James N. Young	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 
	Dated as of June 6, 2008	 	U.S. Bank National Association	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard Prokosch	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Richard Prokosch	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

EXHIBIT A

[FACE OF NOTE]

CUSIP/CINS                     

9.625% Junior Secured Guaranteed Note due 2015

			
	 	 	 
	No. ___
	 	$                    

Residential Capital, LLC

promises to pay to [                   ] or registered assigns,

the principal sum of                      on May 15, 2015, or if less, the aggregate
principal amount then outstanding.

Interest Payment Dates: May 15 and November 15 (or, if any such day is not a Business Day, the
next succeeding Business Day)

Record Dates: May 1 and November 1

Dated: [       ]

	 	 	 	 	 
	 	Residential Capital, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

This is one of the Notes referred to

in the within-mentioned Indenture:

U.S. BANK NATIONAL ASSOCIATION

     as Trustee

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

A-1

 

9.625% Junior Secured Guaranteed Note due 2015

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

     Capitalized terms used herein have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

     (1) Interest. Residential Capital, LLC, a Delaware limited liability company
(the “Company”), promises to pay interest on the principal amount of this Note at a rate of
9.625% per annum in cash from June 6, 2008 until maturity and shall pay the Additional
Interest, if any, payable pursuant to the Registration Rights Agreement referred to below.
The Company will pay interest and Additional Interest, if any, semiannually in arrears on
May 15 and November 15 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). Except as specifically provided
with respect to any Additional Notes, interest on the Notes will accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from the date of
issuance. The first Interest Payment Date shall be November 15, 2008. The Company will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate of 9.625% per
annum; it will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Interest, if any,
(without regard to any applicable grace periods) from time to time on demand at the same
rate to the extent lawful. Interest will be computed on the basis of a 360 day year
comprised of twelve 30-day months.

     (2) Method of Payment. The Company will pay interest on the Notes (except
defaulted interest) and Additional Interest, if any, to the Persons who are registered
Holders of Notes at the close of business on the May 1 and November 1 next preceding the
Interest Payment Date, even if such Notes are canceled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with
respect to defaulted interest. The Notes will be payable as to principal, premium and
Additional Interest, if any, and Cash Interest at the office or agency of the Company
maintained for such purpose within or without the City and State of New York, or, at the
option of the Company, payment of interest and Additional Interest, if any, may be made by
check mailed to the Holders at their addresses set forth in the register of Holders;
provided that payment by wire transfer of immediately available funds will be required with
respect to principal of and Cash Interest, premium and Additional Interest, if any, on, all
Global Notes and all other Notes the Holders of which will have provided wire transfer
instructions to the Company or the Paying Agent. Such payment will be in such coin or
currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts.

A-2

 

     (3) Paying Agent and Registrar. Initially, U.S. Bank National Association,
the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may
change any Paying Agent or Registrar without notice to any Holder. The Company or any of
its Subsidiaries may act in any such capacity.

     (4) Indenture. The Company issued the Notes under an Indenture dated as of
June 6, 2008 (the “Indenture”) among the Company, the Guarantors and the Trustee. The terms
of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the TIA. The Notes are subject to all such terms, and Holders are referred to
the Indenture and such Act for a statement of such terms. To the extent any provision of
this Note conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling. The Indenture does not limit the aggregate
principal amount of Notes that may be issued thereunder.

     (5) Optional Redemption. The Company may redeem the Notes at any time, in
whole or in part, at a redemption price specified in Section 3.07 of the Indenture.

     (6) Mandatory Redemption. The Company will mandatorily redeem one-third of the
principal amount of each Note originally issued (or, if less, the entire then remaining
principal amount of Notes) on each of May 15, 2013, May 15, 2014 and May 15, 2015 at a
redemption price equal to the principal amount thereof plus accrued interest to Redemption
Date (subject to the right of Holders on the relevant regular record date to receive
interest due on an interest payment date).

     (7) Repurchase at the Option of The Holder. The Company may be required to
repurchase Notes pursuant to Section 4.10 of the Indenture.

     (8) Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in initial denominations of $2,000 and integral multiples of $1,000. The
transfer of Notes, including transfers to affiliates, shall be registered and Notes may be
exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder to pay any taxes and fees required by law or permitted by the
Indenture. The Company need not exchange or register the transfer of any Note or portion of
a Note selected for redemption, except for the unredeemed portion of any Note being redeemed
in part. Also, the Company need not exchange or register the transfer of any Notes for a
period of 15 days before a selection of Notes to be redeemed or during the period between a
record date and the corresponding Interest Payment Date.

     (9) Persons Deemed Owners. The registered Holder of a Note shall be treated
as its owner for all purposes.

     (10) Amendment, Supplement and Waiver. Subject to certain exceptions, the
Indenture, the Notes, the Security Documents or the Guarantees may be amended or
supplemented with the consent of the Holders of at least a majority in aggregate principal

A-3

 

amount of the then outstanding Notes including Additional Notes, if any, voting as a
single class, and any existing Default or Event or Default or compliance with any provision
of the Indenture, the Notes or the Guarantees may be waived with the consent of the Holders
of a majority in aggregate principal amount of the then outstanding Notes including
Additional Notes, if any, voting as a single class. Without the consent of any Holder, the
Company, the Guarantors and the Trustee may amend or supplement the Indenture, the Notes or
the Guarantees to (i) evidence the succession of another corporation to the Company or each
Guarantor or successive successions, and the assumption by any successor corporation of
certain covenants, agreements and obligations; (ii) add to the covenants of the Company for
the benefit of the Holders; (iii) cure any ambiguity, omission, defect or inconsistency,
provided that such action does not adversely affect the interests of the Holders; (iv)
convey, transfer, assign, mortgage or pledge any property to or with the Trustee; (v)
evidence and provide the acceptance of the appointment of a successor trustee under the
Indenture; and (vi) (x)evidence the succession of another corporation to each Guarantor, or
successive successions, and the assumption by any successor corporation of certain
covenants, agreements and obligations; (y) add to the covenants of a Guarantor for the
benefit of the Holders; (z) evidence and provide for any new Guarantees with respect to the
Notes or the release of any Guarantor pursuant to the Indenture; (xx) provide for additional
Collateral; (yy) release Collateral in accordance with the Indenture and the Security
Documents and (zz) secure any Pari Passu Third Lien Indebtedness.

     (11) Defaults and Remedies. Events of Default include: (i) the Company’s
failure to (x) pay principal (or premium, if any, on) any of the Notes as and when the same
shall become due and payable either at maturity, upon redemption, by declaration or
otherwise or (y) consummate a mandatory redemption of the Notes pursuant to Section 3.09 of
the Indenture on any date required by such Section; (ii) the Company’s failure to pay any
installment of interest, upon any of the Notes as and when due and payable, which such
failure continues for a period of 30 days; (iii) the Company’s failure to observe or perform
any of the covenants or agreements described in Sections 4.07, 4.09, 4.10, 4.11, 4.12, 4.13,
4.17 and 5.01 of the Indenture for a period of 30 days after the date on which the Trustee
or the Holders of at least 25% in aggregate principal amount of the Notes gives the Company
written notice of its failure to perform; (iv) the Company’s failure, or the failure of any
Guarantor, to perform any other covenant in the Indenture, which failure continues for 90
days after the Trustee or the Holders of at least 25% in aggregate principal amount of the
Notes gives the Company written notice of the Company’s, or such Guarantor’s, failure to
perform; (v) (x) the Company’s failure, or failure by any of the Company’s Subsidiaries, to
perform any term or provision of any evidence of Indebtedness (excluding Indebtedness of any
of the Company’s Subsidiaries that is a Financing SPV), whether such Indebtedness now exists
or shall hereafter be created, or any other condition shall occur, and as a result of the
occurrence of which default or condition any Indebtedness in an amount in excess of
$50,000,000 shall become or be declared to be due and payable, or the Company, or any of the
Company’s Subsidiaries, shall be obligated to purchase any such Indebtedness, prior to the
date on which it would otherwise become due and payable, (y) any Indebtedness in an amount
in excess of $50,000,000 shall not be paid when due at its stated maturity or (z) an “Event

A-4

 

of Default” occurs and is continuing under any indenture governing the Existing Notes;
(vi) the entry against the Company or any Significant Subsidiary of a final judgment or
final judgments for the payment of money in an aggregate amount in excess of $50,000,000, by
a court or courts of competent jurisdiction, which judgments remain undischarged, unwaived,
unstayed, unbonded or unsatisfied for a period of 60 consecutive days; (vii) any Security
Document or Intercreditor Agreement is held to be unenforceable or invalid for any reason,
the security interest purported to be created by the Security Documents are held to be
unenforceable, invalid or impaired with respect to a material portion of the Collateral, the
Company or any Guarantor defaults in the performance of the terms of any of the Security
Documents or the Intercreditor Agreement in a manner that adversely affects the
enforceability or validity of the security interest on a material portion of the Collateral
or in a manner that adversely affects the condition or value of a material portion of the
Collateral, or the Company or any Guarantor repudiates or disaffirms any of its obligations
under any of the Security Documents or the Intercreditor Agreement; (viii) certain events of
Bankruptcy with respect to the Company, any Guarantor or any Significant Subsidiary; and
(ix) any Guarantee shall cease to be in full force and effect (unless such Guarantee has
been released in accordance with the Indenture). If any Event of Default other than an
event of Bankruptcy as specified in clauses (8) and (9) of Section 6.01 of the Indenture has
occurred and is continuing, either the Trustee or the Holders of not less than 25% in
aggregate principal amount of Notes then outstanding under the Indenture may declare the
principal of the Notes and all accrued interest thereon to be due and payable immediately.
If an Event of Default that is an event of Bankruptcy as specified in clauses (8) and (9) of
Section 6.01 of the Indenture occurs, the principal of all outstanding Notes and all accrued
interest thereon shall be due and payable, without further action or notice on the part of
the Trustee or any Holder. The Holders of a majority in aggregate principal amount of the
then outstanding Notes by written notice to the Trustee may, on behalf of all of the
Holders, rescind an acceleration and its consequences, if the rescission would not conflict
with any judgment or decree and if all existing Events of Default (except nonpayment of
principal, interest or premium or Additional Interest, if any, that has become due solely
because of the acceleration) have been cured or waived.

     (12) Trustee Dealings with Company. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not the Trustee.

     (13) Security Documents and Intercreditor Agreement. The obligations of the
Company and the Guarantors under the Indenture, the Notes and the Guarantees are secured by
a Lien on the Collateral pursuant to the Security Documents. The provisions of the
Indenture and the Security Documents are subject to the Intercreditor Agreement.

     (14) No Recourse Against Others. A director, Officer, employee, incorporator
or stockholder of the Company or any Guarantors, as such, will not have any liability for
any obligations of the Company or the Guarantors under the Notes, the Guarantees or the
Indenture or for any claim based on, in respect of, or by reason of, such

A-5

 

obligations or their creation. Each Holder by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for the issuance of
the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws.

     (15) Authentication. This Note will not be valid until authenticated by the
manual signature of the Trustee or an authenticating agent.

     (16) Abbreviations. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

     (17) Additional Rights of Holders of Restricted Global Notes and Restricted
Definitive Notes. In addition to the rights provided to Holders of Notes under the
Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will have,
subject to the terms thereof, all the rights set forth in the Registration Rights Agreement
dated as of June 6, 2008, by the Company and the Guarantors, as such agreement may be
amended, modified or supplemented from time to time. And, with respect to any Additional
Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will have, subject
to the terms thereof, the rights set forth in one or more registration rights agreements, if
any, by the Company, the Guarantors and the other parties thereto, as such agreement(s) may
be amended, modified or supplemented from time to time, relating to rights given by the
Company to the purchasers of Additional Notes to register such Additional Notes under the
Securities Act (collectively, the “Registration Rights Agreement”).

     (18) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee
on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption, and reliance may be
placed only on the other identification numbers placed thereon.

     (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED
TO CONSTRUE THE INDENTURE, THIS NOTE AND THE GUARANTEES INCLUDING, WITHOUT LIMITATION,
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

     The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture, the Security Documents, the Intercreditor Agreement and/or the Registration Rights
Agreement. Requests may be made to:

A-6

 

Residential Capital, LLC

One Meridian Crossings

Minneapolis, Minnesota 55423

Attention: Hu Benton, Managing Director,

     VP and Associate Counsel

A-7

 

Assignment Form

     To assign this Note, fill in the form below:

	 	 	 
	(I) or (we) assign and transfer this Note to:
	 	 
	 

	 	 
	 

	 	(Insert assignee’s legal name)
	 

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

(Print or type assignee’s name, address and zip code)

and irrevocably appoint
          
          
          
          
          
                    
to transfer this Note on the books of the Company. The agent may substitute another to act for
him.

Date:                     

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Sign exactly as your name appears on the face of this Note)

Signature Guarantee*:
         
          
          
                     

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Trustee).

A-8

 

Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 of
the Indenture, check the box below:

o Section 4.10

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 of the Indenture, state the amount you elect to have purchased:

$                    

Date:                     

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Sign exactly as your name appears on the face of this Note)

	 	 	 	 	 
	 

	 	Tax Identification No.:	 	 
	 

	 	 	 	 

Signature Guarantee*:
                    

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Trustee).

A-9

 

Schedule of Exchanges of Interests in the Global Note*

     The following exchanges of a part of this Global Note for an interest in another Global Note
or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	Principal Amount
	 	Signature of
	 
	 	Amount of decrease
	 	Amount of increase in
	 	of this Global Note
	 	authorized officer
	 
	 	in Principal Amount
	 	Principal Amount
	 	following such
	 	of Trustee or
	Date of Exchange
	 	of this Global Note
	 	of this Global Note
	 	decrease (or increase)
	 	Custodian
	 
	 	 
	 	 
	 	 
	 	 

 

			
	*	 	This schedule should be included only if the Note is issued in global form.

A-10

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Residential Capital, LLC

One Meridian Crossings

Minneapolis, Minnesota 55423

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107-2292

Attention: Richard Prokosch

     Re: 9.625% Junior Secured Guaranteed Notes due 2015

     Reference is hereby made to the Indenture, dated as of June 6, 2008 (the “Indenture”), among
Residential Capital, LLC, as issuer (the “Company”), each of the Guarantors and U.S. Bank National
Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

                          (the “Transferor”) owns and proposes to transfer the Note[s] or interest
in such Note[s] specified in Annex A hereto, in the principal amount of
$                     in such
Note[s] or interests (the “Transfer”), to                      (the “Transferee”), as
further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

[CHECK ALL THAT APPLY]

     1. o Check if Transferee will take delivery of a beneficial interest in the 144A
Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being
effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial interest or Definitive Note for its own account,
or for one or more accounts with respect to which such Person exercises sole investment discretion,
and such Person and each such account is a “qualified institutional buyer” within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in
compliance with any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted
Definitive Note and in the Indenture and the Securities Act.

B-1

 

     2. o Check if Transferee will take delivery of a beneficial interest in the
Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is
not being made to a Person in the United States and (x) at the time the buy order was originated,
the Transferee was outside the United States or such Transferor and any Person acting on its behalf
reasonably believed and believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated offshore securities
market and neither such Transferor nor any Person acting on its behalf knows that the transaction
was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made
in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the
account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the
Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive
Note and in the Indenture and the Securities Act.

     3. o Check and complete if Transferee will take delivery of a beneficial interest
in a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule
144A or Regulation S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that (check one):

     (a) o such Transfer is being effected pursuant to and in accordance with Rule
144 under the Securities Act;

or

     (b) o such Transfer is being effected to the Company or a Subsidiary thereof;

or

     (c) o such Transfer is being effected pursuant to an effective registration
statement under the Securities Act and in compliance with the prospectus delivery
requirements of the Securities Act.

     4. o Check if Transferee will take delivery of a beneficial interest in an
Unrestricted Global Note or of an Unrestricted Definitive Note.

     (a) o Check if Transfer is pursuant to Rule 144. (i) The Transfer is
being effected pursuant to and in accordance with Rule 144 under the Securities Act and in

B-2

 

compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will no longer be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

     (b) o Check if Transfer is Pursuant to Regulation S. (i) The Transfer
is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will no longer be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

     (c) o Check if Transfer is Pursuant to Other Exemption. (i) The
Transfer is being effected pursuant to and in compliance with an exemption from the
registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Company.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Insert Name of Transferor]
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

Dated:                     

B-3

 

ANNEX A TO CERTIFICATE OF TRANSFER

	 	1.	 	The Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

	 	(a)	 	o a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP ___), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP ___), or

	 	(b)	 	o a Restricted Definitive Note.

	 	2.	 	After the Transfer the Transferee will hold:

[CHECK ONE]

	 	(a)	 	o a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP ___), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP ___), or
	 
	 	(iii)	 	o Unrestricted Global Note (CUSIP ___); or

	 	(b)	 	o a Restricted Definitive Note; or
	 
	 	(c)	 	o an Unrestricted Definitive Note,

     in accordance with the terms of the Indenture.

B-4

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Residential Capital, LLC

One Meridian Crossings

Minneapolis, Minnesota 55423

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107-2292

Attention: Richard Prokosch

     Re: 9.625% Junior Secured Guaranteed Notes due 2015

(CUSIP                     )

     Reference is hereby made to the Indenture, dated as of June 6, 2008 (the “Indenture”), among
Residential Capital, LLC, as issuer (the “Company”), each of the Guarantors and U.S. Bank National
Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

                                              (the “Owner”) owns and proposes to exchange the Note[s] or interest
in such Note[s] specified herein, in the principal amount of $                     in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

     1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note

     (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global
Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in
accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

     (b) o Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial

C-1

 

interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the
United States.

     (c) o Check if Exchange is from Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note
for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

     (d) o Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive
Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

     2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes

     (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in
a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner
hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and
in the Indenture and the Securities Act.

     (b) o Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note
for a beneficial interest in the [CHECK ONE] o 144A Global Note,

C-2

 

o Regulation S Global Note with an equal principal amount, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii)
such Exchange has been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Company.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	[Insert Name of Transferor]
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Name:
	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

C-3

 

EXHIBIT D

FORM OF NOTATION OF GUARANTEE

     For value received, each Guarantor (which term includes any successor Person under the
Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the
Indenture and subject to the provisions in the Indenture dated as of June 6, 2008 (the “Indenture”)
among Residential Capital, LLC (the “Company”) and U.S. Bank National Association, as Trustee (the
“Trustee”), (a) the due and punctual payment of the principal of, premium and Additional Interest,
if any, and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise,
the due and punctual payment of interest on overdue principal of and interest on the Notes, if any,
if lawful, and the due and punctual performance of all other obligations of the Company to the
Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any
extension of time of payment or renewal of any Notes or any of such other obligations, that the
same will be promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of
the Guarantors to the Holders of Notes and to the Trustee pursuant to the Guarantee and the
Indenture are expressly set forth in Article X of the Indenture and reference is hereby made to the
Indenture for the precise terms of the Guarantee.

     Capitalized terms used but not defined herein have the meanings given to them in the
Indenture.

	 	 	 	 	 
	 	[Name of Guarantor(s)]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

D-1

 

EXHIBIT E

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

     Supplemental Indenture (this “Supplemental Indenture”), dated as of                     , 200___,
among                      (the “Guaranteeing Subsidiary”), a Subsidiary of Residential Capital, LLC
(or its permitted successor), a Delaware Limited Liability Company (the “Company”) the other
Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as
Trustee under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of June 6, 2008, providing for the issuance of 9.625% Junior Secured
Guaranteed Notes due 2015 (the “Notes”);

     WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Guarantee”); and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:

     1. Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

     2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to and does
hereby provide an unconditional guarantee on the terms and subject to the conditions set forth in
the Guarantee and in the Indenture including but not limited to Article X thereof.

     3. No Recourse Against Others. No director, Officer, employee, incorporator or
stockholder of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations
of the Company or any Guaranteeing Subsidiary under the Notes, any Guarantees, the Indenture or
this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the
Notes. Such waiver may not be effective to waive liabilities under the federal securities laws.

E-1

 

     4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED
TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS
OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

     5. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

     6. Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof.

     7. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of
the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary
and the Company.

[Signature Pages Follow]

E-2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written.

Dated:                     , 20___

	 	 	 	 	 
	 	[Guaranteeing Subsidiary]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Residential Capital, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. Bank National Association

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

E-3

 

EXHIBIT F

FORM OF OFFICERS’ CERTIFICATE FOR RELEASE OF COLLATERAL

Officer’s Certificate

[NAME OF GRANTOR]

     Dated as of: [                    ]

          The undersigned, being a [title] of [Name of Grantor], a [                    ] (the “Grantor”), does
hereby certify that:

     1. [He][She] is a duly appointed and qualified [Title] of the Grantor and is authorized to
execute and deliver this Certificate.

     2. The Grantor is requesting the release by Wells Fargo Bank, N.A., as Third Priority
Collateral Agent, of the property described on Annex A hereto (the “Property”) from the security
interest created by the Third Priority Pledge and Security Agreement and Irrevocable Proxy (the
“Third Priority Security Agreement”), dated as of June 6, 2008, among Residential Capital, LLC,
certain of its affiliates from time to time parties thereto, U.S. Bank National Association, as
Trustee, and Wells Fargo Bank, N.A., as Third Priority Collateral Agent.

     3. The conditions specified in (i) Section [         ] of the Indenture, dated as of June 6, 2008,
among Residential Capital, LLC, the Guarantors and U.S. Bank National Association, as Trustee,
applicable to the release by the Third Priority Collateral Agent of the Property from the security
interest of the Third Priority Security Agreement [and (ii) Section [                 ] of
[                     ]]1 have been satisfied.

     IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the date first set
forth above.

	 	 	 	 	 
	 	[NAME OF GRANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	1	 	To be updated to include appropriate references to
collateral release provisions of agreements governing Pari Passu Third Lien
Indebtedness, if applicable.

F-1

 

EXHIBIT G

FORM OF OPINION OF COUNSEL FOR RELEASE OF COLLATERAL

[Letterhead of Counsel to Grantor]

[DATE]

Wells Fargo Bank, N.A.

[address]

[address]

Attention: [                    ]

U.S. Bank National Association, as Trustee

[address]

[address]

Attention: [                    ]

	 	 	 
	Re:

	 	Third Priority Pledge and Security Agreement and
Irrevocable Proxy and Indenture for 9.625% Junior Secured Guaranteed Notes due
2015

Ladies and Gentlemen:

     [I][We] have acted as [special] [other capacity] counsel to [                    ], a [                    ]
(the “Grantor”), in connection with the requested release of [describe assets to be released] more
particularly describe in Annex A to the Officer’s Certificate referred to below (the “Property”)
from the security interest created by the Third Priority Pledge and Security Agreement and
Irrevocable Proxy (the “Third Priority Security Agreement”), dated as of June 6, 2008, among
Residential Capital, LLC (the “Company”), certain of its affiliates from time to time parties
thereto, U.S. Bank National Association, as Trustee (the “Trustee”), and Wells Fargo Bank, N.A., as
Third Priority Collateral Agent. This opinion is being furnished to you pursuant to Section 10 of
the Third Priority Security Agreement and Section 8.04 of that certain Indenture (the “Indenture”)
dated as of June 6, 2008 among the Company, the guarantors names therein and the Trustee.
2

     In [my][our] examination, [I][we] have assumed the genuineness of all signatures including
endorsements, the legal capacity of natural persons, the authenticity of all documents

 

			
	2	 	To be updated to include appropriate references to
agreements governing Pari Passu Third Lien Indebtedness, if applicable.

G-1

 

submitted to [me][us] as originals, the conformity to original documents of all documents
submitted to us as facsimile, electronic, certified or photostatic copies, and the authenticity of
the originals of such copies. As to any facts material to this opinion which [I][we] did not
independently establish or verify, [I][we] have relied upon statements and representations of the
Grantor and their respective officers and other representatives and of public officials, including
the facts and conclusions set forth therein.

     Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in the Third Priority Security Agreement.

     In rendering the opinions set forth herein, [I][we] have examined and relied on originals or
copies of the following:

     (a) the Third Priority Security Agreement

     (b) the Indenture; and

     (c) an Officer’s Certificate of [                    ], a [title], of [name of applicable Grantor], dated
[                    ] (the “Officer’s Certificate”) delivered by [name of applicable Grantor] pursuant to
Section 10 of the Third Priority Security Agreement and Section 8.04 of the Indenture (a copy of
which is attached as Exhibit A hereto).

     We express no opinion as to the laws of any jurisdiction other than the Applicable Laws of the
State of [                    ].

     “Applicable Laws” means those laws, rules and regulations which, in [my][our] experience, are
normally applicable to transactions of the type contemplated by the Third Priority Security
Agreement but without [my][our] having made any special investigation as to the applicability of
any specific law, rule or regulation, and which are not the subject of a specific opinion herein
referring expressly to a particular law or laws.

     Based upon the foregoing and subject to the limitations, qualifications, exceptions and
assumptions set forth herein, [I][we] are of the opinion that the Officer’s Certificate is in the
form required by Section [          ] of the Indenture and no other documents, instruments or
certificates are required to be delivered to the Third Priority Collateral Agent or the Trustee as
a condition to the requested release.

     [I][We] have made no investigation and express no opinion regarding any conclusion set forth
in the Officer’s Certificate.

     [My][Our] opinion herein stated is based on the assumptions specified above.

     This opinion is furnished to you solely for your benefit and is not to be used, circulated,
quoted or otherwise referred to for any other purpose or relied upon by any other person or entity
for any purpose without [my][our] prior written consent.

