November 14, 2007
Delphi Corporation
0000 Xxxxxx Xxxxx
Xxxx, Xxxxxxxx 00000
Attention: Xxxx Xxxxxxx
EQUITY PURCHASE AND COMMITMENT AGREEMENT
WAIVER LETTER
Dear Sir:
This letter, as detailed below, is a limited waiver of certain
provisions of the Equity Purchase and Commitment Agreement, dated as of August
3, 2007, as amended (the "EPCA") by and among A-D Acquisition Holdings, LLC,
Harbinger Del-Auto Investment Company, Ltd., Xxxxxxx Lynch, Pierce, Xxxxxx &
Xxxxx Incorporated, UBS Securities LLC, Xxxxxxx, Sachs & Co., Pardus DPH Holding
LLC, and Delphi Corporation (as a debtor-in-possession and a reorganized
debtor). All capitalized terms referred to herein, but not herein defined shall
have the meanings ascribed to such term in the EPCA.
Since August 3, 2007, the Investors and the Company have been
exploring with each other possible modifications to the EPCA and certain related
transaction documents (the "Explorations"), which modifications are documented
by (i) the documents attached to that certain proposal letter dated the date
hereof, executed by the Investors and addressed to the Company and (ii) the
documents attached to that certain proposal letter dated October 29, 2007
executed by certain of the Investors and addressed to the Company (collectively,
the "Modifications").
The Investors and the Company confirm and agree that none of the
Explorations, the Modifications or any actions taken in furtherance thereof
constitutes a Change of Recommendation or a breach of the EPCA by any party.
The Investors also hereby waive, pursuant to Section 9(b) of the EPCA,
the conditions set forth in Sections 9(a)(v) and 9(a)(vi) to the extent the
Explorations, the Modifications or any actions taken in furtherance thereof
would cause either of the conditions set forth in Section 9(a)(v) or 9(a)(vi)
not to be satisfied. The Investors, including XXXX, also hereby waive any right
to terminate the EPCA pursuant to Section 12(d)(vi) and receive any
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Alternate Transaction Fee pursuant to Section 12(g) to the extent such
termination right or a right to an Alternate Transaction Fee is triggered or
arises as a result of the Explorations, the Modifications or any actions taken
in furtherance thereof. The Company hereby waives any right to terminate the
EPCA pursuant to Section 12(f)(ii) to the extent such termination right is
triggered or arises as a result of the Explorations, the Modifications or any
actions taken in furtherance thereof.
Additionally, the Company acknowledges and agrees that none of the
Explorations or the Modifications or the delivery by the Investors of any
documents contemplated by the Modifications shall be considered acceptance or
approval for purposes of the EPCA of any Material Investment Document, financing
document or the Plan at any time prior to the time that the Modifications are
fully executed by all parties and have become effective.
The parties hereto agree that this letter shall not be deemed to
constitute a waiver of any existing right or remedy not expressly stated herein.
Except to the extent expressly waived hereby, the parties hereto
expressly reserve all rights and remedies available to the parties for the full
protection and enforcement of their rights or remedies under the EPCA or any of
the other documents referred to in the second paragraph of this letter, without
prejudice to any rights or remedies that the parties may now have or may have in
the future under or in connection with the EPCA or any of the other documents
referred to in the second paragraph of this letter.
This letter may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts
when executed and delivered shall be an original, but all of which shall
together constitute one and the same instrument.
THIS LETTER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK.
Except as specifically stated herein, the EPCA shall continue in full
force and effect in accordance with the provisions thereof.
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DELPHI CORPORATION
By: /s/ Xxxx X. Xxxxxxx
---------------------------
Name: Xxxx X. Xxxxxxx
Title: VP & Chief
Restructuring Officer
A-D ACQUISITION HOLDINGS, LLC
By: /s/ Xxxxx X. Xxxxx
---------------------------
Name: Xxxxx X. Xxxxx
Title: Partner
HARBINGER DEL-AUTO
INVESTMENT COMPANY, LTD.
By: /s/ Xxxxxxx X. Xxxxx, Xx.
---------------------------
Name: Xxxxxxx X. Xxxxx, Xx.
