Document:

exv10wxfy

 

Exhibit 10(f)

 

AMENDED AND RESTATED REVOLVING CREDIT, TERM LOAN AND GUARANTY

AGREEMENT

 

Among

DELPHI CORPORATION

a Debtor and a Debtor-in-Possession under Chapter 11 of the Bankruptcy Code

as Borrower

and

THE SUBSIDIARIES OF THE BORROWER NAMED HEREIN,

Each a Debtor and a Debtor-in-Possession under Chapter 11 of the Bankruptcy Code

as Guarantors

and

THE LENDERS PARTY HERETO

and

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

and

CITICORP USA, INC.

as Syndication Agent 

and

BANK OF AMERICA, N.A.,

GENERAL ELECTRIC CAPITAL CORPORATION

and WACHOVIA CAPITAL FINANCE CORPORATION

as Co-Documentation Agents for Tranche A and Tranche B

J.P. MORGAN SECURITIES INC.,

CITIGROUP GLOBAL MARKETS INC.

and GE CAPITAL MARKETS, INC.

as Joint Lead Arrangers for Tranche A and Tranche B

JPMORGAN SECURITIES INC.,

CITIGROUP GLOBAL MARKETS INC.,

GE CAPITAL MARKETS, INC.

and BANK OF AMERICA, N.A.

as Joint Bookrunners for Tranche A and Tranche B

DEUTSCHE BANK SECURITIES INC.

as Documentation Agent for Tranche C

J.P. MORGAN SECURITIES INC.,

CITIGROUP GLOBAL MARKETS INC.

and DEUTSCHE BANK SECURITIES INC.

as Joint Lead Arrangers for Tranche C

J.P. MORGAN SECURITIES INC.,

CITIGROUP GLOBAL MARKETS INC.

and DEUTSCHE BANK SECURITIES INC.

as Joint Bookrunners for Tranche C

 

Dated as of May 9, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	SECTION 1. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.01 Defined Terms
	 	 	1	 
	SECTION 1.02 Terms Generally
	 	 	33	 
	SECTION 1.03 Accounting Terms; GAAP
	 	 	33	 
	 
	 	 	 	 
	SECTION 2. AMOUNT AND TERMS OF CREDIT
	 	 	33	 
	 
	 	 	 	 
	SECTION 2.01 Commitments of the Lenders
	 	 	33	 
	SECTION 2.02 [Reserved]
	 	 	35	 
	SECTION 2.03 Letters of Credit
	 	 	35	 
	SECTION 2.04 Requests for Borrowings
	 	 	40	 
	SECTION 2.05 Funding of Borrowings
	 	 	42	 
	SECTION 2.06 Interest Elections
	 	 	43	 
	SECTION 2.07 [Reserved]
	 	 	44	 
	SECTION 2.08 Interest on Loans
	 	 	44	 
	SECTION 2.09 Default Interest
	 	 	45	 
	SECTION 2.10 Alternate Rate of Interest
	 	 	45	 
	SECTION 2.11 Repayment of Loans; Evidence of Debt
	 	 	45	 
	SECTION 2.12 Optional Termination or Reduction of Commitment
	 	 	46	 
	SECTION 2.13 Mandatory Prepayment; Commitment Termination
	 	 	46	 
	SECTION 2.14 Optional Prepayment of Loans
	 	 	48	 
	SECTION 2.15 [Reserved]
	 	 	48	 
	SECTION 2.16 Increased Costs
	 	 	48	 
	SECTION 2.17 Break Funding Payments
	 	 	50	 
	SECTION 2.18 Taxes
	 	 	50	 
	SECTION 2.19 Payments Generally; Pro Rata Treatment
	 	 	53	 
	SECTION 2.20 Mitigation Obligations; Replacement of Lenders
	 	 	54	 
	SECTION 2.21 Certain Fees
	 	 	55	 
	SECTION 2.22 Commitment Fees
	 	 	55	 
	SECTION 2.23 Letter of Credit Fees
	 	 	55	 
	SECTION 2.24 Nature of Fees
	 	 	56	 
	SECTION 2.25 Priority and Liens
	 	 	56	 
	SECTION 2.26 Right of Set-Off
	 	 	58	 
	SECTION 2.27 Security Interest in Letter of Credit Account
	 	 	58	 
	SECTION 2.28 Payment of Obligations
	 	 	58	 
	SECTION 2.29 No Discharge; Survival of Claims
	 	 	59	 
	SECTION 2.30 Use of Cash Collateral
	 	 	59	 

i 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 3. REPRESENTATIONS AND WARRANTIES
	 	 	59	 
	 
	 	 	 	 
	SECTION 3.01 Organization and Authority
	 	 	59	 
	SECTION 3.02 Due Execution
	 	 	59	 
	SECTION 3.03 Statements Made
	 	 	60	 
	SECTION 3.04 Financial Statements
	 	 	60	 
	SECTION 3.05 Ownership
	 	 	61	 
	SECTION 3.06 Liens
	 	 	61	 
	SECTION 3.07 Compliance with Law
	 	 	61	 
	SECTION 3.08 Insurance
	 	 	61	 
	SECTION 3.09 Use of Proceeds
	 	 	61	 
	SECTION 3.10 Litigation
	 	 	62	 
	SECTION 3.11 ERISA
	 	 	62	 
	SECTION 3.12 The Approval Order
	 	 	62	 
	SECTION 3.13 Properties
	 	 	62	 
	 
	 	 	 	 
	SECTION 4. CONDITIONS TO EFFECTIVENESS AND OF LENDING
	 	 	62	 
	 
	 	 	 	 
	SECTION 4.01 Conditions to Effectiveness
	 	 	62	 
	SECTION 4.02 Conditions Precedent to Each Loan and Each Letter of Credit
	 	 	65	 
	SECTION 4.03 Condition Precedent to the Subsequent Tranche C Loan
	 	 	66	 
	 
	 	 	 	 
	SECTION 5. AFFIRMATIVE COVENANTS
	 	 	66	 
	 
	 	 	 	 
	SECTION 5.01 Financial Statements, Reports, etc
	 	 	66	 
	SECTION 5.02 Existence
	 	 	69	 
	SECTION 5.03 Insurance
	 	 	69	 
	SECTION 5.04 Obligations and Taxes
	 	 	69	 
	SECTION 5.05 Notice of Event of Default, etc
	 	 	70	 
	SECTION 5.06 Access to Books and Records
	 	 	70	 
	SECTION 5.07 Maintenance of Concentration Account
	 	 	70	 
	SECTION 5.08 Borrowing Base Certificate
	 	 	70	 
	SECTION 5.09 Collateral Monitoring and Review
	 	 	71	 
	SECTION 5.10 GM-Delphi Agreement
	 	 	71	 
	SECTION 5.11 Subsequently Filed Domestic Entities
	 	 	71	 
	 
	 	 	 	 
	SECTION 6. NEGATIVE COVENANTS
	 	 	72	 
	 
	 	 	 	 
	SECTION 6.01 Liens
	 	 	72	 
	SECTION 6.02 Merger, etc
	 	 	74	 
	SECTION 6.03 Indebtedness
	 	 	75	 
	SECTION 6.04 EBITDAR
	 	 	75	 
	SECTION 6.05 GM-Delphi Agreement
	 	 	76	 
	SECTION 6.06 Chapter 11 Claims
	 	 	76	 
	SECTION 6.07 Dividends; Capital Stock
	 	 	76	 
	SECTION 6.08 Transactions with Affiliates
	 	 	77	 
	SECTION 6.09 Investments, Loans and Advances
	 	 	77	 

ii 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 6.10 Disposition of Assets
	 	 	78	 
	SECTION 6.11 Nature of Business
	 	 	78	 
	 
	 	 	 	 
	SECTION 7. EVENTS OF DEFAULT
	 	 	78	 
	 
	 	 	 	 
	SECTION 7.01 Events of Default
	 	 	78	 
	 
	 	 	 	 
	SECTION 8. THE AGENTS
	 	 	82	 
	 
	 	 	 	 
	SECTION 8.01 Appointments; Administration by Administrative Agent; No Duties for Syndication Agent
	 	 	82	 
	SECTION 8.02 Rights of Agents
	 	 	82	 
	SECTION 8.03 Liability of Agents
	 	 	83	 
	SECTION 8.04 Reimbursement and Indemnification
	 	 	83	 
	SECTION 8.05 Successor Administrative Agent
	 	 	84	 
	SECTION 8.06 Independent Lenders
	 	 	84	 
	SECTION 8.07 Advances and Payments
	 	 	84	 
	SECTION 8.08 Sharing of Setoffs
	 	 	85	 
	 
	 	 	 	 
	SECTION 9. GUARANTY
	 	 	86	 
	 
	 	 	 	 
	SECTION 9.01 Guaranty
	 	 	86	 
	SECTION 9.02 No Impairment of Guaranty
	 	 	87	 
	SECTION 9.03 Subrogation
	 	 	87	 
	 
	 	 	 	 
	SECTION 10. MISCELLANEOUS
	 	 	87	 
	 
	 	 	 	 
	SECTION 10.01 Notices
	 	 	87	 
	SECTION 10.02 Survival of Agreement, Representations and Warranties, etc
	 	 	88	 
	SECTION 10.03 Successors and Assigns
	 	 	88	 
	SECTION 10.04 Confidentiality
	 	 	93	 
	SECTION 10.05 Expenses; Indemnity; Damage Waiver
	 	 	93	 
	SECTION 10.06 CHOICE OF LAW
	 	 	94	 
	SECTION 10.07 No Waiver
	 	 	94	 
	SECTION 10.08 Extension of Maturity
	 	 	94	 
	SECTION 10.09 Amendments, etc
	 	 	95	 
	SECTION 10.10 Severability
	 	 	97	 
	SECTION 10.11 Headings
	 	 	97	 
	SECTION 10.12 Survival
	 	 	97	 
	SECTION 10.13 Execution in Counterparts; Integration; Effectiveness
	 	 	97	 
	SECTION 10.14 Prior Agreements
	 	 	98	 
	SECTION 10.15 Further Assurances
	 	 	98	 
	SECTION 10.16 USA Patriot Act
	 	 	98	 
	SECTION 10.17 WAIVER OF JURY TRIAL
	 	 	98	 

	 	 	 	 	 
	ANNEX A

	 	 	 	Commitment Amounts
	 
	 	 	 	 
	EXHIBIT A

	 	-
	 	Approval Order

iii 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	EXHIBIT B

	 	-
	 	Form of Security and Pledge Agreement
	EXHIBIT C

	 	-
	 	Form of Assignment and Acceptance
	EXHIBIT D

	 	-
	 	Form of Exemption Certificate
	EXHIBIT E

	 	-
	 	Form of Borrowing Base Certificate
	 
	 	 	 	 
	SCHEDULE 1.01

	 	-
	 	Existing Pre-Petition Agreement
	SCHEDULE 3.05

	 	-
	 	Subsidiaries
	SCHEDULE 3.10

	 	-
	 	Litigation
	SCHEDULE 6.01

	 	-
	 	Liens
	SCHEDULE 6.08

	 	-
	 	Transactions with Affiliates
	SCHEDULE 6.10

	 	-
	 	Asset Sales

iv 

 

AMENDED AND RESTATED REVOLVING CREDIT, TERM LOAN AND GUARANTY

AGREEMENT

Dated as of May 9, 2008

          AMENDED AND RESTATED REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT, dated as of May 9,
2008, among DELPHI CORPORATION, a Delaware corporation (the “Borrower”), a debtor and
debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy Code, and the
subsidiaries of the Borrower signatory hereto (each a “Guarantor” and collectively the
“Guarantors”), each of which Guarantors is a debtor and debtor-in-possession in a case
pending under Chapter 11 of the Bankruptcy Code (the cases of the Borrower and the Guarantors, each
a “Case” and collectively, the “Cases”), the financial institutions from time to
time party hereto (the “Lenders”), JPMORGAN CHASE BANK, N.A. (“JPMCB”), as
administrative agent (in such capacity, the “Administrative Agent”) for the Lenders, and
CITICORP USA, INC., as syndication agent (in such capacity, the “Syndication Agent”;
together, the Administrative Agent and the Syndication Agent are the “Agents”).

INTRODUCTORY STATEMENT

          On October 8, 2005, the Borrower and the Guarantors filed voluntary petitions with the
Bankruptcy Court initiating the Cases and have continued in the possession of their assets and in
the management of their businesses pursuant to Sections 1107 and 1108 of the Bankruptcy Code.

          Certain of the parties hereto have heretofore entered into that certain Revolving Credit, Term
Loan and Guaranty Agreement, dated as of January 9, 2007 (the “Original Credit Agreement”,
and as amended and restated as of November 20, 2007 and in effect immediately prior to the
effectiveness of this Amended and Restated Revolving Credit, Term Loan and Guaranty Agreement, the
“Existing Credit Agreement”).

          Subject to the satisfaction of the conditions set forth in Section 4.01 hereof, the Existing
Credit Agreement shall be amended and restated in its entirety to read as set forth herein and
shall provide for, among other things, loan facilities of up to $4,350,000,000, all of the
Borrower’s obligations under each of which facilities will be guaranteed by the Guarantors.

SECTION 1. DEFINITIONS

     SECTION 1.01 Defined Terms.

          “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the Alternate Base Rate.

          “ABR Borrowing” shall mean a Borrowing comprised of ABR Loans.

          “Account” shall mean any right to payment for goods sold or leased or for services
rendered, whether or not earned by performance, as set forth in the UCC.

          “Account Debtor” shall mean the Person obligated on an Account.

1

 

          “Additional Lender” means a Lender which is an Amended and Restated Lender and which
is not an Original Lender.

          “Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%)
equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve
Rate, subject to the proviso set forth in Section 2.08(b) with respect to any Tranche B Eurodollar
Borrowing or a Tranche C Loan Eurodollar Borrowing.

          “Adjusted Eligible Receivables” shall mean the Eligible Receivables, minus the
Dilution Reserve.

          “Administrative Agent” shall have the meaning given such term in the Introduction.

          “Affiliate” shall mean, as to any Person, any other Person which, directly or
indirectly, is in control of, is controlled by, or is under common control with, such Person. For
purposes of this definition, a Person (a “Controlled Person”) shall be deemed to be
“controlled by” another Person (a “Controlling Person”) if the Controlling Person
possesses, directly or indirectly, power to direct or cause the direction of the management and
policies of the Controlled Person whether by contract or otherwise.

          “Agents” shall have the meaning given such term in the Introduction.

          “Agreement” shall mean this Revolving Credit, Term Loan and Guaranty Agreement, as the
same may from time to time be amended, modified or supplemented.

          “Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greater
of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on
such day plus 1/2 of 1%, subject to the proviso set forth in Section 2.08(a) with respect to any
Tranche B ABR Borrowing or a Tranche C Loan ABR Borrowing. Any change in the Alternate Base Rate
due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and
including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate,
respectively.

          “Amended and Restated Lenders” shall mean the Lenders identified in Annex A hereto,
the interest(s) of each of which shall be, on the Effective Date, those shown opposite its name on
Annex A hereto under the heading “Tranche A Commitment Amount”, “Tranche B Commitment Amount”,
“Initial Tranche C Commitment Amount” and/or “Subsequent Tranche C Commitment Amount”.

          “Approval Order” shall have the meaning given such term in Section 4.01(b) of the
Original Credit Agreement, as supplemented from time to time thereafter, including by the Fourth
Amendment Approval Order and the Supplemental Approval Order.

          “Approved Fund” shall have the meaning given such term in Section 10.03(b).

          “Arrangers/Bookrunners” shall mean, collectively, J.P. Morgan Securities Inc.,
Citigroup Global Markets Inc., GE Capital Markets, Inc. and Deutsche Bank Securities Inc.

2

 

          “Asset Sale” shall mean any Disposition of property or series of related Dispositions
of property by the Borrower or any Guarantor (excluding any such Disposition permitted by Clauses
(i), (ii), (iii), (v), (vii) and (viii) of Section 6.10).

          “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 10.03),
and accepted by the Administrative Agent, substantially in the form of Exhibit C.

          “Automotive Holdings Group” shall mean the division within Delphi Automotive Systems
LLC comprised of select product lines and plant sites that do not meet the Borrower’s targets for
net income or other financial metrics, with such additions and deletions to product lines and plant
sites as the Borrower may from time to time determine (in a manner consistent with the criteria
used on the Closing Date to include product lines and plant sites in such division) and as such
divisional name may be changed from time to time.

          “Availability Period” shall mean the period from and including the Effective Date to
but excluding the Termination Date.

          “Available Amount” means, at any time, an amount equal to (A) the lesser of (i) the
Total First Priority Commitment at such time and (ii) the Borrowing Base, minus (B) after giving
effect to any proposed Borrowing or issuance of a Letter of Credit at such time, the sum of the
aggregate principal amount of the outstanding Tranche A Loans, plus the aggregate principal amount
of the outstanding Tranche B Loan, plus the LC Exposure.

          “Available Inventory” shall mean, on any date, the lesser of (i) an amount equal to
(x) the product of (1) 75% multiplied by (2) the sum of Eligible Inventory, less Inventory
Reserves, less (y) Rent Reserves and (ii) 85% of the product of (x) the Net Recovery Rate in effect
for the Inventory (based on the then most recent independent inventory appraisal) on such date of
determination, multiplied by (y) the aggregate amount of gross domestic Inventory and Mexican
Inventory (in each case as reported in accordance with the Borrower’s general ledger and inventory
system at such date of determination) as set forth in the most recent Borrowing Base Certificate.

          “Available Liquidity” shall mean, at any time, an amount that is equal to the sum of
(i) the Available Amount at such time, (ii) the unrestricted cash and cash equivalents of the
Borrower and the Guarantors (as reflected on a consolidated balance sheet of the Borrower and the
Guarantors) in an aggregate amount up to $25,000,000 at such time, and (iii) the aggregate amount
of Cash Collateral at such time.

          “Available Receivables” shall mean, at any date of determination, an amount equal to
85% of Adjusted Eligible Receivables.

          “Bankruptcy Code” shall mean The Bankruptcy Reform Act of 1978, as heretofore and
hereafter amended, and codified as 11 U.S.C. Section 101 et seq.

          “Bankruptcy Court” shall mean the United States Bankruptcy Court for the Southern
District of New York or any other court having jurisdiction over the Cases from time to time.

3

 

          “Board” shall mean the Board of Governors of the Federal Reserve System of the United
States.