Very truly yours,

G-2exv4w5

     Exhibit 4.5

     EXECUTION VERSION

 

SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT AND IRREVOCABLE PROXY

dated as of

June 6, 2008

among

RESIDENTIAL CAPITAL, LLC,

and certain of its Affiliates from time to time parties hereto,

as Grantors

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

and

WELLS FARGO BANK, N.A.,

as Second Priority Collateral Agent

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	1.
	 	Definitions	 	 	2	 
	2.
	 	Grant of Security Interest by the Company, the Guarantors and Model Home	 	 	9	 
	3.
	 	Grant of Security Interest by Equity Pledgors	 	 	11	 
	4.
	 	Grant of Security Interest by FABS Grantors	 	 	12	 
	5.
	 	Grant of Security Interest by Additional Account Parties	 	 	12	 
	6.
	 	Second Priority Nature of Liens	 	 	13	 
	7.
	 	Representations and Warranties	 	 	13	 
	8.
	 	Grantor Remains Liable; Nature of Security Interest; Subrogation, etc.	 	 	16	 
	9.
	 	Collections, etc.	 	 	17	 
	10.
	 	Release	 	 	17	 
	11.
	 	Agreements of the Grantors	 	 	18	 
	12.
	 	Agreement as to Investment Property; Voting	 	 	21	 
	13.
	 	Defaults and Events of Default; Remedies	 	 	24	 
	14.
	 	Limitation on Duty in Respect of Collateral	 	 	26	 
	15.
	 	Special Provisions Relating to the Second Priority Collateral Agent	 	 	27	 
	16.
	 	General	 	 	34	 

-i-

 

SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

     THIS SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT AND IRREVOCABLE PROXY (this
“Agreement”), dated as of June 6, 2008, is among Residential Capital, LLC, a Delaware
limited liability company (the “Company”), GMAC Mortgage, LLC, a Delaware limited liability
company (“GMAC Mortgage”), Residential Funding Company, LLC, a Delaware limited liability
company (“RFC”), HomeComings Financial, LLC, a Delaware limited liability company
(“Homecomings”), GMAC-RFC Holding Company, LLC, a Delaware limited liability company
(“RFC Holdings”), and GMAC Residential Holding Company, LLC, a Delaware limited liability
company (“Residential” and each of GMAC Mortgage, RFC, Homecomings, RFC Holdings and
Residential is herein a “Guarantor” and collectively, the “Guarantors”); GMAC Model
Home Finance, LLC, a Delaware limited liability company (“Model Home”); Developers of
Hidden Springs, LLC, a Delaware limited liability company (“Developers”) and DOA Holding
Properties, LLC, a Delaware limited liability company (“DOA”) and each of Developers and
DOA is herein an “Equity Pledgor” and collectively, the “Equity Pledgors”); RFC
Asset Holdings II, LLC, a Delaware limited liability company (“RAHI”), and Passive Asset
Transactions, LLC, a Delaware limited liability company (“PATI”; and each of RAHI and PATI
is herein a “FABS Grantor” and collectively, the “FABS Grantors”); Residential
Mortgage Real Estate Holdings, LLC, a Delaware limited liability company (“Residential
Mortgage”), Residential Funding Real Estate Holdings, LLC, a Delaware limited liability company
(“Residential Funding”), Homecomings Financial Real Estate Holdings, LLC, a Delaware
limited liability company (“Homecomings Financial”), and Equity Investment I, LLC, a
Delaware limited liability company (“Equity I” and each of Residential Mortgage,
Residential Funding, Homecomings Financial and Equity I is herein an “Additional Account
Party” and collectively, the “Additional Account Parties”); and each other Person that
agrees to become a “Grantor” by executing and delivering a Joinder Agreement, pursuant to
Section 16 (the Company, each Guarantor, Model Home, each Equity Pledgor, each FABS
Grantor, each Additional Account Party and each such other Person is herein a “Grantor” and
collectively, the “Grantors”); U.S. Bank National Association, as Trustee under the
Indenture (the “Trustee”) and Wells Fargo Bank, N.A., as second priority collateral agent
(together with its successor(s) thereto in such capacity, the “Second Priority Collateral
Agent”) for the Notes Parties.

WITNESSETH:

     WHEREAS, the Company is issuing its 8.50% Senior Secured Guaranteed Notes Due 2010 (the
“Notes”) pursuant to an Indenture, dated as of the date hereof, among the Company, the
Guarantors and the Trustee (as amended, supplemented, restated or otherwise modified from time to
time, the “Indenture”);

     WHEREAS, the Guarantors have pursuant to Article X of the Indenture, among other things,
unconditionally guaranteed the obligations of the Company under the Indenture and the Notes (each
such guarantee so made by a Guarantor herein its “Guaranty”);

     WHEREAS, each Grantor has duly authorized the execution, delivery and performance of this
Agreement;

     WHEREAS, pursuant to Section 8.01 of the Indenture, each Grantor has executed and delivered
this Agreement; and

     WHEREAS, it is in the best interests of each Grantor to execute this Agreement inasmuch as
each Grantor will derive substantial direct and indirect benefits from the issuance of the Notes.

 

 

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

     1. Definitions. When used herein and unless the context otherwise requires, (a)
capitalized terms which are not otherwise defined herein have the meanings assigned to such terms
in the Indenture; (b) the terms Account, Account Debtor, Certificated Security, Chattel Paper,
Commercial Tort Claim, Commodity Account, Commodity Contract, Deposit Account, Document, Electronic
Chattel Paper, Equipment, Financial Assets, Fixture, General Intangibles, Goods, Health Care
Insurance Receivables, Instrument, Inventory, Investment Property, Letter of Credit,
Letter-of-Credit Rights, Money, Payment Intangible, Proceeds, Securities Account, Security,
Security Entitlement, Supporting Obligations and Uncertificated Security have the respective
meanings assigned thereto in Article 8 or Article 9 of the UCC (as defined below); and (c) the
following terms have the following meanings (such definitions to be applicable to both the singular
and plural forms of such terms):

     Assets has the meaning given to such term in the Senior Secured Credit Facility
as in effect on the Issue Date.

     Assigned Documents means the Note Issuance Facility Deed, the Deed of Charge,
the UK Note and any other Transaction Document (as defined in the Master Definitions
Schedule dated as of June 4, 2008 relating to the Warehouse Facility of English Sellers)
which the Company is a party.

     Bailment Collateral has the meaning given such term in the Intercreditor
Agreement.

     Bilateral Facility means the facilities listed in Schedule 7.01(t) to the
Senior Secured Credit Facility on the Issue Date.

     Carrying Value has the meaning given such term in the Senior Secured Credit
Facility as in effect on the Issue Date.

     Collateral means, with respect to any Grantor, all property and rights of such
Grantor in which a security interest is granted pursuant to Sections 2, 3,
4 and 5.

     Collateral Control Agent has the meaning given such term in the Intercreditor
Agreement.

     Computer Hardware and Software means, with respect to any Grantor, all of such
Grantor’s rights (including rights as licensee and lessee) with respect to: (a) computer
and other electronic data processing hardware, including all integrated computer systems,
central processing units, memory units, display terminals, printers, features, computer
elements, card readers, tape drives, hard and soft disk drives, cables, electrical supply
hardware, generators, power equalizers, accessories, peripheral devices and other related
computer hardware; (b) all software programs designed for use on the computers and
electronic data processing hardware described in clause (a) above,
including, without limitation, all operating system software, utilities and application
programs in whatsoever form (source code and object code in magnetic tape, disk or hard copy
format or any other listings whatsoever); (c) any firmware associated with any of the
foregoing; and (d) any documentation for hardware, software and firmware described in
clauses (a), (b) and (c) above, including, without limitation, flow
charts, logic diagrams, manuals, specifications, training materials, charts and pseudo
codes.

-2-

 

     Deed of Charge means the deed of charge and assignment made on or about June 4,
2008 between, among others, the UK SPE, the Company and the English Security Trustee.

     Discharge of First Priority Claims has the meaning given to such term in the
Intercreditor Agreement.

     Distributions means all dividends of stock, membership interests or other
ownership interests, liquidating dividends, shares of stock resulting from (or in connection
with the exercise of) stock splits, reclassifications, warrants, options, non-cash
dividends, mergers, consolidations, and all other distributions (whether similar or
dissimilar to the foregoing) on or with respect to any Pledged Share, Pledged Interest or
other shares of capital stock, member interest or other ownership interests or security
entitlements constituting Collateral, but shall not include Dividends.

     Dividends means cash dividends and cash distributions with respect to any
Pledged Share or any Pledged Interest made in the ordinary course of business and not as a
liquidating dividend.

     Dutch Assets means the Dutch Membership Interests and Dutch VFLN Receivables.

     Dutch Membership Interests means 65% of any and all rights, claims
(vorderingsrechten) and interests of each of Residential Funding Company, LLC and GMAC-RFC
Holding Company, LLC in their capacity as member (lid) of GMAC RFC International Holdings
Coöperatief U.A. under or in connection with their membership (lidmaatschap).

     Dutch Security Documents means Dutch VFLN Agreement and the Dutch Note.

     Dutch VFLN Agreement means that certain variable funding loan note agreement
dated June 4, 2008 and entered into by and between, among others, the Company, GX CE Funding
B.V. and Stichting Security Trustee GX CE Funding.

     Dutch VFLN Note means any note issued by GX CE Funding B.V. to the Company
under or pursuant to the Dutch VFLN Agreement.

     Dutch VFLN Receivables means any and all rights and claims (vorderingsrechten)
(including but not limited to a right of recourse (regres) or subrogation (subrogatie)),
whether present or future, whether actual or contingent, of the Company under or in
connection with (i) the Dutch VFLN Agreement entered into by and between, among others, the
Company, GX CE Funding B.V. and Stichting Security Trustee GX CE Funding, (ii) each Dutch
VFLN Note and (iii) the Dutch VFLN Trust Deed.

     Dutch VFLN Trust Deed means that certain trust deed dated June 4, 2008 entered
into by and between, among others, GX CE Funding and Stichting Security Trustee GX CE
Funding in relation to the Dutch VFLN Agreement.

     English Loan Sale and Purchase Agreement means the loan sale and purchase
agreement dated June 4, 2008 between the SPE, the English Sellers and the English Security
Trustee.

     English Security Documents means the English Loan Sale and Purchase Agreement,
the Note Issuance Facility Deed, the English Shares Charge, the UK Second Priority Deed of
Assignment and each and every other document, agreement and deed entered into by the Company
and/or the English Security Trustee in connection with the purchase of certain residential
mort-

-3-

 

gage loans and development loans, the issuance of the UK Note and creation of security
in respect of the UK Note in favor of the English Security Trustee, in each case, by the UK
SPE.

     English Security Trustee means Deutsche Trustee Company Limited (in its
capacity as security trustee in respect of the UK Note).

     English Sellers means GMAC-RFC Limited and GMAC-RFC Property Finance Limited.

     English Shares Charge means the Second Priority Shares Charge dated June 6,
2008 and entered into by RFC and the Second Priority Collateral Agent.

     ERISA has the meaning given to such term in the Senior Secured Credit Facility
as in effect on the Issue Date.

     Excluded Assets means, with respect to any Grantor and to the extent such
Property does not constitute Primary Collateral, the following Property: (a) Goods securing
purchase money indebtedness or capital lease obligations existing as of the Issue Date to
the extent such purchase money indebtedness or capital lease obligations prohibit the
granting of a security interest on such assets; (b) voting capital stock of controlled
foreign corporations (as defined in the Internal Revenue Code) in excess of sixty-five
percent (65%) of the voting rights of such corporations including without limitation
GMAC-RFC Australia Pty Limited and GMAC RFC International Holdings Coöperatief U.A. (or any
other controlled foreign corporation identified in writing by a Grantor to the Second
Priority Collateral Agent); (c) any asset, including any account, note, contract, lease,
financing arrangement, general intangible, equity investment, interests in joint ventures or
other agreement to the extent that the grant of a security interest therein would violate
applicable Requirements of Law, result in the invalidation thereof or provide any party
thereto with a right of termination or default with respect thereto or with respect to any
Bilateral Facility to which such asset is subject as of the Issue Date (in each case, after
giving effect to applicable provisions of the UCC and other applicable Requirements of Law
and principles of equity); (d) any trademark applications filed in the United States Patent
and Trademark Office on the basis of such Grantor’s “intent-to-use” such trademark, unless
and until acceptable evidence of use of the trademark had been filed with the United States
Patent and Trademark Office pursuant to Section 1(c) or 1(d) of the Lanham Act (15 U.S.C.
1051, et seq.) to the extent that granting a lien in such trademark application prior to
such filing would adversely affect the enforceability of validity of such trademark
application, (e) proceeds and products of any and all of the foregoing excluded assets
described in clause (a) through (d) above only to the extent such proceeds
and products would constitute property or assets of the type described in clause (a)
through (d) above; and (f) the Exempt Cash Reserve Account and any proceeds and
products thereof.

     Exempt Cash Reserve Account has the meaning given to such term in the Senior
Secured Credit Facility as in effect on the Issue Date.

     Financial Asset-Backed Security means a collateralized mortgage obligation, a
collateralized bond obligation, a collateralized loan obligation or any other security the
payments on which depend primarily on the cash flow from a specified pool of financial
assets.

     First Priority Collateral Agent has the meaning given to such term in the
Intercreditor Agreement.

     General Intangibles means, with respect to any Grantor, all of such Grantor’s
“general intangibles” as defined in the UCC and, in any event, includes (without limitation)
all of such Gran-

-4-

 

tor’s licenses, franchises, tax refund claims, guarantee claims, security interests and
rights to indemnification.

     Governmental Authority means any nation or government, any state or other
political subdivision thereof, any municipality and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to
government. Without limiting the generality of the foregoing, with respect to the United
States, a “Governmental Authority” shall include any United States federal, state, county,
municipal or other local governmental, judicial or regulatory authority, agency, arbitration
board, body, commission, instrumentality, court or quasi-governmental authority or tribunal.

     Incremental Advance means an advance made by a Grantor (i) with respect to a
construction loan facility or a construction project to complete, or maintain the value of,
the related construction project or (ii) under a mezzanine or working capital loan facility
under which such Grantor of such Incremental Advance has a legally binding commitment to
make such advance.

     Initial Collateral means assets of the Company and the Grantors that are listed
on, or of a type described on, Schedule VI hereto and that exist on the Issue Date.

     Intellectual Property means all past, present and future: trade secrets and
other proprietary information; rights in customer lists; trademarks, service marks, business
names, trade names, domain names, designs, logos, and/or other source and/or business
identifiers and the goodwill of the business relating thereto and all registrations or
applications for registrations which have heretofore been or may hereafter be issued thereon
throughout the world (including without limitation the trade name “DITECH”); copyrights
(including, without limitation, copyrights for computer programs) and copyright
registrations or applications for registrations which have heretofore been or may hereafter
be issued throughout the world; inventions (whether or not patentable); patent applications
and patents; industrial designs, industrial design applications and registered industrial
designs; rights in license agreements related to any of the Intellectual Property and income
therefrom; the right to sue for all past, present and future infringements of any of the
foregoing; all common law and other rights throughout the world in and to all of the
foregoing; and the right to obtain all reissues, extensions or renewals of the foregoing.

     Internal Revenue Code means the Internal Revenue Code of 1986, as amended.

     Mexican Security Documents means the Stock Pledge Agreement to be executed by
RFC for the benefit of the Collateral Control Agent whereby RFC pledges (i) shares, each
with a par value of $1.00 (one Peso 00/100) legal currency of Mexico, representing the
corporate capital stock of GMAC RFC Auritec, S.A., (ii) shares, each with a par value of
$1,000.00 (one thousand Pesos 00/100), representing a portion of the corporate capital stock
of GMAC Hipotecaria, S.A. de C.V., S.F.O.L., and (iii) shares, each with a par value of
$1,000.00 (one thousand Pesos 00/100), representing a portion of the corporate capital stock
of GMAC Financiera, S.A. de C.V., S.F.O.L. and any and all notices, certificates, agreements
and other documents to be executed and delivered by RFC pursuant to the foregoing or
otherwise in connection with the transactions contemplated by the Stock Pledge Agreement.

     Mortgage Loan has the meaning given to such term in the Senior Secured Credit
Facility as in effect on the Issue Date.

     Non-Tangible Collateral means, with respect to any Grantor, collectively, such
portion of such Grantor’s Collateral that constitutes Accounts, Chattel Paper, Deposit
Accounts, Documents,

-5-

 

General Intangibles, Payment Intangibles, Investment Property, Letter-of-Credit Rights,
Letters of Credit and Supporting Obligations.

     Note Issuance Facility Deed means the note issuance facility deed made on or
about June 4, 2008 between, among others, Residential Capital, LLC and the UK SPE.

     Notes Documents means the Indenture, the Notes, the Security Documents and all
notices, certificates, financing statements, agreements and other documents to be executed
and delivered by the Company or any other Grantor pursuant to the foregoing or otherwise in
connection with the transactions contemplated by the Indenture.

     Notes Parties means the Second Priority Collateral Agent, the Collateral
Control Agent, the Trustee and the Holders.

     Obligations means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages, guarantees and other liabilities payable under the Notes, the
Indenture, this Agreement or any other Notes Document, whether now or hereafter existing,
renewed or restructured, whether or not from time to time decreased or extinguished and
later increased, created or incurred, whether or not arising on or after the commencement of
a case under Title 11, U.S. Code or any similar federal or state law for relief of debtors
(including post-petition interest) and whether or not allowed or allowable as a claim in any
such case.

     Pledged Interest Issuer means each Person identified in Item B of
Attachment I hereto as the Pledged Interest Issuer.

     Pledged Interests means all member interests, general or limited partnership
interests or other ownership interests of any Pledged Interest Issuer described in Item
B of Attachment I hereto, whether now existing or hereafter arising (other than
Excluded Assets); all other member interests, general or limited partnership interests or
other ownership interests issued by any Pledgor’s Subsidiaries (other than Excluded Assets)
that is hereafter from time to time pledged as Collateral under this Agreement by a Pledgor;
all registrations, certificates, articles or agreements governing or representing any such
interests; all options and other rights, contractual or otherwise, at any time existing with
respect to such interests; all distributions, cash, instruments and other property now or
hereafter received, receivable or otherwise distributed in respect of or in exchange for any
or all of such interests; and all proceeds of the foregoing.

     Pledged Note Issuer means each Person identified in Item D of
Attachment I hereto as the issuer of the Pledged Note identified opposite the name
of such Person.

     Pledged Note Lien means any and all liens or security interests securing the
obligation of a Pledged Note Issuer evidenced by the applicable Pledged Note, and all
collateral subject to such liens and security interests.

     Pledged Notes means all of the promissory notes described in Item D of
Attachment I hereto, and all other promissory notes of any Pledged Note Issuer,
issued by a Pledged Note Issuer, as such promissory notes, in accordance with Section
12(j), are amended, restated, modified or supplemented from time to time; any promissory
note of any Pledged Note Issuer taken in extension or renewal thereof or substitution
therefor; all instruments or agreements governing or representing all or any of such notes;
all rights, contractual or otherwise, at any time existing with respect to such notes; all
distributions, cash, instruments and other property now or hereafter re-

-6-

 

ceived, receivable or otherwise distributed in respect of or in exchange for any or all
of such notes; and all proceeds of the foregoing.

     Pledged Property means all Pledged Interests, all Pledged Notes, all Pledged
Shares, all other securities, all assignments of any amounts due or to become due, all other
instruments which are now being delivered by any Pledgor to the Second Priority Collateral
Agent, the First Priority Collateral Agent or the Collateral Control Agent or may from time
to time hereafter be delivered by any Pledgor to the Second Priority Collateral Agent or the
Collateral Control Agent for the purpose of pledge under this Agreement or any other Notes
Document, and all proceeds of any of the foregoing.

     Pledged Share Issuer means each Person identified in Item A of
Attachment I hereto as the issuer of the Pledged Shares identified opposite the name
of such Person.

     Pledged Shares means all shares of capital stock of any Pledged Share Issuer,
whether now existing or hereafter arising (other than Excluded Assets) and all other shares
of capital stock of any direct Subsidiary of a Pledgor that is hereafter from time to time
pledged as Collateral under this Agreement by a Pledgor; all registrations, certificates,
articles, or agreements governing or representing any such interest; all options and other
rights, contractual or otherwise, at any time existing with respect to all or any of such
shares; all distributions, cash, instruments and other property now or hereafter received,
receivable or otherwise distributed in respect of or in exchange for any or all of such
shares; and all proceeds of the foregoing.

     Pledgor means the Company, Model Home, any Guarantor or any Equity Pledgor.

     Primary Collateral means Initial Collateral, REO Property acquired as the
result of foreclosure on Primary Collateral, Reinvestment Collateral, any assets acquired as
a result of exercising remedies under any Initial Collateral or Reinvestment Collateral, and
all proceeds of the foregoing.

     Property means any interest in any kind of property or asset, whether real,
personal or mixed, or tangible or intangible, including, without limitation, cash,
securities, accounts and contract rights.

     Reinvestment Collateral means additional Collateral or Supporting Assets
provided pursuant to Section 4.10(b)(2) of the Indenture.

     REO Property means real estate owned property (i.e., a mortgaged property
acquired through foreclosure or deed in lieu of foreclosure).

     Requirements of Law means, with respect to any Person or any of its property,
the certificate of incorporation or articles of association and by-laws, certificate of
limited partnership, limited partnership agreement or other organizational or governing
documents of such Person, and any law, treaty, rule or regulation, or determination of any
arbitrator or Governmental Authority, in each case applicable to or binding upon such Person
or any of its property or to which such Person or any of its property is subject, whether
federal, state or local (including, without limitation, usury laws, the Federal Truth in
Lending Act and retail installment sales acts).

     Sales Proceeds Accounts has the meaning given to such term in the Senior
Secured Credit Facility as in effect on the Issue Date.

-7-

 

     Servicing Contract means any agreement, whether titled a “servicing agreement,”
a “pooling and servicing agreement,” a “sale and servicing agreement,” or otherwise,
pursuant to which any Grantor is obligated to perform collection, enforcement or foreclosure
services with respect to, or to maintain and remit any funds collected from, persons
obligated on any mortgage loan or pool of mortgage loans.

     Servicing P&I Advance has the meaning given to such term in the Senior Secured
Credit Facility as in effect on the Issue Date.

     Servicing T&I Advance has the meaning given to such term in the Senior Secured
Credit Facility as in effect on the Issue Date.

     UCC means the Uniform Commercial Code as in effect from time to time in the
State of New York; provided that, as used in Section 11 hereof, “UCC” shall
mean the Uniform Commercial Code as in effect from time to time in any applicable
jurisdiction.

     UK Note means the notes issued to the Company from time to time by the UK SPE
pursuant to the Note Issuance Facility Deed (there being only one note outstanding at any
time).

     UK Note Related Security means all Liens created in favor of the English
Security Trustee by the UK SPE in connection with the issuance of the UK Note.

     UK Pledged Shares means the UK Pledged Shares in each UK Pledged Shares Company
which are held by Residential Funding Company, LLC and represented by the certificates
listed in Item C of Attachment I hereto and which represent 65% of the UK
Pledged Shares held by Residential Funding Company, LLC in the relevant UK Pledged Shares
Company together with all other shares and other assets, including any moneys and other
Derivative Rights (as defined in the English Security Documents) from time to time charged
to the Second Priority Collateral Agent.

     UK Pledged Shares Companies means:

     (a) GMAC-RFC Holdings Limited, a company incorporated in England and Wales
(registered number 03471082) whose registered office is at Eastern Gate, Brants
Bridge, Bracknell, Berkshire RG12 9BZ (“GMAC Holdings”);

     (b) GMAC-RFC Europe Limited, a company incorporated in England and Wales
(registered number 03987700) whose registered office is at Eastern Gate, Brants
Bridge, Bracknell, Berkshire RG12 9BZ; (“GMAC Europe”); and

     (c) RFC Investments Limited, a company incorporated in England and Wales
(registered number 03488658) whose registered address is at Eastern Gate, Brants
Bridge, Bracknell, Berkshire RG12 9BZ (“RFC Investments”),

and UK Pledged Shares Company means any of them.

     UK Second Priority Deed of Assignment means that certain Second Priority Deed
of Assignment dated June 6, 2008 and entered into by and between the Company as Chargor and
the Second Priority Collateral Agent.

     UK SPE means Viaduct (No. 7) Limited.

