Document:

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                                                                    EXHIBIT 4.16

                           FORM OF GUARANTEE AGREEMENT

         This GUARANTEE AGREEMENT, dated as of [ ], 2003, is executed and
delivered by Delphi Corporation, a Delaware corporation (the "Guarantor"), and
Bank One Trust Company, N.A., as the Guarantee Trustee (as defined herein) for
the benefit of the Holders (as defined herein) from time to time of the
Preferred Securities (as defined herein) of Delphi Trust [I] [II] [III] [IV], a
Delaware statutory business trust (the "Issuer").

         WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of [ ], 2003 among the trustees of the Issuer named
therein and identified on Exhibit A hereto, the Guarantor, as Sponsor, and the
Holders from time to time of undivided beneficial interests in the assets of the
Issuer, the Issuer is issuing as of the date hereof up to $[ ] aggregate
liquidation amount of its preferred securities designated the [ ]% Preferred
Securities (the "Preferred Securities") representing undivided beneficial
interests in the assets of the Issuer and having the terms set forth in Exhibit
B to the Declaration;

         WHEREAS, the Preferred Securities will be issued by the Issuer upon
deposit of the Guarantor's Debentures (as defined herein) with the Issuer as
trust assets; and

         WHEREAS, as incentive for the Holders to purchase the Preferred
Securities, the Guarantor desires to irrevocably and unconditionally agree, to
the extent set forth herein, to pay to the Holders of the Preferred Securities
the Guarantee Payments (as defined herein) and to make certain other payments on
the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for
the benefit of the Holders from time to time of the Preferred Securities.

                                    ARTICLE I

SECTION 1.1 Definitions.

         In this Guarantee Agreement, unless the context otherwise requires:

         (a) capitalized terms used in this Guarantee Agreement but not defined
in the preamble above have the respective meanings assigned to them in this
Section 1.1 or as otherwise defined herein;

         (b) a term defined anywhere in this Guarantee Agreement has the same
meaning throughout;

         (c) all references to "the Guarantee Agreement" or "this Guarantee
Agreement" are to this Guarantee Agreement as modified, supplemented or amended
from time to time;

         (d) all references in this Guarantee Agreement to Articles and Sections
are to Articles and Sections of this Guarantee Agreement unless otherwise
specified;

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         (e) a term defined in the Trust Indenture Act has the same meaning when
used in this Guarantee Agreement unless otherwise defined in this Guarantee
Agreement or unless the context otherwise requires; and

         (f) a reference to the singular includes the plural and vice versa.

         "Affiliate" has the same meaning as given to that term in Rule 405 of
the Securities Act of 1933, as amended, or any successor rule thereunder.

         "Commission" means the United States Securities and Exchange
Commission.

         "Common Securities" means the securities representing undivided
beneficial interests in the assets of the Issuer, having the terms set forth in
Exhibit C to the Declaration.

         "Corporation" means corporations, associations, companies (including
limited liability companies) and business trusts or any similar entity.

         "Covered Person" means any Holder or beneficial owner of Preferred
Securities.

         "Debentures" means the series of subordinated debentures issued by the
Guarantor designated the "[ ]% Subordinated Debentures due [ ]".

         "Distributions" means the periodic distributions and other payments
payable to Holders of Preferred Securities in accordance with the terms of the
Preferred Securities set forth in Exhibit B to the Declaration.

         "Event of Default" means a default by the Guarantor on any of its
payment or other obligations under this Guarantee Agreement.

         "Guarantee Payments" shall mean the following payments or
distributions, without duplication, with respect to the Preferred Securities, to
the extent not paid or made by the Issuer: (i) any accrued and unpaid
Distributions and the redemption price, including all accrued and unpaid
Distributions to the date of redemption (the "Redemption Price"), with respect
to the Preferred Securities called for redemption by the Issuer but if and only
to the extent that in each case the Guarantor has made a payment to the Trust of
interest or principal on the Debentures and (ii) upon a voluntary or involuntary
dissolution, winding-up or liquidation of the Issuer (other than in connection
with the distribution of Debentures to Holders or the redemption of all the
Preferred Securities upon the maturity or redemption of the Debentures as
provided in the Declaration), the lesser of (a) the aggregate of the liquidation
amount and all accrued and unpaid Distributions on the Preferred Securities to
the date of payment, to the extent the Issuer has funds available therefor, and
(b) the amount of assets of the Issuer remaining available for distribution to
Holders in liquidation of the Issuer (in either case, the "Liquidation
Distribution").

         "Guarantee Trustee" means Bank One Trust Company, N.A. until a
Successor Guarantee Trustee has been appointed and accepted such appointment
pursuant to the terms of this Guarantee Agreement, and thereafter means each
such Successor Guarantee Trustee.

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         "Holder" shall mean any holder, as registered on the books and records
of the Issuer, of any Preferred Securities; provided, however, that in
determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any entity directly or indirectly controlling
or controlled by or under direct or indirect common control with the Guarantor;
provided further, that in determining whether the Holders of the requisite
liquidation amount of Preferred Securities have voted on any matter provided for
in this Guarantee Agreement, then for purposes of such determination only (and
not for any other purposes hereunder), if the Preferred Securities remain in the
form of one or more Global Certificates (as defined in the Declaration), the
term "Holders" shall mean the holder of the Global Certificates acting at the
direction of the Preferred Security Beneficial Owners (as defined in the
Declaration).

         "Indemnified Person" means the Guarantee Trustee, any Affiliate of the
Guarantee Trustee, and any officers, directors, shareholders, members, partners,
employees, representatives or agents of the Guarantee Trustee.

         "Indenture" means the Indenture dated as of [ ] between the Guarantor
and Bank One Trust Company, N.A., as trustee, and any supplemental indenture
thereto, pursuant to which the Debentures are to be issued.

         "Majority in liquidation amount of the Preferred Securities" means,
except as otherwise required by the Trust Indenture Act, Holder(s) of
outstanding Preferred Securities voting together as a single class, who are the
record owners of Preferred Securities whose liquidation amount (including the
stated amount that would be paid on redemption, liquidation or otherwise, plus
accrued and unpaid Distributions to the date upon which the voting percentages
are determined) represents more than 50% of the liquidation amount of all
outstanding Preferred Securities. In determining whether the Holders of the
requisite amount of Preferred Securities have voted, Preferred Securities which
are owned by the Guarantor or any entity directly or indirectly controlling or
controlled by or under direct or indirect common control with the Guarantor or
any other obligor on the Preferred Securities shall be disregarded (to the
extent known to be so owned by the Guarantee Trustee) for the purpose of such
determination.

         "Offer" means the offer by the Issuer to sell Preferred Securities in
consideration for the deposit by the Guarantor of Debentures as trust assets of
the Issuer, all as described in a Prospectus dated [ ], 2003 and a Prospectus
Supplement dated [ ].

         "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

         "Preferred Securities" has the meaning set forth in the first WHEREAS
clause above.

         "Redemption Price" means the amount payable on redemption of the
Preferred Securities in accordance with the terms of the Preferred Securities.

         "Responsible Officer" means, with respect to the Guarantee Trustee, the
chairman of the board of directors, the president, any vice-president, any
assistant vice-president, the secretary,

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any assistant secretary, the treasurer, any assistant treasurer, any trust
officer or assistant trust officer or any other officer of the Guarantee 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 that
officer's knowledge of and familiarity with the particular subject.

         "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as a Guarantee Trustee under Section 4.1.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.

                                   ARTICLE II

                               TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application.

         (a) This Guarantee Agreement is subject to the provisions of the Trust
Indenture Act that are required to be part of this Guarantee Agreement and
shall, to the extent applicable, be governed by such provisions.

         (b) If and to the extent that any provision of this Guarantee Agreement
limits, qualifies or conflicts with the duties imposed by Sec. 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

         (c) The application of the Trust Indenture Act to this Guarantee
Agreement shall not affect the nature of the Preferred Securities as equity
securities representing undivided beneficial interests in the assets of the
Issuer.

SECTION 2.2 Lists of Holders of Preferred Securities.

         (a) The Guarantor shall provide the Guarantee Trustee with such
information as is required under Sec. 312(a) of the Trust Indenture Act at the
times and in the manner provided in Sec. 312(a).

         (b) the Guarantee Trustee shall comply with its obligations under Sec.
310(b), 311 and 312(b) of the Trust Indenture Act.

SECTION 2.3 Reports by the Guarantee Trustee.