          “Borrower” shall have the meaning given such term in the Introduction.

          “Borrowing” shall mean (a) the incurrence, conversion or continuation of Tranche A
Loans of a single Type made from all the Tranche A Lenders on a single date and having, in the case
of Eurodollar Loans, a single Interest Period, (b) the incurrence of the Tranche B Loan or the
conversion or continuation of a portion of the Tranche B Loan having a specified Type and having,
in the case of a Eurodollar Borrowing, a specified Interest Period and (c) the incurrence of the
Tranche C Loan or the conversion or continuation of a portion of the Tranche C Loan having a
specified Type and having, in the case of a Eurodollar Borrowing, a specified Interest Period.

          “Borrowing Base” shall mean, on any date, an amount (calculated based on the most
recent Borrowing Base Certificate delivered to the Administrative Agent in accordance with this
Agreement) that is equal to the sum of (i) Available Receivables, plus (ii) Available Inventory,
plus (iii) the Fixed Asset Component, minus (iv) the Carve-Out, minus (v) an amount equal to the
excess (if any) of the aggregate amount of Secured Domestic Hedging Obligations (determined on a
marked-to-market basis) over $75,000,000, minus (vi) the GM Prepayment Reserve outstanding on such
date; provided that the aggregate amount of the Fixed Asset Component shall at no time
account for more than thirty percent (30%) of the aggregate amount of the Borrowing Base (it being
understood that, solely for purposes of this proviso, the aggregate amount of the Borrowing Base
shall be calculated without giving effect to the deductions described in clauses (iv) and (v)
above). For the avoidance of doubt, for purposes of this definition, (A) the amount described in
clause (iii) of the definition of Carve-Out shall be deemed at all times to be equal to $35,000,000
and (B) the amount described in clause (iv)(y) of the definition of Carve-Out shall be deemed at
all times to be equal to $10,000,000. Borrowing Base standards may be fixed and revised from time
to time by the Administrative Agent in its reasonable discretion.

          “Borrowing Base Certificate” shall mean a certificate substantially in the form of an
Exhibit E (with such changes therein as may be reasonably required from time to time (upon at least
10 days’ notice by the Administrative Agent, except during the continuance of an Event of Default)
to reflect the components of and reserves against the Borrowing Base as provided for hereunder from
time to time), executed and certified by a Financial Officer of the Borrower, which shall include
appropriate exhibits, schedules and collateral reporting requirements as provided for herein,
including in Section 5.08.

          “Borrowing Request” shall mean a request by the Borrower for a Borrowing in accordance
with Section 2.04.

          “Business Day” shall mean any day other than a Saturday, Sunday or other day on which
commercial banks in New York City are required or authorized to remain closed (and, for a Letter of
Credit, other than a day on which the applicable Issuing Lender is closed); provided,
however, 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 on
the London interbank market.

4

 

          “Canadian Dollars” and “C$” mean the lawful money of Canada.

          “Capitalized Lease” shall mean, as applied to any Person, any lease of property by
such Person as lessee which would be capitalized on a balance sheet of such Person prepared in
accordance with GAAP. The amount of obligations of such Person under a Capitalized Lease shall be
the capitalized amount thereof determined in accordance with GAAP.

          “Carve-Out” shall mean (i) all fees required to be paid to the Clerk of the Bankruptcy
Court and to the Office of the United States Trustee under section 1930(a) of title 28 of the
United States Code, (ii) all fees and expenses incurred by a trustee under Section 726(b) of the
Bankruptcy Code, (iii) after the occurrence and during the continuance of an Event of Default, the
payment of allowed and unpaid professional fees and disbursements incurred by the Borrower, the
Guarantors and any statutory committees appointed in the Cases (each, a “Committee”), and
any Post-Order Transaction Expenses, in an aggregate amount not exceeding $35,000,000 and (iv) all
unpaid professional fees and disbursements incurred or accrued by the Borrowers, the Guarantors and
any Committees, and any Post-Order Transaction Expenses, in each case incurred or accrued at any
time when no Event of Default is continuing, in an aggregate amount not exceeding the sum of (x)
such unpaid professional fees and disbursements and Post-Order Transaction Expenses reflected on
the most recent Borrowing Base Certificate delivered to the Administrative Agent prior to any Event
of Default that is then continuing and (y) such unpaid professional fees and disbursements and
Post-Order Transaction Expenses incurred or accrued after the date of such Borrowing Base
Certificate (but at a time when no Event of Default is continuing) in an aggregate amount under
this clause (y) not exceeding $10,000,000 (and with amounts included under this clause (y) to be
supported by back-up documentation in respect of the amounts and dates of incurrence of such fees
and disbursements), in each of the foregoing clauses (i), (ii), (iii) and (iv), to the extent
allowed by the Bankruptcy Court at any time.

          “Cases” shall have the meaning given such term in the Introduction.

          “Cash Collateral” shall mean cash collateral and Permitted Investments pledged to the
Administrative Agent and held in segregated accounts at the Administrative Agent subject to Full
Control Deposit Account Agreements and/or Full Control Securities Account Agreements, as
applicable.

          “Cash Collateralization” shall have the meaning given such term in Section 2.03(j),
and “Cash Collateralize” shall have the corresponding meaning.

          “Change in Law” shall mean (a) the adoption of any law, rule or regulation after the
date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender or Issuing Lender (or, for purposes of Section 2.16(b), by any lending
office of such Lender or Issuing Lender or by such Lender’s or Issuing Lender’s holding company, if
any) with any request, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement.

          “Change of Control” shall mean the occupation of a majority of the seats (other than
vacant seats) on the Board of Directors of the Borrower by Persons who were neither (a)

5

 

nominated by the Board of Directors of the Borrower nor (b) appointed by directors so
nominated.

          “Class” (i) when used with respect to Lenders, shall refer to whether such Lenders are
Tranche A Lenders, Tranche B Lenders or Tranche C Lenders, (ii) when used with respect to
Commitments, refers to whether such Commitments are Tranche A Commitments, Tranche B Commitments,
Initial Tranche C Commitments or Subsequent Tranche C Loan Commitments and (iii) when used with
respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such
Borrowing, are Tranche A Loans, Tranche B Loan, Initial Tranche C Loan or Subsequent Tranche C
Loan.

          “Closing Date” shall mean January 9, 2007.

          “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and
the regulations promulgated and rulings issued thereunder.

          “Collateral” shall mean the “Collateral” as defined in the Security and Pledge
Agreement.

          “Commitment” shall mean either a Tranche A Commitment, a Tranche B Commitment, an
Initial Tranche C Commitment or a Subsequent Tranche C Commitment.

          “Commitment Letter” shall mean that certain Commitment Letter dated December 15, 2006,
among the Arrangers/Bookrunners, certain of their Affiliates and the Borrower.

          “Consummation Date” shall mean the date of the substantial consummation (as defined in
Section 1101 of the Bankruptcy Code and which for purposes of this Agreement shall be no later than
the effective date) of a Reorganization Plan that is confirmed pursuant to an order of the
Bankruptcy Court.

          “DASHI Intercompany Transfer Order” shall mean the Order Under 11 U.S.C. §§ 363(c),
1107, and 1108, and Cash Management Order, and Alternatively, Under 11 U.S.C. §§ 363(b)(1) and
364(c), Confirming Authority of Delphi Automotive Systems (Holding), Inc. to Complete Intercompany
Transfer of Funds, entered by the Bankruptcy Court on October 25, 2007.

          “Debtor Liens” shall have the meaning set forth in the Approval Order.

          “Dilution Factors” shall mean, without duplication (including, without duplication to
the deductions taken into account in the calculation of Eligible Receivables), with respect to any
period, the aggregate amount of all deductions, credit memos, returns, adjustments, allowances, bad
debt write-offs and other non-cash credits which are recorded to reduce accounts receivable in a
manner consistent with current and historical accounting practices of the Loan Parties.

          “Dilution Ratio” shall mean, at any date, the amount (expressed as a percentage) equal
to (a) the aggregate amount of the applicable Dilution Factors for the twelve (12) most recently
ended fiscal months divided by (b) total gross sales of the Loan Parties for the twelve

6

 

(12) most recently ended fiscal months, or such other amount as may be otherwise agreed by the
Administrative Agent and the Borrower.

          “Dilution Reserve” shall mean, at any date, (i) the amount by which the Dilution Ratio
exceeds five percent (5%) multiplied by (ii) the Eligible Receivables on such date.

          “Disclosure Filings” shall mean the following filings made by the Borrower with the
Securities and Exchange Commission: (a) all Form 8-K filings from the filing date of the Form 10-Q
in respect of the period ending March 31, 2008 through May 2, 2008 and (b) all Form 10-K and Form
10-Q filings from December 31, 2007 through May 2, 2008.

          “Disposition” shall mean, with respect to any property, any sale, lease, sale and
leaseback, assignment (other than for security or collection in the ordinary course of business),
conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed
of” shall have correlative meanings.

          “Dollars” and “$” shall mean lawful money of the United States of America.

          “Domestic Entities” shall mean the Borrower and its direct and indirect domestic
Subsidiaries on a consolidated basis.

          “DPW” shall have the meaning given such term in Section 10.05(a).

          “Effective Date” shall have the meaning given such term in Section 4.01(a).

          “Eligible Assignee” shall mean (i) a commercial bank having total assets in excess of
$1,000,000,000, (ii) a finance company, insurance company or other financial institution or fund,
in each case reasonably acceptable to the Administrative Agent, which in the ordinary course of
business extends credit of the type contemplated herein and has total assets in excess of
$200,000,000 and whose becoming an assignee would not constitute a prohibited transaction under
Section 4975 of the Code or Section 406 of ERISA, (iii) an Affiliate of the assignor Lender, (iv)
an Approved Fund and (v) any other Person reasonably satisfactory to the Administrative Agent.

          “Eligible Equipment” shall mean, on any date of determination, the aggregate value (as
reflected on the accounting records of the Borrower or the applicable Guarantor and consistent with
such Person’s current and historical accounting practices) at such date of all Qualified Equipment
and Machinery owned by the Borrower and the Guarantors and located in any jurisdiction in the
United States of America as to which Qualified Equipment and Machinery appropriate UCC financing
statements have been filed naming the Borrower or the applicable Guarantor as “debtor” and JPMorgan
Chase Bank, N.A., as Administrative Agent, as “secured party”. As used herein, the term
“Qualified Equipment and Machinery” means, with respect to the Borrower or any Guarantor,
all Equipment that is owned solely by such Person and as to which such Person has good, valid and
marketable and unencumbered title; provided that no Equipment shall be considered for inclusion as
Qualified Equipment and Machinery until (i) a collateral review of such Equipment shall have been
performed by the Agents or their representatives (the fees and expenses associated with such review
to be paid by the Borrower in accordance with the terms of this Agreement) and (ii) the
Administrative Agent shall have received a third party appraisal of such Equipment in form and
substance, and prepared by an

7

 

independent appraisal firm, reasonably satisfactory to the Administrative Agent (the fees and
expenses associated with such appraisal to be paid by the Borrower in accordance with the terms of
this Agreement).

          “Eligible Inventory” shall mean, at the time of any determination thereof, without
duplication, the Inventory Value of the Loan Parties at such time that is not ineligible for
inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (m)
below. Criteria and eligibility standards used in determining Eligible Inventory may be fixed and
revised from time to time by the Administrative Agent in its reasonable discretion. Unless
otherwise from time to time approved in writing by the Administrative Agent, no Inventory shall be
deemed Eligible Inventory if, without duplication:

	 	(a)	 	a Loan Party does not have good, valid and unencumbered title thereto,
subject only to Liens permitted under clause (iv) or (v) of Section 6.01; or
	 
	 	(b)	 	it is not located in the United States or, solely in the case of Inventory
that qualifies as Mexican Inventory, Mexico; or
	 
	 	(c)	 	it is not either (i) located on property owned by a Loan Party, (ii)
Mexican Inventory or (iii) located in a third party warehouse or at a third party
processor or (except in the case of consigned Inventory, which is covered by clause
(f) below) in another location not owned by a Loan Party (it being understood that
the Borrower will provide its best estimate of the value of such Inventory to be
agreed to by the Administrative Agent and reflected in the Borrowing Base
Certificate), and either (A) is not covered by a Landlord Lien Waiver, (B) a Rent
Reserve has not been taken with respect to such Inventory or (C) is not subject to an
enforceable agreement in form and substance reasonably satisfactory to the
Administrative Agent pursuant to which the relevant Loan Party has validly assigned
its access rights to such Inventory and property to the Administrative Agent; or
	 
	 	(d)	 	it is operating supplies, labels, packaging or shipping materials, cartons,
repair parts, labels or miscellaneous spare parts, nonproductive stores inventory and
other such materials, in each case not considered used for sale in the ordinary
course of business of the Loan Parties by the Administrative Agent in its reasonable
discretion from time to time; or
	 
	 	(e)	 	it is not subject to a valid and perfected first priority Lien in favor of
the Administrative Agent; or
	 
	 	(f)	 	it is consigned at a customer, supplier or contractor location but still
accounted for in the Loan Party’s inventory balance (it being understood that the
Mexican Inventory shall not be excluded pursuant to this clause (f));
provided that a portion of the Loan Parties’ consigned Inventory (not to
exceed 50%) may be included in “Eligible Inventory” in the Administrative Agent’s
discretion to the extent such consigned Inventory is (i) subject to an agreement (in
form and substance reasonably satisfactory to the Administrative Agent) pursuant to
which the relevant Loan Party has validly assigned its access rights to such
Inventory

8

 

	 	 	 	and property to the Administrative Agent and (ii) otherwise eligible for inclusion
in the Borrowing Base; or
	 
	 	(g)	 	it is Inventory (other than Mexican Inventory) that is in-transit to or
from a location not leased or owned by a Loan Party (it being understood that the
Borrower will provide its best estimate of the value of all such Inventory and all
Mexican Inventory in-transit, which estimate is to be reflected in the Borrowing Base
Certificate); or
	 
	 	(h)	 	it is obsolete, slow-moving, nonconforming or unmerchantable or is
identified as a write-off, overstock or excess by a Loan Party, or does not otherwise
conform to the representations and warranties contained in this Agreement and the
other Loan Documents applicable to Inventory; provided that a portion of the
Loan Parties’ reserve for such Inventory (not to exceed 50%) may be included in
“Eligible Inventory” in the Administrative Agent’s reasonable discretion to the
extent such Inventory is otherwise eligible for inclusion in the Borrowing Base; or
	 
	 	(i)	 	it is Inventory used as a sample or prototype, display or display item; or
	 
	 	(j)	 	to the extent of any portion of Inventory Value thereof attributable to
intercompany profit among Loan Parties or their affiliates (it being understood that
the Borrower will provide its best estimate of the value of such Inventory Value to
be agreed by the Administrative Agent and reflected in the Borrowing Base
Certificate); or
	 
	 	(k)	 	any Inventory that is damaged, defective or marked for return to vendor,
has been deemed by a Loan Party to require rework or is being held for quality
control purposes; provided that a portion (not to exceed 25%) of the book
value of core Inventory that is held for scrap value recovery at a location of
Automotive Holdings Group may be included in “Eligible Inventory” in the
Administrative Agent’s reasonable discretion to the extent such Inventory is
otherwise eligible for inclusion in the Borrowing Base; or
	 
	 	(l)	 	such Inventory does not meet all material applicable standards imposed by
any Governmental Authority having regulatory authority over it.

          “Eligible Real Estate” shall mean, on any date of determination, the aggregate value
(as reflected on the accounting records of the Borrower or the applicable Guarantor and consistent
with such Person’s current and historical accounting practices) at such date of all Qualified Real
Estate owned by the Borrower and the Guarantors and located in any jurisdiction in the United
States of America as to which Qualified Real Estate (x) an appropriate mortgage, deed of trust or
deed to secure debt has been recorded, to the extent required to be recorded pursuant Section
2.25(b), naming the Borrower or the applicable Guarantor as “mortgagor” or “trustor” and JPMorgan
Chase Bank, N.A., as Administrative Agent, as “mortgagee” or “beneficiary” and (y) UCC financing
statements have been filed naming the Borrower or the applicable Guarantor as “debtor” and JPMorgan
Chase Bank, N.A., as Administrative Agent, as “secured party”. As used herein, the term
“Qualified Real Estate” means, with respect to the Borrower or any Guarantor, all real
property that is owned solely by such Person and as to which

9

 

such Person has good, valid and marketable and unencumbered title; provided that no real
property shall be considered for inclusion as Qualified Real Estate until (i) a collateral review
of such real property shall have been performed by the Agents or their representatives (the fees
and expenses associated with such review to be paid by the Borrower in accordance with the terms of
this Agreement) and (ii) the Administrative Agent shall have received a third party appraisal of
such real property in form and substance, and prepared by an independent appraisal firm, reasonably
satisfactory to the Administrative Agent (the fees and expenses associated with such appraisal to
be paid by the Borrower in accordance with the terms of this Agreement).