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     2. Grant of Security Interest by the Company, the Guarantors and Model Home and Certain Other
Grantors. As security for the prompt payment in full in cash and performance of all
Obligations, the Company and each of the Guarantors and Model Home and each other Grantor (other
than a Grantor that is an Equity Pledgor, an FABS Grantor or an Additional Account Pledgor) hereby
pledges to the Second Priority Collateral Agent for the benefit of the Notes Parties, and hereby
grants a continuing security interest to the Second Priority Collateral Agent for the benefit of
the Notes Parties in, all of the Company’s, such Guarantor’s, Model Home’s or any such other
Grantor’s right, title and interest, in, to, and under, whether now or hereafter existing, owned or
acquired and wherever located and howsoever created, arising or evidenced, all of the following:

     (a) all Assets including, without limitation, all Financial Asset-Backed Securities,
Servicing P&I Advances, Servicing T&I Advances, Mortgage Loans and Incremental Advances of a
type specified in, or otherwise described in Schedule VI to this Agreement, and all
other Property described in Schedule VI to this Agreement;

     (b) Accounts, including Health Care Insurance Receivables;

     (c) Chattel Paper, including Electronic Chattel Paper;

     (d) Commercial Tort Claims described on Schedule V hereto, as such schedule may
be supplemented from time to time by any applicable Grantor in accordance with this
Agreement;

     (e) Computer Hardware and Software and all rights with respect thereto, including,
without limitation, any and all rights in licenses, options, warranties, service contracts,
program services, test rights, maintenance rights, support rights, improvement rights,
renewal rights and indemnifications, and any substitutions, replacements, additions or model
conversions of any of the foregoing;

     (f) Deposit Accounts;

     (g) Documents;

     (h) Financial Assets, including, without limitation, (A) all Deposit Accounts and
Securities Accounts in which any Financial Assets are carried or credited, and all
Investment Property (including all Security Entitlements), Instruments, Money, and other
property on deposit therein or credited thereto, and all permitted investments acquired with
funds on deposit in or carried in or credited to such Deposit Accounts or Securities
Accounts, (B) all agreements, contracts, documents and instruments evidencing, arising from,
relating to or other otherwise delivered pursuant to or in connection with Financial Assets,
(C) all cash and funds delivered to a Grantor (or its bailee or agent) in respect of such
Financial Assets and any collateral securing the same, and (D) to the extent not included in
the foregoing, all Accounts, Chattel Paper, Deposit Accounts, Documents, General
Intangibles, Payment Intangibles, Instruments, Investment Property, Letter-of-Credit Rights,
Letters of Credit, Supporting Obligations, and Money, consisting of, arising from, or
relating to or delivered pursuant to, any of the foregoing;

     (i) General Intangibles (including, without limitation, all Payment Intangibles and all
rights, titles and interests in the English Security Documents, the Dutch Security Documents
and the Mexican Security Documents);

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     (j) Goods (including, without limitation, all its Equipment, Fixtures and Inventory),
together with all embedded software, accessions, additions, attachments, improvements,
substitutions and replacements thereto and therefor;

     (k) Instruments;

     (l) Intellectual Property;

     (m) (i) (A) all issued and outstanding shares of capital stock of each Pledged Share
Issuer identified in Item A of Attachment I hereto, (B) all other Pledged
Shares issued from time to time, (C) all Pledged Notes of each Pledged Note Issuer
identified in Item D of Attachment I hereto (including, without limitation,
the UK Note and the Dutch VFLN Note), (D) all other Pledged Notes issued from time to time,
(E) all Pledged Note Liens, (F) all issued and outstanding member interests, general or
limited partnership interests or other ownership interests of each Pledged Interest Issuer
identified in Item B of Attachment I hereto, (G) all other Pledged Interests
issued from time to time, (H) all other Pledged Property, whether now or hereafter delivered
to the Second Priority Collateral Agent, the Collateral Control Agent or the First Priority
Collateral Agent in connection with this Agreement, and (I) all Dividends, Distributions,
interest, and other payments and rights with respect to any Pledged Property; (ii) all Sales
Proceeds Accounts and all funds, properties and assets (including financial assets)
deposited therein or carried in or credited thereto; and (iii) to the extent not included in
the foregoing clause (m)(i), all other Investment Property (including, without
limitation, Commodity Accounts, Commodity Contracts, Securities (whether Certificated
Securities or Uncertificated Securities), Security Entitlements and Securities Accounts);

     (n) Letter-of-Credit Rights and Letters of Credit;

     (o) Money (of every jurisdiction whatsoever);

     (p) Dutch Assets;

     (q) UK Pledged Shares and UK Note;

     (r) Supporting Obligations;

     (s) Servicing Contracts;

     (t) Investment Property; and

     (u) to the extent not included in the foregoing, all other personal assets and property
of any kind or description;

together with all books, records, writings, data bases, information and other property relating to,
used or useful in connection with, or evidencing, embodying, incorporating or referring to, any of
the foregoing, all claims and/or insurance proceeds arising out of the loss, nonconformity or any
interference with the use of, or any defect or infringement of rights in, or damage to, any of the
foregoing, and all Proceeds, products, offspring, rents, issues, profits and returns of and from,
and all distributions on and rights arising out of, any of the foregoing; provided that,
notwithstanding the foregoing, the “Collateral” described in this Section 2 shall not
include Excluded Assets.

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     The Company agrees with the Second Priority Collateral Agent and undertakes to pledge or, as
the case may be, to pledge in advance the Dutch VFLN Receivables and each of RFC and RFC Holdings
agrees with the Second Priority Collateral Agent and undertakes to pledge or, as the case may be,
to pledge in advance the respective Dutch Membership Interests.

     3. Grant of Security Interest by Equity Pledgors. As security for the prompt payment in
full in cash and performance of all Obligations, each of the Equity Pledgors hereby pledges to the
Second Priority Collateral Agent for the benefit of the Notes Parties, and grants a continuing
security interest to the Second Priority Collateral Agent for the benefit of the Notes Parties in,
all of each such Equity Pledgor’s right, title and interest, in, to, and under, whether now or
hereafter existing, owned or acquired and wherever located and howsoever created, arising or
evidenced, all of the following:

     (a) all Pledged Shares of each Pledged Share Issuer identified in Item A of
Attachment I hereto;

     (b) all other Pledged Shares issued by any Pledged Share Issuer and pledged hereunder
by any Equity Pledgor from time to time;

     (c) all promissory notes, if any, of each Pledged Note Issuer identified in Item
D of Attachment I hereto;

     (d) all other Pledged Notes, if any, issued by any Pledged Note Issuer from time to
time;

     (e) all Pledged Note Liens, if any;

     (f) all Pledged Interests of each Pledged Interest Issuer identified in Item B
of Attachment I hereto;

     (g) all other Pledged Interests issued by any Pledged Interest Issuer and pledged
hereunder by any Equity Pledgor from time to time;

     (h) all Dividends, Distributions, interest, and other payments and rights with respect
to any Pledged Shares or Pledged Interests;

     (i) all Deposit Accounts and all Property deposited or carried therein or credited
thereto; and

     (j) all Securities Accounts and all Property (including all Investment Property and
Financial Assets) deposited or carried therein or credited thereto, and all permitted
investments acquired with funds on deposit in or carried in or credited to such Securities
Accounts;

together with all books, records, writings, data bases, information and other property relating to,
used or useful in connection with, or evidencing, embodying, incorporating or referring to, any of
the foregoing, all claims and/or insurance proceeds arising out of the loss, nonconformity or any
interference with the use of, or any defect or infringement of rights in, or damage to, any of the
foregoing, and all Proceeds, products, offspring, rents, issues, profits and returns of and from,
and all distributions on and rights arising out of, any of the foregoing; provided that,
notwithstanding the foregoing, the “Collateral” described in this Section 3 shall not
include Excluded Assets.

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     4. Grant of Security Interest by FABS Grantors. As security for the prompt payment in
full in cash and performance of all Obligations, each of the FABS Grantors hereby pledges to the
Second Priority Collateral Agent for the benefit of the Notes Parties, and grants a continuing
security interest to the Second Priority Collateral Agent for the benefit of the Notes Parties, in
all of each such FABS Grantor’s right, title and interest, in, to, and under, whether now or
hereafter existing, owned or acquired and wherever located and howsoever created, arising or
evidenced, all of the following:

     (a) all Financial Assets, including without limitation all Financial Asset-Backed
Securities;

     (b) all Deposit Accounts and Securities Accounts in which any Financial Assets are
carried or credited, and all Investment Property (including all Security Entitlements),
Instruments, Money, and other Property on deposit or carried therein or credited thereto,
and all permitted investments acquired with funds on deposit in or carried in or credited
thereto, and in any event the Securities Accounts identified opposite such FABS Grantor’s
name on Schedule X hereto;

     (c) all agreements, contracts, documents and instruments evidencing, arising from,
relating to or other otherwise delivered pursuant to or in connection with Financial Assets;

     (d) all cash and funds delivered to each FABS Grantor (or its bailee or agent) in
respect of such Financial Assets and any collateral securing the same; and

     (e) to the extent not included in the foregoing, all Accounts, Chattel Paper, Deposit
Accounts, Documents, General Intangibles, Payment Intangibles, Instruments, Investment
Property, Letter-of-Credit Rights, Letters of Credit, Supporting Obligations, and Money,
consisting of, arising from, or relating to or delivered pursuant to, any of the foregoing;

together with all books, records, writings, data bases, information and other property relating to,
used or useful in connection with, or evidencing, embodying, incorporating or referring to any of
the foregoing, all claims and/or insurance proceeds arising out of the loss, nonconformity or any
interference with the use of, or any defect or infringement of rights in, or damage to, any of the
foregoing, and all Proceeds, products, offspring, rents, issues, profits and returns of and from,
and all distributions on and rights arising out of, any of the foregoing; provided that,
notwithstanding the foregoing, the “Collateral” described in this Section 4 shall not
include Excluded Assets.

     5. Grant of Security Interest by Additional Account Parties. As security for the prompt
payment in full in cash and performance of all Obligations, each of the Additional Account Parties
hereby pledges to the Second Priority Collateral Agent for the benefit of the Notes Parties, and
hereby grants a continuing security interest to the Second Priority Collateral Agent for the
benefit of the Notes Parties in, all of each such Additional Account Party’s right, title and
interest, in, to, and under, whether now or hereafter existing, owned or acquired and wherever
located and howsoever created, arising or evidenced, all of the following:

     (a) all Deposit Accounts identified opposite such Additional Account Party’s name on
Schedule X hereto and in any Property deposited or carried therein or credited
thereto; and

     (b) all Proceeds, products, offspring, rents, issues, profits and returns of and from,
and all distributions on and rights arising out of, any of the foregoing;

provided that, notwithstanding the foregoing, the “Collateral” described in this
Section 5 shall not include Excluded Assets.

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     6. Second Priority Nature of Liens. Notwithstanding anything herein to the contrary, the
lien and security interest granted to the Second Priority Collateral Agent pursuant to this
Agreement and the exercise of any right or remedy by the Second Priority Collateral Agent hereunder
are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between
the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor
Agreement shall govern and control. Notwithstanding anything herein to the contrary, prior to the
Discharge of First Priority Claims, (i) the requirements of this Agreement to endorse, sign or
deliver or give “control” as to, Collateral or proceeds thereof, to the Second Priority Collateral
Agent or the Collateral Control Agent shall be deemed satisfied by endorsement, assignment or
delivery of or the giving of “control” to, such Collateral or proceeds to the First Priority
Collateral Agent or Collateral Control Agent (in each case, as bailee or agent for the Second
Priority Collateral Agent) and (ii) any endorsement, assignment or delivery to the First Priority
Collateral Agent or Collateral Control Agent (in each case, as bailee or agent for the Second
Priority Collateral Agent) shall be deemed an endorsement, assignment or delivery to the Second
Priority Collateral Agent for all purposes hereunder.

     7. Representations and Warranties.

     (a) Each Grantor represents and warrants that:

     (i) no financing statement (other than any which may have been filed on behalf of the
Second Priority Collateral Agent or in connection with Permitted Liens) covering any of the
Collateral is on file in any public office;

     (ii) (1) such Grantor is and will be the lawful owner of all Collateral, free of all
Liens and claims whatsoever, other than the security interest hereunder and Permitted Liens,
with full power and authority to execute and deliver this Agreement and perform such
Grantor’s obligations hereunder, and to subject the Collateral to the security interest
hereunder and (2) none of the Collateral of such Grantor that constitutes Primary Collateral
is subject to any Liens securing Indebtedness for borrowed money other than Permitted Liens
securing Permitted First Lien Indebtedness and the Junior Secured Notes on the Issue Date;

     (iii) all information with respect to the Collateral and Account Debtors set forth in
any schedule, certificate or other writing at any time heretofore or hereafter furnished by
such Grantor to the Second Priority Collateral Agent or any Notes Party is and will be true
and correct in all material respects as of the date specified therein (or, if no date is so
specified, as of the date furnished);

     (iv) such Grantor’s true legal name as registered in the jurisdiction in which such
Grantor is organized or incorporated, jurisdiction of organization or incorporation, federal
employer identification number, organizational identification number, if any, as designated
by the state of its organization, formation or incorporation, chief executive office and
principal place of business are as set forth on Schedule I hereto (and such Grantor
has not maintained its chief executive office and principal place of business at any other
location at any time after January 1, 2003 except as otherwise disclosed in writing to the
Second Priority Collateral Agent and the Trustee);

     (v) each other location where such Grantor maintains a place of business is set forth
on Schedule II hereto or as otherwise disclosed in writing to the Second Priority
Collateral Agent and the Trustee;

-13-

 

     (vi) except as disclosed on Schedule III hereto, such Grantor is not now known
and during the five years preceding the date hereof has not previously been known by any
trade name;

     (vii) except as disclosed on Schedule III hereto, during the five years
preceding the date hereof such Grantor has not been known by any legal name different from
the one set forth on the signature page of this Agreement nor has such Grantor been the
subject of any merger or other corporate reorganization;

     (viii) Schedule IV hereto contains a complete listing of all of such Grantor’s
material Intellectual Property which is subject to a registration;

     (ix) Schedule V hereto contains a complete listing of all of such Grantor’s
Commercial Tort Claims in excess of $10,000,000 in value;

     (x) Schedule VII hereto identifies all direct Subsidiaries of the Company,
Guarantors and each Equity Pledgor;

     (xi) Schedule IX hereto lists all Bailment Collateral such Grantor is required
to deliver to the Second Priority Collateral Agent, the Collateral Control Agent or the
First Priority Collateral Agent as of the Issue Date, such Schedule IX to be updated at any
time additional Bailment Collateral may be so delivered;

     (xii) such Grantor is a corporation, limited partnership or limited liability company
as specified in Schedule I hereto and is duly organized, validly existing and in
good standing under the laws of the state of its incorporation, formation or organization;

     (xiii) the execution and delivery of this Agreement, the grant of the security
interest, proxy and other rights granted herein and the performance by such Grantor of its
obligations hereunder are within such Grantor’s corporate, partnership or limited liability
company powers, have been duly authorized by all necessary corporate, partnership or limited
liability company action, have received all necessary governmental approvals (if any shall
be required), and do not and will not contravene or conflict with any provision of law or of
the charter or by-laws or other organizational documents of such Grantor or any judgment,
order or decree, which is binding upon such Grantor and will not cause a breach, default or
event of default under any agreement, indenture, instrument or other document to which such
Grantor is a party;

     (xiv) this Agreement is a legal, valid and binding obligation of such Grantor,
enforceable in accordance with its terms, except that the enforceability of this Agreement
may be limited by bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer,
reorganization, moratorium or other similar laws now or hereafter in effect relating to
creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law);

     (xv) such Grantor has not performed any act which might prevent the Second Priority
Collateral Agent from enforcing any of the terms of this Agreement or which could limit the
Second Priority Collateral Agent in any such enforcement;

     (xvi) no Collateral is in the possession of any Person (other than such Grantor or a
custodian, securities intermediary or account bank appointed by such Grantor) asserting any
claim thereto or security interest therein (other than Permitted Liens), except that the
Second Priority

-14-

 

Collateral Agent or the Collateral Control Agent or their designee or agents may have
possession of Collateral as contemplated pursuant to the Notes Documents;

     (xvii) this Agreement creates a valid security interest in the Collateral, securing the
payment of the Obligations, and all filings and other actions necessary to perfect and
protect such security interest have been duly taken and such security interest shall be a
second priority security interest as to all Collateral (except for Permitted Liens).

     (xviii) in the case of any Pledged Shares constituting Collateral, all of such Pledged
Shares are duly authorized and validly issued, fully paid, and non-assessable, and
constitute all of the issued and outstanding shares of capital stock of each Pledged Share
Issuer owned by the Pledgor set forth across from the name of such Pledged Share Issuer on
Attachment I hereto, except as otherwise set forth thereon;

     (xix) in the case of each Pledged Note and the Pledged Note Liens, all of such Pledged
Notes and Pledged Note Liens, if any, have been duly authorized, executed, endorsed, issued
and delivered, and are the legal, valid and binding obligation of the issuers thereof, and
are not in default;

     (xx) in the case of any Pledged Interests constituting Collateral, such Pledged
Interests constitute one hundred percent (100%) of the Pledgor’s interest in the Pledged
Interest Issuer (other than Excluded Assets) and the percentage of the total membership,
partnership or other equity interests in the Pledged Interest Issuer indicated on
Attachment I, except as otherwise set forth thereon. The Pledged Interests
indicated on Attachment I are duly registered in the permanent ownership records of
the respective Pledged Interests Issuer, and such registration is maintained in the
principal office of such issuer. Such registration continues valid and genuine and has not
been altered. All Pledged Interests have been duly authorized and validly issued, are fully
paid and non-assessable, and were not issued in violation of the preemptive rights, if any,
of any Person or of any agreement by which any Pledgor is bound. All documentary, stamp or
other taxes or fees owing in connection with the registration, issuance, transfer or pledge
of Collateral have been paid. No restrictions or conditions exist with respect to the
registration, transfer, voting or pledge of any Pledged Interests (other than usual or
customary securities laws or ERISA restrictions). All requisite formalities for the
granting of a security interest in the Pledged Interests required pursuant to the
organizational documents of the Pledgors or the Pledged Interest Issuer have been complied
with on or prior to the execution and delivery of this Agreement. Each Pledgor represents
that, as of the date hereof, none of the Pledged Interests is dealt with or traded on any
securities exchange or in any securities market; and

     (xxi) the information set forth on Schedule XI hereto is true and correct in
all material respects.

     (b) RFC represents and warrants, with respect to the UK Pledged Shares, that:

     (i) it is the sole legal and beneficial owner of the UK Pledged Shares free from all
Liens other than Permitted Liens;

     (ii) the UK Pledged Shares are fully paid;

     (iii) there are no moneys or liabilities outstanding or payable in respect of the UK
Pledged Shares or any of them;

-15-

 

     (iv) it is lawfully entitled to create the security over the UK Pledged Shares
constituted by this Agreement in favor of the Second Priority Collateral Agent;

     (v) together the UK Pledged Shares constitute 65% of the issued share capital of each
UK Pledge Shares Company; and

     (vi) the UK Pledged Shares are fully transferable to the Second Priority Collateral
Agent (or any other Person as the Second Priority Collateral Agent shall direct) without
restriction and in particular in respect of any preemption rights or restrictions in the
articles of association of any UK Pledged Shares Company all appropriate waivers have been
obtained in respect of them from all other shareholders of that UK Pledged Shares Company,
which are unconditional, irrevocable and legally binding and enforceable.

     8. Grantor Remains Liable; Nature of Security Interest; Subrogation, etc.

     (a) Anything herein to the contrary notwithstanding, (i) each Grantor shall remain liable
under the contracts and agreements included in the Collateral to the extent set forth therein, and
will perform all of its duties and obligations under such contracts and agreements to the same
extent as if this Agreement had not been executed, (ii) the exercise by the Second Priority
Collateral Agent of any of its rights hereunder shall not release any Grantor from any of its
duties or obligations under any such contracts or agreements included in the Collateral, and (iii)
neither the Second Priority Collateral Agent nor any other Notes Party shall have any obligation or
liability under any contracts or agreements included in the Collateral by reason of this Agreement,
nor shall the Second Priority Collateral Agent nor any other Notes Party be obligated to perform
any of the obligations or duties of any Grantor thereunder or to take any action to collect or
enforce any claim for payment assigned hereunder.

     (b) This Agreement shall in all respects be a continuing, absolute, unconditional and
irrevocable grant of security interest, and shall remain in full force and effect as set forth in
Section 16. All rights of the Notes Parties and the security interests granted to the
Second Priority Collateral Agent (for its benefit and the benefit of each other Notes Party)
hereunder, and all obligations of the Grantors hereunder, shall, in each case, be absolute,
unconditional and irrevocable irrespective of (i) any lack of validity, legality or enforceability
of any Notes Document, (ii) the failure of any Notes Party (A) to assert any claim or demand or to
enforce any right or remedy against any Grantor or any other Person under the provisions of any
Notes Document or otherwise, or (B) to exercise any right or remedy against any other guarantor of,
or collateral securing, any Obligations, (iii) any change in the time, manner or place of payment
of, or in any other term of, all or any part of the Obligations, or any other extension, compromise
or renewal of any Obligations, (iv) any reduction, limitation, impairment or termination of any
Obligations (except until all Obligations have been paid in full in cash) for any reason, including
any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to (and
each Grantor hereby waives any right to or claim of) any defense or setoff, counterclaim,
recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness,
irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any
Obligations or otherwise, (v) any amendment to, rescission, waiver, or other modification of, or
any consent to or departure from, any of the terms of any Notes Document, (vi) any addition,
exchange or release of any Collateral of the Obligations, or any surrender or non-perfection of any
Collateral, or any amendment to or waiver or release or addition to, or consent to or departure
from, any other guaranty held by any Notes Party securing any of the Obligations, or (vii) any
other circumstance which might otherwise constitute a defense available to, or a legal or equitable
discharge of, any Grantor, any surety or any guarantor.

     (c) Until one year and one day after all Obligations have been paid in full in cash, each
Grantor hereby irrevocably waives any claim or other rights which it may now or hereafter acquire
against the

-16-

 

Company or any other Grantor that arise from the existence, payment, performance or
enforcement of such Grantor’s obligations under this Agreement or any other Notes Document,
including any right of subrogation, reimbursement, exoneration or indemnification, any right to
participate in any claim or remedy of any Notes Party against the Company or any other Grantor or
any Collateral which any Notes Party now has or hereafter acquires, whether or not such claim,
remedy or right arises in equity, or under contract, statute or common law, including the right to
take or receive from the Company or any Grantor, directly or indirectly, in cash or other property
or by set-off or in any manner, payment or security on account of such claim or other rights. If
any amount shall be paid to any Grantor in violation of the preceding sentence and the Obligations
shall not have been indefeasibly paid in full in cash, then such amount shall be deemed to have
been paid to such Grantor for the benefit of, and held in trust for, the Second Priority Collateral
Agent (on behalf of the Notes Parties), and shall forthwith be paid to the Second Priority
Collateral Agent to be credited and applied upon the Obligations, whether matured or unmatured.
Each Grantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated by the Indenture and that the waiver set forth in this Section
8(c) is knowingly made in contemplation of such benefits.

     (d) Except as otherwise provided in the Indenture, if any Notes Party may, under applicable
Requirements of Law, proceed to realize its benefits under this Agreement or the other Notes
Documents giving any Notes Party a lien upon any Collateral, either by judicial foreclosure or by
non-judicial sale or enforcement, such Notes Party may, at its sole option, determine which of its
remedies or rights it may pursue without affecting any of its rights and remedies under this
Agreement. If, in the exercise of any of its rights and remedies, any Notes Party shall forfeit
any of its rights or remedies, including its right to enter a deficiency judgment against any
Grantor or any other Person, whether because of any applicable Requirements of Law pertaining to
“election of remedies” or the like, each Grantor hereby consents to such action by such Notes Party
and waives any claim based upon such action, even if such action by such Notes Party shall result
in a full or partial loss of any rights of subrogation that such Grantor might otherwise have had
but for such action by such Notes Party.

     9. Collections, etc. Until such time during the existence of an Event of Default as the
Second Priority Collateral Agent shall notify such Grantor of the revocation of such power and
authority, each Grantor (a) will, at its own expense, endeavor to collect, as and when due, all
amounts due under any of the Non-Tangible Collateral, including the taking of such action with
respect to such collection as the Second Priority Collateral Agent may reasonably request or, in
the absence of such request, as such Grantor may deem advisable; and (b) may grant, in the ordinary
course of business, to any party obligated on any of the Non-Tangible Collateral, any rebate,
refund or allowance to which such party may be lawfully entitled, and may accept, in connection
therewith, the return of Goods, the sale or lease of which shall have given rise to such
Non-Tangible Collateral. The Second Priority Collateral Agent, however, may, at any time that an
Event of Default has occurred and is continuing, whether before or after any revocation of such
power and authority or the maturity of any of the Obligations, notify any party obligated on any of
the Non-Tangible Collateral to make payment or otherwise render performance to or for the benefit
of the Second Priority Collateral Agent and enforce, by suit or otherwise, the obligations of any
such party obligated on any Non-Tangible Collateral. In connection therewith, the Second Priority
Collateral Agent may surrender, release or exchange all or any part thereof, or compromise or
extend or renew for any period (whether or not longer than the original period) any indebtedness
thereunder or evidenced thereby. Upon request of the Second Priority Collateral Agent following
the occurrence and during the continuation of an Event of Default, each Grantor will, at its own
expense, notify any party obligated on any of the Non-Tangible Collateral to make payment to the
Second Priority Collateral Agent of any amounts due or to become due thereunder.

     10. Release. Collateral shall from time to time be released from the security interest
created by this Agreement pursuant to and in accordance with the provisions of the Indenture. Upon
any such

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release, the Trustee will, at the Grantors’ joint and several expense, cause the Second
Priority Collateral Agent to deliver to the relevant Grantor, without any representations,
warranties or recourse of any kind whatsoever, such released Collateral held by the Second Priority
Collateral Agent or Collateral Control Agent hereunder, and execute and deliver to such Grantor
such documents as such Grantor shall reasonably request to evidence such release. With respect to
any such release, the Second Priority Collateral Agent and the Trustee shall be entitled to rely
conclusively upon an Officer’s Certificate and an Opinion of Counsel delivered in connection with
such release, which Officer’s Certificate and an Opinion of Counsel shall be in the form of
Attachments III and IV, respectively.

