Document:

<PAGE>   1
                                                                 EXHIBIT (10)(p)

1
                                FIRST AMENDMENT

         FIRST AMENDMENT, dated as of December __, 1999 (this "Amendment"), to
the $1,500,000,000 Competitive Advance and Revolving Credit Facility, dated as
of January 4, 1999 (as amended, supplemented or otherwise modified from time to
time, the "Credit Agreement"), among DELPHI AUTOMOTIVE SYSTEMS CORPORATION, a
Delaware corporation (the "Borrower"), the several banks and other financial
institutions from time to time parties thereto (the "Lenders"), BANK OF AMERICA,
NATIONAL ASSOCIATION, CITIBANK, N.A., DEUTSCHE BANK AG NEW YORK BRANCH, BARCLAYS
BANK PLC and BANQUE NATIONALE DE PARIS, as syndication agents (collectively, the
"Syndication Agents"), and THE CHASE MANHATTAN BANK, as administrative agent for
the Lenders (in such capacity, the "Administrative Agent").

                              W I T N E S S E T H:

         WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to
make certain loans and other extensions of credit to the Borrower; and

         WHEREAS, the Borrower has requested, and, upon this Amendment becoming
effective, the Lenders have agreed, that certain provisions of the Credit
Agreement be amended in the manner provided for in this Amendment;

         NOW, THEREFORE, the parties hereto hereby agree as follows:

         .    Defined Terms. Terms defined in the Credit Agreement and used
herein shall, unless otherwise indicated, have the meanings given to them in the
Credit Agreement. Terms defined and used in this Amendment shall have the
meanings given to them in this Amendment.

         .    Amendment to Subsection 1.1. (a) Deletion of Definitions.
Subsection 1.1 of the Credit Agreement is hereby amended by deleting the
definition of "Change of Control" contained therein.

         (b) Addition of Definitions. Subsection 1.1 of the Credit Agreement is
hereby amended by adding thereto in the appropriate alphabetical order the
following defined terms:

              "'Cost of Funds': the rate of interest per annum maintained by the
    Swing Line Lender that has advanced or is owed the relevant amount as the
    rate of interest reasonably determined by such Swing Line Lender to reflect
    the cost of funds in respect of which such determination is made.

              'Dollar Equivalent': with respect to an amount of Euro on any
    date, the amount of Dollars that may be purchased with such amount of Euro
    at the Spot Exchange Rate on such date.

<PAGE>   2

2

              'EMU Legislation': legislative measures of the European Council
    (including without limitation European Council regulations) for the
    introduction of, changeover to or operation of the Euro.

              'Euro' and ": the single currency of Participating Member States
    introduced in accordance with the provisions of Article 109(1)4 of the
    Treaty and, in respect of all payments to be made under this Agreement in
    Euro, means immediately available, freely transferable funds.

              'Euro Cost of Funds Loan': Loans the rate of interest applicable
    to which is based upon the Cost of Funds.

              'Participating Member State': each state as described in any EMU
    Legislation.

              'Spot Exchange Rate': at any date of determination thereof, the
    spot rate of exchange in London that appears on the display page applicable
    to Euro on the Reuters System (or such other page as may replace such page
    on such service for the purpose of displaying the spot rate of exchange in
    London) for the conversion of Euro into Dollars; provided that if there
    shall at any time no longer exist such a page on such service, the spot rate
    of exchange shall be determined by reference to another similar rate
    publishing service selected by the Administrative Agent and if no such
    similar rate publishing service is available, by reference to the published
    rate of the Administrative Agent in effect at such date for similar
    commercial transactions.

              'Treaty': the Treaty establishing the European Economic Community,
    being the Treaty of Rome of March 25, 1957 as amended by the Single European
    Act 1987 and the Maastricht Treaty (the Treaty on European Union) (which was
    signed on February 7, 1992 and came into force on November 1, 1993) and as
    may, from time to time, be further amended, supplemented or otherwise
    modified."

         (c) Replacement of Definitions. Subsection 1.1 of the Credit Agreement
is hereby amended by deleting the definitions of "Business Day", "Revolving
Extensions of Credit" and "Swing Line Commitment" contained therein and
substituting in lieu thereof the following definitions:

         "'Business Day': a day other than a Saturday, Sunday or other day on
    which commercial banks in New York City are authorized or required by law to
    close; provided that when used in connection with a Eurodollar Loan, the
    term "Business Day" shall also exclude any day on which banks are not open
    for dealings in dollar deposits in the London interbank market; provided,
    further, that when used in connection with a Euro Cost of Funds Loan, the
    term "Business Day" shall mean any day on which the Trans-European Automated
    Real-Time Gross Settlement Express Transfer System (TARGET) (or, if such
    clearing system ceases to be operative, such other clearing system (if any)
    determined by the Administrative Agent to be a suitable replacement) is open
    for settlement of payment in Euro.