          “Eligible Receivables” means, at the time of any determination thereof, each Account
that satisfies the following criteria: such Account (i) has been invoiced to, and represents the
bona fide amounts due to a Loan Party from, the purchaser of goods or services, in each case
originated in the ordinary course of business of such Loan Party and (ii) is not ineligible for
inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (t)
below. Without limiting the foregoing, to qualify as Eligible Receivables, an Account shall
indicate no person other than a Loan Party as payee or remittance party. In determining the amount
to be so included, the face amount of an Account shall be reduced by, without duplication, to the
extent not reflected in such face amount, (A) the amount of all accrued and actual discounts,
claims, credits or credits pending, promotional program allowances, price adjustments, finance
charges or other allowances (including any amount that a Loan Party may be obligated to rebate to a
customer pursuant to the terms of any agreement or understanding (written or oral)), (B) without
duplication, the aggregate amount of all limits and deductions provided for in this definition and
elsewhere in this Agreement, if any, and (C) the aggregate amount of all cash received in respect
of such Account but not yet applied by a Loan Party to reduce the amount of such Account. Criteria
and eligibility standards used in determining Eligible Receivables may be fixed and revised from
time to time by the Administrative Agent in its reasonable discretion. Unless otherwise approved
from time to time in writing by the Administrative Agent, no Account shall be an Eligible
Receivable if, without duplication:

	 	(a)	 	(i) a Loan Party does not have sole lawful and absolute title to such
Account (subject only to Liens permitted under clause (iv) or (v) of Section 6.01) or
(ii) the goods sold with respect to such Account have been sold under a purchase
order or pursuant to the terms of a contract or other agreement or understanding
(written or oral) that indicates that any Person other than a Loan Party has or has
purported to have an ownership interest in such goods; or
	 
	 	(b)	 	(i) it is unpaid more than 90 days from the original date of invoice or 60
days from the original due date or (ii) it has been written off the books of a Loan
Party or has been otherwise designated on such books as uncollectible; or
	 
	 	(c)	 	more than 50% in face amount of all Accounts of the same Account Debtor are
ineligible pursuant to clause (b) above; or
	 
	 	(d)	 	the Account Debtor is insolvent or the subject of any bankruptcy case or
insolvency proceeding of any kind (other than postpetition accounts payable of an
Account Debtor that is a debtor-in-possession under the Bankruptcy Code and
reasonably acceptable to the Administrative Agent); or

10

 

	 	(e)	 	the Account is not (i) payable in Dollars or Canadian Dollars or (ii) the
Account Debtor is either not organized under the laws of the United States of
America, any state thereof, or the District of Columbia, or Canada or any province
thereof or is located outside or has its principal place of business or substantially
all of its assets outside the United States or Canada, unless, in each case, such
Account is supported by a letter of credit from an institution and in form and
substance satisfactory to the Administrative Agent in its sole discretion;
provided that Accounts in an aggregate amount not exceeding $50,000,000 of
Account Debtors that (x) are not organized under the laws of the United States of
America, any state thereof, the District of Columbia, or Canada or any province
thereof or (y) are located outside or have their respective principal places of
business or substantially all of their assets outside the United States or Canada may
be included in “Eligible Receivables” in the Administrative Agent’s reasonable
discretion to the extent such Accounts are otherwise eligible for inclusion in the
Borrowing Base; or
	 
	 	(f)	 	the Account Debtor is the United States of America or any department,
agency or instrumentality thereof, unless the relevant Loan Party duly assigns its
rights to payment of such Account to the Administrative Agent pursuant to the
Assignment of Claims Act of 1940, as amended, which assignment and related documents
and filings shall be in form and substance reasonably satisfactory to the
Administrative Agent; or
	 
	 	(g)	 	the Account is subject to any security deposit (to the extent received from
the applicable Account Debtor), progress payment, retainage or other similar advance
made by or for the benefit of the applicable Account Debtor, in each case to the
extent thereof; or
	 
	 	(h)	 	(i) it is not subject to a valid and perfected first priority Lien in favor
of the Administrative Agent, subject to no other Liens other than Liens permitted by
this Agreement or (ii) it does not otherwise conform in all material respects to the
representations and warranties contained in this Agreement and the other Loan
Documents relating to Accounts; or
	 
	 	(i)	 	(i) such Account was invoiced in advance of goods or services provided,
(ii) such Account was invoiced twice or more, or (iii) the associated revenue has not
been earned; or
	 
	 	(j)	 	the sale to the Account Debtor is on a bill-and-hold, guaranteed sale,
sale-and-return, ship-and-return, sale on approval or consignment or other similar
basis or made pursuant to any other agreement providing for repurchases or return of
any merchandise which has been claimed to be defective or otherwise unsatisfactory;
or
	 
	 	(k)	 	the goods giving rise to such Account have not been shipped and/or title
has not been transferred to the Account Debtor, or the Account represents a
progress-billing or otherwise does not represent a complete sale; for purposes
hereof, “progress-billing” means any invoice for goods sold or leased or services

11

 

	 	 	 	rendered under a contract or agreement pursuant to which the Account Debtor’s
obligation to pay such invoice is conditioned upon the completion by a Loan Party of
any further performance under the contract or agreement; or
	 
	 	(l)	 	it arises out of a sale made by a Loan Party to an employee, officer,
agent, director, Subsidiary or Affiliate of a Loan Party; or
	 
	 	(m)	 	such Account was not paid in full, and a Loan Party created a new
receivable for the unpaid portion of the Account, and other Accounts constituting
chargebacks, debit memos and other adjustments for unauthorized deductions; or
	 
	 	(n)	 	the Account Debtor (i) has or has asserted a right of set-off against a
Loan Party (unless such Account Debtor has entered into a written agreement
reasonably satisfactory to the Administrative Agent to waive such set-off rights) or
(ii) has disputed its liability (whether by chargeback or otherwise) or made any
claim with respect to the Account or any other Account of a Loan Party which has not
been resolved, in each case, without duplication, only to the extent of the amount of
such actual or asserted right of set-off, or the amount of such dispute or claim, as
the case may be (except to the extent that such right of set-off (x) may not be
exercised as a result of the automatic stay pursuant to Section 362 of the Bankruptcy
Code or (y) otherwise may not be currently exercised pursuant to the terms of the
Approval Order or the Fourth Amendment Approval Order); or
	 
	 	(o)	 	the Account does not comply in all material respects with the requirements
of all applicable laws and regulations, whether Federal, state or local, including
without limitation, the Federal Consumer Credit Protection Act, Federal Truth in
Lending Act and Regulation Z; or
	 
	 	(p)	 	as to any Account, to the extent that (i) a check, promissory note, draft,
trade acceptance or other Instrument for the payment of money has been received,
presented for payment and returned uncollected for any reason or (ii) such Account is
otherwise classified as a note receivable and the obligation with respect thereto is
evidenced by a promissory note or other debt instrument or agreement; or
	 
	 	(q)	 	the Account is created on cash on delivery terms, or on extended terms and
is due and payable more than 90 days from the invoice date; or
	 
	 	(r)	 	the Account represents tooling receivables related to tooling that has not
been completed or received by a Loan Party and approved and accepted by the
applicable customer.

Notwithstanding the forgoing, all Accounts of any single Account Debtor and its Affiliates which,
in the aggregate, exceed (i) 25% in the case of GM Receivables, (ii) 20% in respect of any other
Account Debtor whose securities are rated Investment Grade or (iii) 10% in respect of all other
Account Debtors, of the total amount of all Eligible Receivables at the time of any determination
shall be deemed not to be Eligible Receivables to the extent of such excess. In addition, in
determining the aggregate amount from the same Account Debtor that is unpaid

12

 

 more than 90 days from
the date of invoice or more than 60 days from the due date pursuant to
clause (b) above there shall be excluded the amount of any net credit balances relating to Accounts
due from an Account Debtor with invoice dates more than 90 days from the date of invoice or more
than 60 days from the due date.

          “Environmental Laws” shall mean all laws, rules, regulations, codes, ordinances,
orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or
entered into by any Governmental Authority, relating to the protection of the environment,
preservation or reclamation of natural resources, the management, release or threatened release of
any Hazardous Material or to health and safety matters.

          “Environmental Liability” shall mean any liability, contingent or otherwise (including
any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of
the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of
any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

          “Environmental Lien” shall mean a Lien in favor of any Governmental Authority for (i)
any liability under federal or state environmental laws or regulations, or (ii) damages arising
from or costs incurred by such Governmental Authority in response to a release or threatened
release of a hazardous or toxic waste, substance or constituent, or other substance into the
environment.

          “Equipment” shall have the meaning set forth in Article 9 of the Uniform Commercial
Code as in effect from time to time in the State of New York.

          “Equity Interests” shall mean shares of capital stock, partnership interests,
membership interests in a limited liability company, beneficial interests in a trust or other
equity ownership interests in a Person, and any warrants, options or other rights entitling the
holder thereof to purchase or acquire any such equity interest.

          “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended
from time to time.

          “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code
or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

          “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of
ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which
the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated
funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not
waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an
application for a waiver of the minimum funding standard with respect to

13

 

any Plan; (d) the
incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA
with respect to the termination of any Plan; (e) the receipt by the Borrower or

any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an
intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the
incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the
Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the
Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or
a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA.

          “Eurocurrency Liabilities” shall have the meaning assigned thereto in Regulation D
issued by the Board, as in effect from time to time.

          “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted LIBO Rate.

          “Eurodollar Borrowing” shall mean a Borrowing comprised of Eurodollar Loans.

          “Event of Default” shall have the meaning given such term in Section 7.

          “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, any
Issuing Lender or any other recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder, (a) income, franchise, or similar taxes imposed on (or measured by) its
net income as a result of a present or former connection between the Administrative Agent or such
Lender and the jurisdiction of the Governmental Authority imposing such Tax or any political
subdivision or Taxing authority thereof or therein (other than any such connection arising solely
from the Administrative Agent or such Lender having executed, delivered or performed its
obligations or received payment under, or enforced, this Agreement or any other Loan Document), (b)
any branch profits taxes imposed by the United States of America or any similar tax imposed by any
other jurisdiction in which the Borrower is located and (c) any withholding tax that would have
been imposed had such payment been made to such Lender at the time such Lender became a party to
this Agreement (or designates a new lending office) or is attributable to such Lender’s failure to
comply with Sections 2.18(e) and (f), except to the extent that such Lender (or its assignor, if
any) was entitled, at the time of designation of a new lending office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding tax pursuant to Section
2.18(a).

          “Existing Credit Agreement” shall have the meaning set forth in the Introductory
Statement.

          “Existing DIP Agent” shall mean JPMCB, in its capacity as administrative agent under
the Existing DIP Credit Agreement, and its successors in such capacity.

          “Existing DIP Credit Agreement” shall mean the Amended and Restated Revolving Credit,
Term Loan and Guaranty Agreement dated as of November 21, 2005, among the Borrower, the guarantors
party thereto, the lenders party thereto, JPMCB, as administrative

14

 

agent, and Citicorp USA, Inc.,
as syndication agent, as amended, restated, or otherwise modified from time to time, and shall
include all other “Loan Documents” as defined therein.

          “Existing DIP Facility Indebtedness” shall mean Indebtedness and other obligations
incurred by the Borrower and certain of its subsidiaries under the Existing DIP Credit Agreement.

          “Existing DIP Liens” shall mean the “DIP Liens” as defined in the Existing DIP Order.

          “Existing DIP Order” shall mean the order of the Bankruptcy Court dated October 28,
2005 approving, inter alia, the Borrower’s entry into the Existing DIP Credit Agreement.

          “Existing Lenders” shall mean, collectively, the Tranche A Lenders, the Tranche B
Lenders and the Tranche C Lenders immediately prior to the Effective Date.

          “Existing Letters of Credit” means all outstanding letters of credit issued by JPMCB,
as issuing lender under the Existing DIP Credit Agreement.

          “Existing Loans” shall mean the “Loans” under the Existing Credit Agreement as in
effect immediately prior to the Effective Date, and the “Existing Tranche A Loans”, “Existing
Tranche B Loans” and “Existing Tranche C Loans” shall mean the Tranche A Loans, the Tranche B Loans
and the Tranche C Loans, respectively, outstanding under the Existing Credit Agreement immediately
prior to the Effective Date.

          “Existing Pre-Petition Agent” shall mean JPMCB, in its capacity as administrative
agent under the Existing Pre-Petition Agreement, and its successors in such capacity.

          “Existing Pre-Petition Agreement” shall mean the 5-Year Third Amended and Restated
Credit Agreement dated as of June 14, 2005 among the Borrower, the lenders party thereto and the
Existing Pre-Petition Agent, as amended, restated, or otherwise modified from time to time, and
shall include all related security and guarantee agreements as listed on Schedule 1.01 hereto.

          “Existing Pre-Petition Indebtedness” shall mean Indebtedness and other obligations
incurred by the Borrower and certain of its Subsidiaries under the Existing Pre-Petition Agreement.

          “Facility Availability Amount” means, at any time, an amount equal to (A) the lesser
of (x) the Total First-Priority Commitment at such time and (y) the Borrowing Base, minus
(B) if the Available Liquidity at such time is less than $500,000,000, $200,000,000, minus
(C) the sum of the aggregate principal amount of the outstanding Tranche A Loans, plus the
aggregate principal amount of the outstanding Tranche B Loan, plus the LC Exposure, plus
(D) an amount (up to a maximum of $500,000,000) equal to the excess (if any) of the unrestricted
cash reflected on the consolidated balance sheet of the Borrower and its Subsidiaries then most
recently delivered to the Lenders over $500,000,000.

15

 

          “Federal Funds Effective Rate” shall mean, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if
such rate is not so published for any day that is a Business Day, the average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds brokers of recognized
standing selected by it.

          “Fees” shall collectively mean the Tranche A Commitment Fee, the Tranche C Commitment
Fee, Letter of Credit Fees, fees referred to in Section 2.21 of the Original Credit Agreement and
other fees referred to in Sections 2.21, 2.22, 2.23, 4.01 and 4.03.

          “Filing Date” shall mean October 8, 2005.

          “Financial Officer” shall mean the chief financial officer, chief restructuring
officer, chief accounting officer or treasurer of the Borrower.

          “First-Priority Tranches Payout Date” shall mean the first date on which each of the
following shall have occurred: (i) the Total Tranche A Commitment shall have been wholly and
permanently terminated, (ii) all Tranche A Loans and the Tranche B Loan shall have been paid in
full in cash (plus any accrued but unpaid interest thereon, including without limitation any
interest payable pursuant to Section 2.09), (iii) all LC Disbursements shall have been reimbursed
in full in cash (plus any accrued but unpaid interest thereon, including without limitation any
interest payable pursuant to Section 2.09), (iv) the accrued and unpaid Tranche A Commitment Fees
and accrued and unpaid Letter of Credit Fees shall have been paid in full in cash and (v) no
Letters of Credit shall be outstanding (or, if any are outstanding, they shall have been backed by
Cash Collateralization in an aggregate amount equal to 105% of the then Uncollateralized LC
Exposure).

          “Fixed Asset Component” shall mean, on any date, an amount equal to the sum of (i) 80%
of the Net Orderly Liquidation Value of Eligible Equipment plus (ii) 50% of the fair market value
of Eligible Real Estate (as set forth in the most recent third party real estate appraisal in form
and substance, and prepared by an independent appraisal firm, reasonably satisfactory to the
Administrative Agent ) less (iii) reserves as are deemed necessary from time to time by the
Administrative Agent in its reasonable discretion, including a reserve in respect of matters
disclosed in the most recent environmental consultant report that was delivered to the
Administrative Agent prior to the Effective Date.

          “Foreign Lender” shall mean any Lender that is organized under the laws of a
jurisdiction other than that in which the Borrower is located and that is not a “United States
Person” as defined in Section 7701(a)(30) of the Code. For purposes of this definition and Sections
2.18(e) and (f), the United States of America, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

          “Foreign Receivables Financing” means Indebtedness and other financings relating to
securitizations and factoring arrangements entered into by any of the Foreign Subsidiaries.

16

 

          “Foreign Subsidiary” shall mean any direct or indirect non-U.S. Subsidiary of the
Borrower.

          “Foreign Subsidiary Debt Limit” shall have the meaning given such term in Section
6.03.

          “Fourth Amendment Approval Order” shall mean the order of the Bankruptcy Court dated
April 30, 2008 approving, inter alia, the Borrower’s entry into this Agreement.

          “Full Control Deposit Account Agreement” means an agreement, in form and substance
reasonably satisfactory to the Administrative Agent, between any Loan Party and the Administrative
Agent, with respect to collection and control of all deposits and balances held in a deposit
account maintained by any Loan Party with the Administrative Agent.

          “Full Control Securities Account Agreement” means an agreement, in form and substance
reasonably satisfactory to the Administrative Agent, between any Loan Party and the Administrative
Agent, with respect to collection and control of all assets held in a securities account maintained
by any Loan Party with the Administrative Agent.

          “GAAP” shall mean generally accepted accounting principles applied in accordance with
Section 1.03.

          “Global EBITDAR” shall mean, for any period, all as determined in accordance with
GAAP, the consolidated net income (or net loss) of the Global Entities for such period, plus (a) to
the extent deducted in the calculation of consolidated net income, without duplication, the sum of
(i) income tax expense, (ii) interest expense, (iii) amortization or write-off of debt discount and
debt issuance costs and commissions, discounts and other fees and charges associated with
Indebtedness (including the Loans), (iv) depreciation and amortization expense, (v) amortization of
intangibles (including, but not limited to, goodwill) and organization costs, (vi) any
extraordinary, unusual or non-recurring non-cash expenses or losses (other than (1) Restructuring
Costs and (2) all expenses arising out of, or in relation to, the U.S. Securities and Exchange
Commission multidistrict litigation settlement of the Borrower or any of the Guarantors, recorded
for accounting purposes in the fiscal quarters ended June 30, 2007 and September 30, 2007) and
one-time write-downs of assets, (vii) any expenses accounted by the Borrower or any of it
Subsidiaries in such period for post-retirement or post-employment benefits under FAS 106 or FAS
112, (viii) any Restructuring Costs of the Borrower and its Subsidiaries accounted for in such
period, (ix) professional fees and other “Chapter 11 expenses” (or “administrative costs reflecting
Chapter 11 expenses”) attributable to the Borrower and the Guarantors for such period as shown on
the Borrower’s consolidated statement of income for such period, and (x) the cumulative effect of
any change in accounting principles, minus (b) to the extent included in the calculation of
consolidated net income, the sum of (1) interest income and (2) any extraordinary, unusual or
non-recurring gains, all as determined on a consolidated basis, minus (c) any cash payments
made during such period in respect of expenses described in clause (vii) above.

          “Global Entities” shall mean the Borrower and all of its direct and indirect
Subsidiaries, on a consolidated basis.

17

 

          “GM” shall mean General Motors Corporation and its Affiliates.

          “GM Commitment” shall mean “Commitment” as set forth in the GM-Delphi Agreement.

          “GM-Delphi Agreement” shall mean the agreement dated as of the date hereof among the
Borrower, the Guarantors and General Motors Corporation.

          “GM Global Settlement Agreement” shall mean the “Global Settlement Agreement” as
defined in the GM-Delphi Agreement.

          “GM Liquidity Availability” shall mean, at any time, the lesser of (i) the unused GM
Commitment in effect and available to be drawn at such time and (ii) the “Specified Availability”
(as defined in, and determined in accordance with the terms of, the GM-Delphi Agreement as in
effect on the date hereof) at such time.

          “GM Master Restructuring Agreement” shall mean the “Master Restructuring Agreement”
as defined in the GM-Delphi Agreement.

          “GM Obligations” shall mean “Obligations” as set forth in the GM-Delphi
Agreement.