         Within 60 days after [ ] of each year (commencing with the year of the
first anniversary of the issuance of the Preferred Securities), the Guarantee
Trustee shall provide to the Holders of the Preferred Securities such reports as
are required by Sec. 313 of the Trust Indenture Act, if any, in the form, in the
manner and at the times provided by Sec. 313 of the Trust Indenture Act. The
Guarantee Trustee shall also comply with the requirements of Sec. 313(d) of the
Trust Indenture Act.

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SECTION 2.4 Periodic Reports to Guarantee Trustee.

         The Guarantor shall provide to the Guarantee Trustee, the Commission
and the Holders of the Preferred Securities, as applicable, such documents,
reports and information as required by Sec. 314(a)(l)-(3) (if any) of the Trust
Indenture Act and the compliance certificates required by Sec. 314(a)(4) and (c)
of the Trust Indenture Act, any such certificates to be provided in the form, in
the manner and at the times required by Sec. 314(a)(4) and (c) of the Trust
Indenture Act (provided that any certificate to be provided pursuant to Sec.
314(a)(4) of the Trust Indenture Act shall be provided within 120 days of the
end of each fiscal year of the Issuer).

SECTION 2.5 Evidence of Compliance with Conditions Precedent.

         The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Guarantee
Agreement which relate to any of the matters set forth in Sec. 314(c) of the
Trust Indenture Act. Any certificate or opinion required to be given pursuant to
Sec. 314(c) shall comply with Sec. 314(e) of the Trust Indenture Act.

SECTION 2.6 Events of Default; Waiver.

         (a) Subject to Section 2.6(b), Holders of Preferred Securities may by
vote of at least a Majority in liquidation amount of the Preferred Securities,
(A) direct the time, method and place of conducting any proceeding for any
remedy available to the Guarantee Trustee, or exercising any trust or power
conferred upon by the Guarantee Trustee or (B) on behalf of the Holders of all
Preferred Securities waive any past Event of Default and its consequences. Upon
such waiver, any 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
Guarantee Agreement, but no such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon.

         (b) The right of any Holder of Preferred Securities to receive payment
of the Guarantee Payments in accordance with this Guarantee Agreement, or to
institute suit for the enforcement of any such payment, shall not be impaired
without the consent of each such Holder.

SECTION 2.7 Disclosure of Information.

         The disclosure of information as to the names and addresses of the
Holders of the Preferred Securities in accordance with Sec. 312 of the Trust
Indenture Act, regardless of the source from which such information was derived,
shall not be deemed to be a violation of any existing law, or any law hereafter
enacted which does not specifically refer to Sec. 312 of the Trust Indenture
Act, nor shall the Guarantee Trustee be held accountable by reason of mailing
any material pursuant to a request made under Sec. 312(b) of the Trust Indenture
Act.

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SECTION 2.8 Conflicting Interest.

         The Declaration shall be deemed to be specifically described in this
Guarantee Agreement for the purposes of clause (i) of the first provision
contained in Section 310(b) of the Trust Indenture Act.

                                   ARTICLE III

                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the Guarantee Trustee.

         (a) This Guarantee Agreement shall be held by the Guarantee Trustee on
behalf of the Issuer for the benefit of the Holders of the Preferred Securities.
The Guarantee Trustee shall not transfer its right, title and interest in the
Guarantee Agreement to any Person except a Successor Guarantee Trustee on
acceptance by such Successor Guarantee Trustee of its appointment to act as
Guarantee Trustee or to a Holder of Preferred Securities exercising his or her
rights pursuant to Section 5.4. The right, title and interest of the Guarantee
Trustee to the Guarantee Agreement shall vest automatically in each Person who
may hereafter be appointed as Guarantee Trustee in accordance with Article IV.
Such vesting and cessation of title shall be effective whether or not
conveyancing documents have been executed and delivered.

         (b) If an Event of Default occurs and is continuing, the Guarantee
Trustee shall enforce this Guarantee Agreement for the benefit of the Holders of
the Preferred Securities.

         (c) This Guarantee Agreement and all moneys received by the Trust
hereunder in respect of the Guarantee Payments will not be subject to any right,
charge, security interest, lien or claim of any kind in favor of, or for the
benefit of that Guarantee Trustee or its agents or their creditors.

         (d) The Guarantee Trustee shall after the occurrence of an Event of
Default, transmit by mail, first class postage prepaid, to the holders of the
Preferred Securities, as their names and addresses appear upon the register,
notice of all Events of Default known to the Guarantee Trustee, unless such
defaults shall have been cured before the giving of such notice; provided that
the Guarantee Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee, or a trust committee of
directors and/or Responsible Officers, of the Guarantee Trustee in good faith
determine that the withholding of such notice is in the interests of the Holders
of the Preferred Securities. The Guarantee Trustee shall not be deemed to have
knowledge of any default except any default as to which the Guarantee Trustee
shall have received written notice or a Responsible Officer charged with the
administration of this Guarantee Agreement shall have obtained written notice.

         (e) The Guarantee Trustee shall not resign as a Trustee unless a
Successor Guarantee Trustee has been appointed and accepted that appointment in
accordance with Article IV.

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SECTION 3.2 Certain Rights and Duties of the Guarantee Trustee.

         (a) The Guarantee Trustee, before the occurrence of an Event of Default
and after the curing of all Events of Default that may have occurred, shall
undertake to perform only such duties as are specifically set forth in this
Guarantee Agreement, and no implied covenants shall be read into this Guarantee
Agreement against the Guarantee Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6(a)), the
Guarantee Trustee shall exercise such of the rights and powers vested in it by
this Guarantee Agreement, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs.

         (b) No provision of this Guarantee Agreement shall be construed to
relieve the Guarantee Trustee from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

                  (i) prior to the occurrence of an Event of Default and after
         the curing or waiving of all such Events of Default that may have
         occurred:

                           (A) the duties and obligations of the Guarantee
                  Trustee shall be determined solely by the express provisions
                  of this Guarantee Agreement, and the Guarantee Trustee shall
                  not be liable except for the performance of such duties and
                  obligations as are specifically set forth in this Guarantee
                  Agreement, and no implied covenants or obligations shall be
                  read into this Guarantee Agreement against the Guarantee
                  Trustee; and

                           (B) in the absence of bad faith on the part of the
                  Guarantee Trustee, the Guarantee Trustee may conclusively
                  rely, as to the truth of the statements and the correctness of
                  the opinions expressed therein, upon any certificates or
                  opinions furnished to the Guarantee Trustee and conforming to
                  the requirements of this Guarantee Agreement; but in the case
                  of any such certificates or opinions that by any provision
                  hereof are specifically required to be furnished to the
                  Guarantee Trustee, the Guarantee Trustee shall be under a duty
                  to examine the same to determine whether or not they conform
                  to the requirements of this Guarantee Agreement;

                  (ii) the Guarantee Trustee shall not be liable for any error
         of judgment made in good faith by a Responsible Officer of the
         Guarantee Trustee, unless it shall have proved that the Guarantee
         Trustee was negligent in ascertaining the pertinent facts;

                  (iii) the Guarantee Trustee shall not be liable with respect
         to any action taken or omitted to be taken by it in good faith in
         accordance with the direction of the Holders of Preferred Securities as
         provided herein relating to the time, method and place of conducting
         any proceeding for any remedy available to the Guarantee Trustee, or
         exercising any trust or power conferred upon the Guarantee Trustee
         under this Guarantee Agreement; and

                  (iv) no provision of this Guarantee Agreement shall require
         the Guarantee Trustee to expend or risk its own funds or otherwise
         incur personal financial liability in

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         the performance of any of its duties or in the exercise of any of its
         rights or powers, if it shall have reasonable ground for believing that
         the repayment of such funds or liability is not reasonably assured to
         it under the terms of this Guarantee Agreement or adequate indemnity
         against such risk or liability is not reasonably assured to it.