<PAGE>   3

3

         'Revolving Extensions of Credit': as to any Lender at any time, an
    amount equal to the sum of (a) the aggregate principal amount of all
    Revolving Credit Loans made by such Lender then outstanding, (b) such
    Lender's Commitment Percentage of the L/C Obligations then outstanding, (c)
    such Lender's Commitment Percentage of the aggregate principal amount of
    Swing Line Loans denominated in Dollars then outstanding and (d) such
    Lender's Commitment Percentage of the Dollar Equivalent of the aggregate
    principal amount of Swing Line Loans denominated in Euro then outstanding.

         'Swing Line Commitment': the obligation of the Swing Line Lenders to
    make Swing Line Loans pursuant to subsection 2.4 in an aggregate principal
    amount for all Swing Line Loans of all Swing Line Lenders at any one time
    outstanding not to exceed $500,000,000."

         (d)  Amendments to Definitions. Subsection 1.1 of the Credit Agreement
is hereby amended by inserting immediately after the reference to "ABR Loan"
contained in clause (a) of the definition of "Interest Payment Date" the
following: "or Euro Cost of Funds Loan".

         .    Amendment to Subsection 2.4(a). Subsection 2.4(a) of the Credit
Agreement is hereby amended by deleting such subsection in its entirety and
substituting in lieu thereof the following new subsection 2.4(a):

              "2.4 Swing Line Commitment. (a) Subject to the terms and
    conditions hereof, each Swing Line Lender agrees to make a portion of the
    credit otherwise available to the Borrower under the Commitments from time
    to time during the Commitment Period by making swing line loans in Dollars
    or Euro ("Swing Line Loans") to the Borrower; provided that (i) the sum of
    (x) the aggregate principal amount of Swing Line Loans denominated in
    Dollars and (y) the Dollar Equivalent of the aggregate principal amount of
    Swing Line Loans denominated in Euro, outstanding as at the date any Swing
    Line Loan is made shall not exceed the Swing Line Commitment then in effect
    (notwithstanding that the Swing Line Loans outstanding at any time, when
    aggregated with any Swing Line Lender's other outstanding Revolving Credit
    Loans hereunder, may exceed the Swing Line Commitment then in effect) and
    (ii) the Borrower shall not request, and no Swing Line Lender shall make,
    any Swing Line Loan if, after giving effect to the making of such Swing Line
    Loan, the aggregate amount of the Available Commitments would be less than
    zero; provided, further, that the Swing Line Lender shall not be required to
    make a Swing Line Loan to refinance an outstanding Swing Line Loan. During
    the Commitment Period, the Borrower may use the Swing Line Commitment by
    borrowing, repaying and reborrowing, all in accordance with the terms and
    conditions hereof. Swing Line Loans shall be ABR Loans or Euro Cost of Funds
    Loans only."

         .    Amendment to Subsection 2.5. Subsection 2.5 of the Credit
Agreement is hereby amended by (i) deleting subsection 2.5(a) in its entirety
and substituting in lieu thereof the following new subsection 2.5(a):

              "2.5 Procedure for Swing Line Borrowing; Refunding of Swing Line
    Loans. (a) Whenever the Borrower desires that a Swing Line Lender make Swing
    Line Loans it shall give such Swing Line Lender irrevocable telephonic
    notice confirmed

<PAGE>   4

4

    promptly in writing (which telephonic notice must be received by such Swing
    Line Lender not later than 1:00 P.M., New York City time, in the case of
    Swing Line Loans denominated in Dollars, and 2:00 P.M., London time, in the
    case of Swing Line Loans denominated in Euro (or such other time as the
    Administrative Agent and such Swing Line Lender may consent), on the
    proposed borrowing date), specifying (i) the amount and currency to be
    borrowed and (ii) the requested borrowing date (which shall be a Business
    Day during the Commitment Period). A copy of each such notice shall be
    promptly furnished by the Borrower to the Administrative Agent. Subject to
    subsection 3.5, each borrowing under the Swing Line Commitment shall be in
    an amount equal to $5,000,000 or a whole multiple of $1,000,000 in excess
    thereof, in the case of Swing Line Loans denominated in Dollars, and
    5,000,000 or a whole multiple of 1,000,000 in excess thereof, in the case of
    Swing Line Loans denominated in Euro. Not later than 3:00 P.M., New York
    City time, in the case of Swing Line Loans denominated in Dollars, and 4:00
    P.M., London time, in the case of Swing Line Loans denominated in Euro, on
    the borrowing date specified in a notice in respect of Swing Line Loans,
    such Swing Line Lender shall make available to the Administrative Agent at
    its office specified in subsection 10.2 an amount in immediately available
    funds equal to the amount of the Swing Line Loan to be made by such Swing
    Line Lender. The Administrative Agent shall make the proceeds of such Swing
    Line Loan available to the Borrower on such Borrowing Date by crediting the
    account of the Borrower on the books of such office in immediately available
    funds.",

(ii) deleting the word "Each" in the first line of subsection 2.5(b) and
substituting in lieu thereof the following: "Subject to subsection 2.5(g), each"
and (iii) adding thereto the following new subsections 2.5(g) and (h):