          “GM Obligation Satisfaction Date” shall mean, the date on or after the effectiveness
of the amendments to each of the GM Master Restructuring Agreement and the GM Global Settlement
Agreement referred to in Section 5.03 of the GM-Delphi Agreement on which GM has paid (whether
through the exercise of the set-off right under the GM-Delphi Agreement or otherwise paid in cash)
to or for the credit or the account of the Borrower or any Guarantor from and after the effective
date of the GM-Delphi Agreement an amount equal to or greater than $650,000,000 in the aggregate
under such agreements.

          “GM Permitted Commitment Reduction” shall mean, any reduction of the GM Commitment
upon any payment made by GM to the Borrower under the GM Global Settlement Agreement and GM Master
Restructuring Agreement to the extent required by the GM-Delphi Agreement.

          “GM Permitted Prepayments” shall mean any GM Obligations required to be prepaid
pursuant to Section 2.09 of the GM-Delphi Agreement (including by way of set off), interest payable
under the GM-Delphi Agreement to the extent paid in kind and payments of GM Obligations made solely
through any set-off right exercised by GM against amounts payable by GM to the Borrower pursuant to
the GM Global Settlement Agreement and GM Master Restructuring Agreement, in each case to the
extent required by the GM-Delphi Agreement as in effect on the date hereof.

          “GM Prepayment Reserve” shall mean, at any time, the aggregate principal amount due,
if any, and payable by the Borrower pursuant to Section 2.09 of the GM-Delphi Agreement and not
paid by the Borrower at such time.

          “GM Receivables” shall mean any Accounts owing from GM.

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          “GM Scheduled Termination Date” shall mean the earliest of (a) December 31, 2008, (b)
the GM Obligation Satisfaction Date and (c) the date on which a Reorganization Plan becomes
effective.

          “Governmental Authority” shall mean the government of the United States of America,
any other nation or any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

          “Guarantor” shall have the meaning set forth in the Introduction.

          “Hazardous Materials” shall mean all explosive or radioactive substances or wastes and
all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

          “Hedging Agreements” shall mean (x) foreign exchange contracts, currency swap
agreements, currency future or option contracts and other similar agreements designed to hedge
against fluctuations in foreign interest or exchange rates, (y) interest rate swap, cap or collar
agreements and interest rate future or option contracts designed to hedge against fluctuations in
interest rates and (z) commodity price protection agreements or other commodity price hedging
arrangements.

          “Indebtedness” shall mean, at any time and with respect to any Person, (i) all
indebtedness of such Person for borrowed money, (ii) all indebtedness of such Person for the
deferred purchase price of property or services (other than property, including inventory, and
services purchased, trade payables that are not more than 90 days past due (or that are more than
90 days past due, if the validity or amount thereof is being contested in good faith and by
appropriate proceedings or if such Person shall have set aside on its books adequate reserves
therefor in accordance with GAAP) and expense accruals and deferred compensation items arising in
the ordinary course of business), (iii) all obligations of such Person evidenced by notes, bonds,
debentures or other similar instruments (other than performance, surety and appeal bonds and
completion guarantees arising in the ordinary course of business), (iv) all indebtedness of such
Person created or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person (even though the rights and remedies of the seller or
lender under such agreement in the event of default are limited to repossession or sale of such
property, in which case such Indebtedness shall be limited to the value of the property), (v) all
obligations of such Person under Capitalized Leases, (vi) (A) all reimbursement, payment or similar
obligations of such Person, contingent or otherwise, under acceptance, letter of credit or similar
facilities and (B) all obligations of such Person in respect of Hedging Agreements; (vii) all
Indebtedness referred to in clauses (i) through (vi) above guaranteed directly or indirectly by
such Person, or in effect guaranteed directly or indirectly by such Person through an agreement (A)
to pay or purchase such Indebtedness or to advance or supply funds for the payment or purchase of
such Indebtedness, (B) to purchase, sell or lease (as lessee or lessor) property, or to purchase or
sell services, primarily for the purpose of enabling the debtor to make payment of such
Indebtedness or to assure the holder of such Indebtedness against loss in respect

19

 

of such
Indebtedness, (C) to supply funds to or in any other manner invest in the debtor (including any
agreement to pay for property or services irrespective of whether such property is received or such
services are rendered) or (D) otherwise to assure a creditor against loss in respect of such
Indebtedness, and (viii) all Indebtedness referred to in clauses (i) through (vii)
above secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien upon or in property (including accounts and
contract rights) owned by such Person, even though such Person has not assumed or become liable for
the payment of such Indebtedness; provided, however, such Indebtedness referred to
in this clause (viii) shall be the lesser of the value of such property on which a Lien is attached
or the amount of such Indebtedness.

          “Indemnified Taxes” shall mean Taxes other than Excluded Taxes.

          “Indemnitee” shall have the meaning given such term in Section 10.05(b).

          “Initial Tranche C Commitment” shall mean the commitment of each Tranche C Lender to
make such amount of the Initial Tranche C Loan hereunder in the amount set forth opposite its name
on Annex A hereto or as may be subsequently set forth in the Register from time to time, as the
case may be and as the same may be reduced from time to time pursuant to the last sentence of
Section 2.01(c)(i) and Sections 2.12 and 2.13. The initial aggregate amount of the Initial Tranche
C Commitment is $2,495,820,240.48.

          “Initial Tranche C Commitment Percentage” shall mean, at any time, with respect to
each Tranche C Lender, the percentage obtained by dividing its Initial Tranche C Commitment at such
time by the Total Initial Tranche C Commitment.

          “Insufficiency” shall mean, with respect to any Plan, its “amount of unfunded benefit
liabilities” within the meaning of Section 4001(a)(18) of ERISA, if any.

          “Initial Tranche C Loan” shall have the meaning set forth in Section 2.01(c)(i).

          “Intellectual Property” shall mean the collective reference to all rights, priorities
and privileges relating to intellectual property, whether arising under United States,
multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents,
patent licenses, trademarks, trademark licenses, technology, know-how and processes, and all rights
to sue at law or in equity for any infringement or other impairment thereof, including the right to
receive all proceeds and damages therefrom.

          “Interest Election Request” shall mean a request by the Borrower to convert or
continue a Borrowing in accordance with Section 2.06.

          “Interest Payment Date” shall mean (i) as to any Eurodollar Loan included in any
Eurodollar Borrowing, the last day of each consecutive 30 day period running from the commencement
of the applicable Interest Period, and (ii) as to all ABR Loans, the last calendar day of each
month and the date on which any ABR Loans are converted to Eurodollar Loans pursuant to Section
2.06.

          “Interest Period” shall mean, as to any Eurodollar Borrowing, the period commencing on
the date of such Borrowing (including as a result of a conversion from ABR

20

 

Loans) or on the last
day of the preceding Interest Period applicable to such Eurodollar Borrowing and ending on the
numerically corresponding day (or if there is no corresponding day, the last day) in the calendar
month that is two weeks or one, three or six months thereafter, as the Borrower may elect in the
related notice delivered pursuant to Sections 2.04 or 2.06;
provided, however, that (i) if any Interest Period would end on a day which
shall not be a Business Day, such Interest Period shall be extended to the next succeeding Business
Day unless such next succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day, and (ii) no Interest Period
shall end later than the Termination Date.

          “Inventory” shall have the meaning set forth in Article 9 of the Uniform Commercial
Code as in effect from time to time in the State of New York.

          “Inventory Reserves” shall mean reserves against Inventory equal to the sum of the
following:

	 	(a)	 	an unrecorded book to physical inventory reduction determined by the
Borrower based on its most recent physical inventory or cycle counts or as otherwise
determined by the Administrative Agent in its reasonable discretion;
	 
	 	(b)	 	a revaluation reserve whereby favorable variances shall be deducted from
Eligible Inventory and unfavorable variances shall not be added to Eligible
Inventory;
	 
	 	(c)	 	a lower of cost or market value reserve for any differences between a Loan
Party’s actual cost to produce versus its selling price to third parties, as
calculated on a quarterly basis;
	 
	 	(d)	 	a reserve in an amount equal to five percent (5%) of the Eligible Inventory
that is Mexican Inventory; provided that such percentage may be increased
from time to time by the Administrative Agent in its reasonable discretion; and
	 
	 	(e)	 	any other reserve as deemed necessary from time to time by the
Administrative Agent in its reasonable discretion.

          “Inventory Value” shall mean with respect to any Inventory of a Loan Party at the time
of any determination thereof, the standard cost carried on the general ledger or inventory system
of such Loan Party stated on a basis consistent with its current and historical accounting
practices, in Dollars, determined in accordance with the standard cost method of accounting less,
without duplication, (i) any markup on Inventory from an affiliate and (ii) in the event variances
under the standard cost method are expensed, a reserve reasonably determined by the Administrative
Agent as appropriate in order to adjust the standard cost of Eligible Inventory to approximate
actual cost.

          “Investment Credit” shall mean the amount of dividends, distributions, returns of
equity, repayments of advances or similar payments paid to the Borrower or any of the Guarantors
during the term of this Agreement by any Person in which Investments may be made under Section
6.09(ix).

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          “Investment Grade” shall mean a rating established by a third party rating agency,
equivalent to ‘BBB-’ by S&P or ‘Baa3’ by Moody’s, or better.

          “Investments” shall have the meaning given such term in Section 6.09.

          “Issuing Lender” shall mean JPMCB, in its capacity as the issuer of Letters of Credit
hereunder, and its successors in such capacity as provided in Section 2.03(i) and such other
Lenders (which other Lenders shall be reasonably satisfactory to the Administrative Agent) as may
agree with the Borrower to act in such capacity. Any Issuing Lender may, in its discretion, arrange
for one or more Letters of Credit to be issued by Affiliates of such Issuing Lender, in which case
the term “Issuing Lender” shall include any such Affiliate with respect to Letters of Credit issued
by such Affiliate.

          “JPMorgan” shall mean J.P. Morgan Securities Inc.

          “JPMCB” shall have the meaning given such term in the Introduction.

          “Junior Adequate Protection Liens” shall have the meaning set forth in the Approval
Order.

          “Landlord Lien Waiver” shall mean a written agreement that is reasonably acceptable to
the Administrative Agent, pursuant to which a Person shall waive or subordinate its rights (if any,
that are or would be prior to the Liens granted to the Administrative Agent for the benefit of the
Lenders under the Loan Documents) and claims as landlord in any Inventory of a Loan Party for
unpaid rents, grant access to the Administrative Agent for the repossession and sale of such
inventory and make other agreements relative thereto.

          “LC Disbursement” shall mean a payment made by the Issuing Lender pursuant to a Letter
of Credit.

          “LC Exposure” shall mean, at any time, the sum of (a) the aggregate undrawn amount of
all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC
Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The
LC Exposure of any Tranche A Lender at any time shall be its Tranche A Commitment Percentage of the
LC Exposure at such time.

          “Lenders” shall have the meaning set forth in the Introduction.

          “Letter of Credit” shall mean (a) the Existing Letters of Credit and (b) any
irrevocable letter of credit issued pursuant to Section 2.03, which letter of credit shall be (i)
an import documentary or a standby letter of credit, (ii) issued for purposes that are consistent
with the provisions of this Agreement (including Section 3.09), (iii) denominated in Dollars and
(iv) otherwise in such form as may be reasonably approved from time to time by the Administrative
Agent and the applicable Issuing Lender.

          “Letter of Credit Account” shall mean the account established by the Borrower under
the sole and exclusive control of the Administrative Agent maintained at the office of the
Administrative Agent at 270 Park Avenue, New York, New York 10017 designated as the “Delphi Letter
of Credit Account” that shall be used solely for the purposes set forth herein.

22

 

          “Letter of Credit Fees” shall mean the fees payable in respect of Letters of Credit
pursuant to Section 2.23.

          “LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest
Period, the rate appearing on Page 3750 of the Dow Jones Market Service (or on any successor or
substitute page of such Service, or any successor to or substitute for such Service, providing rate
quotations comparable to those currently provided on such page of such Service, as determined by
the Administrative Agent from time to time for purposes of providing quotations of interest rates
applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar
deposits with a maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar
Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for
a maturity comparable to such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank market at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.

          “Lien” shall mean (a) any mortgage, deed of trust, pledge, hypothecation, security
interest, encumbrance, lien or charge of any kind whatsoever, (b) the interest of a vendor or a
lessor under any conditional sale, capital lease or other title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) and (c) in
the case of securities, any purchase option, call or similar right of a third party with respect to
such securities.

          “Loan” shall mean, collectively, the Tranche A Loans, the Tranche B Loan and the
Tranche C Loan.

          “Loan Documents” shall mean this Agreement, the Letters of Credit, the Security and
Pledge Agreement, and any other instrument or agreement executed and delivered by the Borrower or
any Guarantor to the Administrative Agent or any Lender in connection herewith.

          “Loan Parties” shall mean the Borrower and the Guarantors.

          “Material Adverse Effect” shall mean a material adverse effect on (a) the business,
financial condition, operations or assets of (i) the Domestic Entities taken as a whole or (ii) the
Global Entities taken as a whole, (b) the validity or enforceability of this Agreement or any other
Loan Documents or (c) the rights and remedies of the Administrative Agent or the Lenders hereunder
or thereunder; provided that (x) the failure to make a contribution to any Plan and any
Lien resulting therefrom that arises pursuant to Section 412(n) of the Code shall not be considered
to have such a material adverse effect, so long as (1) any such Lien encumbering assets of a
Domestic Entity shall be permitted under Section 6.01(xvii) and (2) any such Lien encumbering
assets of a Foreign Subsidiary shall be permitted under Section 6.01(xviii), it being understood
that subsequent events, developments and circumstances relating to such failure to make a
contribution to a Plan and the resulting Liens may be considered in determining whether such
subsequent events, developments and circumstances have had or could reasonably be expected to have
such a material adverse effect, (y) events, developments and circumstances disclosed in the
Disclosure Filings and any information disclosed to the Lenders prior to May 2,

23

 

2008 shall not be
considered to have such a material adverse effect, although subsequent events, developments and
circumstances relating to such disclosed matters which reveal material adverse changes in such
disclosed matters may be considered in determining whether such subsequent
events, developments and circumstances have had or could reasonably be expected to have such a
material adverse effect and (z) the commencement of the Cases and the consequences that customarily
result therefrom shall not be considered to have such a material adverse effect.

          “Maturity Date” shall mean December 31, 2008.

          “Mexican Inventory” shall mean Inventory that is owned by a Loan Party and has been
consigned to a Mexican Subsidiary of the Borrower; provided that no Inventory shall qualify
as Mexican Inventory unless (i) the rights of the Loan Parties under the agreements pursuant to
which such Inventory is so consigned are subject to a first priority Lien in favor of the
Administrative Agent and (ii) such Inventory is (x) located at a plant owned by the Borrower or its
Subsidiaries, (y) in-transit between such a plant and a location owned or leased by a Loan Party or
(z) located on property as to which an enforceable power of attorney and other requisite
documentation (in each case in form and substance reasonably satisfactory to the Administrative
Agent) providing the Administrative Agent rights of access to such Inventory has been delivered to
the Administrative Agent.

          “Minority Lenders” shall have the meaning given such term in Section 10.09.

          “Moody’s” shall mean Moody’s Investors Service, Inc.

          “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3)
of ERISA.

          “Net Cash Proceeds” shall mean in connection with any Asset Sale or any Recovery
Event, the proceeds thereof in the form of cash and Permitted Investments, net of attorneys’ fees,
accountants’ fees, investment banking fees, commissions, premiums, amounts required to be applied
to the repayment of Indebtedness secured by a Lien permitted hereunder on any asset that is the
subject of such Asset Sale or Recovery Event (other than any Lien pursuant to the Security and
Pledge Agreement) and other customary fees and expenses actually incurred in connection therewith
and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into
account any available tax credits or deductions and any tax sharing arrangements) and a reasonable
reserve for purchase price adjustments and indemnification payments that could reasonably be
expected to arise during the term of the Loans; provided that in the case of any Asset Sale
or Recovery Event in respect of which the Net Cash Proceeds do not exceed $2,500,000, such Net Cash
Proceeds shall not be deemed to constitute “Net Cash Proceeds” for purposes of Section 2.13 until
the aggregate amount of all such excluded Net Cash Proceeds is at least $10,000,000.

          “Net Orderly Liquidation Value” shall mean, with respect to Inventory or Equipment, as
the case may be, the orderly liquidation value with respect to such Inventory or Equipment, net of
expenses estimated to be incurred in connection with such liquidation, based on the most recent
third party appraisal in form and substance, and by an independent appraisal firm, reasonably
satisfactory to the Administrative Agent.

24

 

          “Net Recovery Rate” shall mean, with respect to Inventory at any time, the quotient
(expressed as a percentage) of (i) the Net Orderly Liquidation Value of all Inventory owned by the
Borrower and the Guarantors divided by (ii) the gross inventory cost of such Inventory, determined
on the basis of the then most recently conducted third party inventory
appraisal in form and substance, and performed by an independent appraisal firm, reasonably
satisfactory to the Administrative Agent.

          “Non-Filed Domestic Entity” means any Domestic Entity that is not a Guarantor.

          “Obligations” shall mean (a) the due and punctual payment of principal of and interest
on the Loans and the reimbursement of all amounts drawn under Letters of Credit, and (b) the due
and punctual payment of the Fees and all other present and future, fixed or contingent, monetary
obligations of the Borrower and the Guarantors to the Lenders and the Administrative Agent under
the Loan Documents.

          “Original Credit Agreement” shall have the meaning set forth in the Introductory
Statement.

          “Original Lender” means an Original Tranche A Lender, an Original Tranche B Lender or
an Original Tranche C Lender.

          “Other Taxes” shall mean any and all present or future stamp or documentary taxes or
any other excise or property taxes, charges or similar levies arising from any payment made
hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement.

          “Original Tranche A Commitments” means the Tranche A Commitments existing prior to the
Effective Date under the Existing Credit Agreement.

          “Original Tranche A Lender” means each Lender under the Existing Credit Agreement
holding an Original Tranche A Commitment.

          “Original Tranche B Lender” means each Lender under the Existing Credit Agreement
holding Tranche B Loans under the Existing Credit Agreement immediately prior to the Effective
Date.

          “Original Tranche C Lender” means each Lender under the Existing Credit Agreement
holding Tranche C Loans under the Existing Credit Agreement immediately prior to the Effective
Date.

