EXECUTION COPY THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF GMAC LLC ______________________________________________________ Dated as of March 24, 2009 ______________________________________________________ THE MEMBERSHIP INTERESTS REPRESENTED BY THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. THE MEMBERSHIP INTERESTS REPRESENTED BY THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT. SRZ-10863065.10 TABLE OF CONTENTS Page ARTICLE I DEFINITIONS; INTERPRETATIVE MATTERS....................................................2 Section 1.1 Definitions.........................................................................................................2 Section 1.2 Cross-References............................................................................................22 Section 1.3 Interpretative Matters...................................................................................24 Section 1.4 Expert Determination of Fair Market Value..............................................25 ARTICLE II ORGANIZATIONAL MATTERS; GENERAL PROVISIONS............................26 Section 2.1 Formation.......................................................................................................26 Section 2.2 Name; Office; Registered Agent...................................................................26 Section 2.3 Purposes; Powers...........................................................................................27 Section 2.4 Duration..........................................................................................................27 Section 2.5 No State Law Partnership.............................................................................27 Section 2.6 Filings; Qualification in Other Jurisdictions...............................................28 Section 2.7 United States Income Tax Classification.....................................................28 ARTICLE III CAPITALIZATION; MEMBERSHIP INTERESTS............................................28 Section 3.1 Membership Interests; Capitalization; Capital Accounts..........................28 Section 3.2 Authorization and Issuance of Additional Membership Interests............29 Section 3.3 Application of Article 8 of the Uniform Commercial Code.......................30 Section 3.4 Certification of Membership Interests.........................................................31 Section 3.5 Capital Accounts............................................................................................31 Section 3.6 Time of Adjustment for Capital Contributions..........................................32 Section 3.7 No Right of Partition.....................................................................................33 SRZ-10863065.10 i TABLE OF CONTENTS (Cont’d) Section 3.8 Additional Capital Contributions and Financing.......................................33 ARTICLE IV SCHEDULE OF MEMBERS; BOOKS AND RECORDS; AFFIRMATIVE COVENANTS......................................................................................................33 Section 4.1 Schedule of Members.....................................................................................33 Section 4.2 Books and Records; Other Documents........................................................33 Section 4.3 Reports and Audits........................................................................................34 Section 4.4 Tax Matters Member; Filing of Returns.....................................................35 Section 4.5 Financial Statements and Other Information.............................................37 Section 4.6 Independent Auditor.....................................................................................39 Section 4.7 Budget and Business Plan.............................................................................40 Section 4.8 Company Policies...........................................................................................40 ARTICLE V DISTRIBUTIONS...................................................................................................41 Section 5.1 Distributions...................................................................................................41 Section 5.2 Discretionary Distributions...........................................................................44 Section 5.3 Restricted Payments; Restrictions on Certain Redemptions.....................44 Section 5.4 Successors.......................................................................................................45 Section 5.5 Distributions of Assets other than Cash.......................................................45 Section 5.6 No Set-Off.......................................................................................................46 ARTICLE VI ALLOCATIONS...................................................................................................46 Section 6.1 Normal Allocations........................................................................................46 Section 6.2 Section 754 Election.......................................................................................48 Section 6.3 Allocations for Tax and Book Purposes.......................................................48 Section 6.4 Certain Accounting Matters.........................................................................48 SRZ-10863065.10 ii TABLE OF CONTENTS (Cont’d) Section 6.5 Tax Allocations; Code Section 704(c)...........................................................48 Section 6.6 Qualified Income Offset................................................................................49 Section 6.7 Gross Income Allocation...............................................................................49 Section 6.8 Company Minimum Gain Chargeback.......................................................49 Section 6.9 Member Nonrecourse Debt