     11. Agreements of the Grantors.

     (a) Each Grantor:

     (i) will execute such financing statements (or any equivalent filings in the United
Kingdom and the Netherlands) and other documents (and pay the cost of filing or recording
the same in all public offices reasonably determined to be appropriate by the Second
Priority Collateral Agent or the Trustee) and do such other acts and things (including,
without limitation, delivery to the Second Priority Collateral Agent or the Collateral
Control Agent of any Instruments and Certificated Securities which constitute Collateral),
all as the Second Priority Collateral Agent or the Trustee may from time to time reasonably
request, to establish and maintain a valid perfected security interest in the Collateral
(free of all other liens, claims and rights of third parties whatsoever, other than
Permitted Liens) to secure the payment of the Obligations (and each Grantor authorizes the
Second Priority Collateral Agent and the Trustee to file, without limitation, any financing
statement (or any equivalent filings in the United Kingdom and the Netherlands) that (i)
indicates the Collateral (x) as “all property” or “all assets” of such Grantor or words of
similar effect, regardless of whether any particular asset in the Collateral falls within
the scope of Article 9 of the UCC of the jurisdiction wherein such financing statement is
filed, or (y) as being of an equal or lesser scope or with greater detail, and (ii) contains
any other information required by Section 5 of Article 9 of the UCC of the jurisdiction
wherein such financing statement is filed regarding the sufficiency or filing office
acceptance of any financing statement (or any equivalent filings in the United Kingdom and
the Netherlands), including (x) whether such Grantor is an organization, the type of
organization and any organizational identification number issued to such Grantor and (y) in
the case of a financing statement (or any equivalent filings in the United Kingdom and the
Netherlands) filed as a fixture filing or indicating Collateral as as-extracted collateral
or timber to be cut, a sufficient description of real property to which the Collateral
relates; provided that, in any event, each Grantor shall take any such action, and
any action listed in clauses (x) and (xi) below, for the benefit of the
Second Priority Collateral Agent to the extent and at the time it is taking the same action
for the benefit of the First Priority Collateral Agent;

     (ii) will keep all its records regarding Collateral at, and will not maintain any place
of business at any location other than, its address(es) shown on Schedules I and
II hereto or at such other addresses of which such Grantor shall have given the
Second Priority Collateral Agent and the Trustee not less than 30 days’ prior written
notice;

     (iii) will not change its state of organization or incorporation and will not change
its name, identity or corporate structure or its organizational identification number for
the state of its incorporation, formation or organization, in each case such that any
financing statement filed to perfect the Second Priority Collateral Agent’s interests under
this Agreement would become seriously misleading, unless such Grantor shall have given the
Second Priority Collateral Agent and the Trustee not less than 30 days’ prior notice of such
change (provided that this Section 11(a)(iii)

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shall not be deemed to authorize any change or transaction prohibited under the
Indenture) and shall have taken or will timely take all action necessary to maintain
continued perfection and priority of the security interest created hereunder following such
change;

     (iv) to the extent practicable, will keep its records concerning the Collateral in such
a manner as will enable the Second Priority Collateral Agent or its designees to determine
at any time the status of the Collateral;

     (v) to the extent practicable, will furnish the Second Priority Collateral Agent such
information as is available to such Grantor concerning such Grantor, the Collateral and the
Account Debtors as the Second Priority Collateral Agent may from time to time reasonably
request;

     (vi) will permit the Second Priority Collateral Agent, the Trustee and their designees,
from time to time, on reasonable notice and at reasonable times and intervals during normal
business hours (or at any time without notice if a Default has occurred and is continuing)
to inspect, audit and make copies of and extracts from all records and all other papers in
the possession of such Grantor pertaining to the Collateral and the Account Debtors, and
will, upon request of the Second Priority Collateral Agent during the existence of a Default
and to the extent practicable, deliver to the Second Priority Collateral Agent all of such
records and papers;

     (vii) will not sell, lease or assign any Collateral except as permitted by the Notes
Documents or create or permit to exist any Lien on any Collateral other than Permitted
Liens;

     (viii) will at all times keep all of its Inventory and other Goods insured under
policies maintained with reputable, financially sound insurance companies against loss,
damage, theft and other risks to such extent as is customarily maintained by companies
similarly situated, and, following the Discharge of First Priority Claims, cause all such
policies to provide that loss thereunder shall be payable to the Second Priority Collateral
Agent as its interest may appear (it being understood that (A) so long as no Default shall
be continuing, the Second Priority Collateral Agent shall deliver any proceeds of such
insurance which may be received by it to such Grantor and (B) upon the occurrence and during
the continuance of a Default shall be continuing, the Trustee may direct (in writing) the
Second Priority Collateral Agent to apply any proceeds of such insurance which may be
received by it toward payment of the Obligations, whether or not due, in such order of
application as the Trustee may determine) and such policies or certificates thereof shall,
if the Second Priority Collateral Agent so requests, be deposited with or furnished to the
Second Priority Collateral Agent;

     (ix) will keep all of the Collateral granted by such Grantor, Deposit Accounts and
Investment Property in the United States or at such other locations outside of the United
States as may be specified in writing to the Trustee;

     (x) will promptly notify the Second Priority Collateral Agent and the Trustee in
writing upon incurring or otherwise obtaining a Commercial Tort Claim which is claiming
damages in excess of $10,000,000 (or any lesser amount specified in writing by the Trustee
or the Second Priority Collateral Agent, if a Default has occurred and is continuing) after
the date hereof against any third party, and concurrently therewith deliver to the Trustee,
in form and substance satisfactory to the Trustee, a supplement to Schedule V
sufficiently identifying such Commercial Tort Claim for purposes of Section 9-108 of the
UCC;

     (xi) will promptly notify the Second Priority Collateral Agent and the Trustee in
writing upon becoming the beneficiary under any letter of credit in excess of $10,000,000
(or any

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lesser amount specified in writing by the Trustee or the Second Priority Collateral
Agent, if a Default has occurred and is continuing) and, at the request of the Second
Priority Collateral Agent following the Discharge of First Priority Claims, pursuant to an
agreement in form and substance satisfactory to the Second Priority Collateral Agent, either
(A) arrange for the issuer and any confirmer or other nominated person of such letter of
credit to consent to an assignment to the Second Priority Collateral Agent of such letter of
credit or (B) arrange for the Second Priority Collateral Agent to become the transferee
beneficiary of such letter of credit;

     (xii) will promptly notify the Second Priority Collateral Agent and the Trustee in
writing if such Grantor holds or acquires an interest in any Electronic Chattel Paper and,
at the request of the Second Priority Collateral Agent take such action as the Second
Priority Collateral Agent or the Trustee may reasonably request to vest control, under
Section 9-105 of the UCC, of such Electronic Chattel Paper in the Second Priority Collateral
Agent or the Collateral Control Agent;

     (xiii) if any Grantor (i) obtains any rights to any additional Intellectual Property
constituting Collateral which is registered with the United States Copyright Office or the
United States Patent & Trademark Office or (ii) becomes entitled to the benefit of any
additional Intellectual Property constituting Collateral or any renewal or extension
thereof, including any reissue, division, continuation, or continuation-in-part of any
Intellectual Property constituting Collateral which is registered with the United States
Copyright Office or the United States Patent & Trademark Office, or any improvement on any
Intellectual Property constituting Collateral which is registered with the United States
Copyright Office or the United States Patent & Trademark Office, such Grantor will notify
the Second Priority Collateral Agent in writing and use commercially reasonable efforts to
cause a short form security agreement in favor of the Second Priority Collateral Agent to be
filed in the United States Copyright Office or the Unites States Patent & Trademark Office,
as the case may be, with respect to such Intellectual Property; provided that this
covenant shall not apply to “off-the-shelf” license rights of any Grantor in any
Intellectual Property or any other license rights that are not material to such Grantor;

     (xiv) acknowledges and agrees that it is not authorized to file any financing statement
in favor of the Second Priority Collateral Agent without the prior written consent of the
Second Priority Collateral Agent and that it will not do so without the prior written
consent of the Second Priority Collateral Agent, subject to such Grantor’s rights under
Section 9-509(d)(2) of the UCC;

     (xv) agrees that, in the event any Grantor takes any action to grant or perfect a Lien
in favor of the First Priority Collateral Agent in any assets (other than the delivery of
possessory Collateral or the grant of “control” over any Collateral to the Collateral
Control Agent but including actions to perfect security interests under the laws of foreign
jurisdictions), such Grantor shall also take such action to grant or perfect a Lien in
favor of the Second Priority Collateral Agent to secure the Obligations;

     (xvi) will facilitate the realization of the Collateral and the exercise of all powers,
authorities and discretions vested by this Agreement in the Second Priority Collateral
Agent; and

     (xvii) shall in particular promptly execute all transfers, conveyances, assignments and
assurances which the Second Priority Collateral Agent may reasonably request in order to
preserve or protect its interest in the Collateral.

Any expenses incurred in protecting, preserving or maintaining any Collateral shall be borne
jointly and severally by the Grantors. Upon the occurrence and during the continuation of an Event
of Default, the

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Second Priority Collateral Agent shall have the right to bring suit to enforce any or all of the
Intellectual Property or licenses thereunder, in which event the applicable Grantor shall at the
request of the Second Priority Collateral Agent do any and all lawful acts and execute any and all
proper documents reasonably requested by the Second Priority Collateral Agent or the Trustee in aid
of such enforcement and such Grantor shall promptly, upon demand, reimburse and indemnify the
Second Priority Collateral Agent and the Trustee for all costs and expenses incurred by either of
them in the exercise of their rights under this Section 11. Notwithstanding the foregoing,
the Second Priority Collateral Agent shall have no obligation or liability regarding the Collateral
or any proceeds thereof by reason of, or arising out of, this Agreement.

     (b) Each of RFC and RFC Holding (i) shall execute a written declaration as referred to in
clause 19.12 of the articles of association (statuten) of GMAC RFC International Holdings
Coöperatief U.A. pursuant to which it terminates its membership (lidmaatschap) of GMAC RFC
International Holdings Coöperatief U.A., subject to the occurrence of an Event of Default or the
delivery of a notice in accordance with Section 6.02 of the Indenture and (ii) shall not revoke
such written declaration or otherwise take any action that results in such written declaration
being nullified or declared null and void.

     (c) The Company acknowledges and agrees that (a) it shall (1) not waive any rights under nor
amend, novate, repudiate, rescind or otherwise terminate or permit to be terminated any Assigned
Document without the prior written consent of the Second Priority Collateral Agent; (2) diligently
pursue any remedies available to it for any breach of, or in respect of any claim in relation to,
any Assigned Document; (3) deposit the UK Note and any UK Note Related Security issued in relation
to a UK Note pursuant to Clause 8.2 (New Note Certificate) of the Note Issuance Facility Deed with
the Second Priority Collateral Agent or Collateral Control Agent; and (4) procure that the UK SPE
complies with its obligations under Clause 8.2 (New Note Certificate) of the Note Issuance Facility
Deed, including, without limitation, granting a power of attorney in favor of the Second Priority
Collateral Agent or Collateral Control Agent in a form set out in Schedule 9 to the Note Issuance
Facility Deed; and (b) all payments received by it in connection with the UK Note, including the
proceeds of any redemption of the UK Note whether as a result of a disposal of any assets or
otherwise, shall be deposited into an account specified by the Second Priority Collateral Agent
pursuant to the written direction of the Trustee from time to time.

     12. Agreement as to Investment Property; Voting.

     (a) All certificates or Instruments, if any, representing or evidencing any Primary
Collateral, including any Pledged Property, shall be delivered to and held by or on behalf of (and,
in the case of the Pledged Notes, endorsed to the order of) the Collateral Control Agent pursuant
hereto, shall be in suitable form for transfer by delivery, and shall be accompanied by all
necessary endorsements or instruments of transfer or assignment, duly executed in blank;
provided that notes evidencing individual residential mortgage loans included in Primary
Collateral need not be so delivered before September 15, 2008; and provided further that notes
evidencing individual residential mortgage loans that are not included in Primary Collateral need
not be so delivered.

     (b) To the extent any of its Primary Collateral constitutes a “certificated security” (as
defined in Section 8-102(a)(4) of the UCC), each Grantor shall take such other actions as necessary
to grant “control” (as defined in Section 8-106 of the UCC) to the Second Priority Collateral Agent
or Collateral Control Agent over such Collateral.

     (c) Not later than the earlier of (i) September 15, 2008 and (ii) the date specified by the
Trustee following an Event of Default, to the extent any of its Primary Collateral constitutes an
“uncertificated security” (as defined in Section 8-102(a)(18) of the UCC) with a Carrying Value of
$10,000,000 or more, each Grantor shall take and cause the appropriate Person (including any
issuer, entitlement holder or secu-

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rities intermediary thereof) to take all actions necessary to grant “control” (as defined in
Section 8-106 of the UCC) to the Collateral Control Agent over such Primary Collateral including,
without limitation, causing delivery of such Primary Collateral or causing the issuer of such
Primary Collateral, as appropriate, to agree to comply with the instructions originated by the
Collateral Control Agent without further consent by the registered owner thereof.

     (d) Not later than the earlier of (i) September 15, 2008 and (ii) the date specified by the
Trustee following an Event of Default, to the extent any of its Primary Collateral constitutes a
“security entitlement” or a “securities account” (as such terms are defined in Sections
8-102(a)(17) and 8-501(a), respectively, of the UCC), each Grantor shall take and cause the
appropriate Person (including any securities intermediary thereof) to take all actions necessary to
grant “control” (as defined in Section 8-106 of the UCC) to the Collateral Control Agent over such
Primary Collateral including, without limitation, causing to be delivered to the Collateral Control
Agent an agreement executed by the securities intermediary thereof whereby such securities
intermediary agrees (i) that it will comply with entitlement orders originated by the Collateral
Control Agent without further consent by such Grantor or any other Person with respect to all such
Primary Collateral (it being understood that such agreement may provide that at all times when such
securities intermediary has not been notified by the Collateral Control Agent to the contrary, the
securities intermediary may comply with entitlement orders of such Grantor), (ii) to subordinate
any security interest it may have in and to all such Primary Collateral to the security interest of
the Collateral Control Agent therein, and (iii) that it will not agree with any Person other than
the Collateral Control Agent in any manner that would grant such Person “control” over any such
Primary Collateral without the Trustee’s prior written consent.

     (e) Each Pledgor will, from time to time upon the request of the Collateral Control Agent or
the Second Priority Collateral Agent, promptly deliver to the Collateral Control Agent such stock
powers, instruments, and similar documents, satisfactory, following the Discharge of First Priority
Claims, in form and substance to the Trustee and the Second Priority Collateral Agent, with respect
to the Collateral as the Collateral Control Agent or the Second Priority Collateral Agent may
reasonably request and will, from time to time upon the request of the Collateral Control Agent or
the Second Priority Collateral Agent after the occurrence of any Default, promptly transfer any
Pledged Shares, Pledged Interests or other shares of common stock, member interests or other
ownership interests constituting Collateral into the name of any nominee, designated by the Trustee
following the Discharge of First Priority Claims.

     (f) Subject to clause (g) below, each Pledgor will, at all times, keep pledged to the
Second Priority Collateral Agent or Collateral Control Agent, as the case may be, pursuant to the
Intercreditor Agreement, all Pledged Shares, Pledged Interests and all other shares of capital
stock, member interests or other ownership interests constituting Collateral, and all securities,
security entitlements and securities accounts constituting Collateral, Dividends and Distributions
with respect thereto, all Pledged Notes, all interest, principal and other proceeds received by the
Second Priority Collateral Agent with respect to the Pledged Notes, all Pledged Note Liens and all
other Collateral and other securities, instruments, security entitlements, financial assets,
investment property, proceeds, and rights from time to time received by or distributable to a
Pledgor in respect of any Collateral.

     (g) In the event that any Dividend or Distribution is to be paid on any Pledged Share or any
Pledged Interest or any payment of principal or interest is to be made on any Pledged Note at a
time when no Event of Default has occurred and is continuing, such Dividend, Distribution or
payment may be paid directly to the relevant Grantor. If any Event of Default has occurred and is
continuing, then any such Dividend, Distribution or payment shall, following the Discharge of First
Priority Claims, be paid directly to the Second Priority Collateral Agent in accordance with
Section 12(h).

     (h) Following the Discharge of First Priority Claims, each Pledgor agrees:

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     (i) following the occurrence and during the continuance of any Event of Default,
promptly upon receipt thereof by any Pledgor and without any request therefor by the Second
Priority Collateral Agent, to deliver (properly endorsed where required hereby or requested
by the Second Priority Collateral Agent) to the Second Priority Collateral Agent all
Dividends, Distributions, all interest, all principal, all other cash payments, and all
proceeds of the Collateral, all of which shall be held by the Second Priority Collateral
Agent as additional Collateral for use in accordance with Section 13(f); and

     (ii) after any Event of Default shall have occurred and be continuing and the Second
Priority Collateral Agent has notified the relevant Pledgor of the Second Priority
Collateral Agent’s intention to exercise its voting power under this clause (ii),
(A) the Second Priority Collateral Agent may exercise (to the exclusion of such Pledgor) the
voting power and all other incidental rights of ownership with respect to any Pledged
Shares, Pledged Interests or other shares of capital stock, member interests or other
ownership interests constituting Collateral and EACH PLEDGOR HEREBY GRANTS THE SECOND
PRIORITY COLLATERAL AGENT AN IRREVOCABLE PROXY, EXERCISABLE UNDER SUCH CIRCUMSTANCES, TO
VOTE THE PLEDGED SHARES, THE PLEDGED INTERESTS AND SUCH OTHER COLLATERAL, WITH SUCH PROXY TO
REMAIN VALID UNTIL THE PAYMENT IN FULL IN CASH OF ALL OBLIGATIONS; and (B) promptly to
deliver to the Second Priority Collateral Agent such additional proxies and other documents
as may be necessary to allow the Second Priority Collateral Agent to exercise such voting
power.

     (i) All Dividends, Distributions, interest, principal, cash payments, and proceeds and all
rights under the UK Note and the UK Note Related Security which may at any time and from time to
time be held by a Pledgor but which such Pledgor is then obligated to deliver to the Second
Priority Collateral Agent, shall, until delivery to the Second Priority Collateral Agent, be held
by such Pledgor separate and apart from its other property in trust for the Second Priority
Collateral Agent. The Second Priority Collateral Agent agrees that unless it has received written
notice from the Trustee that an Event of Default shall have occurred and be continuing and the
Second Priority Collateral Agent shall have given the notice referred to in Section
12(h)(ii), such Pledgor shall have the exclusive voting power with respect to any shares of
capital stock, member interests or other ownership interest (including any of the Pledged Shares,
Pledged Interests or UK Pledged Shares) constituting Collateral and the Second Priority Collateral
Agent shall, upon the written request of such Pledgor, promptly deliver (at the Grantors’ joint and
several expense) such proxies and other documents, if any, as shall be reasonably requested by such
Pledgor which are necessary to allow such Pledgor to exercise voting power with respect to any such
share of capital stock, member interests or other ownership interests (including any of the Pledged
Shares, Pledged Interests or UK Pledged Shares) constituting Collateral; provided,
however, that no vote shall be cast, or consent, waiver, or ratification given, or action
taken by any Pledgor that could reasonably be expected to be adverse in any material respect to the
interests of the Second Priority Collateral Agent and the other Notes Parties or be inconsistent
with or violate any provision of the Indenture or any other Notes Document (including this
Agreement).

     (j) No Pledgor will, without the prior written consent of the Trustee: (A) enter into any
agreement amending, supplementing, or waiving in any material respect any provision of any Pledged
Note, any Pledged Note Lien or any UK Pledged Share (including the underlying instrument pursuant
to which such Pledged Note, Pledged Note Lien or UK Pledged Share is issued) or compromising or
releasing or extending the time for payment of any obligation of the maker thereof, (B) take or
omit to take any action the taking or the omission of that would result in any impairment or
alteration of any obligation of the maker of Pledged Note, Pledged Note Lien, UK Pledged Share or
other instrument constituting Collateral, (C) permit the issuance of (x) any additional equity
interests of any Pledged Share Issuer or Pledged Interest Issuer (unless immediately upon such
issuance the same are pledged and delivered to the

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Second Priority Collateral Agent, the Collateral Control Agent or the First Priority
Collateral Agent pursuant to the terms hereof and the Intercreditor Agreement to the extent
necessary to give the Second Priority Collateral Agent a security interest after such issue in at
least the same percentage of such Pledgor’s outstanding interests as before such issue), (y) any
securities or other ownership interests convertible voluntarily by the holder thereof or
automatically upon the occurrence or non-occurrence of any event or condition into, or exchangeable
for, any such shares or other ownership interests, or (z) any warrants, options, contracts or other
commitments entitling any Person to purchase or otherwise acquire any such shares or other
ownership interests, or (D) enter into any agreement creating or otherwise permit to exist, any
restriction or condition upon the transfer, voting or control of any Pledged Share, Pledged
Interest or UK Pledged Share that could reasonably be deemed to be adverse to the Notes Parties.
Each Pledgor shall provide, or cause the relevant Pledged Share Issuer or Pledged Interest Issuer
to provide, the Second Priority Collateral Agent and the Trustee with a copy of any amendment or
supplement to, or modification or waiver of, any term or provision of any of the organizational
documents of such relevant Pledged Share Issuer or Pledged Interest Issuer; provided that
such Pledgor shall not enter into any such amendment, supplement, modification or waiver of the
organizational documents of such relevant Pledged Share Issuer or Pledged Interest Issuer which
could reasonably be expected to be adverse to the interests of the Notes Parties. The Pledgors
covenant and agree that they shall not consent to or permit (1) any Pledged Interest to be dealt
with or traded on any securities exchanges or in any securities market or (2) any Pledge Interest
Issuer to elect to have its Pledged Interests treated as a “security” under Article 8 of the UCC
unless the relevant Pledgors have (I) caused such Pledged Interest to be certificated and (II)
delivered all certificates evidencing such Pledged Interest to the Collateral Control Agent,
together with duly executed undated blank transfer powers, or other equivalent instruments of
transfer.

     (k) Each Pledgor shall take such actions such that its Collateral consisting of Pledged
Interests and Pledged Shares at all times shall be duly authorized, validly registered, fully paid
and non-assessable, and shall not be registered in violation of the organic documents of the
Pledgors or the preemptive rights of any Person, if any, or of any agreement by which the Pledgors
or any Pledged Share Issuer or Pledged Interest Issuer is bound.

     13. Defaults and Events of Default; Remedies.

     (a) Each Grantor hereby irrevocably appoints the Second Priority Collateral Agent its
attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of
such Grantor or otherwise, from time to time, upon the occurrence and during the continuation of an
Event of Default, to take any action and to execute any instrument which the Second Priority
Collateral Agent may request to accomplish the purposes of this Agreement, including (i) to ask,
demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys
due and to become due under or in respect of any of the Collateral, (ii) to receive, endorse, and
collect any drafts or other Collateral in connection with clause (i) above, (iii) to file
any claims or take any action or institute any proceedings which the Second Priority Collateral
Agent may request for the collection of any of the Collateral or otherwise to enforce the rights of
the Second Priority Collateral Agent and the other Notes Parties with respect to any of the
Collateral, and (iv) to perform the affirmative obligations of such Grantor hereunder. EACH GRANTOR
HEREBY ACKNOWLEDGES, CONSENTS AND AGREES THAT THE POWER OF ATTORNEY GRANTED PURSUANT TO THIS
SECTION 13 IS IRREVOCABLE AND COUPLED WITH AN INTEREST AND SHALL BE EFFECTIVE UNTIL ALL
OBLIGATIONS HAVE BEEN PAID IN FULL IN CASH.

     (b) If an Event of Default shall have occurred and be continuing, in addition to its rights in
the foregoing clause (a) and without limiting the generality of such clause, the Second
Priority Collateral Agent may exercise from time to time any rights and remedies available to it
under the UCC, under any other applicable Requirements of Law and in the clauses (c)
through (g) set forth below in this Section 13.

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     (c) Each Grantor agrees, (i) at the Trustee’s request if a Default has occurred and is
continuing, to assemble, at its expense, all its Inventory and other Goods (other than Fixtures)
and all records for all Collateral at a convenient place or places acceptable to the Trustee, and
(ii) if an Event of Default has occurred and is continuing, at the Second Priority Collateral
Agent’s or Trustee’s request, to execute all such documents and do all such other things which may
be necessary or desirable in order to enable the Second Priority Collateral Agent or its nominee to
be registered as owner of the Intellectual Property with any competent registration authority.

     (d) Notice of the intended disposition of any Collateral may be given by first-class mail,
hand-delivery (through a delivery service or otherwise), facsimile or E-mail, and shall be deemed
to have been “sent” upon deposit in the U.S. mails with adequate postage properly affixed, upon
delivery to an express delivery service, upon the electronic submission through telephonic services
or, if by facsimile transmission, when sent against mechanical confirmation of successful
transmission, as applicable. Each Grantor hereby agrees and acknowledges that: (i) with respect to
Collateral that is (A) perishable or threatens to decline speedily in value or (B) is of a type
customarily sold on a recognized market, no notice of disposition need be given; and (ii) with
respect to Collateral not described in clause (i) above, notification sent after default
and at least ten days before any proposed disposition provides notice within a reasonable time
before disposition.

     (e) Each Grantor hereby agrees and acknowledges that a commercially reasonable disposition of
Inventory, Equipment, Computer Hardware and Software, or Intellectual Property may be by lease or
license of, in addition to the sale of, such Collateral. Each Grantor further agrees and
acknowledges that a disposition (i) made in the usual manner on any recognized market, (ii) at the
price current in any recognized market at the time of disposition or (iii) in conformity with
reasonable commercial practices among dealers in the type of property subject to the disposition
shall, in each case, be deemed commercially reasonable.

     (f) Any cash proceeds of any disposition by the Second Priority Collateral Agent of any of the
Collateral shall be applied by the Second Priority Collateral Agent to payment of the Second
Priority Collateral Agent’s and Collateral Control Agent’s expenses in connection with the
Collateral, including, without limitation, attorneys’ fees and legal expenses, and thereafter to
payment of the Trustee’s expenses in connection with the Collateral, including attorneys’ fees and
legal expenses, and thereafter to the payment of any and all of the Obligations in such order of
application as the Trustee may from time to time direct, and thereafter any surplus will be paid to
the applicable Grantor or as a court of competent jurisdiction shall direct. Neither the Second
Priority Collateral Agent nor any other Notes Party need apply or pay over for application noncash
proceeds of collection and enforcement unless (i) the failure to do so would be commercially
unreasonable and (ii) the applicable Grantor has provided the Second Priority Collateral Agent and
the Trustee with a written demand to apply or pay over such noncash proceeds on such basis. To the
extent permitted by applicable law, each Grantor waives all claims, damages and demands it may
acquire against the Second Priority Collateral Agent arising out of the exercise by the Second
Priority Collateral Agent of any rights hereunder.