         "(g) The Borrower hereby irrevocably and unconditionally authorizes
    each Swing Line Lender immediately prior to the time that any Swing Line
    Loan is to be refunded pursuant to subsection 2.5(b) or a participating
    interest is to be purchased pursuant to subsection 2.5(c) to convert into
    Dollars (at the actual exchange rate then available to it, provided that it
    shall use its reasonable best efforts to obtain a rate as least as favorable
    to the Borrower as the Spot Exchange Rate) all amounts then owing to it on
    account of any Swing Line Loan denominated in Euro. Such Swing Line Lender
    and each Lender hereby irrevocably and unconditionally agrees that (i) no
    Lender shall have any obligation to make any Revolving Credit Loans pursuant
    to subsection 2.5(b) or purchase any participating interests in Swing Line
    Loans pursuant to subsection 2.5(c) on account of such Euro-denominated
    Swing Line Loans until such time as such Swing Line Lender has effected the
    conversion described above and provided written notice to the Administrative
    Agent (which shall promptly forward such notice to the Lenders) of the
    amount of Dollars owing to it as a result of such conversion and (ii) from
    and after the date upon which such conversion is effected, the obligations
    of the Lenders under subsections 2.5(b) and (c) shall be satisfied only by
    the payment to such Swing Line Lender of such Lender's Commitment Percentage
    of the amount of Dollars so notified to the Administrative Agent.

         (h) Subject to the terms of this Agreement, the Borrower may, at any
    time and from time to time, prepay a Euro Cost of Funds Loan in Euro, other
    than with the proceeds of another Swing Line Loan."

<PAGE>   5

5

         .    Amendment to Subsection 2.10. Subsection 2.10 of the Credit
Agreement is hereby amended by adding thereto the following new subsection
2.10(e):

         "(e) If, on any date on which the Lenders are obligated to make the
    Loans referred to in subsection 2.5(b) or purchase participating interests
    pursuant to subsection 2.5(c), the aggregate amount of such Loans or
    participating interests, as the case may be, is less than the amount of the
    related Swing Line Loans which are being refunded or in which participating
    interests are being purchased, as the case may be, because changes in
    currency exchange rates shall cause one or more of the Lenders to not have
    an Available Commitment, the Borrower shall on any such date repay such
    related Swing Line Loans by the amount of such difference."

         .    Amendment to Subsection 2.11. Subsection 2.11 of the Credit
Agreement is hereby amended by (i) inserting at the end of subsection 2.11(b)
the following:

         "Each Euro Cost of Funds Loan shall bear interest at a rate per annum
         equal to the Cost of Funds for such Borrowing plus the Applicable
         Margin."

and (ii) deleting subsection 2.11(e) in its entirety and substituting in lieu
thereof the following new subsection 2.11(e):

              "(e) The "Applicable Margin" with respect to each Type of
         Revolving Credit Loan at any date and with respect to each Euro Cost of
         Funds Loan shall be the applicable percentage amount set forth in the
         table below based upon the Utilization and Status on such date:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
                                Level I       Level II       Level III       Level IV        Level V
                                 Status        Status          Status         Status         Status
                                 ------        ------          ------         ------         ------
--------------------------------------------------------------------------------------------------------
<S>                             <C>            <C>             <C>            <C>            <C>
If Utilization is less than
33%:
--------------------------------------------------------------------------------------------------------
  Eurodollar Loans              0.3000%        0.3500%        0.4500%         0.8000%        0.9500%
--------------------------------------------------------------------------------------------------------
  Euro Cost of Funds            0.3000%        0.3500%        0.4500%         0.8000%        0.9500%
Loans
--------------------------------------------------------------------------------------------------------
  ABR Loans                          0%             0%             0%              0%             0%
--------------------------------------------------------------------------------------------------------
If Utilization is equal to
or greater than 33%:
--------------------------------------------------------------------------------------------------------
  Eurodollar Loans              0.4250%        0.4750%        0.5750%         0.8000%        0.9500%
--------------------------------------------------------------------------------------------------------
  Euro Cost of Funds            0.4250%        0.4750%        0.5750%         0.8000%        0.9500%
Loans
--------------------------------------------------------------------------------------------------------
  ABR Loans                          0%             0%             0%              0%            0%"
--------------------------------------------------------------------------------------------------------
</TABLE>

         .    Amendment to Subsection 2.15(b). Subsection 2.15(b) of the Credit
Agreement is hereby amended by (i) inserting after the words "New York City
time," in the third line thereof the following: "or, in the case of Euro Cost of
Funds Loans, 2:00 P.M., London time,", (ii) inserting after the time "12:00
Noon" in the sixth line thereof the following: ", New York City time, or 2:00
P.M. London time, as the case may be," and (iii) inserting after the words
"Eurodollar Loan" each time they appear therein the words "or Euro Cost of Funds
Loan".