          “Participant” shall have the meaning given such term in Section 10.03(d).

          “Patriot Act” shall mean the USA Patriot Act, Title III of Pub. L. 107-56, signed into
law on October 26, 2001.

          “PBGC” shall mean the Pension Benefit Guaranty Corporation, or any successor agency or
entity performing substantially the same functions.

25

 

          “Permitted Investments” shall mean (a) marketable direct obligations issued by, or
unconditionally guaranteed by, the United States Government or issued by any agency thereof and
backed by the full faith and credit of the United States, in each case maturing within one year
from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits,
overnight bank deposits or bank notes having maturities of 270 days or less from the
date of acquisition issued by any Lender or by any commercial bank organized under the laws of
the United States or any state thereof having combined capital and surplus of not less than
$250,000,000; (c) commercial paper of an issuer rated at least A-2 by S&P or P-2 by Moody’s, or
carrying an equivalent rating by a nationally recognized rating agency, if both of the two named
rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within
six months from the date of acquisition; (d) repurchase obligations of any Lender or of any
commercial bank satisfying the requirements of clause (b) of this definition, having a term of not
more than 30 days, with respect to securities issued or fully guaranteed or insured by the United
States government; (e) securities with maturities of one year or less from the date of acquisition
issued or fully guaranteed by any state, commonwealth or territory of the United States, by any
political subdivision or taxing authority of any such state, commonwealth or territory or by any
foreign government, the securities of which state, commonwealth, territory, political subdivision,
taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by
Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed
by standby letters of credit issued by any Lender or any commercial bank satisfying the
requirements of clause (b) of this definition; (g) money market mutual or similar funds that invest
exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition;
(h) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the
Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii)
have portfolio assets of at least $5,000,000,000; or (i) in the case of any Foreign Subsidiary, (x)
direct obligations of the sovereign nation (or any agency thereof) in which such Foreign Subsidiary
is organized or is conducting business or in obligations fully and unconditionally guaranteed by
such sovereign nation (or any agency thereof), or (y) investments of the type and maturity
described in clauses (a) through (g) above of foreign obligors, which investments or obligors have
ratings described in such clauses or equivalent ratings from comparable foreign rating agencies,
with references in clauses (a), (b) and (d) above to the “United States” being understood to mean
the sovereign nation in which such Foreign Subsidiary is organized or conducting business or other
jurisdiction sharing the same currency as such sovereign nation.

          “Permitted Non-Filed Domestic Entity Transfer” means any transfer of inventory from
the Borrower or a Subsidiary to a Non-Filed Domestic Entity that occurs in connection with and for
the purpose of facilitating the ultimate sale of such inventory to a third party in an arm’s length
transaction in the ordinary course of business consistent with past practices; provided that such
transfer is made (x) as an equity investment that is counted against the basket in Section 6.09(ix)
(subject to the cap in the first proviso in Section 6.09) or (y) in exchange for an intercompany
loan that is counted against the basket in Section 6.03(xiii).

          “Person” shall mean any natural person, corporation, division of a corporation,
partnership, limited liability company, trust, joint venture, association, company, estate,
unincorporated organization or Governmental Authority or any agency or political subdivision
thereof.

26

 

          “Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA,
and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4062 of ERISA be deemed to be) a “contributing sponsor” as
defined in Section 4001(a)(13) of ERISA or a member of its “controlled group” as defined in
Section 4001(a)(14) of ERISA.

          “Post-Order Transaction Expenses” shall have the meaning set forth in the Approval
Order.

          “Prepayment Period” shall have the meaning given such term in Section 2.13(a).

          “Pre-Petition Payment” shall mean a payment (by way of adequate protection or
otherwise) of principal or interest or otherwise on account of any pre-petition Indebtedness or
trade payables or other pre-petition claims against the Borrower or any Guarantor.

          “Prime Rate” shall mean the rate of interest per annum publicly announced from time to
time by JPMCB as its prime rate in effect at its principal office in New York City; each change in
the Prime Rate shall be effective from and including the date such change is publicly announced as
being effective.

          “Recovery Event” shall mean any settlement of or payment in respect of any property or
casualty insurance claim or any condemnation proceeding relating to any asset of the Borrower or
any Guarantor, in each case in an amount in excess of $5,000,000.

          “Register” shall have the meaning given such term in Section 10.03(b)(iv).

          “Related Parties” shall mean, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, employees, agents and advisors of such Person
and such Person’s Affiliates.

          “Remediation Payments” shall mean environmental investigation and remediation payments
constituting Pre-Petition Payments in an aggregate amount not to exceed $10,000,000 made by the
Borrower or the Guarantors in connection with, or to enable, the sale of plants of the Borrower or
the Guarantors permitted under this Agreement to one or more buyers that are not Affiliates of the
Borrower or the Guarantors.

          “Rent Reserve” shall mean, with respect to any plant, warehouse distribution center or
other operating facility where any Inventory subject to landlords’ Liens or other Liens arising by
operation of law is located, a reserve equal to one (1) month’s rent at such plant, warehouse
distribution center, or other operating facility, and such other reserve amounts that may be
determined by the Administrative Agent in its reasonable discretion.

          “Reorganization Plan” shall mean a plan of reorganization in any of the Cases.

          “Required Lenders” shall mean, at any time, Lenders having Tranche A Commitments at
such time (or, if the Total Tranche A Commitment has been terminated, Lenders holding Tranche A
Loans and LC Exposure at such time) and Lenders holding a portion of the Tranche B Loan at such
time (or, if the Tranche B Loan is not outstanding, Lenders

27

 

holding Tranche B Commitments at such
time) representing in excess of 50% of the sum of (x) the Total Tranche A Commitment at such time
(or, if the Total Tranche A Commitment has been terminated, the Tranche A Total Commitment Usage at
such time) plus (y) the Total Tranche B Commitment at such time.

          “Requisite Super-majority Entities” shall have the meaning given such term in Section
10.09.

          “Replacement Liens” shall have the meaning set forth in the Approval Order.

          “Restructuring Costs” shall mean any and all of (i) the costs and expenses of
restructuring, consolidating or closing of any of the plants, facilities or offices of the Borrower
or any of its Subsidiaries, (ii) the costs of severance or other similar payments relating to the
termination of employees at such plants, facilities or offices, (iii) machine transfer costs or any
similar such costs at such plants, facilities or offices, (iv) costs and expenses in respect of the
termination or settlement of executory contracts and (v) other non-cash charges in respect of other
pre-petition obligations.

          “S&P” shall mean Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

          “Secured Domestic Hedging Obligations” shall mean on any date, all obligations of the
Borrower and the Guarantors in respect of Hedging Agreements, which obligations are secured by a
Lien on any asset of any Domestic Entity.

          “Secured Obligations” shall have the meaning set forth in the Security and Pledge
Agreement.

          “Security and Pledge Agreement” shall mean the Security and Pledge Agreement dated as
of January 9, 2007 by and among the Loan Parties and the Administrative Agent.

          “Single Employer Plan” shall mean a single employer plan, as defined in Section
4001(a)(15) of ERISA, that is maintained for employees of the Borrower or an ERISA Affiliate.

          “Statutory Reserve Rate” shall mean a fraction (expressed as a decimal), the numerator
of which is the number one and the denominator of which is the number one minus the aggregate of
the maximum reserve percentages (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Board to which the Administrative Agent is
subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation
D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation
D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such
reserve requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D or any comparable regulation. The
Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.

          “Subsequent Tranche C Commitment” shall mean the commitment of each Tranche C Lender
to make such amount of the Subsequent Tranche C Loan hereunder in the amount set forth opposite its
name on Annex A hereto or as may be subsequently set forth in the

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Register from time to time, as
the case may be and as the same may be reduced from time to time pursuant to the last sentence of
Section 2.01(c)(ii) and Sections 2.12 and 2.13. The initial aggregate amount of the Subsequent
Tranche C Loan Commitment is $254,179,759.52.

          “Subsequent Tranche C Commitment Percentage” shall mean, at any time, with respect to
each Tranche C Lender, the percentage obtained by dividing its Subsequent Tranche C Commitment at
such time by the Total Subsequent Tranche C Commitment.

          “Subsequent Tranche C Commitment Termination Date” shall have the meaning given such
term in Section 2.01(c)(ii).

          “Subsequent Tranche C Loan” shall mean a term loan made by the Lenders to the Borrower
pursuant to Section 2.01(c)(ii).

          “Subsidiary” shall mean, with respect to any Person (in this definition referred to as
the “parent”), any corporation, association or other business entity (whether now existing
or hereafter organized) of which at least a majority of the securities or other ownership or
membership interests having ordinary voting power for the election of directors is, at the time as
of which any determination is being made, owned or controlled by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

          “Super-majority First Priority Lenders” shall have the meaning given such term in
Section 10.09.

          “Super-majority Class Lenders” shall have the meaning given such term in Section
10.09.

          “Super-majority Lenders” shall have the meaning given such term in Section 10.09.

          “Superpriority Claim” shall mean a claim against the Borrower and any Guarantor in any
of the Cases which is an administrative expense claim having priority over any or all
administrative expenses of the kind specified in Sections 503(b) or 507(b) of the Bankruptcy Code.

          “Supplemental Approval Order” shall mean an order of the Bankruptcy Court approving,
inter alia, the Borrower’s Borrowing of the Subsequent Tranche C Loan and the payment of the Total
Subsequent Tranche C Fees.

          “Taxes” shall mean any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

          “Termination Date” shall mean the earliest to occur of (i) the Maturity Date, (ii) the
Consummation Date and (iii) the acceleration of the Loans and the termination of the Total
Commitment in accordance with the terms hereof.

          “Termination Event” shall mean (i) a “reportable event”, as such term is described in
Section 4043(c) of ERISA (other than a “reportable event” as to which the 30-day notice is waived
under subsection .22, .23, .25, .27 or .28 of PBGC Regulation Section 4043) or an event

29

 

described
in Section 4068 of ERISA and excluding events which would not be reasonably likely (as reasonably
determined by the Administrative Agent) to have a material adverse effect on the operations,
business, properties, assets or condition (financial or otherwise) of the Borrower and the
Guarantors taken as a whole, or (ii) the imposition of any Withdrawal Liability on the
Borrower or any ERISA Affiliate, or (iii) providing notice of intent to terminate a Plan
pursuant to Section 4041(c) of ERISA or the treatment of a Plan amendment as a termination under
Section 4041 of ERISA, if such amendment requires the provision of security, or (iv) the
institution of proceedings to terminate a Plan by the PBGC under Section 4042 of ERISA, or (v) any
other event or condition (other than the commencement of the Cases and the failure to have made any
contribution accrued as of the Filing Date but not paid) which would reasonably be expected to
constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Plan, or the imposition of any liability under Title IV of ERISA (other
than for the payment of premiums to the PBGC in the ordinary course).

          “Total Commitment” shall mean, at any time, the sum of the Total Tranche A Commitment,
the Total Tranche B Commitment and the Total Tranche C Commitment at such time.

          “Total First-Priority Commitment” shall mean, at any time, the sum of the Total
Tranche A Commitment and the Total Tranche B Commitment.

          “Total Initial Tranche C Commitment” shall mean, at any time, (i) prior to the funding
of the Initial Tranche C Loan pursuant to Section 2.01(c)(i), the sum of the Initial Tranche C
Commitments at such time and (ii) on and after funding of the Initial Tranche C Loan pursuant to
2.01(c)(i), the outstanding principal amount of the Initial Tranche C Loan at such time.

          “Total Subsequent Tranche C Commitment” shall mean, at any time, (i) prior to the
funding of the Subsequent Tranche C Loan pursuant to Section 2.01(c)(ii), the sum of the Subsequent
Tranche C Commitments at such time and (ii) on and after funding of the Subsequent Tranche C Loan
pursuant to 2.01(c)(ii), the outstanding principal amount of the Subsequent Tranche C Loan at such
time.

          “Total Subsequent Tranche C Fees” shall mean the Tranche C Commitment Fee and the
amendment fee payable to the Amended and Restated Lenders holding Subsequent Tranche C Commitments
as set forth in Section 4.03(b).

          “Total Tranche A Commitment” shall mean, any time, the sum of the Tranche A
Commitments at such time.

          “Total Tranche B Commitment” shall mean, at any time, (i) prior to the funding of the
Tranche B Loan pursuant to Section 2.01(b), the sum of the Tranche B Commitments at such time and
(ii) on and after funding of the Tranche B Loan pursuant to 2.01(b), the outstanding principal
amount of the Tranche B Loan at such time.

          “Total Tranche C Commitment” shall mean, at any time, the aggregate of the Total
Initial Tranche C Commitment and the Total Subsequent Tranche C Commitment, at such time.

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          “Tranche A Commitment” shall mean the commitment of each Tranche A Lender to make
Tranche A Loans hereunder in the amount set forth opposite its name in Annex A hereto or as may be
subsequently set forth in the Register from time to time, as the case may be, and as
may be reduced from time to time pursuant to Sections 2.12 and 2.13. The initial aggregate
amount of the Tranche A Commitment is $1,100,000,000.

          “Tranche A Commitment Fee” shall have the meaning given such term in Section 2.22(a).

          “Tranche A Commitment Percentage” shall mean, at any time, with respect to each
Tranche A Lender, the percentage obtained by dividing its Tranche A Commitment at such time by the
Total Tranche A Commitment or, if the Tranche A Commitments have been terminated, the Tranche A
Commitment Percentage of each Tranche A Lender that existed immediately prior to such termination.

          “Tranche A Facility” shall mean, at any time, collectively, the Tranche A Loans
outstanding at such time, the aggregate LC Exposure at such time and the Unused Total Tranche A
Commitment at such time.

          “Tranche A Lender” shall mean each Lender having a Tranche A Commitment or, if the
Tranche A Commitments have been terminated, each Lender holding a Tranche A Loan.

          “Tranche A Loan” shall have the meaning set forth in Section 2.01(a).

          “Tranche A Total Commitment Usage” shall mean, at any time, the sum of (i) the
aggregate outstanding principal amount of all Tranche A Loans and (ii) the aggregate LC Exposure at
such time.

          “Tranche B Commitment” shall mean the commitment of each Tranche B Lender to make such
amount of the Tranche B Loan hereunder in the amount set forth opposite its name on Annex A hereto
or as may be subsequently set forth in the Register from time to time, as the case may be and as
the same may be reduced from time to time pursuant to the last sentence of Section 2.01(b) and
Sections 2.12 and 2.13. The initial aggregate amount of the Tranche B Commitment is $500,000,000.

          “Tranche B Commitment Percentage” shall mean, at any time, with respect to each
Tranche B Lender, the percentage obtained by dividing its Tranche B Commitment at such time by the
Total Tranche B Commitment.

          “Tranche B Lender” shall mean each Lender having a Tranche B Commitment or, if the
Tranche B Commitments have been terminated, each Tranche B Lender holding a portion of the Tranche
B Loan.

          “Tranche B Loan” shall have the meaning set forth in Section 2.01(b).

          “Tranche C Commitment Fee” shall have the meaning given such term in Section 2.22(b).

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          “Tranche C Lender” shall mean each Lender having an Initial Tranche C Commitment or a
Subsequent Tranche C Commitment or, if the Initial Tranche C Commitments or the Subsequent Tranche
C Commitments have been terminated, each Lender holding a portion of the Initial Tranche C Loan or
the Subsequent Tranche C Loan, as the case may be.

          “Tranche C Loan” shall mean the Initial Tranche C Loan and the Subsequent Tranche C
Loan.

          “Transactions” shall mean the execution, delivery and performance by the Borrower and
Guarantors of this Agreement, the borrowing of Loans, the use of the proceeds thereof and the
request for and issuance of Letters of Credit hereunder.

          “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate or the Alternate Base Rate.

          “UAW Special Attrition Program Agreement” shall mean the UAW-GM-Delphi Special
Attrition Agreement dated as of March 22, 2006 by and among the Borrower, General Motors
Corporation and the United Automobile, Aerospace and Agricultural Workers of America, as
supplemented on June 5, 2006, a copy of which has been delivered to the Administrative Agent prior
to the Effective Date, as amended.

          “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the
State of New York; provided, however, that if by reason of any provisions of law,
the perfection or the effect of perfection or non-perfection of the security interests granted to
the Administrative Agent pursuant to the applicable Loan Document is governed by the Uniform
Commercial Code as in effect in a jurisdiction of the United States other than New York, then
“UCC” shall mean the Uniform Commercial Code as in effect from time to time in such other
jurisdiction for purposes of the provisions of each Loan Document.

          “Uncollateralized LC Exposure” shall mean, at any time, (i) the aggregate LC Exposure
at such time less (ii) the aggregate LC Exposure for which Cash Collateralization has been
made in accordance with Section 2.03(j) prior to such time and which Cash Collateralization is in
effect at such time.

          “Unused Total Tranche A Commitment” shall mean, at any time, (i) the Total Tranche A
Commitment less (ii) the Tranche A Total Commitment Usage.

          “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such term is defined in Part I of
Subtitle E of Title IV of ERISA.

          “Wholly-Owned” shall mean, as to any Guarantor (or any other Subsidiary of the
Borrower), any other Person all of the capital stock (or other equivalent ownership interests) of
which (other than directors’ qualifying shares or nominal shares held by employees, in each case as
required by law) is owned by such Guarantor (or such other Subsidiary of the Borrower) directly and
or through other Wholly-Owned Subsidiaries.

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     SECTION 1.02 Terms Generally. (a) The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be
deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to
have the same meaning and effect as the word “shall”. Unless the context requires otherwise (i) any
definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (ii) any reference herein to any Person shall be construed to
include such Person’s successors and assigns, (iii) the words “herein”, “hereof’ and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (iv) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Section of, and Exhibits and Schedules to,
this Agreement and (v) the words “asset” and “property” shall construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.

     (a) When a change in any amount, percentage, reserve, eligibility criteria or other item in
the definitions of the terms “Borrowing Base”, “Eligible Inventory”, “Eligible Receivables”, “Fixed
Asset Component”, “Inventory Reserves” and “Rent Reserve” is to be determined in the Administrative
Agent’s “reasonable discretion”, such change shall become effective on the date that is ten (10)
days after delivery of a written notice thereof to the Borrower (a “Borrowing Base Change
Notice”), or immediately, without prior written notice, during the continuance of an Event of
Default; provided that (regardless of whether an Event of Default is continuing) no change
set forth in a Borrowing Base Change Notice shall be required to be reflected in the next Borrowing
Base Certificate delivered by the Borrower if such Borrowing Base Change Notice is delivered to the
Borrower less than ten (10) days prior to the date such Borrowing Base Certificate is required to
be delivered hereunder.