Minimum Gain Chargeback.........................49 Section 6.10 Limitations on Tax Book Loss Allocations..................................................50 Section 6.11 Member Nonrecourse Deductions................................................................50 Section 6.12 Nonrecourse Deductions................................................................................50 Section 6.13 Excess Nonrecourse Liabilities.....................................................................50 Section 6.14 Ordering Rules...............................................................................................50 Section 6.15 Curative Allocations......................................................................................50 Section 6.16 Members’ Tax Reporting..............................................................................51 Section 6.17 Indemnification and Reimbursement for Payments on Behalf of a Member........................................................................................................51 ARTICLE VII RIGHTS AND DUTIES OF MEMBERS............................................................51 Section 7.1 Members.........................................................................................................51 Section 7.2 No Management or Dissent Rights...............................................................51 Section 7.3 Member Fiduciary Duties.............................................................................52 Section 7.4 Meetings of the Common Holders................................................................52 Section 7.5 Notice of Meetings..........................................................................................53 Section 7.6 Quorum...........................................................................................................53 Section 7.7 Voting..............................................................................................................54 Section 7.8 Action Without a Meeting; Telephonic Meetings.......................................55 Section 7.9 Record Date....................................................................................................55 SRZ-10863065.10 iii TABLE OF CONTENTS (Cont’d) Section 7.10 Certain Matters Requiring Approval of the Super Majority Holders.........................................................................................................56 Section 7.11 Certain Matters Requiring Special Approval of the Majority GM Preferred Holders.......................................................................................57 Section 7.12 Certain Matters Requiring Special Approval of the Class E Preferred Holder.........................................................................................58 Section 7.13 Removal or Resignation of Members...........................................................58 Section 7.14 Liability of Members.....................................................................................59 Section 7.15 Investment Representations of Members....................................................59 Section 7.16 Certain Matters Requiring Approval of the Majority Holders.................59 ARTICLE VIII BOARD OF MANAGERS; OFFICERS............................................................60 Section 8.1 Establishment of Board of Managers...........................................................60 Section 8.2 General Powers of the Board of Managers..................................................61 Section 8.3 Composition of the Board of Managers; Removal of Managers for Cause............................................................................................................61 Section 8.4 Meetings..........................................................................................................61 Section 8.5 Notice of Meetings..........................................................................................62 Section 8.6 Quorum...........................................................................................................62 Section 8.7 Voting..............................................................................................................62 Section 8.8 Action Without a Meeting; Telephonic Meetings.......................................63 Section 8.9 Certain Matters Requiring Majority Board Approval..............................63 Section 8.10 Certain Matters Requiring Special Independent Manager Approval......................................................................................................64 Section 8.11 Certain Matters Requiring Board Discussion.............................................64 Section 8.12 Compensation of Managers; Expense Reimbursement..............................65 Section 8.13 Committees of the Board of Managers........................................................65 SRZ-10863065.10 iv TABLE OF CONTENTS (Cont’d) Section 8.14 Delegation of Authority.................................................................................66 Section 8.15 Officers............................................................................................................66 Section 8.16 Standard of Care; Fiduciary Duties; Liability of Managers and Officers.........................................................................................................68 ARTICLE IX TRANSFER OF MEMBERSHIP INTERESTS; SUBSTITUTED MEMBERS..69 Section 9.1 Limitations on Transfer of Membership Interests.....................................69 Section 9.2 Void Transfers................................................................................................69 Section 9.3 Substituted Member......................................................................................70 Section 9.4 Effect of Transfer...........................................................................................70 