<PAGE>   6

6

         .    Amendment to Subsection 2.16. Subsection 2.16 of the Credit
Agreement is hereby amended by deleting such subsection in its entirety and
substituting in lieu thereof the following new subsection 2.16:

                   "2.16 Illegality. Notwithstanding any other provision herein,
         if the adoption of or any change in any Requirement of Law or in the
         interpretation or application thereof shall make it unlawful for any
         Lender to make or maintain Eurodollar Loans or Euro Cost of Funds Loans
         as contemplated by this Agreement, such Lender shall give notice
         thereof to the Administrative Agent and the Borrower describing the
         relevant provisions of such Requirement of Law (and, if the Borrower
         shall so request, provide the Borrower with a memorandum or opinion of
         counsel of recognized standing (as selected by such Lender) as to such
         illegality), following which (a) the commitment of such Lender
         hereunder to make Eurodollar Loans or Euro Cost of Funds Loans,
         continue Eurodollar Loans or Euro Cost of Funds Loans as such and
         convert ABR Loans to Eurodollar Loans shall forthwith be canceled, (b)
         such Lender's Loans then outstanding as Eurodollar Loans (including,
         without limitation, such Lender's Eurodollar Competitive Loans in the
         case of clause (ii) below), if any, shall be converted automatically to
         ABR Loans (i) on the respective last days of the then current Interest
         Periods with respect to such Loans or (ii) within such earlier period
         as required by law and (c) such Lender's Loans then outstanding as Euro
         Cost of Funds Loans shall, at the Borrower's option, either be due and
         payable in full or shall be converted into Dollars at the Spot Exchange
         Rate and shall be deemed to be made as a Swing Line Loan denominated in
         Dollars. If any such conversion or repayment of a Eurodollar Loan or a
         Euro Cost of Funds Loan occurs on a day which is not the last day of
         the then current Interest Period with respect thereto, the Borrower
         shall pay to such Lender such amounts, if any, as may be required
         pursuant to subsection 2.19."

         .    Amendment to Subsection 2.19. Subsection 2.19 of the Credit
Agreement is hereby amended by inserting immediately after the words "Eurodollar
Loans" in the eighth line thereof the following: ", Euro Cost of Funds Loans".

         .    Amendment to Section 8. Section 8 of the Credit Agreement is
hereby amended by deleting clause (j) therefrom.

         .    Amendment to Subsection 8(e). Subsection 8(e) of the Credit
Agreement is hereby amended by (i) deleting the amount "$10,000,000" where it
appears in the second line thereof and substituting in lieu thereof the amount
"$25,000,000" and (ii) deleting the amount "$10,000,000" where it appears in the
third line thereof and substituting in lieu thereof the amount "$25,000,000".

         .    Amendment to Subsection 8(f). Subsection 8(f) of the Credit
Agreement is hereby amended by deleting the amount "$20,000,000" where it
appears in the third line thereof and substituting in lieu thereof the amount
"$25,000,000".

<PAGE>   7

7

         .    Amendment to Subsection 10.2. Subsection 10.2 of the Credit
Agreement is hereby amended by adding thereto immediately after the first
address for the Administrative Agent the following information:

         "and in the case of
         Swing Line Loans
         denominated in Euro:               The Chase Manhattan Bank
                                            Trinity Tower
                                            9 Thomas Moore Street
                                            London, EY91T
                                            Attention:  Steven Hurford
                                            Telecopy:  011-44-171-777-2367
                                            Telephone:  011-44-171-777-2347"

         .    Conditions to Effectiveness. The amendments provided for herein
shall become effective as of the date hereof upon the receipt by the
Administrative Agent of (i) counterparts of this Amendment duly executed and
delivered by the Borrower, the Majority Lenders and each of the Swing Line
Lenders and (ii) resolutions of the Borrower in form and substance satisfactory
to the Administrative Agent authorizing the execution and delivery of this
Amendment and the borrowing of Euro Cost of Funds Loans.

              .    Representations and Warranties. The Borrower as of the date
hereof and after giving effect to the amendments contained herein, hereby
confirms, reaffirms and restates that each of the representations and warranties
made by it in or pursuant to Section 3 of the Credit Agreement is true and
correct in all material respects on and as of the date hereof as if made on and
as of the date hereof, except to the extent any such representation and warranty
specifically relates to an earlier date, in which case such representation and
warranty shall have been true and correct as of such earlier date; provided,
that each reference to the Credit Agreement therein shall be deemed to be a
reference to the Credit Agreement after giving effect to this Amendment.

         .    Payment of Expenses. The Borrower agrees to pay or reimburse the
Administrative Agent for all of its out-of-pocket costs and expenses incurred in
connection with the Amendment, any other documents prepared in connection
herewith and the transactions contemplated hereby, including, without
limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent.

         .    Reference to and Effect on the Credit Agreement; Limited Effect.
On and after the date hereof and the satisfaction of the conditions contained in
paragraph 14 of this Amendment, each reference in the Credit Agreement to "this
Agreement", "hereunder", "hereof" or words of like import referring to the
Credit Agreement shall mean and be a reference to the Credit Agreement as
amended hereby. The execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender under the Credit Agreement, nor constitute
a waiver of any provisions of the Credit Agreement. Except as expressly amended
herein, all of the provisions and covenants of the Credit Agreement are and
shall continue to remain in full force and effect in accordance with the terms
thereof and are hereby in all respects ratified and confirmed.