     SECTION 1.03 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP, as in effect from time to time; provided that,
if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any
provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or
in the application thereof on the operation of such provision (or if the Administrative Agent
notifies the Borrower that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP
or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in
effect and applied immediately before such change shall have become effective until such notice
shall been withdrawn or such provision amended in accordance herewith.

SECTION
2. AMOUNT AND TERMS OF CREDIT

     SECTION 2.01 Commitments of the Lenders.

          (a) Tranche A Revolving Commitment. (i) Each Tranche A Lender severally and not
jointly with the other Tranche A Lenders agrees, upon the terms and subject to the conditions

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herein set forth, to make revolving credit loans (each a “Tranche A Loan” and collectively,
the “Tranche A Loans”) to the Borrower at any time and from time to time during the
Availability Period in an aggregate principal amount not to exceed, when added to its LC Exposure,
the Tranche A Commitment of such Lender, which Tranche A Loans may be repaid and reborrowed
in accordance with the provisions of this Agreement; provided that (A) at no time,
after giving effect to any proposed Borrowing to be made at such time, shall the sum of the then
outstanding aggregate principal amount of the Tranche A Loans plus the then LC Exposure
exceed the Total Tranche A Commitment at such time and (B) at no time, after giving effect to any
proposed Borrowing to be made at such time, shall the sum of the then outstanding aggregate
principal amount of the Tranche A Loans plus the then LC Exposure plus the then
outstanding aggregate principal amount of the Tranche B Loan exceed the amount equal to (i) the
lesser of (x) the Total First-Priority Commitment at such time and (y) the Borrowing Base, minus
(ii) if Available Liquidity at such time is, after giving effect to such Borrowing, less than
$500,000,000, $200,000,000.

          (ii) Each Borrowing of a Tranche A Loan shall be made by the Tranche A Lenders
pro rata in accordance with their respective Tranche A Commitments;
provided, however, that the failure of any Tranche A Lender to make any
Tranche A Loan shall not relieve the other Tranche A Lenders of their obligations to lend.

          (b) Tranche B Term Loan Commitment. (i) Each Tranche B Lender, severally and not
jointly with the other Tranche B Lenders agrees, upon the terms and subject to the conditions
herein set forth, to make available to the Borrower on the Effective Date term loans in an
aggregate principal amount equal to such Tranche B Lender’s Tranche B Commitment (all such loans,
collectively, the “Tranche B Loan”), in each case as provided in Section 4.01;
provided that at such time, after giving effect to such Borrowing, the sum of the then
outstanding aggregate principal amount of the Tranche A Loans plus the then LC Exposure
plus the then outstanding aggregate principal amount of the Tranche B Loan shall not exceed
the amount equal to (i) the lesser of (x) the Total First-Priority Commitment at such time and (y)
the Borrowing Base, minus (ii) if Available Liquidity at such time is, giving effect to such
Borrowing, less than $500,000,000, $200,000,000. Once repaid, the Tranche B Loan may not be
reborrowed. The Tranche B Commitment of each Tranche B Lender shall be reduced to zero upon the
funding of the Tranche B Loan on the Effective Date.

          (ii) The Tranche B Loan shall be made by the Tranche B Lenders pro rata in accordance
with their respective Tranche B Commitment; provided, however, that the
failure of any Tranche B Lender to make its Tranche B Loan shall not in itself relieve the
other Tranche B Lenders of their obligations to lend.

          (c) Tranche C Term Loan Commitment. (i) Each Tranche C Lender, severally and not
jointly with the other Tranche C Lenders agrees, upon the terms and subject to the conditions
herein set forth, to make available to the Borrower on the Effective Date term loans in an
aggregate principal amount equal to such Tranche C Lender’s Initial Tranche C Commitment (all such
loans, collectively, the “Initial Tranche C Loan”), in each case as provided in Section
4.01. The Initial Tranche C Commitment of each Tranche C Lender shall be reduced to zero upon the
funding of the Initial Tranche C Loan on the Effective Date.

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          (ii) Each Tranche C Lender, severally and not jointly with the other Tranche C Lenders
agrees, upon the terms and subject to the conditions herein set forth, to make available to
the Borrower on the last day of the then Interest Period of the Initial Tranche C Loan term
loans in an aggregate principal amount equal to such Tranche C Lender’s Subsequent Tranche C
Commitment (all such loans, collectively, the
“Subsequent Tranche C Loan”). The Subsequent Tranche C Commitment of each
Tranche C Lender shall be reduced to zero on the earlier of (x) the funding date of the
Subsequent Tranche C Loan and (y) June 9, 2008 (such date, the “Subsequent Tranche C
Commitment Termination Date”).

          (iii) Each of the Initial Tranche C Loan and the Subsequent Tranche C Loan shall be made
by the Tranche C Lenders pro rata in accordance with their respective Initial Tranche C
Commitment or Subsequent Tranche C Commitment, as the case may be; provided,
however, that the failure of any Tranche C Lender to make its Initial Tranche C Loan
or Subsequent Tranche C Loan shall not in itself relieve the other Tranche C Lenders of
their obligations to lend.

          (iv) Once repaid, no Tranche C Loan may be reborrowed.

          (d) Each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the
Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan
by causing any domestic or foreign branch or Affiliate of such Lender to make such Eurodollar Loan;
provided that any exercise of such option shall not affect the obligation of the Borrower
to repay such Loan in accordance with the terms of this Agreement.

          (e) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing
shall be in an aggregate amount that is in an integral multiple of $1,000,000 and not less than
$5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $500,000 and not less than $1,000,000 provided, that
an ABR Borrowing may be in an aggregate amount that is equal to the entire Unused Total Tranche A
Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.03(e). Borrowings of more than one Type may be outstanding at the same time.

          (f) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with
respect thereto would end after the Maturity Date.

          (g) Any Cash Collateral included in Available Liquidity at any time may be transferred by the
Borrower out of the applicable segregated account only if and to the extent that, after giving
effect to such transfer, (1) the Borrower shall be in compliance with the provisos set forth in
Section 2.01(a)(i) and Section 2.01(b)(i) and (2) no Default shall have occurred and be continuing.

     SECTION 2.02 [Reserved].

     SECTION
2.03 Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the Borrower may
request the issuance of Letters of Credit for its own account or

35

 

the account of any Subsidiary, in a form reasonably acceptable to the Administrative Agent and the Issuing Lender, and the Issuing
Lender hereby agrees to issue such requested Letters of Credit, at any time and from time to time during the Availability Period. In the event of any inconsistency
between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or
entered into by the Borrower with, the Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control. At no time shall a Letter of Credit
be issued if (i) the sum of the then outstanding aggregate principal amount of the Tranche A Loans plus the LC Exposure (inclusive of the amount of such proposed Letter of Credit) would
exceed the Total Tranche A Commitment at such time and (ii) the sum of the then outstanding aggregate principal amount of the Tranche A Loans plus the then LC Exposure (inclusive of the
amount of such proposed Letter of Credit) plus the then outstanding aggregate principal amount of the Tranche B Loan would exceed the amount equal to (A) the lesser of (x) the
Total First-Priority Commitment at such time and (y) the Borrowing Base, minus (B) if Available Liquidity at such time is, after giving effect to such proposed Letter of Credit, less than
$500,000,000, $200,000,000. All Existing Letters of Credit outstanding on the Effective Date shall, on the Effective Date, be deemed to be Letters of Credit issued hereunder.

          (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter
of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by the Issuing Lender) to the Issuing Lender and
the Administrative Agent (reasonably in advance of the requested date of issuance, amendment,
renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the
Letter of Credit to be amended, renewed or extended, and specifying the date of issuance,
amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of
Credit is to expire (which shall comply with paragraph (b) of this Section), the amount of such
Letter of Credit, the Person for whose account such Letter of Credit shall be issued, the name and
address of the beneficiary thereof and such other information as shall be reasonably necessary to
prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Lender, the
Borrower also shall submit a letter of credit application on the Issuing Lender’s standard form in
connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended,
renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of
Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such
issuance, amendment, renewal or extension the LC Exposure shall not exceed $325,000,000. No
Issuing Lender shall permit any such issuance, renewal, extension or amendment resulting in an
increase in the amount of any Letter of Credit to occur if such Issuing Lender has received notice
from the Administrative Agent or the Required Lenders that the conditions to such issuance,
renewal, extension or amendment have not been met.

          (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of
business on the earlier of (i) one year after the date of the issuance of such Letter of Credit
(or, in the case of any renewal or extension thereof, one year after such renewal or extension) and
(ii) 365 days (such 365th day, the “LC Outside Date”) after the Maturity Date;
provided that any Letter of Credit with a one-year term may provide for the renewal thereof
for additional one-year periods (which shall in no event extend beyond the date referred to in
clause (ii) above). Notwithstanding the foregoing, if the date of the required notification of
intent to or not to renew

36

 

or extend a Letter of Credit for an additional year (the “LC Notification Date”)
occurs prior to the Maturity Date, but such Letter of Credit, if extended or renewed for an
additional year, would expire after the LC Outside Date, such notification may be given (in the
case of any Letter of Credit that requires affirmative notification of intent to extend or renew)
or withheld (in the case of any Letter of Credit that requires notification of intent not to extend
or renew), and the maturity of such Letter of Credit may extend for a period of up to one year
following the date of such renewal or extension, provided that (A) on or prior to the LC
Notification Date, the Borrower shall deposit cash in the Letter of Credit Account in an amount
equal to 105% of such Letter of Credit as collateral security for the Borrower’s reimbursement
obligations in connection therewith, such cash to be remitted to the Borrower upon and to the
extent of the expiration, cancellation or other termination or satisfaction of such reimbursement
obligations and (B) if requested by the Issuing Lender, the Borrower shall promptly (but in no
event later than the Maturity Date) execute and deliver a letter of credit reimbursement agreement
in form and substance satisfactory to the Issuing Lender in connection with such renewal or
extension.

          (d) Participations. By the issuance (or, in the case of an Existing Letter of Credit,
the deemed issuance) of a Letter of Credit (or an amendment to a Letter of Credit including any
amendment increasing the amount thereof) and without any further action on the part of the Issuing
Lender or the Tranche A Lenders, the Issuing Lender hereby grants to each Tranche A Lender, and
each Tranche A Lender hereby acquires from the Issuing Lender, a participation in such Letter of
Credit equal to such Tranche A Lender’s Tranche A Commitment Percentage of the aggregate amount
available to be drawn under such Letter of Credit. In consideration and in furtherance of the
foregoing, each Tranche A Lender hereby absolutely and unconditionally agrees to pay to the
Administrative Agent for the account of the Issuing Lender, such Tranche A Lender’s Tranche A
Commitment Percentage of each LC Disbursement made by the Issuing Lender and not reimbursed by the
Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement
payment required to be refunded to the Borrower for any reason. Each Tranche A Lender acknowledges
and agrees that its obligation to acquire participations pursuant to this paragraph in respect of
Letters of Credit is absolute and unconditional and shall not be affected by any circumstance
whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence
of an Event of Default or reduction or termination of the Tranche A Commitments, and that each such
payment shall be made without any offset, abatement, withholding or reduction whatsoever.

          (e) Reimbursement. If the Issuing Lender shall make any LC Disbursement in respect of
a Letter of Credit (including any Letter of Credit issued for the account of any Subsidiary), the
Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal
to such LC Disbursement not later than 12:00 noon, New York City time, on the Business Day
immediately following the day that the Borrower receives notice of such LC Disbursement;
provided, that, the Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.04(a) that such payment be financed with an ABR Borrowing in
an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment
shall be discharged and replaced by the resulting ABR Borrowing. If the Borrower fails to make
such payment when due, the Administrative Agent shall notify each Tranche A Lender of the
applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such
Tranche A Lender’s Tranche A Commitment Percentage thereof. Promptly following receipt of such
notice, each Tranche A Lender shall pay to the Administrative Agent its Tranche A Commitment
Percentage of the payment then due to

37

 

the Issuing Lender from the Borrower, in the same manner as provided in Section 2.05 with
respect to Tranche A Loans made by such Tranche A Lender (and Section 2.05 shall apply,
mutatis mutandis, to the payment obligations of the Tranche A Lenders), and the
Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from
the Tranche A Lenders. Promptly following receipt by the Administrative Agent of any payment from
the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to
the Issuing Lender or, to the extent that Tranche A Lenders have made payments pursuant to this
paragraph to reimburse the Issuing Lender, then to such Tranche A Lenders and the Issuing Lender as
their interests may appear. Any payment made by a Tranche A Lender pursuant to this paragraph to
reimburse the Issuing Lender for any LC Disbursement (other than the funding of ABR Loans as
contemplated above) shall not constitute a Tranche A Loan and shall not relieve the Borrower of its
obligation to reimburse such LC Disbursement.

          (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and
shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any
Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other
document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the
Issuing Lender under a Letter of Credit against presentation of a draft or other document that does
not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of
this Section, constitute a legal or equitable discharge of, or provide a right of setoff against,
the Borrower’s obligations hereunder. Neither the Administrative Agent, the Tranche A Lenders nor
the Issuing Lender, nor any of their Related Parties, shall have any liability or responsibility by
reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or
failure to make any payment thereunder (irrespective of any of the circumstances referred to in the
preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of
technical terms or any consequence arising from causes beyond the control of the Issuing Lender;
provided, that the foregoing shall not be construed to excuse the Issuing Lender from
liability to the Borrower to the extent of any direct damages (as opposed to consequential damages,
claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable
law) suffered by the Borrower that are caused by the Issuing Lender’s failure to exercise care when
determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. The parties hereto expressly agree that, in the absence of gross negligence, bad
faith or willful misconduct on the part of the Issuing Lender, its directors, officers, employees
or affiliates (as finally determined by a court of competent jurisdiction), the Issuing Lender
shall be deemed to have exercised care in each such determination. In furtherance of the foregoing
and without limiting the generality thereof, the parties agree that, with respect to documents
presented which appear on their face to be in substantial compliance with the terms of a Letter of
Credit, the Issuing Lender may, in its reasonable discretion, either accept and make payment upon
such documents without responsibility for further investigation, regardless of any notice or
information to the contrary, or refuse to accept and make payment upon such documents if such
documents are not in strict compliance with the terms of such Letter of Credit.

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          (g) Disbursement Procedures. The Issuing Lender shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of
Credit. The Issuing Lender shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Lender has
made or will make an LC Disbursement thereunder; provided, that any failure to give or
delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the
Issuing Lender and the Tranche A Lenders with respect to any such LC Disbursement.

          (h) Interim Interest. If the Issuing Lender shall make any LC Disbursement, then,
unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement
is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC
Disbursement, at the rate per annum then applicable to ABR Loans; provided, that, if the
Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this
Section, then Section 2.09 shall apply. Interest accrued pursuant to this paragraph shall be for
the account of the Issuing Lender, except that interest accrued on and after the date of payment by
any Tranche A Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Lender
shall be for the account of such Tranche A Lender to the extent of such payment.

          (i) Replacement of the Issuing Lender. An Issuing Lender may be replaced at any time
by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Lender and
the successor Issuing Lender. The Administrative Agent shall notify the Tranche A Lenders of any
such replacement of an Issuing Lender. At the time any such replacement shall become effective, the
Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Lender pursuant
to Section 2.22. From and after the effective date of any such replacement, (i) the successor
Issuing Lender shall have all the rights and obligations of an Issuing Lender under this Agreement
with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term
“Issuing Lender” shall be deemed to refer to such successor or to any previous Issuing Lender, or
to such successor and all previous Issuing Lenders, as the context shall require. After the
replacement of a Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto
and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement
with respect to Letters of Credit issued by it prior to such replacement, but shall not be required
to issue additional Letters of Credit.

          (j) Replacement of Letters of Credit; Cash Collateralization. Upon or prior to the
occurrence of the Termination Date the Borrower shall (i) cause all Letters of Credit which expire
after the Termination Date to be returned to the Issuing Lender undrawn and marked “cancelled” or,
to the extent the Borrower is unable to return any of the Letters of Credit, (ii) either (x)
provide one or more “back-to-back” letters of credit to one or more Issuing Lenders in a form
reasonably satisfactory to each such Issuing Lender that is a beneficiary of such “back-to-back”
letter of credit and the Administrative Agent, issued by a bank reasonably satisfactory to each
such Issuing Lender and the Administrative Agent, and/or (y) deposit cash in the Letter of Credit
Account, the sum of (x) and (y) of this sentence to be in an aggregate amount equal to 105% of
Uncollateralized LC Exposure as collateral security for the Borrower’s reimbursement obligations in
connection therewith, such cash to be remitted to the Borrower upon and to the extent of the
expiration, cancellation or other termination or satisfaction of such reimbursement obligations
(“Cash Collateralization”). The Administrative Agent shall have exclusive dominion

39

 

and control, including the exclusive right of withdrawal, over such account. Other than any
interest earned on the investment of such deposits, which investments shall be made at the option
and sole reasonable discretion of the Administrative Agent (in accordance with its usual and
customary practices for investments of this type) and at the Borrower’s risk and reasonable
expense, such deposits shall not bear interest. Interest or profits, if any, on such investments
shall accumulate in such account. Moneys in such account shall be applied by the Administrative
Agent to reimburse the Issuing Lender for LC Disbursements for which it has not been reimbursed
and, to the extent not so applied, shall be held for the satisfaction of the reimbursement
obligations of the Borrower for the LC Exposure at such time and upon expiration or cancellation
(or backstop as set forth in clause (x) above) of the related Letter of Credit or other termination
or satisfaction of the Borrower’s reimbursement obligations with respect thereto, such cash shall
be promptly remitted to the Borrower.