         (c) Subject to the provisions of Section 3.2(a) and (b):

                  (i) Whenever in the administration of this Guarantee
         Agreement, the Guarantee Trustee shall deem it desirable that a matter
         be proved or established prior to taking, suffering or omitting any
         action hereunder, the Guarantee Trustee (unless other evidence is
         herein specifically prescribed) may, in the absence of bad faith on its
         part, request and rely upon a certificate, which shall comply with the
         provisions of Sec. 314(e) of the Trust Indenture Act, signed by any
         authorized officer of the Guarantor;

                  (ii) The Guarantor Trustee (A) may consult with counsel (which
         may be counsel to the Guarantor or any of its Affiliates and may
         include any of their respective employees) selected by it in good faith
         and with due care and the written advice or opinion of such counsel
         with respect to legal matters shall be full and complete authorization
         and protection in respect of any action taken, suffered or omitted by
         it hereunder in good faith and in reliance thereon and in accordance
         with such advice and opinion and (B) shall have the right at any time
         to seek instructions concerning the administration of this Guarantee
         Agreement from any court of competent jurisdiction;

                  (iii) The Guarantee Trustee may execute any of the trusts or
         powers hereunder or perform any duties hereunder either directly or by
         or through agents or attorneys and the Guarantee Trustee shall not be
         responsible for any misconduct or negligence on the part of any agent
         or attorney appointed by it in good faith and with due care;

                  (iv) The Guarantee Trustee shall be under no obligation to
         exercise any of the rights or powers vested in it by this Guarantee
         Agreement at the request or direction of any Holders of Preferred
         Securities, unless such Holders shall have offered to the Guarantee
         Trustee reasonable security and indemnity against the costs, expenses
         (including attorneys' fees and expenses) and liabilities that might be
         incurred by it in complying with such request or direction; provided
         that nothing contained in this clause (iv) shall relieve the Guarantee
         Trustee of the obligation, upon the occurrence of an Event of Default
         (which has not been cured or waived) to exercise such of the rights and
         powers vested in it by this Guarantee Agreement, and to use the same
         degree of care and skill in this exercise, as a prudent person would
         exercise or use under the circumstances in the conduct of his or her
         own affairs; and

                  (v) Any action taken by the Guarantee Trustee or its agents
         hereunder shall bind the Holders of the Preferred Securities and the
         signature of the Guarantee Trustee or its agents alone shall be
         sufficient and effective to perform any such action; and no third party
         shall be required to inquire as to the authority of the Guarantee
         Trustee to so act, or as to its compliance with any of the terms and
         provisions of this Guarantee Agreement, both of which shall be
         conclusively evidenced by the Guarantee Trustee's or its agent's taking
         such action.

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SECTION 3.3 Not Responsible for Recitals or Issuance of Guarantee.

         The recitals contained in this Guarantee Agreement shall be taken as
the statements of the Guarantor and the Guarantee Trustee does not assume any
responsibility for their correctness. The Guarantee Trustee makes no
representations as to the validity or sufficiency of this Guarantee Agreement.

                                   ARTICLE IV

                                GUARANTEE TRUSTEE

SECTION 4.1 Qualifications.

         (a) There shall at all times be a Guarantee Trustee which shall:

                  (i) not be an Affiliate of the Guarantor; and

                  (ii) be a corporation organized and doing business under the
         laws of the United States of America or any State or Territory thereof
         or of the District of Columbia, or a corporation or Person permitted by
         the Commission to act as an institutional trustee under the Trust
         Indenture Act, authorized under such laws to exercise corporate trust
         powers, having a combined capital and surplus of at least $50,000,000,
         and subject to supervision or examination by Federal, State,
         Territorial or District of Columbia authority. If such corporation
         publishes reports of condition at least annually, pursuant to law or to
         the requirements of the supervising or examining authority referred to
         above, then for the purposes of this Section 4.1(a)(ii), the combined
         capital and surplus of such corporation shall be deemed to be its
         combined capital and surplus as set forth in its most recent report of
         condition so published.

         If at any time the Guarantee Trustee shall cease to satisfy the
requirements of clauses (i)-(ii) above, the Guarantee Trustee shall immediately
resign in the manner and with the effect set out in Section 4.2. If the
Guarantee Trustee has or shall acquire any "conflicting interest" within the
meaning of Sec. 310(b) of the Trust Indenture Act, the Guarantee Trustee and the
Guarantor shall in all respects comply with the provisions of Sec. 310(b) of the
Trust Indenture Act.

         Any corporation into which the Guarantee Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Guarantee Trustee
shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Guarantee Trustee, shall be a Successor
Guarantee Trustee hereunder, provided such corporation shall be otherwise
qualified and eligible under this Article without the execution or filing of any
paper or any further act on the part of any of the parties hereto.

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SECTION 4.2 Appointment, Removal and Resignation of Guarantee Trustee.

         (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed
or removed without cause at any time by the Guarantor.

         (b) The Guarantee Trustee shall not be removed in accordance with
Section 4.2(a) until a Successor Guarantee Trustee possessing the qualifications
to act as Guarantee Trustee under Section 4.1(a) has been appointed and has
accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor.

         (c) The Guarantee Trustee appointed to office shall hold office until
his successor shall have been appointed or until its removal or resignation.

         (d) The Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument (a "Resignation Request") in
writing signed by the Guarantee Trustee and delivered to the Guarantor, which
resignation shall take effect upon such delivery or upon such later date as is
specified therein; provided, however, that no such resignation of the Guarantee
Trustee shall be effective until a Successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 4.1(a) has been
appointed and has accepted such appointment by instrument executed by such
Successor Guarantee Trustee and delivered to Guarantor and the resigning
Guarantee Trustee.

         (e) If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of a Resignation Request, the resigning Guarantee
Trustee may petition any court of competent jurisdiction for appointment of a
Successor Guarantee Trustee. Such court may thereupon after such notice, if any,
as it may deem proper and prescribe, appoint a Successor Guarantee Trustee.

                                    ARTICLE V

                                    GUARANTEE

SECTION 5.1 Guarantee.

         The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Issuer) as and when due, to the Holders of record as of the date
upon which such Guarantee Payments are due, regardless of any defense, right of
set-off or counterclaim which the Issuer may have or assert. The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Issuer to pay
such amounts to the Holders.

SECTION 5.2 Waiver of Notice.

         The Guarantor hereby waives notice of acceptance of this Guarantee
Agreement and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the Issuer
or any other Person before proceeding against the

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Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands. Notwithstanding anything to the
contrary herein, the Guarantor retains all of its rights to (i) extend the
interest payment period on the Debentures and the Guarantor shall not be
obligated hereunder to make any Guarantee Payments during any extended interest
payment period with respect to the Distributions (as defined in the Declaration)
on the Preferred Securities and (ii) redeem or change the maturity date of the
Debentures, in each case to the extent permitted by the Indenture.

SECTION 5.3 Obligations Not Affected.

         The obligations, covenants, agreements and duties of the Guarantor
under this Guarantee Agreement shall in no way be affected or impaired by reason
of the happening from time to time of any of the following:

         (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the Preferred Securities to be performed
or observed by the Issuer;

         (b) the extension of time for the payment by the Issuer of all or any
portion of the Distributions (other than an extension of time for payment of
Distributions that results from the extension of any interest payment period on
the Debentures), Redemption Price, Liquidation Distribution or any other sums
payable under the terms of the Preferred Securities or the extension of time for
the performance of any other obligation under, arising out of, or in connection
with, the Preferred Securities;

         (c) any failure, omission, delay or lack of diligence on the part of
the Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Preferred Securities, or
any action on the part of the Issuer granting indulgence or extension of any
kind;

         (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of,
or other similar proceedings affecting, the Issuer or any of the assets of the
Issuer;

         (e) any invalidity of, or defect or deficiency in, the Preferred
Securities;

         (f) the settlement or compromise of any obligation guaranteed hereby or
hereby incurred; or

         (g) any other circumstance whatsoever that might otherwise constitute a
legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 5.3 that the obligations of the Guarantor hereunder shall be
absolute and unconditional under any and all circumstances. There shall be no
obligation of the Holders to give notice to, or obtain consent of, the Guarantor
with respect to the happening of any of the foregoing.

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SECTION 5.4 Enforcement of Guarantee.

         The Guarantor and the Guarantee Trustee expressly acknowledge that (i)
this Guarantee Agreement will be deposited with the Guarantee Trustee to be held
for the benefit of the Holders; (ii) the Guarantee Trustee has the right to
enforce this Guarantee Agreement on behalf of the Holders; (iii) Holders
representing not less than a Majority in liquidation amount of the Preferred
Securities have the right to direct the time, method and place of conducting any
proceeding for any remedy available in respect of this Guarantee Agreement
including the giving of directions to the Guarantee Trustee, or exercising any
trust or other power conferred upon the Guarantee Trustee under this Guarantee
Agreement; and (iv) any Holder may institute a legal proceeding directly against
the Guarantor to enforce such Holder's rights under this Guarantee Agreement,
without first instituting a legal proceeding against the Issuer, the Guarantee
Trustee, or any other Person.

SECTION 5.5 Guarantee of Payment.

         This Guarantee Agreement creates a guarantee of payment and not merely
of collection. This Guarantee Agreement will not be discharged except by payment
of the Guarantee Payments in full (without duplication of amounts theretofore
paid by the Issuer).

SECTION 5.6 Subrogation.