     (g) [Reserved].

     (h) If any Event of Default has occurred and is continuing, the Second Priority Collateral
Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided
for herein or otherwise available to it, all the rights and remedies of a secured party on default
under the UCC (whether or not the UCC applies to the affected Collateral) and also may, without
notice except as specified below (or, if notice cannot be waived under the UCC, as required to be
provided by the UCC) sell the Collateral or any part thereof in one or more parcels at public or
private sale, at any of the Second Priority Collateral Agent’s offices or elsewhere, for cash, on
credit or for future delivery, and upon such other

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terms as the Second Priority Collateral Agent may deem commercially reasonable. Each Grantor
agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’ prior
notice to such Grantor of the time and place of any public sale or the time after which any private
sale is to be made shall constitute reasonable notification. The Second Priority Collateral Agent
shall not be obligated to make any sale of Collateral regardless of notice of sale having been
given. The Second Priority Collateral Agent may adjourn any public or private sale from time to
time by announcement at the time and place fixed therefor, and such sale may, without further
notice, be made at the time and place to which it was so adjourned.

     (i) If any Event of Default has occurred and is continuing, the Second Priority Collateral
Agent may transfer all or any part of the Collateral into the name of the Second Priority
Collateral Agent or its nominee, with or without disclosing that such Collateral is subject to the
lien and security interest hereunder, notify the parties obligated on any of the Collateral to make
payment to the Second Priority Collateral Agent of any amount due or to become due thereunder,
enforce collection of any of the Collateral by suit or otherwise, and surrender, release or
exchange all or any part thereof, or compromise or extend or renew for any period (whether or not
longer than the original period) any obligations of any nature of any party with respect thereto,
endorse any checks, drafts, or other writings in any Grantor’s name to allow collection of the
Collateral, take control of any proceeds of the Collateral, and execute (in the name, place and
stead of each Grantor) endorsements, assignments, transfer powers and other instruments of
conveyance or transfer with respect to all or any of the Collateral.

     (j) Each Grantor agrees that in any sale of any of the Collateral whenever an Event of Default
shall have occurred and be continuing, the Second Priority Collateral Agent is hereby authorized to
comply with any limitation or restriction in connection with such sale as it may be advised by
counsel is necessary in order to avoid any violation of applicable Requirements of Law (including
compliance with such procedures as may restrict the number of prospective bidders and purchasers,
require that such prospective bidders and purchasers have certain qualifications, and restrict such
prospective bidders and purchasers to persons who will represent and agree that they are purchasing
for their own account for investment and not with a view to the distribution or resale of such
Collateral), or in order to obtain any required approval of the sale or of the purchaser by any
governmental regulatory authority or official, and each Grantor further agrees that such compliance
shall not result in such sale being considered or deemed not to have been made in a commercially
reasonable manner, nor shall the Second Priority Collateral Agent be liable nor accountable to the
Grantors for any discount allowed by the reason of the fact that such Collateral is sold in
compliance with any such limitation or restriction. The Second Priority Collateral Agent may sell
the Collateral without giving any warranties or representations as to the Collateral. The Second
Priority Collateral Agent may disclaim any warranties of title or the like. This procedure will
not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.

     14. Limitation on Duty in Respect of Collateral. Beyond the exercise of reasonable care
in the custody and preservation thereof, neither the Second Priority Collateral Agent nor any other
Notes Party will have any duty as to any Collateral in its possession or control or in the
possession or control of any sub-agent or bailee or any income therefrom or as to the preservation
of rights against prior parties or any other rights pertaining thereto. The Second Priority
Collateral Agent will be deemed to have exercised reasonable care in the custody and preservation
of the Collateral in its possession or control if such Collateral is accorded treatment
substantially equal to that which it accords its own property, and will not be liable or
responsible for any loss or damage to any Collateral, or for any diminution in the value thereof,
by reason of any act or omission of any sub-agent or bailee selected by the Second Priority
Collateral Agent in good faith or by reason of any act or omission by the Second Priority
Collateral Agent pursuant to instructions from the Second Priority Collateral Agent, except to the
extent that such liability arises from the Second Priority Collateral Agent’s gross negligence or
willful misconduct.

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     To the extent that applicable law imposes duties on the Second Priority Collateral Agent to
exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it
is commercially reasonable for the Second Priority Collateral Agent (a) to fail to incur expenses
reasonably deemed significant by the Trustee to prepare Collateral for disposition or otherwise to
complete raw material or work-in-process into finished goods or other finished products for
disposition, (b) to fail to obtain third party consents for access to Collateral to be disposed of,
or to obtain or, if not required by other law, to fail to obtain governmental or third party
consents for the collection or disposition of Collateral to be collected or disposed of, (c) to
fail to exercise collection remedies against Account Debtors or other Persons obligated on
Collateral or to remove liens or encumbrances on or any adverse claims against Collateral, (d) to
exercise collection remedies against Account Debtors and other Persons obligated on Collateral
directly or through the use of collection agencies and other collection specialists, (e) to
advertise dispositions of Collateral through publications or media of general circulation, whether
or not the Collateral is of a specialized nature, (f) to contact other Persons, whether or not in
the same business as the Grantors, for expressions of interest in acquiring all or any portion of
the Collateral, (g) to hire one or more professional auctioneers to assist in the disposition of
Collateral, whether or not the collateral is of a specialized nature, (h) to dispose of Collateral
by utilizing Internet sites that provide for the auction of assets of the types included in the
Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of
assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim
disposition warranties, including, without limitation, any warranties of title, (k) to purchase
insurance or credit enhancements to insure the Second Priority Collateral Agent against risks of
loss, collection or disposition of Collateral, or to provide to the Second Priority Collateral
Agent a guaranteed return from the collection or disposition of Collateral or (l) to obtain the
services of brokers, investment bankers, consultants and other professionals to assist the Second
Priority Collateral Agent in the collection or disposition of any of the Collateral. Each Grantor
acknowledges that the purpose of this Section is to provide non-exhaustive indications of what
actions or omissions by the Second Priority Collateral Agent would not be commercially unreasonable
in the Second Priority Collateral Agent’s exercise of remedies against the Collateral and that
other actions or omissions by the Second Priority Collateral Agent shall not be deemed commercially
unreasonable solely on account of not being specifically referred to in this Section. Without
limitation upon the foregoing, nothing contained in this Section shall be construed to grant any
right to a Grantor or to impose any duties on the Second Priority Collateral Agent that would not
have been granted or imposed by this Agreement or by applicable Requirements of Law in the absence
of this Section.

     15. Special Provisions Relating to the Second Priority Collateral Agent. The following
provisions shall govern the Second Priority Collateral Agent’s rights, powers, obligations and
duties under this Agreement, notwithstanding anything herein to the contrary:

     (a) The Second Priority Collateral Agent shall have no duty to act, consent or request
any action of the Grantors or any other Person in connection with this Second Priority
Pledge and Security Agreement and Irrevocable Proxy (including all schedules and exhibits
attached hereto) unless the Second Priority Collateral Agent shall have received written
direction from the Trustee.

     (b) All indemnities to be paid under this Agreement shall be payable immediately when
due in U.S. dollars (“Dollars”) in the full amount due, without deduction for any
variation in any Rate of Exchange (as defined below). The Grantors hereby agree to jointly
and severally indemnify the Second Priority Collateral Agent against any losses, damages,
penalties, costs, expenses or disbursements of any kind or nature whatsoever, including,
without limitation, attorney’s fees and expenses, incurred by the Second Priority Collateral
Agent as a result of any judgment or order being given or made for the amount due hereunder
and such judgment or order being expressed and paid in a currency (the “Judgment
Currency”) other than Dollars and as a result of any variation as between (i) the rate
of exchange at which the dollar amount is converted

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into Judgment Currency for the purpose of such judgment or order, and (ii) the Rate of
Exchange at which the Second Priority Collateral Agent is then able to purchase Dollars with
the amount of the Judgment Currency actually received by the Second Priority Collateral
Agent. The indemnity set forth in this paragraph shall constitute a separate and
independent obligation of the Grantors and shall continue in full force and effect
notwithstanding any such judgment or order as aforesaid. The term “Rate of Exchange” means
the rate at which the Second Priority Collateral Agent is able to purchase Dollars with the
Judgment Currency on the foreign exchange market on the relevant date and shall include any
premiums and other reasonable costs of exchange payable in connection with the purchase of,
or conversion into, the relevant currency. The indemnification set forth in this
Section 15 shall survive the termination or assignment of this Second Priority
Pledge and Security Agreement and Irrevocable Proxy and the resignation or removal of the
Second Priority Collateral Agent.

     (c) For the avoidance of doubt, if there is any inconsistency between the terms of this
Second Priority Pledge and Security Agreement and Irrevocable Proxy and those of the
Intercreditor Agreement, the terms of the Intercreditor Agreement shall prevail.

     (d) Each of the Trustee and the Holders hereby designate and appoint Wells Fargo Bank,
N.A. to act as the Second Priority Collateral Agent under this Agreement and the other Notes
Documents to which it is a party, and hereby authorize the Second Priority Collateral Agent
to take such actions on its behalf under the provisions of this Agreement and such other
Notes Documents and to exercise such powers and perform such duties as are expressly
delegated to the Second Priority Collateral Agent by the terms of this Agreement and such
other Notes Documents. Notwithstanding any provision to the contrary elsewhere in this
Agreement or any other Notes Document, the Second Priority Collateral Agent shall not have
any duties or responsibilities, except those expressly set forth in this Agreement or such
other Notes Documents or any fiduciary relationship with the Notes Parties, and no implied
covenants, functions or responsibilities shall be read into this Agreement or otherwise
exist against the Second Priority Collateral Agent.

     (e) Each of the Notes Parties agrees to render to the Second Priority Collateral Agent,
at any time upon request of the Second Priority Collateral Agent, an accounting of the
amounts of the Obligations owing to it and such other information with respect to the
Obligations owing to each such Person as the Second Priority Collateral Agent may reasonably
request in order to give effect to the terms and conditions of this Agreement. In the event
that any Notes Party fails to provide any information required to be provided by it to the
Second Priority Collateral Agent, then the Second Priority Collateral Agent may (but shall
not be obligated to) (i) take such actions as are required to be taken by it based on the
most recent information available to it or (ii) in the case of any distributions to be made
pursuant to the Notes Documents, hold such Notes Parties’ share or purported share in escrow
(without obligation to pay interest thereon) until such Notes Party provides the required
information.

     (f) Notwithstanding anything herein to the contrary, in no event shall the Second
Priority Collateral Agent have any obligation to inquire or investigate as to the
correctness, veracity, or content of any instruction received from the Trustee or any
Holder. In no event shall the Second Priority Collateral Agent have any liability in
respect of any such instruction received by it and relied on with respect to any action or
omission taken pursuant thereto.

     (g) The Second Priority Collateral Agent may execute any of its duties under this
Agreement or any of the Notes Documents by or through agents, experts or attorneys-in-fact
and shall be entitled to advice of counsel concerning all matters pertaining to such duties.
The Sec-

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ond Priority Collateral Agent shall not be responsible for the negligence or misconduct
of any agents, experts or attorneys-in-fact selected by it in good faith.

     (h) Neither the Second Priority Collateral Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action
lawfully taken or omitted to be taken by it under or in connection with this Agreement or
any of the Notes Documents (except for its gross negligence or willful misconduct), or (ii)
responsible in any manner to any Notes Party for any recitals, statements, representations
or warranties (other than its own recitals, statements, representations or warranties) made
in this Agreement or any of the Notes Documents or in any certificate, report, statement or
other document referred to or provided for in, or received by the Second Priority Collateral
Agent under or in connection with, this Agreement or any of the Notes Documents or for the
value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement
or any of the Notes Documents or for any failure of the Grantors or any other Person to
perform their obligations hereunder and thereunder. The Second Priority Collateral Agent
shall not be under any obligation to any Notes Party or any other Person to ascertain or to
inquire as to (i) the observance or performance of any of the agreements contained in, or
conditions of, this Agreement or any of the Notes Documents or to inspect the properties,
books or records of the Grantors, (ii) whether or not any representation or warranty made by
any Person in connection with this Agreement or any Notes Document is true, (iii) the
performance by any Person of its obligations under this Agreement or any of the Notes
Documents or (iv) the breach of or default by any Person of its obligations under this
Agreement or any of the Notes Documents.

     (i) The Second Priority Collateral Agent shall not be bound to (i) account to any
Person for any sum or the profit element of any sum received for its own account; (ii)
disclose to any other Person any information relating to the Person if such disclosure
would, or might, constitute a breach of any law or regulation or be otherwise actionable at
the suit of any Person; (iii) be under any fiduciary duties or obligations other than those
for which express provision is made in this Agreement or in any of the Notes Documents to
which it is a party; or (iv) be required to take any action that it believes, based on
advice of counsel, is in conflict with any applicable law, this Agreement or any of the
Notes Documents, or any order of any court or administrative agency.

     (j) Beyond the exercise of reasonable care in the custody thereof and except as
otherwise specifically stated in this Agreement or any of the Notes Documents, the Second
Priority Collateral Agent shall have no duty as to any of the Collateral in its possession
or control or in the possession or control of any agent or bailee or as to preservation of
rights against prior parties or any other rights pertaining thereto.

     (k) The Second Priority Collateral Agent shall be authorized to but shall not be
responsible for filing any financing or continuation statements or recording any documents
or instruments in any public office at any time or times or otherwise perfecting or
monitoring or maintaining the perfection of any security interest in the Collateral. It is
expressly agreed, to the maximum extent permitted by applicable law, that the Second
Priority Collateral Agent shall have no responsibility for (i) taking any necessary steps to
preserve rights against any Person with respect to any Collateral or (ii) taking any action
to protect against any diminution in value of the Collateral, but, in each case (A) subject
to the requirement that the Second Priority Collateral Agent may not act or omit to take any
action if such act or omission would constitute gross negligence, bad faith or willful
misconduct and (B) the Second Priority Collateral Agent may do so and all expenses
reasonably incurred in connection therewith shall be part of the Obligations.

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     (l) The Second Priority Collateral Agent shall not be liable or responsible for any
loss or diminution in the value of any of the Collateral, by reason of the act or omission
of any carrier, forwarding agency or other agent or bailee selected by the Second Priority
Collateral Agent in good faith, except to the extent of the Second Priority Collateral
Agent’s gross negligence, bad faith or willful misconduct.

     (m) The Second Priority Collateral Agent shall not be responsible for, nor incur any
liability with respect to, (i) the existence, genuineness or value of any of the Collateral
or for the validity, perfection, priority or enforceability of the security interest in any
of the Collateral, whether impaired by operation of law or by reason of any action or
omission to act on its part under this Agreement or any of the Notes Documents, except to
the extent such action or omission constitutes gross negligence, bad faith or willful
misconduct on the part of the Second Priority Collateral Agent, (ii) the validity or
sufficiency of the Collateral or any agreement or assignment contained therein, (iii) the
validity of the title of the Grantors to the Collateral, (iv) insuring the Collateral or (v)
the payment of taxes, charges or assessments upon the Collateral or otherwise as to the
maintenance of the Collateral.

     (n) Notwithstanding anything in this Agreement or any of the Notes Documents to the
contrary, (i) in no event shall the Second Priority Collateral Agent or any officer,
director, employee, representative or agent of the Second Priority Collateral Agent be
liable under or in connection with this Agreement or any of the Notes Documents for
indirect, special, incidental, punitive or consequential losses or damages of any kind
whatsoever, including but not limited to lost profits or loss of opportunity, whether or not
foreseeable, even if the Second Priority Collateral Agent has been advised of the
possibility thereof and regardless of the form of action in which such damages are sought;
and (ii) the Second Priority Collateral Agent shall be afforded all of the rights, powers,
immunities and indemnities set forth in this Agreement in all of the Notes Documents to
which it is a signatory as if such rights, powers, immunities and indemnities were
specifically set out in each such Notes Document. In no event shall the Second Priority
Collateral Agent be obligated to invest any amounts received by it hereunder.

     (o) The Second Priority Collateral Agent shall be entitled conclusively to rely, and
shall be fully protected in relying, upon any note, writing, resolution, request, direction,
certificate, notice, consent, affidavit, letter, cablegram, telegram, telecopy, email, telex
or teletype message, statement, order or other document or conversation believed by it in
good faith to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons and/or upon advice and/or statements of legal counsel, independent
accountants and other experts selected by the Second Priority Collateral Agent and need not
investigate any fact or matter stated in any such document. Any such statement of legal
counsel shall be full and complete authorization and protection in respect of any action
taken or suffered by it hereunder in accordance therewith. Any statement or advice of
counsel may be based, insofar as it relates to factual matters, upon a certificate of an
officer of the Trustee. In connection with any request or direction of the Trustee, the
Second Priority Collateral Agent shall be entitled conclusively to rely, and shall be fully
protected in relying, upon any instruction delivered by the Trustee. The Second Priority
Collateral Agent shall be fully justified in failing or refusing to take any action under
this Agreement or any of the Notes Documents (i) if such action would, in the reasonable
opinion of the Second Priority Collateral Agent (which may be based on the opinion of legal
counsel), be contrary to applicable law or any of the Notes Documents, (ii) if such action
is not specifically provided for in this Agreement or any of the Notes Documents, (iii) if,
in connection with the taking of any such action hereunder or under any of the Notes
Documents that would constitute an exercise of remedies hereunder or under any of the Notes
Documents it shall not first be indemnified to its satisfaction by the Trustee and/or
Holders against any and all risk of nonpayment, liability

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and expense that may be incurred by it, its agents or its counsel by reason of taking
or continuing to take any such action, or (iv) if, notwithstanding anything to the contrary
contained in this Agreement, in connection with the taking of any such action that would
constitute a payment due under any agreement or document, it shall not first have received
from the Trustee and/or Holders or the Grantors funds equal to the amount payable. The
Second Priority Collateral Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement or any of the Notes Documents in accordance
with a request of the Trustee, and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the other Notes Parties.

     (p) If, with respect to a proposed action to be taken by it, a Second Priority
Collateral Agent shall determine in good faith that the provisions of this Agreement or any
other Notes Document relating to the functions or responsibilities or discretionary powers
of the Second Priority Collateral Agent are or may be ambiguous or inconsistent, the Second
Priority Collateral Agent shall notify the Trustee, identifying the proposed action, and may
decline either to perform such function or responsibility or to take the action requested
unless it has received the written confirmation of the Trustee that the action proposed to
be taken by the Second Priority Collateral Agent is consistent with the terms of this
Agreement or of the Notes Documents or is otherwise appropriate. The Second Priority
Collateral Agent shall be fully protected in acting or refraining from acting upon the
confirmation of the Trustee, in this respect, and such confirmation shall be binding upon
the Notes Parties.

     (q) The Second Priority Collateral Agent shall not be deemed to have actual,
constructive, direct or indirect knowledge or notice of the occurrence of any Default unless
and until the Second Priority Collateral Agent has received a written notice or a
certificate from the Trustee or the Grantors stating that a Default has occurred. The
Second Priority Collateral Agent shall have no obligation whatsoever either prior to or
after receiving such notice or certificate to inquire whether a Default has in fact occurred
and shall be entitled to rely conclusively, and shall be fully protected in so relying, on
any notice or certificate so furnished to it. No provision of this Agreement, the
Intercreditor Agreement or any of the Notes Documents shall require the Second Priority
Collateral Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties under this Agreement, any of the Notes Documents or
the exercise of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk or liability
including an advance of moneys necessary to perform work or to take the action requested is
not reasonably assured to it, the Second Priority Collateral Agent may decline to act unless
it receives indemnity satisfactory to it in its sole discretion, including an advance of
moneys necessary to take the action requested. The Second Priority Collateral Agent shall
be under no obligation or duty to take any action under this Agreement or any of the Notes
Documents or otherwise if taking such action (i) would subject the Second Priority
Collateral Agent to a tax in any jurisdiction where it is not then subject to a tax or (ii)
would require the Second Priority Collateral Agent to qualify to do business in any
jurisdiction where it is not then so qualified.

     (r) Notwithstanding that the Second Priority Collateral Agent is appointed by and
acting for and at the direction of the Notes Parties, the Grantors will jointly and
severally pay upon demand to the Second Priority Collateral Agent the amount of any and all
reasonable fees (including any as set forth in one or more separate fee letters of the
Second Priority Collateral Agent) and out-of-pocket expenses, including the reasonable fees
and expenses of its counsel, that the Second Priority Collateral Agent may incur in
connection with (i) the negotiation, performance or administration of this Agreement and the
Notes Documents to which it is a party, (ii) the custody or preservation of, or the sale of,
collection from, or other realization upon, any of the Collateral, (iii) the exercise or
enforcement (whether through negotiations, legal proceedings

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or otherwise) of any of the rights of the Second Priority Collateral Agent or the other
Notes Parties hereunder or under the Notes Documents or (iv) the failure by the Grantors to
perform or observe any of the provisions hereof or of any of the Notes Documents. The
provisions of this section shall survive the termination of this Agreement and resignation
or removal of the Second Priority Collateral Agent. The expenses of the Second Priority
Collateral Agent incurred in connection with actions undertaken as provided in this
Section 15 shall be payable jointly and severally by the Grantors to the Second
Priority Collateral Agent upon demand therefor (which demand shall be accompanied by an
appropriate invoice).

     (s) Each of the Notes Parties expressly acknowledges that neither the Second Priority
Collateral Agent nor any of its officers, directors, employees, agents or attorneys-in-fact
has made any representations or warranties to it (except as expressly provided herein) and
that no act by the Second Priority Collateral Agent hereafter taken, including any review of
the Grantors, shall be deemed to constitute any representation or warranty by the Second
Priority Collateral Agent to any Notes Party. Each of the Notes Parties represents to the
Second Priority Collateral Agent that it has, independently and without reliance upon the
Second Priority Collateral Agent or any other Notes Party, and based on such documents and
information as it has deemed appropriate, made its own appraisal of and investigation into
the business, operations, property, financial and other condition and creditworthiness of
the Grantors. Each of the Notes Parties also represents that each will, independently and
without reliance upon the Second Priority Collateral Agent or any other Notes Party, and
based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement, and to make such investigation as it deems necessary to inform itself
as to the business, operations, property, financial and other condition and creditworthiness
of the Grantors. Except for notices, reports and other documents expressly required to be
furnished to the Notes Parties by the Second Priority Collateral Agent hereunder, the Second
Priority Collateral Agent shall not have any duty or responsibility to provide any Notes
Party with any credit or other information concerning the business, operations, property,
financial and other condition or creditworthiness of the Grantors which may come into the
possession of the Second Priority Collateral Agent or any of its officers, directors,
employees, agents or attorneys-in-fact.

     (t) The Grantors, jointly and severally, agree to indemnify each of the Second Priority
Collateral Agent and its officers, directors, employees, agents or attorneys-in-fact
(collectively, the “Indemnified Parties”) from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
(including, without limitation, attorneys’ fees and expenses) or disbursements of any kind
whatsoever which may at any time be imposed on, incurred by or asserted against any
Indemnified Party in any way relating to or arising out of this Agreement or the Notes
Documents; provided that the Grantors shall not be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements to the extent that any of the foregoing result from
any such Indemnified Party’s gross negligence or willful misconduct as determined by a court
of competent jurisdiction beyond all applicable appeals.

     (u) Subject to clause (bb) below, neither the Second Priority Collateral Agent,
any Notes Party nor any of their respective officers, directors, employees or agents shall
be liable for failure to demand, collect or realize upon any of the Collateral or for any
delay in doing so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of the Grantors or any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof. Subject to clause
(bb) below, the powers conferred on the Second Priority Collateral Agent hereunder are
solely to protect the Second Priority Collateral Agent’s and the

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Notes Parties’ interests in the Collateral and shall not impose any duty upon the
Second Priority Collateral Agent to exercise any such powers. The Second Priority
Collateral Agent shall be accountable only for amounts that it actually receives as a result
of the exercise of such powers, and neither it nor any of its officers, directors, employees
or agents shall be responsible to the Grantors for any act or failure to act hereunder,
except for their own gross negligence or willful misconduct.

     (v) Pursuant to any applicable law, the Grantors authorize the Second Priority
Collateral Agent without obligation to file or record financing statements and other filing
or recording documents or instruments with respect to the Collateral without the signatures
of the Grantors in such form and in such offices as the Trustee determines appropriate to
perfect the security interests of the Second Priority Collateral Agent under this Agreement.
The Grantors hereby ratify and authorize the filing by the Second Priority Collateral Agent
of any financing statement with respect to the Collateral made prior to the date hereof.
Notwithstanding the foregoing or anything else to the contrary contained in this Agreement,
in no event shall the Second Priority Collateral Agent have any duty or obligation to
monitor the perfection, continuation of perfection or the sufficiency or validity of any
security interest in or related to the Collateral or to prepare or file any Uniform
Commercial Code financing statement or continuation statement.

     (w) The Grantors acknowledge that the rights and responsibilities of the Second
Priority Collateral Agent under this Agreement with respect to any action taken by the
Second Priority Collateral Agent or the exercise or non-exercise by the Second Priority
Collateral Agent of any option, voting right, request, judgment or other right or remedy
provided for herein or resulting or arising out of this Agreement shall, as between the
Second Priority Collateral Agent and the Notes Parties, be governed by such agreements with
respect thereto as may exist from time to time among them, but, as between the Second
Priority Collateral Agent and the Grantors, the Second Priority Collateral Agent shall be
conclusively presumed to be acting as agent for the Notes Parties with full and valid
authority so to act or refrain from acting, and the Grantors shall not be under any
obligation, or entitlement, to make any inquiry respecting such authority.