          (k) Issuing Lender Agreements. Unless otherwise requested by the Administrative Agent,
each Issuing Lender shall report in writing to the Administrative Agent (i) on the first Business
Day of each week, the daily activity (set forth by day) in respect of Letters of Credit during the
immediately preceding week, including all issuances, extensions, amendments and renewals, all
expirations and cancellations and all disbursements and reimbursements, (ii) on or prior to each
Business Day on which such Issuing Lender expects to issue, amend, renew or extend any Letter of
Credit, the date of such issuance, amendment, renewal or extension, and the aggregate face amount
of the Letters of Credit to be issued, amended, renewed, or extended by it and outstanding after
giving effect to such issuance, amendment, renewal or extension occurred (and whether the amount
thereof changed), it being understood that such Issuing Lender shall not permit any issuance,
renewal, extension or amendment resulting in an increase in the amount of any Letter of Credit to
occur if such Issuing Lender has received notice from the Administrative Agent or the Required
Lenders that the conditions to such issuance, extension or amendment have not been met, (iii) on
each Business Day on which such Issuing Lender makes any LC Disbursement, the date of such LC
Disbursement and the amount of such LC Disbursement, (iv) on any Business Day on which the Borrower
fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Lender on such day,
the date of such failure, the Borrower and the amount of such LC Disbursement and (v) on any other
Business Day, such other information as the Administrative Agent shall reasonably request.

     SECTION 2.04 Requests for Borrowings.

          (a) Tranche A Loans. Unless otherwise agreed to by the Administrative Agent in
connection with making the initial Loans, to request a Borrowing of Tranche A Loans, the Borrower
shall notify the Administrative Agent of such request by telephone (x) in the case of a Eurodollar
Borrowing, not later than 1:00 p.m., New York City time, three (3) Business Days before the date of
the proposed Borrowing and (y) in the case of an ABR Borrowing, not later than 12:00 p.m., New York
City time, on the date of the proposed Borrowing; provided that, (i) any such notice of an
ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.03(e)
may be given not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing
and (ii) any such notice of a Eurodollar Borrowing to be advanced on the Effective Date may be
given not later than 11:00 a.m., New York City time, on the Effective Date. Each such telephonic
Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, courier or
telecopy to the Administrative Agent of a

40

 

written Borrowing Request in a form reasonably acceptable to the Administrative Agent and
signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the
following information in compliance with Section 2.01:

     (i) the aggregate amount of the requested Borrowing;

     (ii) the date of such Borrowing, which shall be a Business Day;

     (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

     (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term
“Interest Period”.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an
ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar
Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section
2.04(a), the Administrative Agent shall advise each Tranche A Lender of the details thereof and of
the amount of such Tranche A Lender’s Tranche A Loan to be made as part of the requested Borrowing.

          (b) Tranche B Loan. To request the Borrowing of the Tranche B Loan, the Borrower shall
notify the Administrative Agent of such request by telephone (x) in the case of a Eurodollar
Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing and
(y) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time on the date of
the proposed Borrowing. Such telephonic notice shall be irrevocable and shall be confirmed promptly
by hand delivery, courier or telecopy to the Administrative Agent of a written Borrowing Request in
a form reasonably acceptable to the Administrative Agent and signed by the Borrower. Such telephone
and written Borrowing Request shall specify the following information in compliance with Section
2.01:

     (i) the aggregate amount of the requested Borrowing (which shall be the amount of the
Total Tranche B Commitment);

     (ii) the date of such Borrowing, which shall be a Business Day and the Effective Date;

     (iii) the portion of the Tranche B Loan that is to initially be an ABR Borrowing and
that is to initially be a Eurodollar Borrowing; and

     (iv) in the case of such portion of the Tranche B Loan that is a Eurodollar Borrowing,
the initial Interest Period applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”.

If no election as to the Type of Borrowing is specified, then the Tranche B Loan shall initially be
an ABR Borrowing. If no Interest Period is specified with respect to any portion of the Tranche B
Loan that is to initially be a Eurodollar Borrowing, then the Borrower shall be deemed to have

41

 

selected an Interest Period of one month’s duration. Promptly following receipt of the Borrowing
Request in accordance with this Section 2.04(b), the Administrative Agent shall advise each Tranche
B Lender of the details thereof and of the amount of such Tranche B Lender’s Loan to be made as
part of the requested Borrowing (which shall be equal to such Tranche B Lender’s Tranche B
Commitment).

          (c) Tranche C Loan. To request the Borrowing of either Tranche C Loan, the Borrower
shall notify the Administrative Agent of such request by telephone (x) in the case of a Eurodollar
Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing and
(y) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time on the date of
the proposed Borrowing. Such telephonic notice shall be irrevocable and shall be confirmed promptly
by hand delivery, courier or telecopy to the Administrative Agent of a written Borrowing Request in
a form reasonably acceptable to the Administrative Agent and signed by the Borrower. Such telephone
and written Borrowing Request shall specify the following information in compliance with Section
2.01:

     (i) the aggregate amount of the requested Borrowing (which shall be the amount of the
Total Initial Tranche C Commitment, in the case of the Borrowing of the Initial Tranche C
Loan, and the amount of the Total Subsequent Tranche C Commitment, in the case of the
Borrowing of the Subsequent Tranche C Loan);

     (ii) the date of such Borrowing, which shall be (x) a Business Day and (y) in the case
of the Initial Tranche C Loan, the Effective Date and in the case of the Subsequent Tranche
C Loan, the last day of the Interest Period then applicable to the Initial Tranche C Loan;

     (iii) the portion of such Borrowing that is to initially be an ABR Borrowing and that
is to initially be a Eurodollar Borrowing; and

     (iv) in the case of such Borrowing that is a Eurodollar Borrowing, the initial Interest
Period applicable thereto, which shall be a period contemplated by the definition of the
term “Interest Period”.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall
initially be an ABR Borrowing. If no Interest Period is specified with respect to any portion of
either Tranche C Loan that is to initially be a Eurodollar Borrowing, then the Borrower shall be
deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of
the Borrowing Request in accordance with this Section 2.04(c), the Administrative Agent shall
advise each Tranche C Lender of the details thereof and of the amount of such Tranche C Lender’s
Loan to be made as part of the requested Borrowing (which shall be equal to such Tranche C Lender’s
Initial Tranche C Commitment or Subsequent Tranche C Commitment, as the case may be).

     SECTION 2.05 Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it
hereunder on the proposed date thereof by wire transfer of immediately available funds by 2:00
p.m., New York City time, to the account of the Administrative Agent most recently designated by it
for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available
to the Borrower by promptly crediting the amounts so received,

42

 

in like funds, to an account of the Borrower maintained with the Administrative Agent and
designated by the Borrower in the applicable Borrowing Request; provided that ABR Loans
made to finance the reimbursement of an LC Disbursement as provided in Section 2.03(e) shall be
remitted by the Administrative Agent to the Issuing Lender.

          (b) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent
such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with paragraph (a) of this Section and may, in
reliance upon such assumption, make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the
date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the
Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest
rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then
such amount shall constitute such Lender’s Loan included in such Borrowing.

     SECTION 2.06 Interest Elections. (a) Each Borrowing of Tranche A Loans, the Borrowing of
the Tranche B Loan, the Borrowing of the Initial Tranche C Loan and the Borrowing of the Subsequent
Tranche C Loan initially shall be of the Type or, in the case of the Tranche B Loan, the Initial
Tranche C Loan and the Subsequent Tranche C Loan, Types specified in the applicable Borrowing
Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as
specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowings
to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may
elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different
options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders of the same Class comprising such Borrowing,
and the Tranche A Loans, Tranche B Loan and Tranche C Loan, as the case may be, comprising each
such Type shall be considered a separate Borrowing.

          (b) To make an Interest Election Request pursuant to this Section, the Borrower shall notify
the Administrative Agent of such election by telephone by (x) in the case of a Eurodollar
Borrowing, not later than 1:00 p.m. New York City time, three (3) Business Days before the
effective date of such election and (y) in the case of an ABR Borrowing, not later than 12:00 p.m.,
New York City time, on the effective date of such election. Each such telephonic Interest Election
Request shall be irrevocable and shall be confirmed promptly by hand delivery, courier or telecopy
to the Administrative Agent of a written Interest Election Request in a form reasonably acceptable
to the Administrative Agent and signed by the Borrower.

          (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.01:

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     (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof
to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

     (ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day;

     (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing; and

     (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be
applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”.

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an
Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration.

          (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each Lender of the applicable Class of the details thereof and of such Lender’s portion of
each resulting Borrowing.

          (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a
Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such
Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be
continued as a Eurodollar Borrowing having an Interest Period of one month. Notwithstanding any
contrary provision hereof, if an Event of Default has occurred and is continuing, then, so long as
an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as
a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an
ABR Borrowing at the end of the Interest Period applicable thereto.

     SECTION 2.07 [Reserved].

     SECTION 2.08 Interest on Loans.

          (a) Subject to the provisions of Section 2.09, each ABR Loan shall bear interest (computed on
the basis of the actual number of days elapsed over a year of 360 days or, when the Alternate Base
Rate is based on the Prime Rate, a year with 365 days or 366 days in a leap year) at a rate per
annum equal to the Alternate Base Rate plus (A) if a Tranche A Loan, 3.00%, (B) if a Tranche B
Loan, 3.00% and (C) if a Tranche C Loan, 4.25%; provided that if the applicable Alternate Base Rate
at the time of determination of the interest rate for a Tranche B Loan or a Tranche C Loan is below
4.25%, the Alternate Base Rate for such Tranche B Loan or Tranche C Loan for such Interest Period
shall be deemed to be 4.25%.

          (b) Subject to the provisions of Section 2.09, each Eurodollar Loan shall bear interest
(computed on the basis of the actual number of days elapsed over a year of 360 days) at a

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rate per annum equal, during each Interest Period applicable thereto, to the Adjusted LIBO
Rate for such Interest Period in effect for such Borrowing plus (A) if a Tranche A Loan, 4.00%, (B)
if a Tranche B Loan, 4.00% and (C) if a Tranche C Loan, 5.25%; provided that if the applicable
Adjusted LIBO Rate at the time of determination of the interest rate for a Tranche B Loan or a
Tranche C Loan is below 3.25%, the Adjusted LIBO Rate for such Tranche B Loan or Tranche C Loan for
such Interest Period shall be deemed to be 3.25%.

          (c) Accrued interest on all Loans shall be payable in arrears on each Interest Payment Date
applicable thereto, on the Termination Date and after the Termination Date on demand and (with
respect to Eurodollar Loans) upon any repayment or prepayment thereof (on the amount prepaid).

     SECTION 2.09 Default Interest. If the Borrower or any Guarantor, as the case may be, shall
default in the payment of the principal of or interest on any Loan or in the payment of any other
amount becoming due hereunder (including the reimbursement pursuant to Section 2.03(e) of any LC
Disbursements), whether at stated maturity, by acceleration or otherwise, the Borrower or such
Guarantor, as the case may be, shall on demand from time to time pay interest, to the extent
permitted by law, on all Loans and overdue amounts up to (but not including) the date of actual
payment (after as well as before judgment) at a rate per annum (computed on the basis of the actual
number of days elapsed over a year of 360 days or when the Alternate Base Rate is applicable and is
based on the Prime Rate, a year with 365 days or 366 days in a leap year) equal to (x) the rate
then applicable for such Borrowings plus 2.0% and (y) in the case of all other amounts, the
rate applicable for Alternate Base Rate plus 2.0%.

     SECTION 2.10 Alternate Rate of Interest. In the event, and on each occasion, that on the
day two Business Days prior to the commencement of any Interest Period for a Eurodollar Loan, the
Administrative Agent shall have determined (which determination shall be conclusive and binding
upon the Borrower absent manifest error) that reasonable means do not exist for ascertaining the
applicable Adjusted LIBO Rate, the Administrative Agent shall, as soon as practicable thereafter,
give written, facsimile or telegraphic notice of such determination to the Borrower and the
Lenders, and any request by the Borrower for a Borrowing of Eurodollar Loans (including pursuant to
a refinancing with Eurodollar Loans) pursuant to Section 2.04 shall be deemed a request for a
Borrowing of ABR Loans. After such notice shall have been given and until the circumstances giving
rise to such notice no longer exist, each request for a Borrowing of Eurodollar Loans shall be
deemed to be a request for a Borrowing of ABR Loans.

     SECTION 2.11 Repayment of Loans; Evidence of Debt.

          (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Loan on the Termination Date.

          (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder.

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          (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Loan made hereunder, the Type and Class thereof and the Interest Period applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

          (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be prima facie evidence of the existence and amounts of the
obligations recorded therein; provided that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation
of the Borrower to repay the Loans in accordance with the terms of this Agreement.

          (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the Borrower shall execute and deliver to such Lender a promissory note payable to the order
of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) in a
form furnished by the Administrative Agent and reasonably acceptable to the Borrower. Thereafter,
the Loans evidenced by such promissory note and interest thereon shall at all times (including
after assignment pursuant to Section 10.03 to the extent requested by the Lender assignee) be
represented by one or more promissory notes in such form payable to the order of the payee named
therein (or, if such promissory note is a registered note, to such payee and its registered
assigns).

     SECTION 2.12 Optional Termination or Reduction of Commitment. Upon at least one Business
Day’s prior written notice to the Administrative Agent, the Borrower may at any time in whole
permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A
Commitment, the Tranche B Commitment, the Initial Tranche C Commitment and the Subsequent Tranche C
Commitment. Each such reduction of the Commitments shall be in the principal amount of $1,000,000
or any integral multiple thereof. Simultaneously with each reduction or termination of the Tranche
A Commitment, the Borrower shall pay to the Administrative Agent for the account of each Tranche A
Lender the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of
such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously with each
reduction or termination of the Subsequent Tranche C Commitment, the Borrower shall, subject to
entry by the Bankruptcy Court of the Supplemental Approval Order, pay to the Administrative Agent
for the account of each Tranche C Lender holding a Subsequent Tranche C Commitment the Tranche C
Commitment Fee, accrued and unpaid on the amount of the Subsequent Tranche C Commitment of such
Tranche C Lender so terminated or reduced through the date thereof. Any reduction of any
Commitment of a Class pursuant to this Section shall be applied pro rata to reduce
the applicable Commitment of each Lender of such Class.

     SECTION 2.13 Mandatory Prepayment; Commitment Termination.

          (a) If at any time the aggregate principal amount of the outstanding Tranche A Loans
plus the aggregate principal amount of the outstanding Tranche B Loan plus the LC
Exposure exceeds the amount (the “Maximum Amount”) equal to (A) the lesser of (x) the Total
First-Priority Commitment at such time and (y) the Borrowing Base, minus (B) if Available
Liquidity at such time is less than $500,000,000, $200,000,000 (any such excess amount, the

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“Excess Drawn Amount”), the Borrower will within the Prepayment Period (i) make a
prepayment in an amount, if any, necessary to cause the aggregate principal amount of the
outstanding Tranche A Loans plus the aggregate principal amount of the outstanding Tranche
B Loan plus the LC Exposure to be equal to or less than the Maximum Amount, such prepayment
to be applied to repay Tranche A Loans (with no corresponding commitment reduction) and/or Tranche
B Loan as directed by the Borrower, and (ii) if, after giving effect to the prepayment in full of
the Tranche A Loans and the Tranche B Loan, the Uncollateralized LC Exposure exceeds the Maximum
Amount, deposit into the Letter of Credit Account an amount equal to 105% of the amount by which
the Uncollateralized LC Exposure so exceeds the Lesser Amount, provided that, if on any
date thereafter, the Maximum Amount (as recalculated on such date) exceeds the LC Exposure plus the
outstanding Tranche A Loans plus the outstanding Tranche B Loan on such date, any amount deposited
into the Letter of Credit Account pursuant to subclause (ii) above shall be returned to the
Borrower. For purposes hereof, “Prepayment Period” shall mean within one Business Day or,
if a Qualifying GM Borrowing Notice has been delivered by the Borrower to General Motors
Corporation, within three Business Days, and a “Qualifying GM Borrowing Notice” shall mean
a notice of borrowing delivered by the Borrower to General Motors Corporation requesting a
borrowing under the GM-Delphi Agreement in accordance with the terms of the GM-Delphi Agreement in
an amount at least equal to the Excess Drawn Amount so long as, at such time, such amount shall
then be fully available and permitted to be drawn by the Borrower under the GM-Delphi Agreement.

          (b) If on any date the Borrower or any Guarantor shall receive Net Cash Proceeds from (x) any
Asset Sale or (y) any Recovery Event (except to the extent that Net Cash Proceeds received in
connection with such Recovery Event are applied within 180 days of receipt thereof to the
replacement or repair of the assets giving rise thereto), and in each case, the aggregate amount of
all Net Cash Proceeds from Asset Sales and Recovery Events received by the Borrower and the
Guarantors from Asset Sales and Recovery Events occurring on and after the Closing Date exceeds
$125,000,000 then (without duplication of any reduction to the Borrowing Base as a result of such
Asset Sale or Recovery Event), an amount equal to 66-2/3% of such excess Net Cash Proceeds received
on such date shall be promptly, and in any event, within 10 days after such date, at the Borrower’s
option, either (i)(A) first, applied to the prepayment of the Tranche B Loan, (B)
second, applied to the prepayment of the Tranche A Loans (with a corresponding permanent
reduction of the Total Tranche A Commitments) and (C) third, solely on and after the
First-Priority Tranches Payout Date has occurred and to the extent permitted by the Approval Order,
applied to the prepayment of the Tranche C Loan or (ii) deposited into a cash collateral account
maintained with the Administrative Agent for the benefit of the holders of Liens and claims granted
under the Approval Order in the order of priority set forth therein; provided that the
Borrower shall be permitted to request approval of the Bankruptcy Court to use such proceeds in
accordance with Section 363 of the Bankruptcy Code so long as such uses are permitted under this
Agreement and subject to the rights of parties in interest to contest such request, and
provided further that the Borrower may elect to apply a portion of such Net Cash
Proceeds pursuant to clause (i) above and the remaining portion pursuant to clause (ii) above. If,
prior to the occurrence of the First-Priority Tranches Payout Date, after giving effect to the
application of Net Cash Proceeds described in sub-clauses (A) and (B) of clause (i) of the
preceding sentence, there shall remain any Net Cash Proceeds, such Net Cash Proceeds shall not be
subject to the prepayment provisions of this Section 2.13(b), but remain subject to the Liens
securing the Secured Obligations in accordance with the Loan Documents and the Approval Order.

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          (c) Upon the Termination Date, the Total Commitment shall be terminated in full and the
Borrower shall repay the Loans in full.

     SECTION 2.14 Optional Prepayment of Loans.