<PAGE>   8

8

         .    Counterparts. This Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts (which may include
counterparts delivered by facsimile transmission) and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. Any
executed counterpart delivered by facsimile transmission shall be effective as
for all purposes hereof.

         .    GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

<PAGE>   9

9

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                  DELPHI AUTOMOTIVE SYSTEMS
                                  CORPORATION

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  THE CHASE MANHATTAN BANK, as
                                  Administrative Agent and as a Lender

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BANK OF AMERICA, NATIONAL
                                  ASSOCIATION, as Syndication Agent and Lender

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  CITIBANK, N.A., as Syndication Agent and
                                  Lender

                                  By
                                     --------------------------
                                  Name:
                                  Title:

                                  DEUTSCHE BANK AG
                                  NEW YORK BRANCH, as Syndication Agent

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  DEUTSCHE BANK AG
                                  NEW YORK BRANCH AND/OR CAYMAN
                                  ISLANDS BRANCH, as Lender

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BARCLAYS BANK PLC, as Syndication Agent
                                  and Lender

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BANQUE NATIONALE DE PARIS, as
                                  Syndication Agent and Lender

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  AUSTRALIA AND NEW ZEALAND BANKING
                                  GROUP LIMITED

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BANCA COMMERCIALE ITALIANA - NEW YORK
                                  BRANCH

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BANCA DI ROMA

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BANKBOSTON, N.A.

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BANK OF MONTREAL

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  THE BANK OF NEW YORK

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  THE BANK OF NOVA SCOTIA

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BANK OF TOKYO - MITSUIBISHI TRUST
                                  COMPANY

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BAYERISCHE LANDESBANK
                                  GIROZENTRALE
                                  CAYMAN ISLANDS BRANCH

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  CIBC INC.

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  COMPAGNIE FINANCIERE DE CIC ET DE
                                  L'UNION EUROPEENNE
                                  (NEW YORK BRANCH)

                                   By:
                                     --------------------------
                                   Name:
                                   Title:

                                   By:
                                     --------------------------
                                   Name:
                                   Title:

                                  COMPAGNIE FINANCIERE DE CIC ET DE
                                  L'UNION EUROPEENNE
                                  (PARIS HEAD OFFICE)

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  COMERICA BANK

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  COMMERZBANK AG
                                  NEW YORK AND GRAND CAYMAN
                                  BRANCHES

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  CREDIT AGRICOLE INDOSUEZ

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  CREDIT LYONNAIS, CHICAGO BRANCH

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  DAI ICHI KANGYO BANK LTD.

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  DG BANK DEUTSCHE
                                  GENOSSENSCHAFTSBANK AG

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  DRESDNER BANK AG NEW YORK AND GRAND CAYMAN
                                  BRANCHES

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BANK ONE, NA (ILLINOIS)

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  FIRST UNION NATIONAL BANK

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  FORTIS (USA) FINANCE LLC

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  BAYERISCHE HYPO- UND VEREINSBANK AG

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  THE INDUSTRIAL BANK OF JAPAN,
                                  LIMITED, NEW YORK BRANCH

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  KBC BANK N.B.

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  KEYBANK NATIONAL ASSOCIATION

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  HSBC BANK USA

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  HSBC BANK PLC

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  NATIONAL WESTMINSTER BANK PLC
                                  NEW YORK BRANCH

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  NATIONAL WESTMINSTER BANK PLC
                                  NASSAU BRANCH

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  THE NORTHERN TRUST COMPANY

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  SANPAOLO IMI

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  THE SANWA BANK, LTD
                                  NEW YORK BRANCH

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  SOCIETE GENERALE

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  TORONTO DOMINION (TEXAS), INC.

                                  By:
                                     --------------------------
                                  Name:
                                  Title:

                                  WESTPAC BANKING CORPORATION

                                  By:
                                     --------------------------
                                  Name:
                                  Title:<PAGE>   1
                                                                EXHIBIT (10)(q)

                                    AGREEMENT

                  This AGREEMENT (the "Agreement") is made and entered into on
and as of December 22, 1999, by and between Delphi Automotive Systems
Corporation, a Delaware corporation ("Delphi"), and General Motors Corporation,
a Delaware corporation ("GM").