     (x) Any corporation into which the Second Priority Collateral Agent may be merged, or
with which it may be consolidated, or any corporation resulting from any merger or
consolidation to which the Second Priority Collateral Agent shall be a party, shall become a
Second Priority Collateral Agent under this Agreement without the execution or filing of any
paper or any further act on the part of the parties hereto.

     (y) The Second Priority Collateral Agent may resign as Second Priority Collateral Agent
at any time upon written notice to the Trustee and the Grantors and may be removed at any
time with or without cause by the Trustee, with any such resignation or removal to become
effective only upon the appointment of a successor Second Priority Collateral Agent under
this Section. If the Second Priority Collateral Agent shall provide notice of its
resignation or be removed as Second Priority Collateral Agent, then the Trustee (and if no
such successor shall have been appointed within 45 days of the Second Priority Collateral
Agent’s resignation or removal, the Second Priority Collateral Agent may) appoint a
successor agent for the Notes Parties, which successor agent shall, in the case of any
appointment by the Second Priority Collateral Agent, be reasonably acceptable to the
Trustee, and the former Second Priority Collateral Agent’s rights, powers and duties as
Second Priority Collateral Agent shall be terminated, without any other or further act or
deed on the part of such former Second Priority Collateral Agent (except that the resigning
Second Priority Collateral Agent at the joint and several expense of the Grantors shall
deliver all Collateral then in its possession to the successor Second Priority Collateral
Agent and shall execute and deliver to the successor Second Priority Collateral Agent such
instruments of

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assignment and transfer and other similar documents as such successor Second Priority
Collateral Agent shall deem necessary or advisable) or any of the Notes Parties. After any
retiring Second Priority Collateral Agent’s resignation or removal hereunder as Second
Priority Collateral Agent, the provisions of this Agreement shall inure to its benefit as to
any actions taken or omitted to be taken by it while it was Second Priority Collateral
Agent. In the event that a successor Second Priority Collateral Agent is not appointed
within the time period specified in this Section 15 following the provision of a
notice of resignation or removal of the Second Priority Collateral Agent, the Second
Priority Collateral Agent or any Notes Party may petition a court of competent jurisdiction
for the appointment of a successor Second Priority Collateral Agent (at the joint and
several expense of the Grantors).

     (z) The Second Priority Collateral Agent shall maintain accurate and complete accounts,
books, records and computer systems with respect to all matters related directly to the
administration of the Collateral, in each case consistent with the customary procedures of
the Second Priority Collateral Agent.

     (aa) The Second Priority Collateral Agent shall at the Grantors’ joint and several
expense make available to the Trustee and its duly authorized representatives, attorneys and
auditors, the files and accounts, books, records and computer systems maintained by the
Second Priority Collateral Agent or any subcontractor or agent thereof in respect of the
Collateral at the locations where such files, accounts, books, records and computer systems
are maintained pursuant to this Agreement and the other Notes Documents, during normal
business hours and subject to reasonable prior written notice.

     (bb) Upon receipt of indemnity requested by the Second Priority Collateral Agent and
assuming the requested action does not conflict with other clauses of this Section
15, the Second Priority Collateral Agent shall act upon the specific instructions of the
Trustee, except for any instructions that in the good faith judgment of the Second Priority
Collateral Agent may be contrary to any Security Document or applicable law.

     For the sake of clarity, the parties intend that the term “Notes Documents” includes all
English Security Documents and Account Control Agreements (as defined in the Senior Secured Credit
Facility as in effect on the Issue Date).

     (cc) The Collateral Control Agent shall be entitled to all of the same rights,
protections, immunities and indemnities under this Agreement as are afforded to it under the
Intercreditor Agreement, as if fully set forth herein.

     For the avoidance of doubt, only the Trustee or Second Priority Collateral Agent are entitled
to direct the Collateral Control Agent to act, consent or request any action in connection with
this Agreement.

     16. General. With respect to each Subsidiary that becomes a Guarantor pursuant to Section
4.17 of the Indenture or as otherwise required by the Notes Documents, the Grantors shall and at
the option of the relevant Grantor, with respect to any Subsidiary that is not a Grantor, a Grantor
may, cause such Subsidiary to become a Grantor hereunder, and such Subsidiary shall execute and
deliver to the Second Priority Collateral Agent (with a copy to the Trustee and the Collateral
Control Agent) a joinder agreement substantially in the form of Attachment II (each a
“Joinder Agreement”) and such Subsidiary shall thereafter for all purposes be a party
hereto and have the same rights and obligations as a Grantor party hereto on the Issue Date.

-34-

 

     Each Grantor agrees that a carbon, photographic or other reproduction of this Agreement is
sufficient as a financing statement. The Grantors hereby ratify their authorization contained in
Section 11(a) for the Second Priority Collateral Agent to have filed in any Uniform
Commercial Code jurisdiction prior to the date hereof any financing statement or amendment thereto
filed prior to the date hereof.

     All notices hereunder shall be in writing (including facsimile transmission) and shall be
sent, in the case of any Grantor, to the address of such Grantor shown in Schedule I hereto
and, in the case of the Second Priority Collateral Agent, at its address set forth beneath its
signature page hereto, or to such other address as such party may, by written notice received by
the other parties, have designated as its address for such purpose. Notices sent by facsimile
transmission or e-mail shall be deemed to have been given when sent against mechanical confirmation
of successful transmission; notices sent by mail shall be deemed to have been given three Business
Days after the date when sent by registered or certified mail, postage prepaid; and notices sent by
hand delivery or overnight courier shall be deemed to have been given when received.

     Each of the Grantors agrees to pay, jointly and severally, all fees and expenses, including
attorneys’ fees paid or incurred by the Second Priority Collateral Agent or the Trustee in
endeavoring to collect all or any portion of the Obligations, or any part thereof, and in enforcing
this Agreement against such Grantor, and all such fees and expenses shall constitute Obligations.

     No delay on the part of the Second Priority Collateral Agent in the exercise of any right or
remedy shall operate as a waiver thereof, and no single or partial exercise by the Second Priority
Collateral Agent of any right or remedy shall preclude other or further exercise thereof or the
exercise of any other right or remedy.

     This Agreement shall remain in full force and effect until the earlier of (a) the discharge of
the Indenture pursuant to Article XI thereof and (b) the satisfaction of the conditions in Article
XIII of the Indenture with respect to a Legal Defeasance or Covenant Defeasance of the Indenture.
If at any time all or any part of any payment theretofore applied by the Second Priority Collateral
Agent or any Notes Party to any of the Obligations is or must be rescinded or returned by the
Second Priority Collateral Agent or such Notes Party for any reason whatsoever (including, without
limitation, the insolvency, bankruptcy or reorganization of any Grantor), such Obligations shall,
for the purposes of this Agreement, to the extent that such payment is or must be rescinded or
returned, be deemed to have continued in existence, notwithstanding such application by the Second
Priority Collateral Agent or such Notes Party, and this Agreement shall continue to be effective or
be reinstated, as the case may be, as to such Obligations, all as though such application by the
Second Priority Collateral Agent or such Notes Party had not been made.

     Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable Requirements of Law, but if any provision of this Agreement
shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Agreement. Consistent with the foregoing, and notwithstanding any
other provision of this Agreement to the contrary, in the event that any action or proceeding is
brought in whatever form and in whatever forum seeking to invalidate any Grantor’s obligations
under this Agreement under any fraudulent conveyance, fraudulent transfer theory, or similar
avoidance theory, whether under state or federal law, such Grantor (the “Affected Person”),
automatically and without any further action being required of such Affected Person or any Notes
Party, shall be liable under this Agreement only for an amount equal to the maximum amount of
liability that could have been incurred under applicable law by such Affected Person under any
pledge to secure the Obligations (or any portion thereof) at the time of the execution and delivery
of this Agreement (or, if such date is determined not to be the appropriate date for determining
the enforceability of such Affected Person’s obligations hereunder for fraudulent conveyance or
trans-

-35-

 

fer (or similar avoidance) purposes, on the date determined to be so appropriate) without
rendering such a hypothetical pledge voidable under applicable Requirements of Law relating to
fraudulent conveyance, fraudulent transfer, or any other grounds for avoidance (such highest amount
determined hereunder being any such Affected Person’s “Maximum Amount”), and not for any
greater amount, as if the stated amount of this Pledge Agreement as to such Affected Person had
instead been the Maximum Amount. This paragraph is intended solely to preserve the rights of Notes
Parties under this Agreement to the maximum extent not subject to avoidance under applicable
Requirements of Law, and neither any Affected Person nor any other person or entity shall have any
right or claim under this Section with respect to the limitation described in this Agreement,
except to the extent necessary so that the obligations of any Affected Person under this Agreement
shall not be rendered voidable under applicable Requirements of Law. Without limiting the
generality of the foregoing, the determination of a Maximum Amount for any Affected Person pursuant
to the provisions of the second preceding sentence of this Section shall not in any manner reduce
or otherwise affect the obligations of any other Grantor (including any other Affected Person)
under the provisions of this Agreement.

     This Agreement shall create a continuing security interest in the Collateral and shall (a)
remain in full force and effect until the earlier of (a) the discharge of the Indenture pursuant to
Article XI thereof and (b) the satisfaction of the conditions in Article XIII of the Indenture with
respect to a Legal Defeasance or Covenant Defeasance of the Indenture, (b) be binding upon each
Grantor and its successors, transferees and assigns, and (c) inure, together with the rights and
remedies of the Second Priority Collateral Agent hereunder, to the benefit of the Second Priority
Collateral Agent and each other Notes Party and its respective successors, transferees and assigns.
No Grantor may assign (unless otherwise permitted under the terms of the Notes Documents) any of
its obligations hereunder without the prior written consent of the Trustee.

     This Agreement may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, and each such counterpart shall be deemed to be an original, but
all such counterparts shall together constitute one and the same Agreement. At any time after the
date of this Agreement, one or more additional Persons may become parties hereto by executing and
delivering to the Second Priority Collateral Agent a counterpart of this Agreement together with
supplements to the Schedules hereto setting forth all relevant information with respect to such
party as of the date of such delivery. Immediately upon such execution and delivery (and without
any further action), each such additional Person will become a party to, and will be bound by all
the terms of, this Agreement.

     THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (BUT WITH REFERENCE TO SECTION 5-1401 OF
THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH BY ITS TERMS APPLIES TO THIS AGREEMENT).

     EACH PARTY HEREBY REPRESENTS AND WARRANTS THAT IT HAS NO RIGHT TO IMMUNITY FROM THE SERVICE OF
PROCESS OR JURISDICTION OR ANY JUDICIAL PROCEEDINGS OF ANY COMPETENT COURT OR FROM EXECUTION OF ANY
JUDGMENT OR FROM THE EXECUTION OR ENFORCEMENT THEREIN OF ANY ARBITRATION DECISION IN RESPECT OF ANY
SUIT, ACTION, PROCEEDING OR ANY OTHER MATTER ARISING OUT OF OR RELATING TO ITS OBLIGATIONS UNDER
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND TO THE EXTENT THAT ANY PARTY IS OR
BECOMES ENTITLED TO ANY SUCH IMMUNITY WITH RESPECT TO THE SERVICE OF PROCESS OR JURISDICTION OR ANY
JUDICIAL PROCEEDINGS OF ANY COMPETENT COURT, AND TO THE EXTENT PERMITTED BY LAW, IT DOES HEREBY AND
WILL IRREVOCABLY AND UNCONDITIONALLY AGREE NOT TO

-36-

 

PLEAD OR CLAIM ANY SUCH IMMUNITY WITH RESPECT TO ITS OBLIGATIONS OR ANY OTHER MATTER UNDER OR
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     EACH PARTY HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY
CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
EACH PARTY HERETO HEREBY CONSENTS TO PROCESS BEING SERVED IN ANY SUIT, ACTION OR PROCEEDING WITH
RESPECT TO THIS AGREEMENT, OR ANY DOCUMENT DELIVERED PURSUANT HERETO BY THE MAILING OF A COPY
THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, RETURN RECEIPT REQUESTED, TO ITS
RESPECTIVE ADDRESS SPECIFIED AT THE TIME FOR NOTICES UNDER THIS AGREEMENT OR TO ANY OTHER ADDRESS
OF WHICH IT SHALL HAVE GIVEN WRITTEN OR ELECTRONIC NOTICE TO THE OTHER PARTIES. THE FOREGOING
SHALL NOT LIMIT THE ABILITY OF ANY PARTY HERETO TO BRING SUIT IN THE COURTS OF ANY JURISDICTION.

     EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY WITH
RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

     The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the
parties hereto, the holders of Obligations and their respective successors and permitted assignees;
provided that the Trustee shall enforce this Agreement on behalf of all holders of
Obligations.

     This Agreement may only be amended, waived or otherwise modified by written agreement with the
prior written consent of the Grantors, the Trustee and the Second Priority Collateral Agent subject
to the provisions of Article IX of the Indenture; provided, however, that this
Agreement may be supplemented by Joinder Agreements duly executed by the Second Priority Collateral
Agent, the Collateral Control Agent, the Trustee and each Grantor directly affected thereby and by
updates or supplements to any Schedules, Attachments or Annexes hereto delivered in accordance with
this Agreement.

     17. Foreign Pledge Agreements.

     (a) Notwithstanding anything to the contrary contained herein or in any other Notes Document,
in the event that any Collateral is also pledged to the Second Priority Collateral Agent to secure
the Obligations by any Grantor pursuant to any security, pledge or similar agreement governed by
foreign law (a “Foreign Pledge Agreement”) and the provisions of such Foreign Pledge
Agreement conflict with the provisions of this Agreement, the applicable Grantor shall comply with
the provisions of such Foreign Pledge Agreement and shall not be deemed to have breached any
representation or covenant contained herein or in any other Notes Document as a result thereof.

     (b) If Supporting Assets with respect to the Dutch VFLN Receivables or the UK Note are
transferred at a time when (x) the fair market value of such Supporting Assets is less than (y) the
Carrying Value thereof as of the Issue Date (the difference between such amounts beings the
“Adjustment Amount”); the Company shall be entitled, following consultation with the
Trustee, to reduce the out-

-37-

 

standing principal balance of the Dutch VFLN Receivables or the UK Note, as applicable, by the
Adjustment Amount; provided that such transfer complies with the applicable requirements of
the Indenture.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

-38-

 

     IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and year first above
written.

	 	 	 	 	 
	 	RESIDENTIAL CAPITAL, LLC,

as Grantor

 	 
	 	By:  	                     /s/ James N. Young
 	 
	 	 	Name:  	James N. Young 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	RESIDENTIAL FUNDING COMPANY, LLC,

as Guarantor

 	 
	 	By:  	/s/ James N. Young
 	 
	 	 	Name:  	James N. Young 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	GMAC MORTGAGE, LLC,

as Guarantor

 	 
	 	By:  	                    /s/ James N. Young
 	 
	 	 	Name:  	James N. Young 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	HOMECOMINGS FINANCIAL, LLC,

as Guarantor

 	 
	 	By:  	                    /s/ James N. Young
 	 
	 	 	Name:  	James N. Young 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	GMAC-RFC HOLDING COMPANY, LLC,

as Guarantor

 	 
	 	By:  	                    /s/ James N. Young
 	 
	 	 	Name:  	James N. Young 	 
	 	 	Title:  	Chief Financial Officer 	 

-39-

 

	 	 	 	 	 

	 	 	 	 	 
	 	GMAC RESIDENTIAL HOLDING COMPANY, LLC,

as Guarantor

 	 
	 	By:  	                         /s/ James N. Young
 	 
	 	 	Name:  	James N. Young 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	GMAC MODEL HOME FINANCE, LLC,

as a Grantor

 	 
	 	By:  	                    /s/ Michael Franta
 	 
	 	 	Name:  	Michael Franta 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	DEVELOPERS OF HIDDEN SPRINGS, LLC,

as Equity Pledgor

 	 
	 	By:  	                   /s/ Michael Franta
 	 
	 	 	Name:  	Michael Franta 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	DOA HOLDING PROPERTIES, LLC,

as Equity Pledgor

 	 
	 	By:  	                     /s/ Michael Franta
 	 
	 	 	Name:  	Michael Franta 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	RFC ASSET HOLDINGS II, LLC,

as FABS Grantor

 	 
	 	By:  	                     /s/ Melissa White
 	 
	 	 	Name:  	Melissa White 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

	 	 	 	 	 
	 	PASSIVE ASSET TRANSACTIONS, LLC,

as FABS Grantor

 	 
	 	By:  	                    /s/ Melissa White
 	 
	 	 	Name:  	Melissa White 	 
	 	 	Title:  	Assistant Treasurer 	 

-40-

 

	 	 	 	 	 

	 	 	 	 	 
	 	RESIDENTIAL MORTGAGE REAL ESTATE HOLDINGS, LLC,

as Additional Account Party

 	 
	 	By:  	             /s/ Melissa White
 	 
	 	 	Name:  	Melissa White 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

	 	 	 	 	 
	 	RESIDENTIAL FUNDING REAL ESTATE HOLDINGS, LLC,

as Additional Account Party

 	 
	 	By:  	              /s/ Melissa White
 	 
	 	 	Name:  	Melissa White 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

	 	 	 	 	 
	 	HOMECOMINGS FINANCIAL REAL ESTATE HOLDINGS, LLC,

as Additional Account Party

 	 
	 	By:  	                     /s/ Melissa White
 	 
	 	 	Name:  	Melissa White 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

	 	 	 	 	 
	 	EQUITY INVESTMENT I, LLC,

as Additional Account Party

 	 
	 	By:  	                     /s/ Michael Franta
 	 
	 	 	Name:  	Michael Franta 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	                   /s/ Richard Prokosch
 	 
	 	 	Name:  	Richard Prokosch 	 
	 	 	Title:  	Vice President 	 

-41-

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.,

as Second Priority Collateral Agent

 	 
	 	By:  	/s/ Nicholas D. Tally
 	 
	 	 	Name:  	Nicholas D. Tally 	 
	 	 	Title:  	Vice President 	 

-42-

 

	 	 	 	 	 

SCHEDULE I

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

GRANTOR INFORMATION

RESIDENTIAL FUNDING COMPANY, LLC

Jurisdiction of Formation: Delaware

FEIN: 93-0891336

State organization ID number: 2059477

Chief Executive Office/Principal place of business:

One Meridian Crossings

Suite 100

Minneapolis, MN 55423-3940

GMAC MORTGAGE, LLC

Jurisdiction of Formation: Delaware

FEIN: 23-1694840

State organization ID number: 4143873

Chief Executive Office/Principal place of business:

1100 Virginia Drive

Fort Washington, PA 19034-3200

RESIDENTIAL CAPITAL, LLC

Jurisdiction of Formation: Delaware

FEIN: 20-1770738

State organization ID number: 3821622

Chief Executive Office/Principal place of business:

One Meridian Crossings

Suite 100

Minneapolis, MN 55423-3940

HOMECOMINGS FINANCIAL, LLC

Jurisdiction of Formation: Delaware

FEIN: 51-0369458

State organization ID number: 2550221

Chief Executive Office/Principal place of business:

One Meridian Crossings

Suite 100

Minneapolis, MN 55423

 

 

GMAC-RFC HOLDING COMPANY, LLC

Jurisdiction of Formation: Delaware

FEIN: 23-2593763

State organization ID number: 4168620

Chief Executive Office/Principal place of business:

One Meridian Crossings

Suite 100

Minneapolis, MN 55423

GMAC RESIDENTIAL HOLDING COMPANY, LLC

Jurisdiction of Formation: Delaware

FEIN: 91-1902190

State organization ID number: 4176389

Chief Executive Office/Principal place of business:

3993 Howard Hughes Parkway

Suite 250

Las Vegas, NV 89169

GMAC MODEL HOME FINANCE, LLC

Jurisdiction of Formation: Delaware

FEIN: 54-1779094

State organization ID number: 4142191

Chief Executive Office/Principal place of business:

One Meridian Crossings, Suite 100

Minneapolis, MN 55423

RFC ASSET HOLDINGS II, LLC

Jurisdiction of Formation: Delaware

FEIN: 41-1984034

State organization ID number: 4189232

Chief Executive Office:

One Meridian Crossings, Suite 100

Minneapolis, MN 55423

Principal place of business:

3993 Howard Hughes Parkway

Suite 250

Las Vegas, NV 89169

PASSIVE ASSET TRANSACTIONS, LLC

 

 

Jurisdiction of Formation: Delaware

FEIN: 51-0404130

State organization ID number: 3306533

Chief Executive Office/Principal place of business:

1100 Virginia Drive

Fort Washington, PA 19034

DEVELOPERS OF HIDDEN SPRINGS, LLC

Jurisdiction of Formation: Delaware

FEIN: 80-0022985

State organization ID number: 4183059

Chief Executive Office/Principal place of business:

One Meridian Crossings, Suite 100

Minneapolis, MN 55423

DOA HOLDING PROPERTIES, LLC

Jurisdiction of Formation: Delaware

FEIN: 26-1424257

State organization ID number: 4454997

Chief Executive Office/Principal place of business:

One Meridian Crossings, Suite 100

Minneapolis, MN 55423

EQUITY INVESTMENT I, LLC

Jurisdiction of Formation: Delaware

FEIN: 02-0632797

State organization ID number: 3528939

Chief Executive Office/Principal place of business:

One Meridian Crossings, Suite 100

Minneapolis, MN 55423

RESIDENTIAL FUNDING REAL ESTATE HOLDINGS, LLC

Jurisdiction of Formation: Delaware

FEIN: 26-2736505

State organization ID number: 4551018

Chief Executive Office/Principal place of business:

One Meridian Crossings, Suite 100

Minneapolis, MN 55423

RESIDENTIAL MORTGAGE REAL ESTATE HOLDINGS, LLC

Jurisdiction of Formation: Delaware

 

 

FEIN: 26-2737180

State organization ID number: 4551021

Chief Executive Office/Principal place of business:

1100 Virginia Drive

Fort Washington, PA 19034

HOMECOMINGS FINANCIAL REAL ESTATE HOLDINGS, LLC

Jurisdiction of Formation: Delaware

FEIN: 26-2736869

State organization ID number: 4551020

Chief Executive Office/Principal place of business:

One Meridian Crossings, Suite 100

Minneapolis, MN 55423

 

 

SCHEDULE II

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

ADDITIONAL PLACES OF BUSINESS

None.

 

 

SCHEDULE III

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

TRADE NAMES; PRIOR LEGAL NAMES; MERGERS

	1.	 	Trade Names; Prior Legal Names
	 
	 	 	RESIDENTIAL FUNDING COMPANY, LLC

			
	     Prior Names:	 	Residential Funding Corporation

RFC Acquisition Corporation

	 	 	GMAC MORTGAGE, LLC

			
	     Prior Names:	 	GMAC Mortgage Corporation

	 	 	RESIDENTIAL CAPITAL, LLC

			
	     Prior Names:	 	Residential Capital Corporation

	 	 	HOMECOMINGS FINANCIAL, LLC

			
	     Prior Names:	 	Homecomings Financial Network, Inc.

Residential Money Centers, Inc.

	 	 	GMAC-RFC HOLDING COMPANY, LLC

			
	     Prior Names:	 	GMAC-RFC Holding Corp.

GMAC RF, Inc.

	 	 	GMAC RESIDENTIAL HOLDING COMPANY, LLC

			
	     Prior Names:	 	GMAC Residential Holding Corp.

	 	 	GMAC MODEL HOME FINANCE, LLC

			
	     Prior Names:	 	National Model Homes, Inc.

Dynex Residential, Inc.

GMAC Model Home Finance, Inc.

GMAC Model Home Finance of Delaware, Inc.

	 	 	RFC ASSET HOLDINGS II, LLC

			
	     Prior Names:	 	RFC Asset Holdings II, Inc.

 

 

	 	 	PASSIVE ASSET TRANSACTIONS, LLC

			
	     Prior Names:	 	Passive Asset Transactions, Inc.

	 	 	DEVELOPERS OF HIDDEN SPRINGS, LLC

			
	     Prior Names:	 	Developers of Hidden Springs, Inc.

	 	 	DOA HOLDING PROPERTIES, LLC

			
	     Prior Names:	 	None

	 	 	EQUITY INVESTMENT I, LLC

			
	     Prior Names:	 	Core Equity I, LLC

	 	 	RESIDENTIAL FUNDING REAL ESTATE HOLDINGS, LLC

			
	     Prior Names:	 	None

	 	 	RESIDENTIAL MORTGAGE REAL ESTATE HOLDINGS, LLC

			
	     Prior Names:	 	None

	 	 	HOMECOMINGS FINANCIAL REAL ESTATE HOLDINGS, LLC

			
	     Prior Names:	 	None

	2.	 	Mergers
	 
	 	 	GMAC MORTGAGE, LLC
	 
	 	 	On October 25, 2006, GMAC Mortgage, LLC merged with GMAC Mortgage Corporation.
	 
	 	 	GMAC-RFC HOLDING COMPANY, LLC
	 
	 	 	On July 11, 2006, GMAC-RFC Holding Company, LLC merged with GMAC-RFC Holding Corp.
	 
	 	 	DEVELOPERS OF HIDDEN SPRINGS, LLC
	 
	 	 	On August 10, 2006, Developers of Hidden Springs, LLC merged with Developers of Hidden
Springs, Inc.