         The Guarantor shall be subrogated to all (if any) rights of the Holders
against the Issuer in respect of any amounts paid to the Holders by the
Guarantor under this Guarantee Agreement; provided, however, that the Guarantor
shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any rights which it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee Agreement, if, at the time of any such
payment, any amounts are due and unpaid under this Guarantee Agreement. If any
amount shall be paid to the Guarantor in violation of the preceding sentence,
the Guarantor agrees to hold such amount in trust for the Holders and to pay
over such amount to the Holders.

SECTION 5.7 Independent Obligations.

         The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Preferred
Securities and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Guarantee
Agreement notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3 hereof.

                                       12
<PAGE>

                                   ARTICLE VI

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1 Limitation of Transactions.

         So long as any Preferred Securities remain outstanding, the Guarantor
will not declare or pay any dividend on, or redeem, purchase, acquire or make a
distribution or liquidation payment with respect to, any of its common stock or
preferred stock, or any other securities similar to the Preferred Securities or
the Debentures, or make any guarantee payments with respect thereto, if at such
time (i) the Guarantor shall be in default with respect to its Guarantee
Payments or other payment obligations hereunder, (ii) there shall have occurred
and be continuing any event of default under the Indenture or (iii) the
Guarantor shall have given notice of its selection of an Extension Period (as
defined in the Indenture) and such period, or any extension thereof, is
continuing; provided that the Guarantor will be permitted to pay dividends (and
cash in lieu of fractional shares) upon the mandatory conversion of any of its
preferred stock in accordance with the terms of such stock. In addition, so long
as any Preferred Securities remain outstanding, the Guarantor (i) will remain
the sole direct or indirect owner of all of the outstanding Common Securities
and shall not cause or permit the Common Securities to be transferred except to
the extent such transfer is permitted under Section 9.1(c) of the Declaration;
provided that any permitted successor of the Guarantor under the Indenture may
succeed to the Guarantor's ownership of the Common Securities and (ii) will not
take any action which would cause the Issuer to cease to be treated as a grantor
trust for United States federal income tax purposes except in connection with a
distribution of Debentures as provided in the Declaration.

SECTION 6.2 Subordination.

         This Guarantee Agreement will constitute an unsecured obligation of the
Guarantor and will rank (i) subordinate and junior in right of payment to all
other liabilities of the Guarantor, including the Debentures, except those made
pari passu or subordinate by their terms, and (ii) senior to all capital stock
now or hereafter issued by the Guarantor and to any guarantee now or hereafter
entered into by the Guarantor in respect of any of its capital stock.

                                   ARTICLE VII

                                   TERMINATION

SECTION 7.1 Termination.

         This Guarantee Agreement shall terminate and be of no further force and
effect upon full payment of the Redemption Price of all Preferred Securities,
upon the distribution of Debentures to Holders of Preferred Securities and
Common Securities in exchange for all of the Preferred Securities and Common
Securities or upon full payment of the amounts payable in accordance with the
Declaration upon liquidation of the Issuer. Notwithstanding the foregoing, this
Guarantee Agreement will continue to be effective or will be reinstated, as the
case may be, if at

                                       13
<PAGE>

any time any Holder must restore payment of any sums paid with respect to the
Preferred Securities or this Guarantee Agreement.

                                  ARTICLE VIII

                    LIMITATION OF LIABILITY; INDEMNIFICATION

SECTION 8.1 Exculpation.

         (a) No Indemnified Person shall be liable, responsible or accountable
in damages or otherwise to the Guarantor or any Covered Person for any loss,
damage or claim incurred by reason of any act or omission performed or omitted
by such Indemnified Person in good faith and in a manner such Indemnified Person
reasonably believed to be within the scope of the authority conferred on such
Indemnified Person by this Guarantee Agreement or by law, except that an
Indemnified Person shall be liable for any such loss, damage or claim incurred
by reason of such Indemnified Person's negligence or willful misconduct with
respect to such acts or omissions.

         (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Guarantor and upon such information, opinions,
reports or statements presented to the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable care
by or on behalf of the Guarantor, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets from
which Distributions to Holders of Preferred Securities might properly be paid.

SECTION 8.2 Indemnification.

         (a) To the fullest extent permitted by applicable law, the Guarantor
shall indemnify and hold harmless each Indemnified Person from and against any
loss, damage or claim incurred by such Indemnified Person by reason of any act
or omission performed or omitted by such Indemnified Person in good faith and in
a manner such Indemnified Person reasonably believed to be within the scope of
authority conferred on such Indemnified Person by this Guarantee Agreement,
except that no Indemnified Person shall be entitled to be indemnified in respect
of any loss, damage or claim incurred by such Indemnified Person by reason of
negligence or willful misconduct with respect to such acts or omissions.

         (b) To the fullest extent permitted by applicable law, expenses
(including legal fees) incurred by an Indemnified Person in defending any claim,
demand, action, suit or proceeding shall, from time to time, be advanced by the
Guarantor prior to the final disposition of such claim, demand, action, suit or
proceeding upon receipt by the Guarantor of an undertaking by or on behalf of
the Indemnified Person to repay such amount if it shall be determined that the
Indemnified Person is not entitled to be indemnified as authorized in Section
8.2(a).

                                       14
<PAGE>

                                   ARTICLE IX

                                  MISCELLANEOUS

SECTION 9.1 Successors and Assigns.

         All guarantees and agreements contained in this Guarantee Agreement
shall bind the successors, assigns, receivers, trustees and representatives of
the Guarantor and shall inure to the benefit of the Holders of the Preferred
Securities then outstanding. Except in connection with a consolidation, merger
or sale involving the Guarantor that is permitted under Article Eight of the
Indenture, the Guarantor shall not assign its obligations hereunder.

SECTION 9.2 Amendments.

         Except with respect to any changes which do not adversely affect the
rights of Holders (in which case no consent of Holders will be required), this
Guarantee Agreement may only be amended with the prior approval of the Holders
of not less than a Majority in liquidation amount of the Preferred Securities.
The provisions of Section 12.2 of the Declaration concerning meetings of Holders
shall apply to the giving of such approval.

SECTION 9.3 Notices.

         Any notice, request or other communication required or permitted to be
given hereunder shall be in writing, duly signed by the party giving such
notice, and delivered, telecopied or mailed by first class mail as follows:

         (a) if given to the Guarantor, to the address set forth below or such
other address as the Guarantor may give notice to the Holders:

                Delphi Corporation
                5725 Delphi Drive
                Troy, Michigan  48098
                Facsimile No.: (248) 813-2491
                Attention: Logan G. Robinson, General Counsel and Vice President

         (b) if given to the Guarantee Trustee, to the address set forth below
or such other address as the Guarantee Trustee may give notice to the Holders:

                Bank One Trust Company, N.A.
                1111 Polaris Parkway
                OH1-0181
                Columbus, Ohio 43240-0181
                Attention: Global Corporate Trust Services

         (c) if given to any Holder of Preferred Securities, at the address set
forth on the books and records of the Issuer.

                                       15
<PAGE>

         All notices hereunder shall be deemed to have been given when received
in person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

SECTION 9.4 Genders.

         The masculine, feminine and neuter genders used herein shall include
the masculine, feminine and neuter genders.

SECTION 9.5 Benefit.

         This Guarantee Agreement is solely for the benefit of the Holders and
subject to Section 3.1(a) is not separately transferable from the Preferred
Securities.

SECTION 9.6 Governing Law.

         THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

SECTION 9.7 Counterparts.

         This Guarantee Agreement may be executed in counterparts, each of which
shall be an original; but such counterparts shall together constitute one and
the same instrument.

                                       16
<PAGE>

         THIS GUARANTEE AGREEMENT is executed as of the day and year first above
written.

                                       DELPHI CORPORATION

                                       By: _____________________________________
                                       Name:
                                       Title:

                                       BANK ONE TRUST COMPANY, N.A.,
                                       as Guarantee Trustee

                                       By: _____________________________________
                                       Name:
                                       Title:

                                       17Exhibit 4.1

                                    RESTATED
                          CERTIFICATE OF INCORPORATION
                                       OF
                                UGC EUROPE, INC.

                     Pursuant to Sections 242 and 245 of the
                        Delaware General Corporation Law

     UGC Europe, Inc. (the "Corporation"), a corporation organized and existing
under the General Corporation Law of the State of Delaware (the "GCL"), does
hereby certify as follows:

     (1) The name of the Corporation is UGC Europe, Inc. The Corporation was
originally incorporated under the name New UPC, Inc. The original certificate of
incorporation of the Corporation was filed with the office of the Secretary of
State of the State of Delaware on September 13, 2002.