Section 9.5 Tax Related Transfer Restrictions...............................................................70 Section 9.6 Effective Date.................................................................................................71 Section 9.7 Acceptance of Prior Acts...............................................................................71 Section 9.8 Transfer of Certain Membership Interests by GM to the U.S. Treasury.......................................................................................................71 ARTICLE X DISSOLUTION......................................................................................................72 Section 10.1 In General.......................................................................................................72 Section 10.2 Liquidation and Termination.......................................................................72 Section 10.3 Complete Distribution...................................................................................73 Section 10.4 Filing of Certificate of Cancellation.............................................................74 Section 10.5 Reasonable Time for Winding Up................................................................74 Section 10.6 Return of Capital...........................................................................................74 Section 10.7 Antitrust Laws................................................................................................74 Section 10.8 Other Remedies..............................................................................................74 SRZ-10863065.10 v TABLE OF CONTENTS (Cont’d) ARTICLE XI INDEMNIFICATION...........................................................................................74 Section 11.1 General Indemnity.........................................................................................74 Section 11.2 Fiduciary Insurance.......................................................................................75 Section 11.3 Rights Non-Exclusive.....................................................................................76 Section 11.4 Merger or Consolidation; Other Entities....................................................76 Section 11.5 No Member Recourse....................................................................................77 ARTICLE XII OTHER AGREEMENTS.....................................................................................77 Section 12.1 Transactions with Affiliates..........................................................................77 Section 12.2 Public Offering...............................................................................................78 Section 12.3 Preemptive Rights..........................................................................................79 Section 12.4 Optional Redemption of GM Preferred Membership Interests................80 Section 12.5 Optional Redemption of Class E Preferred Membership Interests..........82 Section 12.6 Transactions Involving Blocker Corps........................................................82 Section 12.7 Certain Undertakings in Connection with a Company Conversion.........83 Section 12.8 Treasury Preferred Amendments................................................................83 ARTICLE XIII CONFIDENTIALITY.........................................................................................84 Section 13.1 Non-Disclosure...............................................................................................84 Section 13.2 Exceptions.......................................................................................................84 ARTICLE XIV MISCELLANEOUS PROVISIONS...................................................................85 Section 14.1 Amendments...................................................................................................85 Section 14.2 Remedies.........................................................................................................86 Section 14.3 Notice Addresses and Notices.......................................................................86 Section 14.4 Counterparts..................................................................................................86 SRZ-10863065.10 vi TABLE OF CONTENTS (Cont’d) Section 14.5 Assignment......................................................................................................86 Section 14.6 Entire Agreement; Waiver............................................................................86 Section 14.7 Severability.....................................................................................................87 Section 14.8 Governing Law...............................................................................................87 Section 14.9 Independent Contractors; Expenses............................................................87 Section 14.10 Press Release...................................................................................................87 Section 14.11 Survival...........................................................................................................87 Section 14.12 Creditors.........................................................................................................87 Section 14.13 Further Action................................................................................................88 Section 14.14 Delivery by Facsimile or Email.....................................................................88 Section 14.15 Strict Construction.........................................................................................88 Section 14.16 Consent to Jurisdiction..................................................................................88 Section 14.17 Waiver of Jury