                                    RECITALS

                  WHEREAS, on September 16, 1998, Delphi was incorporated as a
wholly-owned subsidiary of GM; and

                  WHEREAS, effective as of January 1, 1999, GM contributed to
Delphi the assets, and Delphi assumed the liabilities, comprising the business
of the Delphi Automotive Systems business sector of GM; and

                  WHEREAS, the foregoing liabilities assumed by Delphi included
certain obligations arising under contracts with the International Union, United
Automotive, Aerospace and Agricultural Implement Workers of America (the "UAW")
to provide benefits and coverages to hourly workers; and

                  WHEREAS, in connection with the foregoing, GM and Delphi
entered into various agreements that set forth certain covenants of Delphi as to
continuity of business, limitations on the incurrence of indebtedness and other
matters; and

                  WHEREAS, on February 10, 1999, Delphi consummated an initial
public offering of 100,000,000 shares of its common stock; and

                  WHEREAS, on May 28, 1999, GM distributed 452,565,000 shares of
Delphi common stock as a dividend to holders of GM $1-2/3 par value common stock
and contributed 12,435,000 shares of Delphi common stock to a trust for the
benefit of GM employees, with the effect that GM divested its entire equity
interest in Delphi on that date; and

                  WHEREAS, in connection with the collective bargaining between
and among GM, Delphi and the UAW relating to, among other things, the effects of
the separation of GM and Delphi on the collective bargaining agreements in
existence at the time of the separation, the UAW has required that GM enter into
an agreement (the "Benefit Guarantee") to the effect that in the event that
Delphi or its successor company(ies) ceases doing business or becomes subject to
Financial Distress (as defined in the Benefit Guarantee) that affects the
benefits provided to certain UAW members, GM would guarantee the provision of
certain benefits for such members; and

                  WHEREAS, GM has entered into the Benefit Guarantee in the form
annexed hereto as Exhibit A.

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<PAGE>   2

                  NOW, THEREFORE, in consideration of the premises and the
covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties, and intending to be legally bound hereby, the parties hereby
covenant and agree as follows:

(A)               The parties acknowledge that the Benefit Guarantee has been
                  included in the 1999-2003 GM-UAW National Agreement, in the
                  form set forth on Exhibit A.

(B)               Until the expiration or termination of the Benefit Guarantee:

                  Delphi shall not, without consulting with GM at least five
                  days in advance (or if such notice is not reasonably possible,
                  such lesser amount of time as is reasonably possible, but in
                  any event not less than 24 hours), take or permit any of its
                  subsidiaries (or other affiliates controlled by it) to take
                  any of the following actions:

                  1.       Other than for fair value, the sale, transfer or
                           other disposition of assets in any single transaction
                           or series of related transactions, including shares
                           of capital stock of any of its subsidiaries, that in
                           the aggregate constitute more than 60% of the
                           consolidated gross assets of Delphi and its direct
                           and indirect subsidiaries; or

                  2.       The entering into of any single transaction or series
                           of related transactions which, if consummated, would
                           cause Delphi's "Consolidated Leverage Ratio" to
                           exceed 3.25:1.00 (as defined and measured in the
                           Delphi Competitive Advance and Revolving Credit
                           Facility with Chase Manhattan Bank as agent, dated as
                           of January 4, 1999 as in effect on the date hereof).

(C)               Until the expiration or termination of the Benefit Guarantee:

                  1.       Delphi shall not, without GM's prior written consent
                           (which shall not be unreasonably delayed or withheld)
                           voluntarily liquidate or dissolve Delphi, Delco
                           Electronics Corporation, Delphi Automotive Systems
                           LLC or Delphi Automotive Systems (Holding), Inc. or
                           any of their "significant subsidiaries" (as defined
                           in Regulation S-X (17 CFR 210) or their respective
                           successor entities or cause or permit any of such
                           entities voluntarily to enter into any proceeding
                           relating to its bankruptcy or insolvency (or similar
                           reorganization under statutes for the protection of
                           creditors), in each case only to the extent permitted
                           by law, and subject to the fiduciary obligations of
                           Delphi's board of directors;

                  2.       Delphi shall not, without GM's prior written consent
                           (which shall not be unreasonably delayed or withheld)
                           merge, consolidate or consummate a similar business
                           combination involving Delphi unless (A) Delphi is the
                           surviving entity and the ultimate controlling parent
                           entity of its affiliated group of companies (a
                           "UCPE") or (B) if as a result of such transaction
                           Delphi is not the surviving entity or Delphi (or its
                           successor) is controlled

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<PAGE>   3

                           by another UCPE, then, in either case, under this
                           Section C(2)(B): (i) such UCPE (if any) and the
                           successor entity (if other than Delphi) shall
                           expressly assume Delphi's obligations hereunder by an
                           agreement substantially in the form of Exhibit B
                           hereto or otherwise in form reasonably satisfactory
                           to GM, and (ii) immediately after giving effect to
                           such merger, consolidation or other similar business
                           combination, Delphi or the successor entity (if other
                           than Delphi) and the UCPE (if any) shall not be in
                           violation of its obligations under this Agreement;

                  3.       Delphi shall not, without GM's prior written consent
                           (which shall not be unreasonably delayed or withheld)
                           enter into any single transaction or series of
                           related transactions which, if consummated, would
                           cause Delphi's credit rating to be downgraded below
                           B1 from Moody's or B+ from Standard & Poor's (whether
                           or not such a downgrade might constitute Financial
                           Distress under the Benefit Guarantee);

                  4.       Delphi shall not, without GM's prior written consent
                           (which shall not be unreasonably delayed or withheld)
                           enter into any single transaction or series of
                           related transactions which, if consummated, would
                           cause the independent auditors of Delphi to qualify
                           their opinion regarding Delphi's financial statements
                           as they relate to Delphi's ability to continue to
                           operate as a going concern; and

                  5.       Delphi shall not, without GM's prior written consent
                           (which shall not be unreasonably delayed or
                           withheld), permit any of its subsidiaries (or other
                           affiliates controlled by it) to take any actions
                           which would cause Delphi to violate paragraphs (2),
                           (3) or (4) of this Section C.