Title: Executive Vice President
XXXXXXX LYNCH, PIERCE, XXXXXX
& XXXXX INCORPORATED
By: /s/ Xxxxxx Xxxxxxxxx
---------------------------
Name: Xxxxxx Xxxxxxxxx
Title: Managing Director
UBS SECURITIES LLC
By: /s/ Xxxxx Xxxxx
---------------------------
Name: Xxxxx Xxxxx
Title: Managing Director
By: /s/ Xxxxxx Xxxxxx
---------------------------
Name: Xxxxxx Xxxxxx
Title: Managing Director
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PARDUS DPH HOLDING LLC
By: /s/ Xxxxxx Xxxxxxxx
---------------------------
Name: Xxxxxx Xxxxxxxx
Title:
XXXXXXX, XXXXX & CO.
By: /s/ Xxxxxx Xxxxxx
---------------------------
Name: Xxxxxx Xxxxxx
Title: Managing Director
cc:
White & Case LLP
Wachovia Financial Center
000 Xxxxx Xxxxxxxx Xxxxxxxxx
Xxxxx 0000
Xxxxx, Xxxxxxx 00000-0000
Facsimile: (000) 000-0000/5766
Attention: Xxxxxx X. Xxxxxx
White & Case LLP
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Facsimile: (000) 000-0000
Attention: Xxxx X. Xxxxx
Xxxxxxx Xxxxx
Harbinger Del-Auto Investment Company, Ltd.
c/o Harbinger Capital Partners Offshore Manager, LLC
000 Xxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Facsimile: (000) 000-0000
Attn: Xxxxxx X. Xxxxxxx
Xxxxxxx Management Corp.
Xxx Xxxxxxxxxx Xxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000
Facsimile: (000) 000-0000
Attention: General Counsel
4
Xxxx Xxxxxxx LLP
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000-0000
Facsimile: (000) 000-0000
Attention Xxxxxxxx Xxxxx and Xxxx Xxxx Xxxxxx
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated
0 Xxxxx Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000
Attention: Xxxxxx Xxxxx / Xxxx Xxxxxx
Xxxx, Weiss, Rifkind, Xxxxxxx & Xxxxxxxx LLP
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Facsimile: (000) 000-0000
Attention: Xxxxxx X. Xxxxxxxxx
UBS Securities LLC
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000 / (000) 000-0000
Attention: Xxxxx Xxxxx / Xxxxx Xxxxxxxx
Xxxxxx Xxxxxxxx Xxxxx & Xxxxxxxx LLP
Xxx Xxxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000
Attention: Xxxxxx X. Xxxxxxxxx
Xxxxxxx, Xxxxx & Co.
0 Xxx Xxxx Xxxxx
Xxx Xxxx, XX 00000
Facsimile: (000) 000-0000
Attention: Xxxxxx Xxxxxx / Xxx Xxxxxx
Xxxxxxx, Xxxxx & Co.
0 Xxx Xxxx Xxxxx
Xxx Xxxx, XX 00000
Facsimile: (000) 000-0000
Attention: Xxxxxx Xxxxxx
Xxxxxxxx & Xxxxxxxx LLP
5
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
Facsimile: (000) 000-0000
Attention: Xxxxxx Xxxxxx
Pardus DPH Holding LLC
000 Xxxxxxx Xxxxxx
Xxxxx 00X
Xxx Xxxx, XX 00000
Facsimile: (000) 000-0000
Attention: Xxxxxxx Xxxx
Xxxxxxx Xxxx & Xxxxxxxxx LLP
000 Xxxxxxx Xxxxxx
Xxx Xxxx, X.X. 00000-0000
Facsimile: (000) 000-0000
Attention: Xxxxxx X. Xxxxxxxxxx
Xxxxxx X. Xxxxx
Delphi Corporation
0000 Xxxxxx Xxxxx
Xxxx, Xxxxxxxx 00000
Attention: Xxxxx Xxxxxxx / Xxxx Xxxxxxxx - Facsimile: (000) 000-0000
Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP
Xxxx Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000/1
Attention: Xxxx X. Xxxxxxx
Xxxxx X. Xxxxxx
Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP
000 Xxxx Xxxxxx Xxxxx
Xxxxxxx, XX 00000
Facsimile: (000) 000-0000
Attention: Xxxx Xx. Xxxxxx, Jr.
Xxxxxx Xxxxxxxxx
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