 

 

SCHEDULE IV

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

INTELLECTUAL PROPERTY

Trademarks

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Serial No.	 	Mark	 	Owner	 	Filing Date	 	Status	 	Reg No.	 	Reg Date
	78601736
	 	EQUITYWISE	 	GMAC MORTGAGE LLC	 	 	 	Allowed	 	 	 	 
	76546683
	 	HOME COMMAND	 	GMAC MORTGAGE LLC	 	2003/09/24	 	Allowed	 	 	 	 
	75278616
	 	DITECH	 	GMAC MORTGAGE LLC	 	1997/04/21	 	Registered	 	2158800	 	1998/05/19
	78559960
	 	105 SELECT	 	GMAC MORTGAGE LLC	 	2005/02/03	 	Registered	 	3298930	 	2007/09/25
	76434684
	 	DITECH.COM — YOUR MORTGAGE	 	GMAC MORTGAGE LLC	 	2002/07/26	 	Registered	 	2721143	 	2003/06/03
	 
	 	SOLUTION DELIVERED	 	 	 	 	 	 	 	 	 	 
	76434953
	 	I LOST ANOTHER LOAN TO DITECH	 	GMAC MORTGAGE LLC	 	2002/07/26	 	Registered	 	2721148	 	2003/06/03
	75401660
	 	GLORIA NILSON	 	GMAC MORTGAGE LLC	 	1997/12/08	 	Registered	 	2245688	 	1999/05/18
	78106868
	 	DITECH.COM — YOUR 24/7 MORTGAGE	 	GMAC MORTGAGE LLC	 	2002/02/05	 	Registered	 	2702661	 	2003/04/01
	 
	 	SOLUTION	 	 	 	 	 	 	 	 	 	 
	76494789
	 	SERVICE YOU DESERVE. PEOPLE YOU	 	GMAC MORTGAGE LLC	 	2003/03/06	 	Registered	 	2808259	 	2004/01/27
	 
	 	TRUST.	 	 	 	 	 	 	 	 	 	 
	75604188
	 	DITECH.COM	 	GMAC MORTGAGE LLC	 	1998/12/09	 	Registered	 	2696027	 	2003/03/11
	76463368
	 	CALDIRECT HOMES LOANS	 	GMAC MORTGAGE LLC	 	2002/10/31	 	Registered	 	2846071	 	2004/05/25
	76492563
	 	HOMESTRENGTH	 	GMAC MORTGAGE LLC	 	2003/02/26	 	Registered	 	2846225	 	2004/05/25
	76515655
	 	DITECH.COM — SPEED GUARANTEED	 	GMAC MORTGAGE LLC	 	2003/05/20	 	Registered	 	2861149	 	2004/07/06
	76579265
	 	BUILDER POWER (& DESIGN)	 	GMAC MORTGAGE LLC	 	2004/03/05	 	Registered	 	2927621	 	2005/02/22
	76579614
	 	CALDIRECT	 	GMAC MORTGAGE LLC	 	2004/03/08	 	Registered	 	2928628	 	2005/03/01
	76580149
	 	DITECH RACING	 	GMAC MORTGAGE LLC	 	2004/03/10	 	Registered	 	2928640	 	2005/03/01
	76603778
	 	DITECH.COM HOME LOANS	 	GMAC MORTGAGE LLC	 	2004/07/23	 	Registered	 	2928647	 	2005/03/01
	76603959
	 	DITECH.COM HOME LOANS (& DESIGN)	 	GMAC MORTGAGE LLC	 	2004/07/26	 	Registered	 	2928648	 	2005/03/01
	76579639
	 	MOVE IN AMERICA	 	GMAC MORTGAGE LLC	 	2004/03/08	 	Registered	 	2930402	 	2005/03/08
	76579638
	 	MOVE IN AMERICA (& DESIGN)	 	GMAC MORTGAGE LLC	 	2004/03/08	 	Registered	 	2941383	 	2005/04/19
	76527153
	 	TRUSTED ADVISOR, SKILLED	 	GMAC MORTGAGE LLC	 	2003/07/01	 	Registered	 	3002328	 	2005/09/27
	 
	 	NEGOTIATOR, AND EXPERT	 	 	 	 	 	 	 	 	 	 
	 
	 	FACILITATOR	 	 	 	 	 	 	 	 	 	 
	76627771
	 	P PREMIER SERVICE	 	GMAC MORTGAGE LLC	 	2005/01/13	 	Registered	 	3039786	 	2006/01/10
	78566421
	 	TRUSTED ADVISOR	 	GMAC MORTGAGE LLC	 	2005/02/14	 	Registered	 	3102238	 	2006/06/06
	78646165
	 	DITECH AT WORK	 	GMAC MORTGAGE LLC	 	2005/06/08	 	Registered	 	3122167	 	2006/07/25

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Serial No.	 	Mark	 	Owner	 	Filing Date	 	Status	 	Reg No.	 	Reg Date
	78855597
	 	PACIFIC UNION	 	GMAC MORTGAGE LLC	 	2006/04/06	 	Registered	 	3206054	 	2007/02/06
	78656722
	 	BUYLINE	 	GMAC MORTGAGE LLC	 	2005/06/23	 	Registered	 	3234981	 	2007/04/24
	78635792
	 	ONESTOP HOMEOWNERSHIP SERVICES	 	GMAC MORTGAGE LLC	 	2005/05/24	 	Registered	 	3265985	 	2007/07/17
	78542966
	 	GHS MORTGAGE	 	GMAC MORTGAGE LLC	 	2005/01/06	 	Registered	 	3288664	 	2007/09/04
	76593441
	 	DITECH.COM FREEDOM LOAN	 	GMAC MORTGAGE LLC	 	2004/05/21	 	Registered	 	3291310	 	2007/09/11
	76597261
	 	GO FAST	 	GMAC MORTGAGE LLC	 	2004/06/14	 	Registered	 	3325181	 	2007/10/30
	78566539
	 	EXPERT FACILITATOR	 	GMAC MORTGAGE LLC	 	2005/02/14	 	Registered	 	3353357	 	2007/12/11
	78917057
	 	DITECH ESIGNATURE	 	GMAC MORTGAGE LLC	 	2006/06/26	 	Registered	 	3396372	 	2008/03/11
	78883555
	 	REAL LIFE. REAL SOLUTIONS.	 	GMAC MORTGAGE LLC	 	2006/05/15	 	Registered	 	3314584	 	2007/10/16
	78887861
	 	DITECH GUARANTEE	 	GMAC MORTGAGE, LLC	 	2006/05/19	 	Allowed	 	 	 	 
	78679328
	 	DITECH MORTGAGE SOLUTIONS	 	GMAC MORTGAGE, LLC	 	2005/07/27	 	Allowed	 	 	 	 
	78742599
	 	HOME REWARDS	 	GMAC MORTGAGE, LLC	 	2005/10/28	 	Published	 	 	 	 
	78113601
	 	HOME DREAMS ONLINE	 	GMAC MORTGAGE, LLC	 	2002/03/08	 	Registered	 	2880218	 	2004/08/31
	78127454
	 	BUILDER POWER	 	GMAC MORTGAGE, LLC	 	2002/05/09	 	Registered	 	2896306	 	2004/10/19
	76495996
	 	CAL DIRECT HOME LOANS (& DESIGN)	 	GMAC MORTGAGE, LLC	 	2003/03/10	 	Registered	 	2903746	 	2004/11/16
	76560776
	 	PATHWAYS	 	GMAC MORTGAGE, LLC	 	2003/11/20	 	Registered	 	2910065	 	2004/12/14
	76561220
	 	THE HOMESTRETCH PLAN	 	GMAC MORTGAGE, LLC	 	2003/11/21	 	Registered	 	2910069	 	2004/12/14
	76586655
	 	CUOTA UNICA DITECH	 	GMAC MORTGAGE, LLC	 	2004/04/14	 	Registered	 	2947511	 	2005/05/10
	76586659
	 	SMARTWATCH	 	GMAC MORTGAGE, LLC	 	2004/04/14	 	Registered	 	2982713	 	2005/08/09
	76492773
	 	HOMEFLEX	 	GMAC MORTGAGE, LLC	 	2003/02/26	 	Registered	 	2992858	 	2005/09/06
	76576481
	 	DITECH FLAT FEE	 	GMAC MORTGAGE, LLC	 	2004/02/20	 	Registered	 	3007701	 	2005/10/18
	76598815
	 	SETTLE AMERICA	 	GMAC MORTGAGE, LLC	 	2004/06/23	 	Registered	 	3025621	 	2005/12/13
	76586657
	 	BORRON Y CUENTA NUEVA	 	GMAC MORTGAGE, LLC	 	2004/04/14	 	Registered	 	3047591	 	2006/01/24
	78113668
	 	HELPING YOU MANAGE THE	 	GMAC MORTGAGE, LLC	 	2002/03/08	 	Registered	 	3068871	 	2006/03/14
	 
	 	INVESTMENT IN YOUR HOME	 	 	 	 	 	 	 	 	 	 
	76610623
	 	FLEXSELECT	 	GMAC MORTGAGE, LLC	 	2004/09/09	 	Registered	 	3071594	 	2006/03/21
	76560283
	 	POWER PUNCH	 	GMAC MORTGAGE, LLC	 	2003/11/17	 	Registered	 	3077130	 	2006/04/04
	76575312
	 	DITECH-1	 	GMAC MORTGAGE, LLC	 	2004/02/12	 	Registered	 	3080195	 	2006/04/11
	78622953
	 	LA ULTIMA PALABRA EN PRESTAMOS	 	GMAC MORTGAGE, LLC	 	2005/05/04	 	Registered	 	3082700	 	2006/04/18
	78623519
	 	CLOSE FOR A CAUSE	 	GMAC MORTGAGE, LLC	 	2005/05/05	 	Registered	 	3085260	 	2006/04/25
	76609555
	 	Warehouse Express	 	GMAC MORTGAGE, LLC	 	2004/09/01	 	Registered	 	3325194	 	2007/10/30
	74279689
	 	HOMECOMINGS	 	GMAC MORTGAGE, LLC	 	1992/05/28	 	Registered	 	1792907	 	1993/09/14
	76494788
	 	PREMIER SERVICE	 	GMAC RESIDENTIAL	 	2003/03/06	 	Registered	 	2914178	 	2004/12/28
	 
	 	 	 	HOLDING COMPANY, LLC	 	 	 	 	 	 	 	 
	78855608
	 	PACIFIC UNION ADVANTAGE	 	GMAC RESIDENTIAL	 	2006/04/06	 	Allowed	 	 	 	 
	 
	 	 	 	HOLDING COMPANY, LLC	 	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Serial No.	 	Mark	 	Owner	 	Filing Date	 	Status	 	Reg No.	 	Reg Date
	78566532
	 	SKILLED NEGOTIATOR	 	GMAC RESIDENTIAL	 	2005/02/14	 	Pending	 	 	 	 
	 
	 	 	 	HOLDING COMPANY, LLC	 	 	 	 	 	 	 	 
	78797825
	 	FLEXPAT	 	GMAC RESIDENTIAL	 	2006/01/24	 	Allowed	 	 	 	 
	 
	 	 	 	HOLDING COMPANY, LLC	 	 	 	 	 	 	 	 
	78923245
	 	SUPPLIER DIRECT (& DESIGN)	 	GMAC RESIDENTIAL	 	2006/07/06	 	Registered	 	3237366	 	2007/05/01
	 
	 	 	 	HOLDING COMPANY, LLC	 	 	 	 	 	 	 	 
	78923210
	 	SUPPLIER DIRECT	 	GMAC RESIDENTIAL	 	2006/07/06	 	Registered	 	3237365	 	2007/05/01
	 
	 	 	 	HOLDING COMPANY, LLC	 	 	 	 	 	 	 	 
	76576712
	 	P	 	GMAC RESIDENTIAL	 	2004/02/23	 	Registered	 	3361159	 	2008/01/01
	 
	 	 	 	HOLDING COMPANY, LLC	 	 	 	 	 	 	 	 
	77127127
	 	KEYCHAIN ALLIANCE	 	RESIDENTIAL CAPITAL, LLC	 	 	 	Published	 	 	 	 
	78139312
	 	QUICKWISE	 	RESIDENTIAL FUNDING	 	2002/06/27	 	Registered	 	2707254	 	2003/04/15
	 
	 	 	 	COMPANY, LLC	 	 	 	 	 	 	 	 
	74348910
	 	GOAL LINE	 	RESIDENTIAL FUNDING	 	1993/01/15	 	Registered	 	1829015	 	1994/03/29
	 
	 	 	 	COMPANY, LLC	 	 	 	 	 	 	 	 
	74713806
	 	GOAL LOAN	 	RESIDENTIAL FUNDING	 	1995/08/10	 	Registered	 	1995345	 	1996/08/20
	 
	 	 	 	COMPANY, LLC	 	 	 	 	 	 	 	 
	78023446
	 	LINE@PRIME	 	RESIDENTIAL FUNDING	 	2000/08/29	 	Registered	 	2552727	 	2002/03/26
	 
	 	 	 	COMPANY, LLC	 	 	 	 	 	 	 	 
	74275769
	 	RFC	 	RESIDENTIAL FUNDING	 	1992/05/15	 	Registered	 	1840863	 	1994/06/21
	 
	 	 	 	COMPANY, LLC	 	 	 	 	 	 	 	 
	78096942
	 	ALTERNET	 	RESIDENTIAL FUNDING	 	2001/12/06	 	Pending	 	 	 	 
	 
	 	 	 	COMPANY, LLC	 	 	 	 	 	 	 	 

 

 

Patents

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	COUNTRY/TYPE	 	TITLE	 	SERIAL NO.	 	FILED	 	STATUS	 	PATENT NO.	 	ISSUED	 	Assignment Status
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	US — UTILITY
	 	SIMULATION TECHNIQUE FOR GENERATION OF AVM AND COLLATERAL RISK INDICATOR RULE SET	 	11484262	 	2006/07/11	 	PUBLISHED	 	 	 	 	 	Assignment to Residential Funding Corporation by Susan Allen and Beth Harasimowicz
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PCT
	 	GENERATION OF AVM AND COLLATERAL RISK INDICATOR RULE SET	 	PCTUS0715793	 	2007/07/11	 	PUBLISHED	 	 	 	 	 	Covered by the assignment in Serial Number 11484262
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	US — UTILITY
	 	SYSTEM AND METHOD FOR EVALUATING SECONDARY MARKET OPTIONS FOR LOANS	 	10688321	 	2003/10/17	 	OFFICE ACTION PENDING	 	 	 	 	 	Assignment to GMAC RFC by Dan Bettenburg and Frank Doherty. This will be fixed to show assignment to Residential Funding Company, LLC
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	US — UTILITY
	 	STORED, TEMPORARY ALTERATION OF BUSINESS LOGIC	 	09952995	 	2001/09/14	 	APPEALED	 	 	 	 	 	Assignment to Residential Funding Corporation by Peter (Ken) Cychosz and Brian Gilkay

 

 

SCHEDULE V

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

COMMERCIAL TORT CLAIMS

None.

 

 

SCHEDULE VI 

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT 

AND IRREVOCABLE PROXY

INITIAL COLLATERAL

	1.	 	Mortgage Loans

	 	(a)	 	All mortgage loans identified in the ATS (as hereinafter defined) under the
column “ATS FF” by the Code T215. “ATS” means the internal database maintained by
Residential Funding Company, LLC for the purposes of tracking the facility to which
unsold mortgage loans are pledged.
	 
	 	(b)	 	Mortgage loans (i) secured by real estate located in Canada and for which the
mortgage notes are in the possession of Computershare Trust Company of Canada and (ii)
sold to Residential Funding Company, LLC on or prior to the Issue Date.
	 
	 	(c)	 	Mortgage loans insured by the Federal Housing Administration (“FHA”) or the
U.S. Department of Veterans Affairs (“VA”) and as to which the applicable borrower has
defaulted and a claim exists against either the VA or the FHA.

	2.	 	Servicing Advances

	 	 	 	All right, title and interest of either Residential Funding Company, LLC or GMAC
Mortgage, LLC in and to Servicing P&I Advances and Servicing T&I Advances or
Servicing Corporate Advances other than (i) Servicing Contracts with FNMA, Freddie
Mac or GNMA or (ii) in the case of GMAC Mortgage, LLC any rights in any Servicing
Contract transferred to GMACR MORTGAGE PRODUCTS, LLC prior to the Issue Date, and
(iii) in the case of Residential Funding Company, LLC, any interest in any Servicing
Contract transferred to RFC-GSAP Servicer Advance, LLC prior to the Issue Date.

	3.	 	Securities Accounts — see attached Exhibit A to this Schedule VI.
	 
	4.	 	Pledged Interests — see attached Exhibit B to this Schedule VI.
	 
	5.	 	Pledged Notes — see attached Exhibit C to this Schedule VI.
	 
	6.	 	Construction, Mezzanine and Working Capital Loans — (i) all first lien construction loans,
including distressed construction loans, (ii) all mezzanine loans, including distressed loans,
secured by equity interests in entities owning real estate and real estate-related assets, and
(iii) all working capital loans which were unencumbered as of February 29, 2008.

 

 

EXHIBIT A TO SCHEDULE VI

SECURITIES ACCOUNTS

	 	 	 	 	 	 	 
	 	 	Financial	 	 	 	 
	Account Owner	 	Institution	 	Account Number	 	Account Name
	 	 	 	 	 
	 	 
	GMAC Mortgage, LLC
	 	JP Morgan
	 	G08567

	 	GMAC Mortgage, LLC MSR
Securities and HEQ Residual
Account
	 	 	 	 	 
	 	 
	GMAC Mortgage, LLC
	 	JP Morgan
	 	G54823

	 	GMAC Mortgage, LLC Direct Pair
Off Account
	 	 	 	 	 
	 	 
	Passive Asset
Transactions, LLC
	 	JP Morgan
	 	P66230

	 	Passive Asset Transactions, LLC
	 	 	 	 	 
	 	 
	Residential Funding
Company, LLC
	 	State Street
	 	BGLS

	 	Residential Funding Company,
LLC Capital Markets Pledged
RFC
	 	 	 	 	 
	 	 
	Residential Funding
Company, LLC
	 	State Street
	 	BGLX

	 	Residential Funding Company,
LLC PIA Pledged RFC
	 	 	 	 	 
	 	 
	Residential Funding
Company, LLC
	 	State Street
	 	BGLY

	 	Residential Funding Company,
LLC RIF Pledged RFC
	 	 	 	 	 
	 	 
	Residential Funding
Company, LLC
	 	State Street
	 	BGLU

	 	Residential Funding Company,
LLC Capital Markets Pledged
RAHI II
	 	 	 	 	 
	 	 
	Residential Funding
Company, LLC
	 	State Street
	 	BGLV

	 	Residential Funding Company,
LLC RIF Pledged RAHI II
	 	 	 	 	 
	 	 
	Residential Funding
Company, LLC
	 	State Street
	 	BGLW

	 	Residential Funding Company,
LLC PIA Pledged RAHI II

 

 

EXHIBIT B TO SCHEDULE VI

PLEDGED INTERESTS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	 	 
	Pledged Interests	 	Type of	 	Interests Owned	 	 	 	% of Interests of
	Issuer	 	Interest	 	by Pledgor	 	Pledgor	 	Pledgor Pledged
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Hidden Springs
Sewer Company, LLC

	 	Limited Liability
Company
	 	 	100	%	 	Developers of
Hidden Springs, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	DOA Properties I,
LLC

	 	Limited Liability
Company
	 	 	100	%	 	DOA Holding
Properties, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	DOA Properties II,
LLC

	 	Limited Liability
Company
	 	 	100	%	 	DOA Holding
Properties, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Residential
Mortgage Real
Estate Holdings,
LLC

	 	Limited Liability
Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMCMTH, LLC

	 	Limited Liability
Company
	 	 	100	%	 	GMAC Model Home
Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	KBOne, LLC

	 	Limited Liability
Company
	 	 	100	%	 	GMAC Model Home
Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LENOne, LLC

	 	Limited Liability
Company
	 	 	100	%	 	GMAC Model Home
Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	WPSHOne, LLC

	 	Limited Liability
Company
	 	 	100	%	 	GMAC Model Home
Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RFC MHF Funding, LLC

	 	Limited Liability
Company
	 	 	100	%	 	GMAC Model Home
Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Homecomings
Financial Real
Estate Holdings,
LLC

	 	Limited Liability
Company
	 	 	100	%	 	Homecomings
Financial, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC Residential
Holding Company,
LLC

	 	Limited Liability
Company
	 	 	100	%	 	Residential
Capital, LLC
	 	 	100	%

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	 	 
	Pledged Interests	 	Type of	 	Interests Owned	 	 	 	% of Interests of
	Issuer	 	Interest	 	by Pledgor	 	Pledgor	 	Pledgor Pledged
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Developers of
Hidden Springs, LLC

	 	Limited Liability
Company
	 	 	100	%	 	Residential Funding
Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	DOA Holding
Properties, LLC

	 	Limited Liability
Company
	 	 	100	%	 	Residential Funding
Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC Model Home
Finance, LLC

	 	Limited Liability
Company
	 	 	100	%	 	Residential Funding
Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RFC Construction
Funding, LLC

	 	Limited Liability
Company
	 	 	100	%	 	Residential Funding
Company, LLC
	 	 	100	%

 

 

EXHIBIT C TO SCHEDULE VI

PLEDGED NOTES

	 	 	 	 	 
	Pledged Note Issuer	 	Pledged Note	 	Pledged Note Holder
	 
	 	 	 	 
	GX CE Funding B.V.

	 	Note (Note
Certificate No. 1)
dated 4 June 2008 in
the principal amount
of EUR
556,992,836.00 due 3
June 2009 issued
under the Variable
Funding Loan Note
Agreement dated 4
June 2008
	 	Residential Capital, LLC
	 
	 	 	 	 
	Viaduct (No. 7) Limited

	 	Note dated 4 June
2008 in the
principal amount of
EUR 658,116,612.47
due 18 June 2008
issued under the
Note Issuance
Facility Deed dated
on or about 2 June
2008
	 	Residential Capital, LLC

 

 

SCHEDULE VII

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

DIRECT SUBSIDIARIES

	 	 	 	 	 
	 	 	 	 	Jurisdiction of
	 	 	 	 	Incorporation
	Parent	 	Subsidiary	 	(Subsidiary)
	 
	GMAC Mortgage, LLC

	 	CAP RE of Vermont, LLC
	 	Vermont
	 

	 	Ditech, LLC
	 	Delaware
	 

	 	Executive Closing Services, LLC
	 	Delaware
	 

	 	Executive Trustee Services, LLC
	 	Delaware
	 

	 	GMAC Mortgage USA Corporation
	 	Delaware
	 

	 	GMAC Mortgage, LLC of TN
	 	Delaware
	 

	 	GMACR Mortgage Products, LLC
	 	Delaware
	 

	 	GMV Management Services, LLC
	 	Delaware
	 

	 	Horsham Funding, LLC
	 	Delaware
	 

	 	Ladue Associates, Inc.
	 	Pennsylvania
	 

	 	MINT I VFN Holdings, LLC
	 	Delaware
	 

	 	MINT I, LLC
	 	Delaware
	 

	 	Passive Asset Transactions, LLC
	 	Delaware
	 

	 	Residential Consumer Services, LLC
	 	Delaware
	 

	 	Residential Mortgage Real Estate Holdings, LLC
	 	Delaware
	 

	 	Walnut Grove Funding, LLC
	 	Delaware
	 
	 	 	 	 
	Residential Funding Company, LLC

	 	Asset Lending Company II, LLC
	 	Delaware
	 

	 	Asset Management Performance Services, LLC
	 	Delaware
	 

	 	Developers of Hidden Springs, LLC
	 	Delaware
	 

	 	DOA Holding Properties, LLC
	 	Delaware
	 

	 	EPRE LLC
	 	Delaware
	 

	 	Equity Investment I, LLC
	 	Delaware
	 

	 	Equity Investments II, LLC
	 	Delaware
	 

	 	Equity Investment III, LLC
	 	Delaware
	 

	 	GMAC Model Home Finance, LLC
	 	Delaware
	 

	 	GMAC Model Home Finance I, LLC
	 	Delaware
	 

	 	GMAC-RFC Australia Pty Limited
	 	Australia
	 

	 	GMAC-RFC Europe Limited
	 	U.K.
	 

	 	GMAC-RFC Holdings Limited
	 	U.K.
	 

	 	GMAC-RFC Ireland Limited
	 	U.K.
	 

	 	Homecomings Financial, LLC
	 	Delaware
	 

	 	MFC Asset, LLC
	 	Delaware
	 

	 	MINT II Holdings LLC
	 	Delaware
	 

	 	MINT II, LLC
	 	Delaware
	 

	 	REG-PFH, LLC
	 	Delaware
	 

	 	Residential Asset Management Company LLC
	 	Delaware
	 

	 	Residential Funding Mortgage Exchange, LLC
	 	Delaware
	 

	 	Residential Funding of Canada Finance ULC
	 	Canada
	 

	 	Residential Funding Real Estate Holdings, LLC
	 	Delaware

 

 

	 	 	 	 	 
	 	 	 	 	Jurisdiction of
	 	 	 	 	Incorporation
	Parent	 	Subsidiary	 	(Subsidiary)
	 
	 

	 	Residential Funding Securities, LLC
	 	Delaware
	 

	 	RFC — GSAP Servicer Advance, LLC
	 	Delaware
	 

	 	RFC ABS CDO WHSub I Ltd
	 	Cayman Islands
	 

	 	RFC Advance Depositor, LLC
	 	Delaware
	 

	 	RFC Asset Holdings II, LLC
	 	Delaware
	 

	 	RFC Asset Management, LLC
	 	Delaware
	 

	 	RFC Construction Funding, LLC
	 	Delaware
	 

	 	RFC Investments Limited
	 	U.K.
	 