     (2) This Restated Certificate of Incorporation was duly adopted by the
Board of Directors of the Corporation (the "Board of Directors") and by the
stockholders of the Corporation in accordance with Sections 242 and 245 of the
GCL.

     (3) This Restated Certificate of Incorporation restates and integrates and
further amends the certificate of incorporation of the Corporation, as
heretofore amended or supplemented.

     (4) The text of the Certificate of Incorporation is restated in its
entirety as follows:

     FIRST: The name of the Corporation is UGC Europe, Inc.

     SECOND: The address of the registered office of the Corporation in the
State of Delaware is 1209 Orange Street, in the City of Wilmington, County of
New Castle. The name of the Corporation's registered agent at that address is
The Corporation Trust Company.

     THIRD: The purpose of the Corporation is to engage in any lawful act or
activity for which a corporation may be organized under the GCL.
<PAGE>

     FOURTH: (a) Authorized Capital Stock. The total number of shares of capital
stock which the Corporation shall have authority to issue is 300,000,000 shares
of capital stock, consisting of (i) 250,000,000 shares of common stock, par
value $0.01 per share (the "Common Stock"), and (ii) 50,000,000 shares of
preferred stock, par value $0.01 per share (the "Preferred Stock").

     (b) Preferred Stock. The Board of Directors is hereby expressly authorized
to provide for the issuance of all or any shares of the Preferred Stock in one
or more classes or series, and to fix for each such class or series such voting
powers, full or limited, or no voting powers, and such designations, preferences
and relative, participating, optional or other special rights and such
qualifications, limitations or restrictions thereof, as shall be stated and
expressed in the resolution or resolutions adopted by the Board of Directors
providing for the issuance of such class or series, including, without
limitation, the authority to provide that any such class or series may be (i)
subject to redemption at such time or times and at such price or prices; (ii)
entitled to receive dividends (which may be cumulative or non-cumulative) at
such rates, on such conditions, in such form and at such times, and payable in
preference to, or in such relation to, the dividends payable on any other class
or classes or any other series; (iii) entitled to rights upon the dissolution
of, or upon any distribution of the assets of, the Corporation, including in
preference to the rights of any other classes or series of capital stock; (iv)
entitled to, and the terms of, any sinking fund; or (v) convertible into, or
exchangeable for, shares of any other class or classes of capital stock, or of
any other series of the same or any other class or classes or series of capital
stock, of the Corporation at such price or prices or at such rates of exchange
and with such adjustments, all as may be stated in such resolution or
resolutions.

     (c) Power to Sell and Purchase Shares. Subject to the requirements of law,
the Corporation shall have the power to issue and sell all or any part of any
shares of any class of capital stock herein or hereafter authorized to such
persons, and for such consideration, as the Board of Directors shall from time
to time, in its discretion, determine, whether or not greater consideration
could be received upon the issue or sale of the same number of shares of another
class, and as otherwise permitted by law. Subject to the requirements of law,
the Corporation shall have the power to purchase any shares of any class of
capital stock herein or hereafter authorized from such persons, and for such
consideration, as the Board of Directors shall from time to time, in its
discretion, determine, whether or not less consideration could be paid upon the
purchase of the same number of shares of another class, and as otherwise
permitted by law.

     (d) Preemptive Rights. Holders of Common Stock will have preemptive rights
for the first (euro)1,538.46 million (determined in good faith by the
Corporation's Board of Directors as of the date of each issuance) of capital
stock or

                                       2
<PAGE>

securities convertible into, exchangeable for, or otherwise linked to any
capital stock of the Corporation, issued by the Corporation after the Effective
Date (other than shares of capital stock or other securities issued pursuant to
the Equity Incentive Plan) for cash or in exchange for assets (or other
consideration) acquired from a Related Party. Subject to any approvals required
pursuant to Section 3.16 of the Bylaws of the Corporation, if the Corporation
issues Common Stock in exchange for assets (or other consideration) acquired
from a Related Party, holders of Common Stock will have the right to subscribe
for additional shares of Common Stock on a pro rata basis for cash at the same
fair market value as the assets (or other consideration) received for such
shares of Common Stock. The rights set forth in this Article FOURTH (a) will not
be separable from the Common Stock and (b) will expire on the fourth anniversary
of the Effective Date. After the exercise or termination of the rights set forth
in this Article FOURTH, holders of Common Stock shall have no rights to purchase
or subscribe for securities of the Corporation.

     FIFTH: The following provisions are inserted for the management of the
business and the conduct of the affairs of the Corporation, and for further
definition, limitation and regulation of the powers of the Corporation and of
its directors and stockholders:

     (a) The business and affairs of the Corporation shall be managed by or
under the direction of the Board of Directors.

     (b) The directors shall have concurrent power with the stockholders to
make, alter, amend, add to or repeal the Bylaws of the Corporation.

     (c) The number of directors of the Corporation shall be as from time to
time fixed by, or in the manner provided in, the Bylaws of the Corporation,
except as provided for in paragraph (d) below. Election of directors need not be
by written ballot unless the Bylaws of the Corporation so provide.

     (d) For a period beginning on the Effective Date and ending on the third
anniversary of the Effective Date, the Board of Directors shall consist of ten
(10) members and the Board of Directors shall be divided into three classes,
designated Class I, Class II and Class III. Class I and II shall each consist of
four (4) members and Class III shall consist of two (2) members (the "Class III
Directors"). The term of the initial Class I directors shall terminate on the
date of the annual meeting following the first anniversary of the Effective
Date; the term of the initial Class II directors shall terminate on the date of
the annual meeting following the second anniversary of the Effective Date; and
the term of the successors to the Class I and Class II directors and the term of
the Class III directors in office on the Effective Date shall terminate on the
date of the annual meeting following the third anniversary of the Effective
Date.

                                       3
<PAGE>

     (e) Except as provided for in paragraph (d) above, a director shall hold
office until the next annual meeting and until his or her successor shall be
elected and shall qualify, subject, however, to prior death, resignation,
retirement, disqualification or removal from office.

     (f) Subject to the terms of any one or more classes or series of Preferred
Stock, any vacancy occurring on the Board of Directors, except as otherwise
provided in the Bylaws, may be filled by a majority of the Board of Directors
then in office, even if less than a quorum, by the affirmative vote of two
directors if only two directors remain, by a sole remaining director or by a
majority of the stockholders of the Corporation if no directors remain;
provided, however, that for a period of three years following the Effective
Date, nominations to fill vacancies in the Class III Directors shall be made by
the remaining Class III Director, if any, and shall be approved by a majority of
the Board of Directors. Any director elected to fill a vacancy shall have the
same remaining term as that of his predecessor. Subject to the rights, if any,
of the holders of shares of Preferred Stock then outstanding, except for the
directors in office at the Effective Date, any director or the entire Board of
Directors may be removed from office at any time, with or without cause, only by
the affirmative vote of the holders of a majority of the voting power of the
issued and outstanding capital stock of the Corporation entitled to vote in the
election of directors. Notwithstanding the foregoing, whenever the holders of
any one or more classes or series of Preferred Stock issued by the Corporation
shall have the right, voting separately by class or series, to elect directors
at an annual or special meeting of stockholders, the election, term of office,
filling of vacancies and other features of such directorships shall be governed
by the terms of this Restated Certificate of Incorporation applicable thereto,
and such directors so elected shall not be divided into classes pursuant to this
Article FIFTH unless expressly provided by such terms. Notwithstanding the
foregoing, any director or the entire Board of Directors may be removed from
office at any time with cause, by the affirmative vote of the holders of a
majority of the voting power of the issued and outstanding capital stock of the
Corporation entitled to vote in the election of directors.

     (g) The Bylaws shall contain a provision creating, on the Effective Date, a
five (5) member committee of directors with the authority to approve
transactions with Related Parties (the "Related Party Transaction Committee"),
subject to the terms and provisions set forth in the Bylaws.

     (h) In addition to the powers and authority hereinbefore or by statute
expressly conferred upon them, the directors are hereby empowered to exercise
all such powers and do all such acts and things as may be exercised or done by
the Corporation, subject, nevertheless, to the provisions of the GCL, this
Restated Certificate of Incorporation, and any Bylaws adopted by the
stockholders; provided, however, that no Bylaws

                                       4
<PAGE>

hereafter adopted by the stockholders shall invalidate any prior act of the
directors which would have been valid if such Bylaws had not been adopted.