Trial......................................................................................88 Section 14.18 Specific Performance.....................................................................................89 SCHEDULES AND EXHIBITS Schedule of Members (as of December 31, 2008) Schedule of Material Subsidiaries Schedule of Significant Joint Ventures Exhibit A—Reserved Exhibit B—Reserved Exhibit C—Project Agreements Exhibit D—Transaction Documents Exhibit E—Company Policies Exhibit F—Environmental Guidelines Exhibit G—Affiliate Transactions Exhibit H—Replacement Capital Covenant SRZ-10863065.10 vii THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF GMAC LLC, A DELAWARE LIMITED LIABILITY COMPANY This THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT of GMAC LLC, a Delaware limited liability company (the “Company”), is made and entered into as of March 24, 2009 (the “Effective Date”) by and among GM Finance Co. Holdings LLC, a Delaware limited liability company (“GM Holdco”) and FIM Holdings LLC, a Delaware limited liability company (“FIM”), each as Members, and each other Member named herein, and each other Person who at any time becomes a Member in accordance with the terms of this Agreement and the Act. RECITALS: A. The Company is a worldwide diversified financial services company that directly, and indirectly through its Subsidiaries, provides automotive and non-automotive financing and leasing, insurance, banking, mortgage lending and other services to a variety of affiliated and unaffiliated consumer and commercial customers. B. The predecessor of the Company, General Motors Acceptance Corporation, a Delaware corporation (the “Predecessor”), was converted from a Delaware corporation to the Company, and on July 20, 2006, General Motors Corporation, a Delaware corporation (“GM”), as the initial Member of the Company, executed the initial Limited Liability Company Agreement of the Company (as amended, the “Original Agreement”). C. On November 30, 2006, GM Holdco, FIM, GMAC Management LLC, a Delaware limited liability company (“Management Company”), and GM Preferred Finance Co. Holdings LLC, a Delaware limited liability company (“GM Preferred Holdco”), entered into that certain Amended and Restated Limited Liability Company Operating Agreement of the Company (as amended, the “Amended and Restated Agreement”). D. On December 29, 2008, FIM and GM Holdco adopted (i) Amendment No. 6 to the Amended and Restated Agreement (“Amendment No. 6”) and (ii) Amendment No. 7 to the Amended and Restated Agreement (“Amendment No. 7” and, together with Amendment No. 6, the “Treasury Preferred Amendments”) authorizing the issuance of the Class D-1 Preferred Membership Interests and the Class D-2 Preferred Membership Interests, respectively. E. On December 31, 2008, the Company completed an offer to exchange and/or purchase for cash certain outstanding notes of the Company for newly issued senior guaranteed notes (the “New Guaranteed Notes”) and subordinated notes of the Company and 9% perpetual preferred stock (“Blocker Preferred”) of Preferred Blocker Inc., a Delaware corporation (“Blocker Sub”), and up to $2,000,000,000 in cash, pursuant to that certain Confidential Offering Memorandum, dated as of November 20, 2008 (as supplemented, the “Exchange Offer”). SRZ-10863065.10 F. In connection with the consummation of the Exchange Offer, the Company admitted Blocker Sub as a Member of the Company and authorized the issuance of Class E Preferred Membership Interests to Blocker Sub. G. On December 31, 2008, the Members entered into a Second Amended and Restated Limited Liability Company Operating Agreement of the Company (the “Second Amended and Restated Agreement”) in order to amend and restate their understandings and agreements regarding the governance and certain operations of the Company. H. On March 10, 2009, FIM and GM Holdco adopted an amendment to the Second Amended and Restated Agreement to provide for a Tax Distribution in connection with a change in the federal tax election of COLT LLC, one of the Company's wholly-owned Subsidiaries. I. The parties hereto desire to amend and restate the Second Amended and Restated Agreement to set forth, inter alia, their understandings and agreements regarding the governance and operations of the Company and certain rights of Members; it being understood that the terms of this Third Amended and Restated Agreement will continue to be subject in all regards to the terms of Treasury Preferred Amendments, as amended pursuant to the terms thereof, and that in the event of any conflict between this Third Amended and Restated Agreement (and any subsequent amendment or restatement, unless approved by the Treasury Preferred Holders pursuant to the terms of the Treasury Preferred Amendments, it being understood no amendment entered into in connection with the compliance by GM and FIM with their commitments to the Board of Governors for purposes of such Board’s approval of the Company’s Bank Holding Act application and/or the United States Department of the Treasury for purposes of the Company’s participation in the Troubled Assets Relief Program shall be deemed to adversely affect the rights, preferences, privileges or voting powers of the Treasury Preferred) and the Treasury Preferred Amendments, the terms of the Treasury Preferred Amendments shall prevail. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants, conditions and agreements herein contained, the parties hereto, each intending to be legally bound, agree that the Second Amended and Restated Agreement is hereby amended and restated in its entirety (subject to Section 12.8) and further agree as follows: ARTICLE I DEFINITIONS; INTERPRETATIVE MATTERS Section 1.1 Definitions. The following terms, as used herein, shall have the following meanings: “Act” means the Delaware Limited Liability Company Act, 6 Del. C. Sections 18-101 et seq. SRZ-10863065.10 2