	 	RFC Resort Funding, LLC
	 	Delaware
	 
	 	 	 	 
	GMAC-RFC Holding Company, LLC

	 	Residential Accredit Loans, Inc.
	 	Delaware
	 

	 	Residential Asset Mortgage Products, Inc.
	 	Delaware
	 

	 	Residential Asset Securities Corporation
	 	Delaware
	 

	 	Residential Funding Company, LLC
	 	Delaware
	 

	 	Residential Funding Mortgage Securities I, Inc.
	 	Delaware
	 

	 	Residential Funding Mortgage Securities II, Inc.
	 	Delaware
	 
	 	 	 	 
	Residential Capital, LLC

	 	GMAC Residential Holding Company, LLC
	 	Delaware
	 

	 	GMAC-RFC Holding Company, LLC
	 	Delaware
	 

	 	IB Finance Holding Company, LLC
	 	Delaware
	 
	 	 	 	 
	Homecomings Financial, LLC

	 	HFN REO Sub II, LLC
	 	Delaware
	 

	 	Homecomings Financial Real Estate Holdings, LLC
	 	Delaware
	 
	 	 	 	 
	GMAC Residential Holding Company, LLC

	 	GMAC Home Services, LLC
	 	Delaware
	 

	 	GMAC Mortgage, LLC
	 	Delaware
	 

	 	GHS Global Relocation UK Limited
	 	U.K.
	 

	 	GMACB Service Company, LLC
	 	Delaware
	 

	 	GMACRH Settlement Services, LLC
	 	Delaware
	 
	 	 	 	 
	Developers of Hidden Springs, LLC

	 	Hidden Springs Sewer Company, LLC
	 	Delaware
	 
	 	 	 	 
	DOA Holding Properties, LLC

	 	DOA Properties I, LLC
	 	Delaware
	 

	 	DOA Properties II, LLC
	 	Delaware
	 
	 	 	 	 
	GMAC Model Home Finance, LLC

	 	GMCMTH, LLC
	 	Delaware
	 

	 	KBOne, LLC
	 	Delaware
	 

	 	LENOne, LLC
	 	Delaware
	 

	 	WPSHOne, LLC
	 	Delaware
	 

	 	RFC MHF Funding, LLC
	 	Delaware
	 
	 	 	 	 
	Residential Funding Company, LLC (99.99%)

	 	GMAC Financiera, S.A. de C.V.
	 	Mexico
	 

	 	GMAC Hipotecaria, S.A. de C.V.
	 	Mexico
	 

	 	GMAC-RFC Brasil Ltda
	 	Brazil
	 

	 	GMAC-RFC Chile Inversiones Ltda
	 	Chile
	 
	 	 	 	 
	Residential Funding Company, LLC (99.99999968%)

	 	GMAC-RFC Auritec, S.A.
	 	Mexico

 

 

	 	 	 	 	 
	 	 	 	 	Jurisdiction of
	 	 	 	 	Incorporation
	Parent	 	Subsidiary	 	(Subsidiary)
	 
	 	 	 	 
	Residential Funding Company, LLC (99%)

	 	GMAC RFC International Holdings Cooperatief U.A.
	 	Netherlands
	 
	 	 	 	 
	GMAC-RFC Holding Company, LLC (0.01%)

	 	GMAC RFC International Holdings Cooperatief U.A.
	 	Netherlands
	 
	 	 	 	 
	Homecomings Financial, LLC (0.01%)

	 	GMAC-RFC Brasil Ltda
	 	Brazil
	 

	 	GMAC-RFC Chile Inversiones Ltda
	 	Chile
	 
	 	 	 	 
	Homecomings Financial, LLC (0.00000032%)

	 	GMAC-RFC Auritec, S.A.
	 	Mexico

 

 

SCHEDULE VIII

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

EXCLUDED SIGNIFICANT SUBSIDIARIES

None.

 

 

SCHEDULE IX

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

BAILMENT COLLATERAL

	1.	 	Stock Certificate certifying that Residential Funding Company, LLC owns twenty-four
million two hundred seventy seven thousand five hundred (24,277,500) ordinary shares of
GMAC-RFC Australia Pty Limited, a corporation formed under the laws of the Australia (the
“Company”), standing in its name on the books of the Company, which is represented by
Certificate No. 6.

	2.	 	Stock Certificate certifying that GMAC-RFC Holding Company, LLC (formerly known as GMAC
RF, Inc.) owns one thousand (1,000) shares of common stock, par value $0.01 per share, of
Residential Funding Mortgage Securities II, Inc., a corporation formed under the laws of
the State of Delaware (the “Company”), standing in its name on the books of the Company,
which is represented by Certificate No. 1.

	3.	 	Stock Certificate certifying that GMAC-RFC Holding Company, LLC (formerly known as GMAC
RF, Inc.) owns one thousand (1,000) shares of common stock, par value $0.01 per share, of
Residential Asset Securities Corporation, a corporation formed under the laws of the State
of Delaware (the “Company”), standing in its name on the books of the Company, which is
represented by Certificate No. 1.

	4.	 	Stock Certificate certifying that GMAC-RFC Holding Company, LLC (formerly known as GMAC
RF, Inc.) owns one thousand (1,000) shares of common stock, par value $0.01 per share, of
Residential Accredit Loans, Inc., a corporation formed under the laws of the State of
Delaware (the “Company”), standing in its name on the books of the Company, which is
represented by Certificate No. 1.

	5.	 	Stock Certificate certifying that GMAC Mortgage, LLC (formerly known as GMAC Mortgage
Corporation) owns three thousand (3,000) shares of common stock, par value $0.01 per share,
of GMAC Mortgage USA Corporation, a corporation formed under the laws of the State of
Delaware (the “Company”), standing in its name on the books of the Company, which is
represented by Certificate No. 1.

	6.	 	Note (Note Certificate No. 1) dated 4 June 2008 in the principal amount of EUR
556,992,836.00 due 3 June 2009 issued under the Variable Funding Loan Note Agreement dated
4 June 2008 between GX CE Funding B.V. (the “Issuer”) and Residential Capital, LLC (the
“Holder”).

	7.	 	Note dated 4 June 2008 in the principal amount of EUR 658,116,612.47 due 18 June 2008
issued under the Note Issuance Facility Deed dated on or about 2 June 2008 between Viaduct
(No. 7) Limited (the “Issuer”) and Residential Capital, LLC (the “Holder”).

 

 

SCHEDULE X

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

DEPOSIT ACCOUNTS OF ADDITIONAL ACCOUNT PARTIES; SECURITIES ACCOUNTS OF FABS GRANTORS

     (a) Deposit Accounts of Additional Account Parties

	 	 	 	 	 	 	 	 	 
	 	 	Financial	 	 	 	 
	Account Owner	 	Institution	 	Account Number	 	Account Name
	 
	 	 	 	 	 	 	 	 
	Residential Mortgage Real Estate Holdings, LLC

	 	Wachovia
	 	2000041713969	 	Residential
Mortgage Real
Estate Holdings,
LLC Sales Proceeds
Account for the
benefit of Wells
Fargo Bank, N.A. as
Collateral Control
Agent
	 
	 	 	 	 	 	 	 	 
	Residential Funding Real Estate Holdings, LLC

	 	Wachovia
	 	2000041713972	 	Residential Funding
Real Estate
Holdings, LLC Sales
Proceeds Account
for the benefit of
Wells Fargo Bank,
N.A. as Collateral
Control Agent
	 
	 	 	 	 	 	 	 	 
	Homecomings Financial Real Estate Holdings, LLC

	 	Wachovia
	 	2000041713985	 	Homecomings
Financial Real
Estate Holdings,
LLC Sales Proceeds
Account for the
benefit of Wells
Fargo Bank, N.A. as
Collateral Control
Agent
	 
	 	 	 	 	 	 	 	 
	Equity Investment I, LLC

	 	Wachovia
	 	2000041713493	 	Equity Investments
I, LLC Sales
Proceeds Account
for the benefit of
Wells Fargo, N.A.
as Collateral
Control Agent

     (d) Securities Accounts of FABS Grantors

 

 

	 	 	 	 	 	 	 
	 	 	Financial	 	 	 	 
	Account Owner	 	Institution	 	Account Number	 	Account Name
	 
	 	 	 	 	 	 
	Passive Asset
Transactions, LLC

	 	JP Morgan
	 	P66230
	 	Passive Asset Transactions, LLC

 

 

SCHEDULE XI

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

INITIAL COLLATERAL VALUE

	1)	 	As of April 30, 2008, the carrying value of the U.S. mortgage loans referred to in Section
1(a) of Schedule VI to each of the Security Agreements was $2,063,000,000.

	2)	 	As of April 30, 2008, the carrying value of the Canadian mortgage loans referred to on
Schedule VI to each of the Security Agreements was $259,000,000.

	3)	 	As of April 30, 2008, the carrying value of the government receivables referred to in
Section 1(c) of Schedule VI to each of the Security Agreements was $207,000,000.

	4)	 	As of April 30, 2008, the carrying value of the servicing advances referred to in Section
2 of Schedule VI to each of the Security Agreements was $763,000,000.

	5)	 	As of April 30, 2008, the carrying value of the securities in the Securities Accounts and the
securities otherwise included in Section 3 of Schedule VI to each Security Agreement
was $242,000,000.

	6)	 	As of April 30, 2008, the carrying value of the real property owned by Homecomings Financial
Real Estate Holdings, LLC, GMAC Residential Holding Company, LLC, GMAC Residential Holding
Company, LLC (the equity interests of which are included in Section 4 of Schedule VI
to the Security Agreements) was $512,000,000.

	7)	 	As of April 30, 2008, the carrying value of the equity interests of RFC Construction Funding,
LLC included in Section 4 of Schedule VI to the Security Agreements was $971,000,000.

	8)	 	As of April 30, 2008, the carrying value of the equity interests of Residential Funding
Company, LLC, DOA Holding Properties I, LLC and DOA Properties II, LLC included in Section
4 of Schedule VI to each Security Agreement was $42,000,000.

	9)	 	As of April 30, 2008, the carrying value of the equity interests of Developers of Hidden
Springs, LLC and Hidden Springs Sewer Company, LLC included in Section 4 of Schedule
VI to each Security Agreement was $8,000,000.

	10)	 	As of April 30, 2008, the carrying value of the equity interests of GMAC Model Home Finance,
LLC, KBOne, LLC, LENOne, LLC, GMCMTH, LLC and WPSHOne, LLC included in Section 4 of
Schedule VI to the Security Agreements was $974,000,000.

	11)	 	As of April 30, 2008, the carrying values of the residential mortgage loans and construction
loans securing the Viaduct No. 7 Limited Pledged Note included in Section 5 of
Schedule VI to the Security Agreements were $940,000,000 and $107,000,000, respectively.

	12)	 	As of April 30, 2008, the carrying value of the residential mortgage loans and transfer
certificates securing the GX CE Funding BV Pledged Note included in Section 5 of
Schedule VI to the Security Agreements was $1,374,000,000.

 

 

ATTACHMENT I

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

PLEDGED EQUITY AND PLEDGED NOTES

Item A. Pledged Shares

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Common Stock	 	 	 	 
	 	 	Authorized	 	Outstanding	 	 	 	% of Shares
	Pledged Share Issuer	 	Shares	 	Shares	 	Beneficial Owner	 	Pledged
	GMAC Mortgage USA Corporation
	 	 	3,000	 	 	 	3,000	 	 	GMAC Mortgage, LLC	 	 	100	%
	Ladue Associates, Inc.
	 	 	100	 	 	 	100	 	 	GMAC Mortgage, LLC	 	 	100	%
	Residential Accredit Loans, Inc.
	 	 	1,000	 	 	 	1,000	 	 	GMAC-RFC Holding Company, LLC	 	 	100	%
	Residential Asset Mortgage Products, Inc.
	 	 	1,000	 	 	 	 	 	 	GMAC-RFC Holding Company, LLC	 	 	100	%
	Residential Asset Securities Corporation
	 	 	1,000	 	 	 	1,000	 	 	GMAC-RFC Holding Company, LLC	 	 	100	%
	Residential Funding Mortgage Securities I, Inc.
	 	 	1,000	 	 	 	 	 	 	GMAC-RFC Holding Company, LLC	 	 	100	%
	Residential Funding Mortgage Securities II, Inc.
	 	 	1,000	 	 	 	1,000	 	 	GMAC-RFC Holding Company, LLC	 	 	100	%
	GMAC-RFC Australia Pty Limited1
	 	 	37,350,001	2	 	 	37,350,001	5	 	Residential Funding Company, LLC	 	 	65	%

 

			
	1	 	This is a cooperative with excluded liability.
	 
	2	 	These are ordinary shares.

 

 

Item B. Pledged Interests

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	 	 
	 	 	 	 	Interests Owned by	 	 	 	% of Interests of
	Pledged Interest Issuer	 	Type of Interest	 	Pledgor	 	Pledgor	 	Pledgor Pledged
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Hidden Springs Sewer Company, LLC

	 	Limited Liability Company
	 	 	100	%	 	Developers of Hidden Springs, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	DOA Properties I, LLC

	 	Limited Liability Company
	 	 	100	%	 	DOA Holding Properties, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	DOA Properties II, LLC

	 	Limited Liability Company
	 	 	100	%	 	DOA Holding Properties, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CAP RE of Vermont, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Ditech, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Executive Closing Services, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Executive Trustee Services, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC Mortgage, LLC of TN

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMACR Mortgage Products, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMV Management Services, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Horsham Funding, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	 	 
	 	 	 	 	Interests Owned by	 	 	 	% of Interests of
	Pledged Interest Issuer	 	Type of Interest	 	Pledgor	 	Pledgor	 	Pledgor Pledged
	 
	MINT I VFN Holdings, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MINT I, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Passive Asset Transactions, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Residential Consumer Services, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Residential Mortgage Real Estate Holdings, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Walnut Grove Funding, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Mortgage, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMCMTH, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Model Home Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	KBOne, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Model Home Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LENOne, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Model Home Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	WPSHOne, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Model Home Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RFC MHF Funding, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Model Home Finance, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC Home Services, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Residential Holding
Company, LLC
	 	 	100	%

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	 	 
	 	 	 	 	Interests Owned by	 	 	 	% of Interests of
	Pledged Interest Issuer	 	Type of Interest	 	Pledgor	 	Pledgor	 	Pledgor Pledged
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC Mortgage, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Residential Holding
Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMACB Service Company, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Residential Holding
Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMACRH Settlement Services, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC Residential Holding
Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Residential Funding Company, LLC

	 	Limited Liability Company
	 	 	100	%	 	GMAC-RFC Holding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	HFN REO Sub II, LLC

	 	Limited Liability Company
	 	 	100	%	 	Homecomings Financial, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Homecomings Financial Real Estate Holdings, LLC

	 	Limited Liability Company
	 	 	100	%	 	Homecomings Financial, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC Residential Holding Company, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Capital, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC-RFC Holding Company, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Capital, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	IB Finance Holding Company, LLC

	 	Limited Liability Company
	 	 	49	%	 	Residential Capital, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Asset Lending Company II, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Asset Management Performance Services, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Developers of Hidden Springs, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	 	 
	 	 	 	 	Interests Owned by	 	 	 	% of Interests of
	Pledged Interest Issuer	 	Type of Interest	 	Pledgor	 	Pledgor	 	Pledgor Pledged
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	DOA Holding Properties, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	EPRE LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Equity Investment I, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Equity Investment III, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC Model Home Finance, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC Model Home Finance I, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Homecomings Financial, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MFC Asset, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MINT II Holdings LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MINT II, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	REG-PFH, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Residential Asset Management Company LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	 	 
	 	 	 	 	Interests Owned by	 	 	 	% of Interests of
	Pledged Interest Issuer	 	Type of Interest	 	Pledgor	 	Pledgor	 	Pledgor Pledged
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Residential Funding Mortgage Exchange, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Residential Funding Real Estate Holdings, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Residential Funding Securities, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RFC Advance Depositor, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RFC Asset Holdings II, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RFC Asset Management, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RFC Construction Funding, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RFC — GSAP Servicer Advance, LLC

	 	Limited Liability Company
	 	 	100	%	 	Residential Funding Company, LLC
	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GMAC RFC International Holdings Cooperatief U.A.

	 	Membership Interests
	 	 	100	%	 	Residential Funding Company, LLC (99%); GMAC-RFC Holding Company, LLC (0.01%)
	 	 	65	%

 

 

Item C. UK Pledged Shares

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total Number of	 	Shares Certificate	 	 	 	% of Shares
	Pledged Share Issuer	 	Shares Issued	 	Number	 	Beneficial Owner	 	Pledged
	GMAC-RFC Holdings Limited
	 	 	188,117,940	 	 	 	1	 	 	Residential Funding Company, LLC	 	 	65	%
	GMAC-RFC Europe Limited
	 	 	100	 	 	 	1	 	 	Residential Funding Company, LLC	 	 	65	%
	RFC Investments Limited
	 	 	5,000,000	 	 	 	1	 	 	Residential Funding Company, LLC	 	 	65	%

Item D. Pledged Notes

	 	 	 	 	 
	Pledged Note Issuer	 	Pledged Note	 	Pledged Note Holder
	 
	GX CE Funding B.V.

	 	Note (Note
Certificate No. 1)
dated 4 June 2008 in
the principal amount
of EUR
556,992,836.00 due 3
June 2009 issued
under the Variable
Funding Loan Note
Agreement dated 4
June 2008
	 	Residential Capital, LLC
	 
	 	 	 	 
	Viaduct (No. 7) Limited

	 	Note dated 4 June
2008 in the
principal amount of
EUR 658,116,612.47
due 18 June 2008
issued under the
Note Issuance
Facility Deed dated
on or about 2 June
2008
	 	Residential Capital, LLC

 

 

ATTACHMENT II

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

Form of Joinder Agreement

This JOINDER AGREEMENT, dated as of                      ___, 20___, is delivered pursuant to Section 16
of the Second Lien Pledge and Security Agreement and Irrevocable Proxy, dated as of June 6, 2008,
among Residential Capital, LLC certain of its affiliates from time to time parties thereto as
Grantors, U.S. Bank National Association, as Trustee, and Wells Fargo Bank, N.A., as Second
Priority Collateral Agent and Collateral Control Agent (as amended, supplemented, restated or
otherwise modified from time to time, the “Pledge and Security Agreement”). Capitalized
terms used herein without definition are used as defined in the Pledge and Security Agreement.

By executing and delivering this Joinder Agreement, the undersigned, as provided in Section 16 of
the Pledge and Security Agreement, hereby becomes a party to the Pledge and Security Agreement as
[a/an [Additional Account Party] [Equity Pledgor] [FABS Grantor] [a Grantor]] thereunder with the
same force and effect as if originally named as [a/an [Additional Account Party] [Equity Pledgor]
[FABS Grantor that is a Guarantor] [Grantor that is a Guarantor] therein and, without limiting the
generality of the foregoing, as collateral security for the prompt and complete payment and
performance when due (whether at stated maturity, by acceleration or otherwise) of the Obligations,
hereby mortgages, pledges, assigns, transfers and hypothecates to the Second Priority Collateral
Agent for the benefit of the Notes Parties, and grants to the Second Priority Collateral Agent for
the benefit of the Notes Parties a lien on and security interest in, all of its right, title and
interest in, to and under the Collateral of the undersigned described in Annex A and
expressly assumes all obligations and liabilities of [a/an [Additional Account Party] [Equity
Pledgor] [FABS Grantor] [a Grantor]] thereunder. The undersigned hereby agrees to be bound as
[a/an [Additional Account Party] [Equity Pledgor] [FABS Grantor that is a Guarantor] [Grantor that
is a Guarantor] for the purposes of the Pledge and Security Agreement.

The information set forth in Annex B is hereby added to the information set forth in
Schedules I through XI and Attachment I to the Pledge and Security Agreement. By acknowledging and
agreeing to this Joinder Agreement, the undersigned hereby agrees that this Joinder Agreement may
be attached to the Pledge and Security Agreement and that the Collateral listed on Annex A
to this Joinder Amendment shall be and become part of the Collateral referred to in the Pledge and
Security Agreement and shall secure all Obligations.

The undersigned hereby represents and warrants that each of the representations and warranties
contained in Section 7 of the Pledge and Security Agreement applicable to it is true and correct on
and as the date hereof as if made on and as of such date.

 

 

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and
delivered as of the date first above written.

	 	 	 	 	 
	 	[ADDITIONAL GRANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

ACKNOWLEDGED AND AGREED

as of the date first above written:

	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

	 	 	 	 	 
	WELLS FARGO BANK, N.A.,

as Second Priority Collateral Agent

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

	 	 	 	 	 
	WELLS FARGO BANK, N.A.,

as Collateral Control Agent

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

 

 

ANNEX A

TO JOINDER AGREEMENT

Description of Collateral

As used in the Joinder Agreement to which this Annex A is attached, the “Collateral” of the
Grantor(s) executing this Joinder Agreement shall mean with respect to each such Grantor:

All of such Grantor’s right, title and interest, in, to, and under, whether now or hereafter
existing, owned or acquired and wherever located and howsoever created, arising or evidenced, all
of the following:

[Describe pledged collateral, which should be consistent with the collateral descriptions in
Section 2, 3, 4 or 5 as appropriate]

The Grantors shall, from time to time, execute and deliver to the Trustee, as the Trustee may
reasonably request, all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, and shall take
such other action as the Trustee reasonably deems necessary or advisable to ensure a second
priority, perfected security interest in all or any portion of the Collateral.

 

 

ANNEX B

TO JOINDER AGREEMENT

Updated Information to Schedules I-XI and Attachment I

to Pledge and Security Agreement and Irrevocable Proxy

 

 

ATTACHMENT III

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

Officer’s Certificate

[NAME OF GRANTOR]

Dated as of: [                    ]

               The undersigned, being a [title] of [Name of Grantor], a [                    ] (the “Grantor”), does
hereby certify that:

     1. [He][She] is a duly appointed and qualified [Title] of the Grantor and is authorized to
execute and deliver this Certificate.

     2. The Grantor is requesting the release by Wells Fargo Bank, N.A., as Second Priority
Collateral Agent, of the property described on Annex A hereto (the “Property”) from the security
interest created by the Second Priority Pledge and Security Agreement and Irrevocable Proxy (the
“Second Priority Security Agreement”), dated as of June 6, 2008, among Residential Capital, LLC,
certain of its affiliates from time to time parties thereto, U.S. Bank National Association, as
Trustee, and Wells Fargo Bank, N.A., as Second Priority Collateral Agent.

     3. The conditions specified in Section [     ] of the Indenture, dated as of June 6, 2008,
among Residential Capital, LLC, the Guarantors and U.S. Bank National Association, as Trustee,
applicable to the release by the Second Priority Collateral Agent of the Property from the security
interest of the Second Priority Security Agreement have been satisfied.

     IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the date first set
forth above.

	 	 	 	 	 
	 	[NAME OF GRANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

ATTACHMENT IV

TO SECOND PRIORITY PLEDGE AND SECURITY AGREEMENT

AND IRREVOCABLE PROXY

[Letterhead of Counsel to Grantor]

[DATE]

Wells Fargo Bank, N.A.

[address]

[address]

Attention: [                    ]

U.S. Bank National Association, as Trustee

[address]

[address]

Attention: [                    ]

	 	Re: 	 	 Second Priority Pledge and Security Agreement and
Irrevocable Proxy and Indenture for 8.50% Senior Secured Guaranteed Notes due
2010

Ladies and Gentlemen:

     [I][We] have acted as [special] [other capacity] counsel to [                    ], a [                    ]
(the “Grantor”), in connection with the requested release of [describe assets to be released] more
particularly describe in Annex A to the Officer’s Certificate referred to below (the “Property”)
from the security interest created by the Second Priority Pledge and Security Agreement and
Irrevocable Proxy (the “Second Priority Security Agreement”), dated as of June 6, 2008, among
Residential Capital, LLC (the “Company”), certain of its affiliates from time to time parties
thereto, U.S. Bank National Association, as Trustee (the “Trustee”), and Wells Fargo Bank, N.A., as
Second Priority Collateral Agent. This opinion is being furnished to you pursuant to Section 10 of
the Second Priority Security Agreement and Section 8.04 of that certain Indenture (the “Indenture”)
dated as of June 6, 2008 among the Company, the guarantors names therein and the Trustee.

     In [my][our] examination, [I][we] have assumed the genuineness of all signatures including
endorsements, the legal capacity of natural persons, the authenticity of all documents submitted to
[me][us] as originals, the conformity to original documents of all documents submitted to us as
facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of
such copies. As to any facts material to this opinion which [I][we] did not independently
establish or verify, [I][we] have relied upon statements and representations of the Grantor and
their respective officers and other representatives and of public officials, including the facts
and conclusions set forth therein.

     Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in the Second Priority Security Agreement.

 

 

     In rendering the opinions set forth herein, [I][we] have examined and relied on originals or
copies of the following:

     (i) the Second Priority Security Agreement

     (ii) the Indenture; and

     (iii) an Officer’s Certificate of [                    ], a [title], of [name of applicable Grantor],
dated [                    ] (the “Officer’s Certificate”) delivered by [name of applicable Grantor] pursuant
to Section 10 of the Second Priority Security Agreement and Section 8.04 of the Indenture (a copy
of which is attached as Exhibit A hereto).

     We express no opinion as to the laws of any jurisdiction other than the Applicable Laws of the
State of [                    ].

     “Applicable Laws” means those laws, rules and regulations which, in [my][our] experience, are
normally applicable to transactions of the type contemplated by the Second Priority Security
Agreement but without [my][our] having made any special investigation as to the applicability of
any specific law, rule or regulation, and which are not the subject of a specific opinion herein
referring expressly to a particular law or laws.

     Based upon the foregoing and subject to the limitations, qualifications, exceptions and
assumptions set forth herein, [I][we] are of the opinion that the Officer’s Certificate is in the
form required by Section [   ] of the Indenture and no other documents, instruments or
certificates are required to be delivered to the Second Priority Collateral Agent or the Trustee as
a condition to the requested release.

     [I][We] have made no investigation and express no opinion regarding any conclusion set forth
in the Officer’s Certificate.

     [My][Our] opinion herein stated is based on the assumptions specified above.

     This opinion is furnished to you solely for your benefit and is not to be used, circulated,
quoted or otherwise referred to for any other purpose or relied upon by any other person or entity
for any purpose without [my][our] prior written consent.

	 	 	 	 	 
	 	Very truly yours,

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