     SIXTH: No director shall be personally liable to the Corporation or any of
its stockholders for monetary damages for breach of fiduciary duty as a
director, except to the extent such exemption from liability or limitation
thereof is not permitted under the GCL as the same exists or may hereafter be
amended. If the GCL is amended hereafter to authorize the further elimination or
limitation of the liability of directors, then the liability of a director of
the Corporation shall be eliminated or limited to the fullest extent authorized
by the GCL, as so amended. Any repeal or modification of this Article SIXTH
shall not adversely affect any right or protection of a director of the
Corporation existing at the time of such repeal or modification with respect to
acts or omissions occurring prior to such repeal or modification.

     SEVENTH: The Corporation shall indemnify and hold harmless, to the fullest
extent permitted by applicable law as it presently exists or may hereafter be
amended, any person who was or is made or is threatened to be made a party or is
otherwise involved in any action, suit or proceeding, whether civil, criminal,
administrative or investigative (a "proceeding") by reason of the fact that he,
or a person for whom he is the legal representative, is or was a director or
officer of the Corporation or is or was serving at the request of the
Corporation as a director, officer, employee or agent of another corporation or
of a partnership, joint venture, trust, enterprise or nonprofit entity,
including service with respect to employee benefit plans, against all liability
and loss suffered and expenses (including attorneys' fees) reasonably incurred
by such person. The Corporation shall be required to indemnify or make advances
to a person in connection with a proceeding (or part thereof) initiated by such
person only if the proceeding (or part thereof) was authorized by the Board of
Directors of the Corporation.

     The Corporation shall pay the expenses (including attorneys' fees) incurred
by a director or officer in defending any proceeding in advance of its final
disposition, provided, however, that the payment of expenses incurred by a
director or officer in advance of the final disposition of the proceeding shall
be made only upon receipt of an undertaking by the director or officer to repay
all amounts advanced if it should be ultimately determined that the director or
officer is not entitled to be indemnified under this Article SEVENTH or
otherwise.

     If a claim for indemnification or payment of expenses under this Article
SEVENTH is not paid in full within 60 days after a written claim therefor has
been received by the Corporation, the claimant may file suit to recover the
unpaid amount of such claim and, if successful in whole or in part, shall be
entitled to be paid the expense

                                       5
<PAGE>

of prosecuting such claim. In any such action the Corporation shall have the
burden of proving that the claimant was not entitled to the requested
indemnification or payment of expenses under applicable law.

     The rights conferred on any person by this Article SEVENTH shall not be
exclusive of any other rights that such person may have or hereafter acquire
under any statute, provision of this Restated Certificate of Incorporation, the
Bylaws, agreement, vote of stockholders or resolution of disinterested directors
or otherwise.

     The Corporation's obligation, if any, to indemnify any person who was or is
serving at its request as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust, enterprise or nonprofit entity
shall be reduced by any amount such person may collect as indemnification from
such other corporation, partnership, joint venture, trust, enterprise or
nonprofit entity.

     EIGHTH: Any action required or permitted to be taken by the stockholders of
the Corporation must be effected at a duly called annual or special meeting of
stockholders of the Corporation, except that any action may be effected by
written consent of stockholders having not less than the minimum number of votes
that would be necessary to authorize such action at a meeting.

     NINTH: Unless otherwise required by law, special meetings of stockholders,
for any purpose or purposes, may be called by (i) the Chairman of the Board of
Directors, if there be one, (ii) the President or Chief Executive Officer or
(iii) the Board of Directors, as the Bylaws of the Corporation may provide. The
ability of stockholders to call a special meeting of stockholders is hereby
specifically denied.

     TENTH: Meetings of stockholders may be held within or without the State of
Delaware, as the Bylaws of the Corporation may provide. The books of the
Corporation may be kept (subject to any provision contained in the GCL) outside
the State of Delaware at such place or places as may be designated from time to
time by the Board of Directors or in the Bylaws of the Corporation.

     ELEVENTH:

     (a) For purposes of this Article ELEVENTH, the following definitions shall
apply:

          (1) "Affiliate" means, with respect to a given person, any other
     person that, directly or indirectly, controls, is controlled by, or is
     under common control with, such person; provided, however, that for
     purposes of this definition none of (x) the New UPC Entities and their
     Affiliates, on the one hand, or (y) the

                                       6
<PAGE>

     UGC Entities and their Affiliates, on the other hand, shall be deemed to be
     "Affiliates" of one another. For purposes of this definition, "control"
     (including, with correlative meanings, the terms "controlled by" and "under
     common control with") as applied to any person, means the possession,
     directly or indirectly, of beneficial ownership of, or the power to vote,
     forty percent (40%) or more of the securities having voting power for the
     election of directors (or other persons acting in similar capacities) of
     such person or the power otherwise to direct or cause the direction of the
     management and policies of such person, whether through the ownership of
     voting securities, by contract or otherwise.

          (2) "corporate opportunity" shall include, but not be limited to,
     business opportunities which the Corporation is financially able to
     undertake, which are, from their nature, in the line of the Corporation's
     business, are of practical advantage to it and are ones in which the
     Corporation has an interest or a reasonable expectancy, and in which, by
     embracing the opportunities, the self-interest of any of the UGC Entities
     or their Affiliates or their officers or directors will be brought into
     conflict with that of any of the New UPC Entities or their Affiliates.

          (3) "Governmental Entity" shall mean any national, state, provincial,
     municipal, local or foreign government, any court, arbitral tribunal,
     administrative agency or commission or other governmental or regulatory
     authority, commission or agency or any non-governmental, self-regulatory
     authority, commission or agency.

          (4) "Judgment" shall mean any order, writ, injunction, award,
     judgment, ruling or decree of any Governmental Entity.

          (5) "Law" shall mean any statute, law, code, ordinance, rule or
     regulation of any Governmental Entity.

          (6) "Lien" shall mean any pledge, claim, equity, option, lien, charge,
     mortgage, easement, right-of-way, call right, right of first refusal,
     "tag"- or "drag"- along right, encumbrance, security interest or other
     similar restriction of any kind or nature whatsoever.

          (7) "New UPC Entities" means the Corporation and its Subsidiaries, and
     "New UPC Entity" shall mean any of the New UPC Entities.

          (8) "Restriction" with respect to any capital stock, partnership
     interest, membership interest in a limited liability company or other
     equity interest or security, shall mean any voting or other trust or
     agreement, option, warrant,

                                       7
<PAGE>

     preemptive right, right of first offer, right of first refusal, escrow
     arrangement, proxy, buy-sell agreement, power of attorney or other
     contract, any Law, license, permit or Judgment that, conditionally or
     unconditionally, (i) grants to any person the right to purchase or
     otherwise acquire, or obligates any person to sell or otherwise dispose of
     or issue, or otherwise results or, whether upon the occurrence of any event
     or with notice or lapse of time or both or otherwise, may result in any
     person acquiring, (x) any of such capital stock, partnership interest,
     membership interest in a limited liability company or other equity interest
     or security; (y) any of the proceeds of, or any distributions paid or that
     are or may become payable with respect to, any of such capital stock,
     partnership interest, membership interest in a limited liability company or
     other equity interest or security; or (z) any interest in such capital
     stock, partnership interest, membership interest in a limited liability
     company or other equity interest or security or any such proceeds or
     distributions; (ii) restricts or, whether upon the occurrence of any event
     or with notice or lapse of time or both or otherwise, is reasonably likely
     to restrict the transfer or voting of, or the exercise of any rights or the
     enjoyment of any benefits arising by reason of ownership of, any such
     capital stock, partnership interest, membership interest in a limited
     liability company or other equity interest or security or any such proceeds
     or distributions; or (iii) creates or, whether upon the occurrence of any
     event or with notice or lapse of time or both or otherwise, is reasonably
     likely to create a Lien or purported Lien affecting such capital stock,
     partnership interest, membership interest in a limited liability company or
     other equity interest or security, proceeds or distributions.

          (9) "Subsidiary" with respect to any person means: (i) a corporation,
     a majority in voting power of whose capital stock with voting power, under
     ordinary circumstances, to elect directors is at the time, directly or
     indirectly owned by such person, by a Subsidiary of such person, or by such
     person and one or more Subsidiaries of such person, without regard to
     whether the voting of such capital stock is subject to a voting agreement
     or similar Restriction; (ii) a partnership or limited liability company in
     which such person or a Subsidiary of such person is, at the date of
     determination, (x) in the case of a partnership, a general partner of such
     partnership with the power affirmatively to direct the policies and
     management of such partnership or (y) in the case of a limited liability
     company, the managing member or, in the absence of a managing member, a
     member with the power affirmatively to direct the policies and management
     of such limited liability company; or (iii) any other person (other than a
     corporation) in which such person, a Subsidiary of such person or such
     person and one or more Subsidiaries of such person, directly or indirectly,
     at the date of determination thereof, has (x) the power to elect or direct
     the election of a majority of the members of the governing body of such
     person (whether or not

                                       8
<PAGE>

     such power is subject to a voting agreement or similar restriction) or (y)
     in the absence of such a governing body, a majority ownership interest.