(D)               If the Chief Financial Officer of Delphi shall at any time
                  believe that it is more likely than not that GM would become
                  obligated to provide any benefits pursuant to the Benefit
                  Guarantee, then Delphi shall immediately notify the Chief
                  Financial Officer of GM in writing of such event (the
                  "Notice"). The Notice shall state with particularity the facts
                  and circumstances giving rise to such event, and, to the
                  extent practicable, the estimated timing and scope of any
                  benefits that GM might be required to provide pursuant to the
                  Benefit Guarantee.

(E)               Promptly after the delivery of the Notice to GM and with a
                  view towards promoting the best interests of both companies,
                  Delphi and GM shall cooperate with each other in all
                  reasonable respects and work together in good faith to
                  consider reasonable alternatives, identify appropriate actions
                  and enter into reasonable arrangements which would enable
                  Delphi to continue to satisfy its benefit obligations to its
                  employees such that GM would not become obligated to provide
                  any benefits pursuant to the Benefit Guarantee.

(F)               1.       In the event that Delphi either fails or refuses to
                           provide or reduces the level of the benefits it
                           provides to its employees such that, after 60 days,
                           the continuation of such failure, refusal or
                           reduction would cause GM to become

                                       3

<PAGE>   4
                           obligated to provide any benefits pursuant to the
                           Benefit Guarantee, then Delphi shall promptly grant
                           to GM and GM's outside advisors reasonable access to
                           the relevant financial and other information relating
                           to Delphi's financial condition and to the benefits
                           provided to UAW employees which Delphi can produce
                           without an unreasonable burden and which GM
                           reasonably requires to enable GM (i) to assess
                           Delphi's financial condition, including, but not
                           limited to, the nature of its Financial Distress, and
                           (ii) to verify the timing and scope of any benefits
                           that GM might be required to provide pursuant to the
                           Benefit Guarantee. Notwithstanding the foregoing,
                           Delphi shall not be required to provide access to any
                           information regarding pricing or profitability with
                           any customer or supplier, information which Delphi
                           determines is competitively sensitive or the
                           disclosure of which to GM would violate any
                           confidentiality agreement of Delphi or violate any
                           requirement of law.

                  2.       Except as may be required by law, regulatory
                           authority or legal process, GM shall not disclose or
                           use any of the information furnished or to be
                           furnished by Delphi or its representatives to GM in
                           connection with this Agreement at any time or in any
                           manner other than as expressly contemplated by this
                           Agreement. GM may disclose such information to such
                           of its directors, employees and advisors as it
                           determines have a need to know and who agree to be
                           bound by these confidentiality provisions, but in no
                           event shall it disclose such information to its
                           purchasing employees. GM shall be responsible for any
                           breach of this Section F(2) by any such persons.

(G)               If GM shall at any time become obligated to provide any
                  benefits pursuant to the Benefit Guarantee, Delphi shall use
                  all reasonable commercial efforts to, as soon as practicable
                  thereafter, re-assume all obligations for the provision of
                  such benefits to its employees such that GM is relieved of its
                  obligations under the Benefit Guarantee.

(H)               Delphi shall indemnify and hold harmless GM and its affiliates
                  from and against any and all losses and liabilities, if any,
                  relating to (i) all benefits provided by GM pursuant to the
                  Benefit Guarantee, (ii) all third party claims or settlements
                  relating to any benefits provided by GM pursuant to the
                  Benefit Guarantee, (iii) all collection efforts by or on
                  behalf of GM relating to the losses and liabilities described
                  in clauses (i) and (ii) hereof and (iv) any breach by Delphi
                  of any of the provisions of this Agreement. If GM incurs such
                  losses or liabilities, Delphi and GM shall immediately enter
                  into an indebtedness agreement evidencing and providing
                  security for Delphi's indemnification obligations hereunder.
                  Such agreement shall specify that all amounts for which Delphi
                  is, at such time and thereafter, required to indemnify GM
                  hereunder shall be deemed to be principal thereunder and shall
                  accrue interest at a market rate of interest commensurate with
                  Delphi's long-term credit rating at the time such agreement is
                  executed.

(I)               This Agreement shall be governed by the internal laws (and not
                  the law of conflicts) of the State of Delaware. Any action to
                  enforce or interpret any

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<PAGE>   5

                  provision of this Agreement shall be brought exclusively in
                  the state or federal courts of the State of Delaware.

