EX-99.O 3 d830311_ex99-o.txt November 14, 2007 Delphi Corporation 5725 Delphi Drive Troy, Michigan 48098 Attention: John Sheehan 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., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Goldman, 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 ADAH, also hereby waive any right to terminate the EPCA pursuant to Section 12(d)(vi) and receive any 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. DELPHI CORPORATION By: /s/ John D. Sheehan ------------------------------------- Name: John D. Sheehan Title: VP & Chief Restructuring Officer A-D ACQUISITION HOLDINGS, LLC By: /s/ James E. Bolin ------------------------------------- Name: James E. Bolin Title: Partner HARBINGER DEL-AUTO INVESTMENT COMPANY, LTD. By: /s/ William R. Lucas, Jr. ------------------------------------- Name: William R. Lucas, Jr. Title: Executive Vice President MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED By: /s/ Graham Goldsmith ------------------------------------- Name: Graham Goldsmith Title: Managing Director UBS SECURITIES LLC By: /s/ Steve Smith ------------------------------------- Name: Steve Smith Title: Managing Director By: /s/ Andrew Kramer Name: Andrew Kramer Title: Managing Director PARDUS DPH HOLDING LLC By: /s/ Joseph Thornton ------------------------------------- Name: Joseph Thornton Title: GOLDMAN, SACHS & CO. By: /s/ Justin Slatky ------------------------------------- Name: Justin Slatky Title: Managing Director cc: White & Case LLP Wachovia Financial Center 200 South Biscayne Boulevard Suite 4900 Miami, Florida 33131-2352 Facsimile: (305) 358-5744/5766 Attention: Thomas E. Lauria White & Case LLP 1155 Avenue of the Americas New York, New York 10036-2787 Facsimile: (212) 354-8113 Attention: John M. Reiss Gregory Pryor Harbinger Del-Auto Investment Company, Ltd. c/o Harbinger Capital Partners Offshore Manager, LLC 555 Madison Avenue, 16th Floor New York, NY 10022 Facsimile: (212) 521-6972 Attn: Philip A. Falcone Harbert Management Corp. One Riverchase Parkway South Birmingham, AL 35244 Facsimile: (205) 987-5505 Attention: General Counsel Kaye Scholer LLP 425 Park Avenue New York, NY 10022-3598 Facsimile: (212) 836-8689 Attention Benjamin Mintz and Lynn Toby Fisher Merrill Lynch, Pierce, Fenner & Smith Incorporated 4 World Financial Center New York, New York 10080 Facsimile: (212) 449-0769 Attention: Robert Spork / Rick Morris Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, New York 10019-6064 Facsimile: (212) 757-3990 Attention: Andrew N. Rosenberg UBS Securities LLC 299 Park Avenue New York, New York 10171 Facsimile: (212) 821-3008 / (212) 821-4042 Attention: Steve Smith / Osamu Watanabe Cleary Gottlieb Steen & Hamilton LLP One Liberty Plaza New York, New York 10006 Facsimile: (212) 225-3999 Attention: Leslie N. Silverman Goldman, Sachs & Co. 1 New York Plaza New York, NY 10004 Facsimile: (212) 823-0145 Attention: Donald Mullen / Tom Wagner Goldman, Sachs & Co. 1 New York Plaza New York, NY 10004 Facsimile: (212) 428-4769 Attention: Sandip Khosla Sullivan & Cromwell LLP 125 Broad Street New York, NY 10004 Facsimile: (212) 558-3588 Attention: Robert Reeder Pardus DPH Holding LLC 590 Madison Avenue Suite 25E New York, NY 10022 Facsimile: (212) 381-7771 Attention: Timothy Bass Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, N.Y. 10019-6099 Facsimile: (212) 728-8111 Attention: Rachel C. Strickland Morgan D. Elwyn Delphi Corporation 5725 Delphi Drive Troy, Michigan 48098 Attention: David Sherbin / Sean Corcoran - Facsimile: (248) 813-2491 Skadden, Arps, Slate, Meagher & Flom LLP Four Times Square New York, New York 10036 Facsimile: (212) 735-2000/1 Attention: Eric L. Cochran Marie L. Gibson Skadden, Arps, Slate, Meagher & Flom LLP 333 West Wacker Drive Chicago, IL 60606 Facsimile: (312) 407-0411 Attention: John Wm. Butler, Jr. George Panagakis SK 03773 0003 830311