          (10) "UGC" means UnitedGlobalCom, Inc., a corporation organized under
     the laws of the State of Delaware.

          (11) "UGC Entities" means UGC and Subsidiaries of UGC (other than
     Subsidiaries that constitute New UPC Entities), and "UGC Entity" shall mean
     any of the UGC Entities.

     (b) In anticipation and in recognition that:

          (1) UGC and the UGC Entities will be substantial stockholders of the
     Corporation;

          (2) directors, officers and/or employees of the UGC Entities and their
     Affiliates may serve as directors, officers and/or employees of the New UPC
     Entities and their Affiliates;

          (3) the New UPC Entities and their Affiliates, on the one hand, and
     the UGC Entities and their Affiliates, on the other hand, may engage in the
     same, similar or related lines of business and may have an interest in the
     same, similar or related areas of corporate opportunities;

          (4) the New UPC Entities and their Affiliates, on the one hand, and
     the UGC Entities and their Affiliates, on the other hand, may enter into,
     engage in, perform and consummate contracts, agreements, arrangements,
     transactions and other business relations; and

          (5) the New UPC Entities and their Affiliates will derive benefits
     therefrom and through their continued contractual, corporate and business
     relations with the UGC Entities and their Affiliates,

the provisions of this Article ELEVENTH are set forth to regulate, define and
guide, to the fullest extent permitted by law, the conduct of certain affairs of
the New UPC Entities and their Affiliates as they may involve the UGC Entities
and their Affiliates and their officers and directors, and the powers, rights,
duties and liabilities of the New UPC Entities and their Affiliates and their
officers, directors and stockholders in connection therewith.

     (c) Except as the UGC Entities or their Affiliates, on the one hand, and
the New UPC Entities or their Affiliates, on the other hand, may otherwise agree
in

                                       9
<PAGE>

writing, the UGC Entities and their Affiliates shall have the right to, and
shall have no duty not to, (i) engage or invest, directly or indirectly, in the
same, similar or related business activities or lines of business as the New UPC
Entities or their Affiliates, (ii) do business with any client, customer or
vendor of any of the New UPC Entities or their Affiliates, or (iii) employ or
otherwise engage any officer, director or employee of the New UPC Entities or
their Affiliates, and, to the fullest extent permitted by law, neither the UGC
Entities or their Affiliates nor any officer, director or employee thereof
(subject to paragraph (e) of this Article ELEVENTH) shall be liable to the
Corporation or its stockholders for breach of any fiduciary duty or duty of
loyalty or failure to act in good faith or in the best interests of the
Corporation or derivation of any improper personal economic gain by reason of
any such activities of any of the UGC Entities or their Affiliates or such
person's participation therein.

     (d) Except as the UGC Entities or their Affiliates, on the one hand, and
the New UPC Entities or their Affiliates, on the other hand, may otherwise agree
in writing, if any of the UGC Entities or their Affiliates, or any officer,
director or employee thereof (subject to the provisions of paragraph (e) of this
Article ELEVENTH), acquires knowledge of a potential transaction or matter that
may be a corporate opportunity for any of the UGC Entities or any of their
Affiliates, on the one hand, and any of the New UPC Entities or any of their
Affiliates, on the other hand, none of the New UPC Entities or their Affiliates
or any stockholder thereof shall have an interest in, or expectation that, such
corporate opportunity be offered to it or that it be offered an opportunity to
participate therein, and any such interest, expectation, offer or opportunity to
participate, and any other interest or expectation otherwise due the Corporation
with respect to such corporate opportunity, is hereby renounced by the
Corporation in accordance with Section 122(17) of the GCL. Accordingly, subject
to paragraph (e) of this Article ELEVENTH and except as the UGC Entities or
their Affiliates may otherwise agree in writing, (i) none of the UGC Entities or
their Affiliates or any officer, director or employee thereof will be under any
obligation to present, communicate or offer any such corporate opportunity to
the New UPC Entities or their Affiliates, and (ii) any of the UGC Entities and
their Affiliates shall have the right to hold any such corporate opportunity for
its own account, or to direct, recommend, sell, assign or otherwise transfer
such corporate opportunity to any person or persons other than the New UPC
Entities and their Affiliates, and, to the fullest extent permitted by law, none
of the UGC Entities or their Affiliates or any officer, director or employee
thereof (subject to paragraph (e) of this Article ELEVENTH) shall be liable to
the Corporation or its stockholders for breach of any fiduciary duty or duty of
loyalty or failure to act in good faith or in the best interests of the
Corporation or derivation of any improper personal economic gain by reason of
the fact that any of the UGC Entities or their Affiliates pursues or acquires
the corporate opportunity for itself, or directs, recommends, sells, assigns or
otherwise transfers the corporate opportunity to another person, or any of the
UGC Entities or their Affiliates or any of their officers,

                                       10
<PAGE>

directors or employees does not present, offer or communicate information
regarding the corporate opportunity to the New UPC Entities or their Affiliates.

     (e) Except as the UGC Entities or their Affiliates, on the one hand, and
the New UPC Entities or their Affiliates, on the other hand, may otherwise agree
in writing, in the event that a director, officer or employee of any of the New
UPC Entities or their Affiliates who is also a director, officer or employee of
any of the UGC Entities or their Affiliates acquires knowledge of a potential
transaction or matter that may be a corporate opportunity for any of the UGC
Entities or any of their Affiliates, on the one hand, and any of the New UPC
Entities or any of their Affiliates, on the other hand, such director, officer
or employee, to the fullest extent permitted by law, (i) shall be deemed to have
fully satisfied and fulfilled such person's fiduciary duty to the Corporation
and its stockholders with respect to such corporate opportunity; (ii) shall not
be liable to the Corporation and its stockholders for breach of any fiduciary
duty by reason of the fact that any of the UGC Entities or their Affiliates
pursues or acquires the corporate opportunity for itself, or directs,
recommends, sells, assigns or otherwise transfers the corporate opportunity to
another person, or any of the UGC Entities or their Affiliates or such director,
officer or employee does not present, offer or communicate information regarding
the corporate opportunity to the New UPC Entities or their Affiliates; (iii)
shall be deemed to have acted in good faith and in a manner such person
reasonably believes to be in, and not opposed to, the best interests of the
Corporation and its stockholders for the purposes of Article SIXTH and the other
provisions of this Restated Certificate of Incorporation; and (iv) shall not be
deemed to have breached such person's duty of loyalty to the Corporation or its
stockholders or to have derived an improper personal benefit therefrom for
purposes of Article SIXTH and the other provisions of this Restated Certificate
of Incorporation as a result thereof, if such director, officer or employee acts
in good faith in a manner consistent with the following:

          (i) A corporate opportunity offered to any person who is a director or
     officer of any of the New UPC Entities or their Affiliates, and who is also
     a director or officer of any of the UGC Entities or their Affiliates, shall
     belong to the applicable New UPC Entity or Affiliate thereof only if such
     opportunity is expressly offered to such person solely in his or her
     capacity as a director or officer of such New UPC Entity or Affiliate
     thereof; and

          (ii) Otherwise, such corporate opportunity shall belong to the
     applicable UGC Entity or Affiliate thereof.

     (f) The New UPC Entities and their Affiliates may from time to time enter
into and perform one or more agreements (or modifications or supplements to
pre-existing agreements) with the UGC Entities and their Affiliates pursuant to
which the

                                       11
<PAGE>

New UPC Entities and their Affiliates, on the one hand, and the UGC Entities and
their Affiliates, on the other hand, agree to engage in transactions of any kind
or nature with each other and/or agree to compete, or to refrain from competing
or to limit or restrict their competition, with each other, including to
allocate and to cause their respective directors, officers and employees
(including any who are directors, officers or employees of both) to allocate
corporate opportunities between or to refer corporate opportunities to each
other. Subject to paragraph (e) of this Article ELEVENTH, except as otherwise
required by law, and except as the UGC Entities or their Affiliates, on the one
hand, and the New UPC Entities or their Affiliates, on the other hand, may
otherwise agree in writing, no such agreement, or the performance thereof by the
New UPC Entities and their Affiliates, or the UGC Entities or their Affiliates,
shall be considered contrary to any fiduciary duty to the Corporation of any
director or officer of the Corporation who is also a director, officer or
employee of any of the UGC Entities or their Affiliates, or to any stockholder
thereof. Subject to paragraph (e) of this Article ELEVENTH, to the fullest
extent permitted by law, and except as the UGC Entities or their Affiliates, on
the one hand, and the New UPC Entities or their Affiliates, on the other hand,
may otherwise agree in writing, none of the UGC Entities or their Affiliates
shall have or be under any fiduciary duty to refrain from entering into any
agreement or participating in any transaction referred to above and no director,
officer or employee of the Corporation who is also a director, officer or
employee of any of the UGC Entities or their Affiliates shall have or be under
any fiduciary duty to the Corporation to refrain from acting on behalf of the
Corporation or of any of the UGC Entities or their Affiliates in respect of any
such agreement or transaction or performing any such agreement in accordance
with its terms.