(J)               Delphi and GM each acknowledge and agree that the breach by it
                  of any term or provision of this Agreement, or the breach by
                  it or any of its subsidiaries, affiliates or the persons
                  mentioned in paragraph F(2) of their respective obligations
                  hereunder, will materially and irreparably harm the other
                  party, that monetary damages will not provide an adequate
                  remedy for such breach and that such other party, in its sole
                  discretion and in addition to its rights under this Agreement
                  and any other remedies it may have in law or at equity, may,
                  after five days (or such shorter time as such other party
                  reasonably determines is required to avoid irreparable harm to
                  it, but in all cases not less than 24 hours) prior written
                  notice to the breaching party, apply to any court of law or
                  equity of competent jurisdiction (without posting of any bond
                  or deposit) for specific performance, injunctive relief or
                  other equitable remedies in order to enforce this Agreement or
                  prevent any breach of the terms hereof.

(K)               Delphi agrees that the foregoing is in addition and not in
                  lieu of the covenants previously provided to GM in connection
                  with the separation of Delphi from GM.

(L)               This Agreement, and Delphi's obligations hereunder (other than
                  any indemnification obligations under paragraph H), shall
                  terminate at midnight on the later of (i) the eighth
                  anniversary of the Effective Date of the 1999-2003 GM-UAW
                  National Agreement or (ii) if and to the extent appropriate,
                  the expiration of any obligations of GM to provide benefits
                  pursuant to the Benefit Guarantee, provided however, that
                  Delphi's obligations shall not be extended by reason of any
                  extension of the term of GM's obligations to the UAW under the
                  Benefit Guarantee as in effect as of the date hereof, unless
                  Delphi shall have consented in writing to any such extension.

(M)               GM intends to request a supplemental ruling from the IRS
                  concerning, among other things, whether and to what extent, if
                  at all, the private letter ruling received by GM from the IRS
                  dated January 12, 1999 concerning the tax-free nature of the
                  spin-off of Delphi from GM is affected by this Agreement and
                  the agreements, including the Benefit Guarantee, entered into
                  between GM and the UAW in connection with their 1999
                  bargaining for a new labor contract. Although GM does not
                  expect the IRS to modify the validity of the favorable letter
                  ruling, it may, after assessing the IRS review of the
                  agreements, engage in further review of those agreements with
                  the UAW in order to seek modifications thereto which preserve
                  the effectiveness of the tax-free ruling from the IRS as well
                  as the protections sought by the UAW for its members in those
                  agreements. If and to the extent any modifications to those
                  agreements are agreed to between GM and the UAW which limit or
                  otherwise modify the duration or scope of the obligations of
                  GM under the Benefit Guarantee, GM and Delphi shall promptly
                  negotiate in good faith and modify the provisions of this
                  Agreement for the purpose of causing Delphi to provide to GM
                  benefits and rights, consistent with those contained herein,
                  which in
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<PAGE>   6

                  substantially the same manner as is accomplished in this
                  Agreement, correspond to and functionally support the
                  obligations of GM under the Benefit Guarantee as it may be
                  modified.

(N)               If any provision of this Agreement is held to be invalid or
                  unenforceable in any jurisdiction, then, to the fullest extent
                  permitted by law, (i) the other provisions of this Agreement
                  shall remain in full force and effect in such jurisdiction and
                  shall be construed to carry out the intentions of the parties
                  hereto as nearly as may be possible, and (ii) the invalidity
                  or unenforceability of any provision hereof in any
                  jurisdiction shall not affect the validity or enforceability
                  of such provision in any other jurisdiction.

(O)               Except as expressly provided herein, neither party may assign
                  any of its rights hereunder without the prior written consent
                  of the other party hereto. This Agreement shall not be
                  construed as giving any person, other than the parties hereto
                  and their permitted successors and assigns, any legal or
                  equitable right, remedy or claim under or in respect of this
                  Agreement or any of the provisions herein contained, this
                  Agreement and all provisions and conditions hereof being
                  intended to be, and being, for the sole and exclusive benefit
                  of such parties, and permitted successors and assigns and for
                  the benefit of no other person or entity, provided, however,
                  that the promissory note issued by Delphi to GM, pursuant to
                  the Supplement to U.S. Employee Matters Agreement, is subject
                  to acceleration upon violation by Delphi of its obligations
                  hereunder (whether such note is held by GM or a permitted
                  transferee of GM).

(P)               This Agreement constitutes the entire agreement between the
                  parties hereto with respect to its subject matter and
                  supersedes all prior oral or written agreements,
                  understandings and representations to the extent that they
                  relate in any way to the subject matter of this Agreement.

                                    ********
                  IN WITNESS WHEREOF, the parties have duly executed this
Agreement on and as of the date first above written.

GENERAL MOTORS CORPORATION

By: /s/ Eric Feldstein
   --------------------
Title: Treasurer

DELPHI AUTOMOTIVE SYSTEMS CORPORATION

By: /s/ J.T. Battenberg III
   -------------------------
Title:Chief Executive Officer and President

                                       6

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