     (g) Any person or entity purchasing or otherwise acquiring any interest in
shares of capital stock of the Corporation shall be deemed to have notice of,
and consented to, the provisions of this Article ELEVENTH.

     (h) For the avoidance of doubt and in furtherance of the foregoing, nothing
contained in this Article ELEVENTH amends or modifies, or will amend or modify,
in any respect any written contractual arrangement between the UGC Entities or
any of their Affiliates, on the one hand and the New UPC Entities or any of
their Affiliates on the other hand.

     (i) Notwithstanding anything in this Restated Certificate of Incorporation
to the contrary, except as the UGC Entities or their Affiliates, on the one
hand, and the New UPC Entities or their Affiliates, on the other hand, may
otherwise agree in writing, the provisions of this Article ELEVENTH shall have
no further force and effect on the date that (i) the UGC Entities and their
Affiliates cease to beneficially own (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended) shares of Common Stock representing
in the aggregate tweny percent (20%) of the voting

                                       12
<PAGE>

power of the outstanding shares of Common Stock and (ii) no person who is a
director or officer of the Corporation or any of its Affiliates other than the
UGC Entities is also a director or officer of any of the UGC Entities or their
Affiliates. In addition to any vote of the stockholders required by this
Certificate of Incorporation, until the expiration of this Article ELEVENTH
referred to in the immediately preceding sentence, the affirmative vote of
eighty percent (80%) of the voting power of the shares of outstanding Common
Stock, which must include the shares held by the UGC Entities, shall be required
to alter, amend or repeal (including, without limitation, by merger or
otherwise) in a manner adverse to the interests of any of the UGC Entities or
their Affiliates, or adopt any provision adverse to the interests of any of the
UGC Entities or their Affiliates and inconsistent with, any provision of this
Article ELEVENTH. The provisions of this Article ELEVENTH shall in no way limit
or eliminate a director's, officer's, employee's or stockholder's (if any)
duties, responsibilities and obligations with respect to any proprietary
information of the New UPC Entities and their Affiliates, including any duty not
to disclose or use such proprietary information improperly or to obtain
therefrom an improper personal benefit.

     (j) This Article ELEVENTH shall apply as set forth above except as
otherwise provided by law. It is the intention of this Article ELEVENTH to take
full advantage of statutory amendments, the effect of which may be to
specifically authorize or approve provisions such as this Article. No
alteration, amendment, termination, expiration or repeal of this Article
ELEVENTH nor the adoption of any provision of this Restated Certificate of
Incorporation inconsistent with this Article ELEVENTH shall eliminate, reduce,
apply to or have any effect on the protections afforded hereby to any director,
officer, employee or stockholder of the New UPC Entities or their Affiliates for
or with respect to any investments, activities or opportunities of which such
director, officer, employee or stockholder becomes aware prior to such
alteration, amendment, termination, expiration, repeal or adoption, or any
matters occurring, or any cause of action, suit or claim that, but for this
Article ELEVENTH, would accrue or arise, prior to such alteration, amendment,
termination, expiration, repeal or adoption.

     TWELFTH:

     (a) For purposes of Article FOURTH, paragraph (d), Article FIFTH,
paragraphs (d), (f) and (g) and Article FIFTEENTH, the following definitions
shall apply:

          (1) "Bankruptcy Court" shall mean the Bankruptcy Court for the
     Southern District of New York.

          (2) "Effective Date" shall mean the date upon which all conditions
     precedent to the consummation of the Plan of Reorganization have either
     been satisfied or, to the extent permitted in the Plan of Reorganization,
     duly

                                       13
<PAGE>

     waived and on which such day the Plan of Reorganization become effective
     and final.

          (3) "Equity Incentive Plan" shall mean the equity incentive plan of
     the Corporation, as in effect as of the Effective Date, as such plan may be
     amended, restated, amended and restated, modified, supplemented or replaced
     from time to time.

          (4) "Person" shall mean and include an individual, a partnership, a
     joint venture, a corporation, a limited liability company, a limited
     liability partnership, a trust, an incorporated organization and a
     government or any department or agency thereof.

          (5) "Plan of Reorganization" shall mean the plan of reorganization
     entered into on December 3, 2002, under Chapter 11 of the United States
     Bankruptcy Code (Title 11, U.S. Code) for United Pan-Europe Communications
     N.V. and the Corporation (f/k/a New UPC, Inc.) (including all exhibits and
     schedules annexed thereto), as it may be altered, amended or modified from
     time to time as filed in the Bankruptcy Court.

          (6) "Related Party" shall, with respect to any Person (the "First
     Person"), mean (1) any other Person (the "Second Person") having beneficial
     ownership of forty percent (40%) or more of the Voting Securities of such
     First Person and (2) any other Person, forty percent (40%) or more of whose
     Voting Securities are owned, controlled or held with power to vote,
     directly or indirectly, by that Second Person.

          (7) "Voting Securities" shall mean, with respect to any Person, any
     equity interest of such Person having general voting power under ordinary
     circumstances to participate in the election of a majority of the governing
     body of such Person (irrespective of whether at the time any other class of
     equity interest of such Person shall have or might have voting power by
     reason of the happening of any contingency).

     THIRTEENTH: In furtherance and not in limitation of the powers conferred
upon it by the laws of the State of Delaware, the Board of Directors shall have
the power to adopt, amend, alter or repeal the Bylaws of the Corporation. The
affirmative vote of a majority of the entire Board of Directors shall be
required to adopt, amend, alter or repeal the Bylaws of the Corporation. The
Corporation's Bylaws also may be adopted, amended, altered or repealed, by the
affirmative vote of the holders of sixty-six and two-thirds percent (66 2/3%) of
the voting power of the shares entitled to vote at an election of directors;
provided, however, that for a period beginning on the Effective Date and

                                       14
<PAGE>

ending on the third anniversary of the Effective Date, Section 3.16 of the
Bylaws as in effect on the date hereof, shall not be amended, altered or
repealed unless, prior to such amendment, alteration or repeal (each a
"Modification"), such Modification is previously approved by four (4) of the
five (5) members of the Related Party Transaction Committee.

     FOURTEENTH: The Corporation hereby elects not to be governed by Section 203
of the GCL.

     FIFTEENTH: The Corporation reserves the right to amend, alter, change or
repeal any provision contained in this Restated Certificate of Incorporation in
the manner now or hereafter prescribed in this Restated Certificate of
Incorporation, the Bylaws of the Corporation or the GCL, and all rights herein
conferred upon stockholders are granted subject to such reservation; provided,
however, that, notwithstanding any other provision of this Restated Certificate
of Incorporation (and in addition to any other vote that may be required by
law), the affirmative vote of a majority of the outstanding shares of the Common
Stock shall be required to amend, alter, change or repeal this Restated
Certificate of Incorporation; provided, however, that for a period beginning on
the Effective Date and ending on the third anniversary of the Effective Date,
Article FIFTH, paragraphs (d) and (g) shall not be amended, altered or repealed,
nor shall any provision as part of this Restated Certificate of Incorporation
which is inconsistent of such Article FIFTH, paragraphs (d) and (g) be adopted,
unless, prior to such amendment, alteration, repeal or adoption, such amendment,
alteration, repeal or adoption is previously approved by four (4) of the five
(5) members of the Related Party Transaction Committee.

                            [signature page follows]

                                       15
<PAGE>

     IN WITNESS WHEREOF, the Corporation has caused this Restated Certificate of
Incorporation to be executed on its behalf this 29th day of August, 2003.

                                        UGC Europe, Inc.

                                        By: /s/ Ellen P. Spangler
                                           -------------------------------------
                                           Name:  Ellen P. Spangler
                                           Title: Senior Vice President, General
                                                  Counsel and Secretary

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