	 	(a)	 	The Borrower shall have the right at any time and from time to
time to prepay any Loans, in whole or in part, (x) with respect to Eurodollar
Loans, upon written or facsimile notice received by 1:00 p.m. New York City
time three Business Days’ prior to the proposed date of prepayment and (y) with
respect to ABR Loans on the same Business Day upon written or facsimile notice
by 12:00 noon New York City time on the proposed date of prepayment;
provided, however, that (i) each such partial prepayment (other
than a prepayment of all outstanding Loans of any Class) shall be in multiples
of $1,000,000, (ii) no prepayment of Eurodollar Loans shall be permitted
pursuant to this Section 2.14(a) other than on the last day of an Interest
Period applicable thereto unless such prepayment is accompanied by the payment
of the amounts required by Section 2.17 and (iii) no prepayment of the Tranche
C Loan shall be permitted or made pursuant to this Section 2.14(a) except in
accordance with the Approval Order, and in no event shall any such prepayment
of the Tranche C Loan be made prior to the occurrence of the First-Priority
Tranches Payout Date.

          (b) Each notice of prepayment shall specify the prepayment date, the principal amount of the
Loans to be prepaid (it being understood that no prepayment of the Tranche C Loan shall be
permitted or made pursuant to Section 2.14(a) prior to the occurrence of the First-Priority
Tranches Payout Date) and in the case of Eurodollar Loans, the Borrowing or Borrowings pursuant to
which made, and, subject to the last sentence of this Section 2.14(b), shall be irrevocable and
shall commit the Borrower to prepay such Loan by the amount and on the date stated therein. The
Administrative Agent shall, promptly after receiving notice from the Borrower hereunder, notify
each Lender of the principal amount of the Loans held by such Lender which are to be prepaid, the
prepayment date and the manner of application of the prepayment. Notwithstanding anything in this
Section 2.14 to the contrary, if the Borrower delivers a notice of prepayment of all (but not less
than all) of the outstanding Loans and other Obligations and the termination of all commitments
hereunder, such notice may state that it is conditioned upon the effectiveness of other credit
facilities or the occurrence of a Change of Control, and in either case, (i) such notice may be
revoked by the Borrower by written notice to the Administrative Agent no later than 12 noon New
York City time on the specified prepayment date if such condition is not satisfied, and (ii) such
prepayment shall be accompanied by the payment of the amounts required by Section 2.17.

     SECTION 2.15 [Reserved].

     SECTION 2.16 Increased Costs. (a) If any Change in Law (except in respect of Taxes (as to
which Section 2.18 shall govern)) shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit

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extended by, any Lender (except any such reserve requirement reflected in the Adjusted
LIBO Rate) or the Issuing Lender; or

     (ii) impose on any Lender or the Issuing Lender or the London interbank market any
other condition affecting this Agreement or Eurodollar Loans made by such Lender or any
Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to
increase the cost to such Lender or the Issuing Lender of participating in, issuing or maintaining
any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or
the Issuing Lender hereunder (whether of principal, interest or otherwise), then the Borrower will
pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as
will compensate such Lender or the Issuing Lender, as the case may be, for such additional costs
incurred or reduction suffered.

          (b) If any Lender or the Issuing Lender reasonably determines that any Change in Law regarding
capital requirements has or would have the effect of reducing the rate of return on such Lender’s
or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding
company, if any, as a consequence of this Agreement or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a
level below that which such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s
holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s
holding company with respect to capital adequacy), then from time to time the Borrower will pay to
such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will
compensate such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding
company for any such reduction suffered.

          (c) A certificate of a Lender or the Issuing Lender setting forth the amount or amounts
necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may
be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and
shall be prima facie evidence of the obligations of the Borrower hereunder. The
Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due
on any such certificate within 10 Business Days after receipt thereof; provided that the
failure of the Borrower to pay any amount owing to any Lender or Issuing Lender, as the case may
be, pursuant to this Section 2.16 shall not be deemed to constitute a Default or an Event of
Default hereunder to the extent that the Borrower is contesting in good faith its obligation to pay
such amount by ongoing discussion diligently pursued with such Lender or Issuing Lender or by
appropriate proceedings.

          (d) Failure or delay on the part of any Lender or the Issuing Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s
right to demand such compensation; provided, that the Borrower shall not be required to
compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs or
reductions incurred more than 270 days prior to the date that such Lender or the Issuing Lender, as
the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s or the Issuing Lender’s intention to claim

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compensation therefor; provided further that, if the Change in Law giving rise
to such increased costs or reductions is retroactive, then the 270-day period referred to above
shall be extended to include the period of retroactive effect thereof.

     SECTION 2.17 Break Funding Payments. In the event of (a) the payment of any principal of
any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including
as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the
last day of the Interest Period applicable thereto (including as a result of an Event of Default),
(c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in
any notice delivered pursuant hereto or as provided in the first sentence of Section 2.06(e), or
(d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period
applicable thereto as a result of a request by the Borrower pursuant to Section 2.20, then, in any
such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable
to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be
deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount
of interest which would have accrued on the principal amount of such Loan had such event not
occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period
from the date of such event to the last day of the then current Interest Period therefor (or, in
the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest which would accrue on such
principal amount for such period at the interest rate which such Lender would bid were it to bid,
at the commencement of such period, for dollar deposits of a comparable amount and period from
other banks in the eurodollar market. A certificate of any Lender setting forth any amount or
amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the
amount shown as due on any such certificate within 10 Business Days after receipt thereof.

     SECTION 2.18 Taxes. (a) Any and all payments by or on account of any obligation of the
Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes
or Other Taxes. If the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes
from such payments, then (i) the sum payable shall be increased as necessary so that after making
all required deductions (including deductions applicable to additional sums payable under this
Section) the Administrative Agent, Lender or Issuing Lender (as the case may be) receives an amount
equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall
make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law; provided, however, that the
Borrower shall not be required to increase any such amounts payable to any Administrative Agent,
Lender or Issuing Lender with respect to Indemnified Taxes or Other Taxes (i) that are attributable
to a Lender’s failure to comply with the requirements of paragraph (e) or (f) of this Section or
(ii) that are withholding taxes that would have been imposed had such payment been made to such
Lender at the time such Lender became a party to this Agreement, except to the extent that such
Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts
from the Borrower with respect to such Indemnified Taxes or Other Taxes pursuant to this paragraph.

          (b) In addition but without duplication of any Taxes to be paid pursuant to Section 2.18(a),
the Borrower shall pay any Other Taxes to the relevant Governmental Authority

50

 

(other than Other Taxes resulting solely from as assignment pursuant to Section 10.03(b)
hereof) in accordance with applicable law.

          (c) The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Lender,
within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes paid by the Administrative Agent, such Lender or the Issuing Lender, as the case may be, on
or with respect to any payment by or on account of any obligation of the Borrower hereunder
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section) and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to the Borrower by a Lender or the Issuing Lender, or by the
Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Lender, shall be
conclusive absent manifest error. Without limiting the Borrower’s obligation to indemnify the
Administrative Agent, each Lender and each Issuing Lender (for purposes of this sentence, each such
party is a “cooperating party”) for Indemnified Taxes and Other Taxes hereunder (including in
accordance with any time deadlines for such indemnification set forth herein), in the event that
the Borrower makes any payment under Section 2.18(a), (b) or (c) with respect to any Tax, the
Borrower may, at its own expense, contest the imposition of such Tax with the relevant Governmental
Authority in order to obtain a refund thereof, and the relevant cooperating party shall use
commercially reasonably efforts to cooperate with the Borrower in its pursuit of any such refund,
provided that (i) prior to the Borrower commencing the pursuit of any such refund or any
cooperation on the part of the relevant cooperating party, the Borrower has received an opinion of
counsel to the effect that there is a substantial likelihood of success in obtaining such refund
(such opinion of counsel to be issued by counsel, and in form and substance, satisfactory to the
relevant cooperating party) and (ii) no relevant cooperating party shall (x) be required to
disclose any confidential information (including tax returns), (y) incur any unreimbursed cost or
expense or (z) be otherwise disadvantaged, in each case in connection with such cooperation.

          (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent, for
its own account or for the account of the relevant Lender as the case may be, the original or a
certified copy of a receipt received by the Borrower evidencing such payment or other evidence of
payment reasonably satisfactory to the Administrative Agent. Each Lender represents as of the date
such Lender becomes a party to this Agreement that, to the best of its knowledge without having
conducted any investigation, except for Other Taxes that may be imposed under the federal, state or
local laws of the United States, it is not aware of any Other Taxes with respect to this Agreement
or any other Loan Document.

          (e) (i) Each Foreign Lender shall deliver to the Borrower and the Administrative Agent (or, in
the case of a Participant, to the Lender from which the related participation shall have been
purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN, Form W-8ECI or Form
W-8EXP, or, in the case of a Foreign Lender claiming exemption from U.S. federal withholding tax
under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a true
and accurate statement substantially in the form of Exhibit D and a Form W-8BEN, or any subsequent
versions thereof or successors thereto, that the Borrower has no knowledge or reason to know is
untrue, properly completed and duly executed by such

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Foreign Lender claiming complete exemption from, or a reduced rate of, U.S. federal
withholding tax on all payments by the Borrower under this Agreement and the other Loan Documents.

     (i) Each Lender and Administrative Agent that is a “United States Person”, as defined
in Section 7701(a)(30) of the Code (other than Persons that are exempt from United States
backup withholding tax) shall deliver, at the time(s) and in the manner(s) prescribed by
applicable law, to the Borrower and the Administrative Agent (or, in the case of a
Participant, to the Lender from which the related participation shall have been purchased)
two copies of a properly completed and duly executed United States Internal Revenue Form W-9
or any subsequent version thereof or successor thereto, certifying that such Lender is
exempt from United States backup withholding tax on payments made hereunder.

Such forms shall be delivered by each Lender and the Administrative Agent on or before the date it
becomes a party to this Agreement (or, in the case of any Participant, on or before the date such
Participant purchases the related participation). In addition, each Lender and the Administrative
Agent shall deliver such forms promptly upon the obsolescence or invalidity of any form previously
delivered by such Lender or the Administrative Agent. Each Lender and the Administrative Agent
shall promptly notify the Borrower at any time it determines that it is no longer in a position to
provide any previously delivered certificate to the Borrower (or any other form of certification
adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of
this paragraph, a Lender or the Administrative Agent shall not be required to deliver any form
pursuant to this paragraph that such Lender is not legally able to deliver.

          (f) Any Lender that is entitled to an exemption from or reduction of withholding tax under the
law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction
is a party, with respect to payments under this Agreement shall deliver to the Borrower and to the
Administrative Agent, at the time or times prescribed by applicable law or reasonably requested by
the Borrower, two copies of such properly completed and executed documentation prescribed by
applicable law or reasonably requested by the Borrower as will permit such payments to be made
without withholding or at a reduced rate; provided that such Lender is legally entitled to
complete, execute and deliver such documentation in such Lender’s judgment and such completion,
execution or submission would not materially prejudice the legal position of such Lender.

          (g) If the Administrative Agent or a Lender determines, in its sole discretion, that it has
received a refund or the equivalent from the relevant Taxing Authority of any Taxes or Other Taxes
as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid
additional amounts pursuant to this Section 2.18, it shall pay over such refund or equivalent to
the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the
Borrower under this Section 2.18 with respect to the Taxes or Other Taxes giving rise to such
refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund or equivalent); provided, that the Borrower, upon the request of the Administrative
Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to

52

 

the Administrative Agent or such Lender in the event the Administrative Agent or such Lender
is required to repay such refund or equivalent to such Governmental Authority. This Section shall
not be construed to require the Administrative Agent or any Lender to make available its tax
returns (or any other information relating to its taxes which it deems confidential) to the
Borrower or any other Person.

     SECTION 2.19 Payments Generally; Pro Rata Treatment.

          (a) The Borrower shall make each payment or prepayment required to be made by it hereunder
(whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable
under Section 2.16, 2.17 or 2.18, or otherwise) prior to 2:00 p.m., New York City time, on the date
when due, in immediately available funds, without set-off or counterclaim. Any amounts received
after such time on any date may, in the discretion of the Administrative Agent, be deemed to have
been received on the next succeeding Business Day for purposes of calculating interest thereon. All
such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New
York, New York, except payments to be made directly to the Issuing Lender as expressly provided
herein and except that payments pursuant to Sections 2.16, 2.17, 2.18 and 10.05 shall be made
directly to the Persons entitled thereto. The Administrative Agent shall distribute any such
payments received by it for the account of any other Person to the appropriate recipient promptly
following receipt thereof. If any payment hereunder shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case
of any payment accruing interest, interest thereon shall be payable for the period of such
extension. All payments hereunder shall be made in Dollars.

          (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest, fees and
expenses then due hereunder, such funds shall be applied (i) first, towards payment of fees
and expenses then due under Sections 2.21 and 10.05, ratably among the parties entitled thereto in
accordance with the amounts of fees and expenses then due to such parties, (ii) second,
towards payment of interest, Tranche A Commitment Fees and Letter of Credit Fees then due on
account of Tranche A Loans, Tranche B Loan, Unused Total Tranche A Commitment, unreimbursed LC
Disbursements and Letters of Credit (including any interest payable pursuant to Section 2.09),
ratably among the parties entitled thereto in accordance with the amounts of such interest and fees
then due to such parties, (iii) third, towards payment of principal of the Tranche A Loans,
Tranche B Loan, and unreimbursed LC Disbursements then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then
due to such parties, (iv) fourth, towards the Cash Collateralization of Letters of Credit
then outstanding in an aggregate amount equal to 105% of the Uncollateralized LC Exposure, (v)
fifth, solely on and after the First-Priority Tranches Payout Date has occurred, towards
payment of interest (including without limitation any interest payable pursuant to Section 2.09)
and the Tranche C Commitment Fees then due on account of the Tranche C Loan, ratably among the
parties entitled thereto in accordance with the amounts of interest then due to such parties and
(vi) sixth, solely on and after the First-Priority Tranches Payout Date has occurred and to
the extent permitted by the Approval Order, towards payment of principal of the Tranche C Loan then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
principal then due to such parties; provided, however, that (A) funds may be
applied towards payment of the interest then due on account of the Tranche C

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Loan prior to the occurrence of the First-Priority Tranches Payout Date if all payments then
due described in clauses first through fourth, inclusive, have been made in full in
cash and (B) the proceeds from the foreclosure of any Collateral shall be applied as set forth in
the Security and Pledge Agreement.

          (c) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders or the
Issuing Lender hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may, in
reliance upon such assumption, distribute to the Lenders or the Issuing Lender, as the case may be,
the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or Issuing Lender with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation.

          (d) If any Lender shall fail to make any payment required to be made by it pursuant to
Sections 2.03(d) and (e), 2.05(b) and 2.19(c), then the Administrative Agent may, in its discretion
(notwithstanding any contrary provision hereof), apply any amounts thereafter received by the
Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such
Sections until all such unsatisfied obligations are fully paid.

     SECTION 2.20 Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests
compensation under Section 2.16, or if the Borrower is reasonably anticipated to be required to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.18, then such Lender shall use reasonable efforts to designate a different
lending office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 2.16 or 2.18, as the case may be, in the future and (ii) would not subject such Lender to
any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment.

          (b) If any Lender requests compensation under Section 2.16, or if the Borrower is reasonably
anticipated to be required to pay any additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 2.18, or if any Lender defaults in its obligation
to fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in Section 10.03), all its interests,
rights and obligations under this Agreement to an assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided, that
(i) the Borrower shall have received the prior written consent of the Administrative Agent (and if
a Tranche A Commitment is being assigned, the Issuing Lender), which consent shall not unreasonably
be withheld or delayed, (ii) such Lender shall have

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received payment of an amount equal to the outstanding principal of its Loans and
participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any
such assignment resulting from a claim for compensation under Section 2.16 or payments reasonably
anticipated to be required to be made pursuant to Section 2.18, such assignment will result in a
reduction in such compensation or payments. A Lender shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

     SECTION 2.21 Certain Fees. The Borrower shall pay the fees set forth in that certain Fourth
Amendment Fee Letter among, JPMorgan, JPMCB and the Borrower dated the Effective Date.

     SECTION 2.22 Commitment Fees. The Borrower shall pay to:

          (a) the Tranche A Lenders a commitment fee (the “Tranche A Commitment Fee”) for the
period commencing on the Effective Date to the Termination Date or the earlier date of termination
of the Tranche A Commitment, computed (on the basis of the actual number of days elapsed over a
year of 360 days) at the rate of one percent (1.0%) per annum on the average daily Unused Total
Tranche A Commitment. The Tranche A Commitment Fee, to the extent then accrued, shall be payable
(x) monthly, in arrears, on the last calendar day of each month, (y) on the Termination Date and
(z) as provided in Section 2.12 hereof, upon any reduction or termination in whole or in part of
the Total Tranche A Commitment; and

          (b) subject to entry by the Bankruptcy Court of the Supplemental Approval Order, the Tranche C
Lenders holding Subsequent Tranche C Commitments a commitment fee (the “Tranche C Commitment
Fee”) for the period commencing on the Effective Date to the Subsequent Tranche C Commitment
Termination Date or the earlier date of termination of the Subsequent Tranche C Commitment,
computed (on the basis of the actual number of days elapsed over a year of 360 days) at the rate of
two and five-eighths percent (2.625%) per annum on the Subsequent Tranche C Commitment. The
Tranche C Commitment Fee, to the extent then accrued and approved by the Bankruptcy Court as set
forth in the Supplemental Approval Order, shall be payable (x) on the funding date of the
Subsequent Tranche C Loan and (y) as provided in Section 2.12 hereof, upon any reduction or
termination in whole or in part of the Total Subsequent Tranche C Commitment.

     SECTION 2.23 Letter of Credit Fees. The Borrower shall pay with respect to each Letter of
Credit (i) to the Administrative Agent on behalf of the Tranche A Lenders a fee calculated (on the
basis of the actual number of days elapsed over a year of 360 days) at the rate of four percent
(4.00%) per annum, on the daily average LC Exposure (excluding any portion thereof attributable to
unreimbursed LC Disbursements) and (ii) to the Issuing Lender such Issuing Lender’s customary fees
for issuance, amendments and processing referred to in Section 2.03. In addition, the Borrower
agrees to pay each Issuing Lender for its account a fronting fee of one quarter of one percent
(1/4%) per annum in respect of each Letter of Credit issued by such Issuing Lender, for the period
from and including the date of issuance of such Letter of Credit to and including the date of
termination of such Letter of Credit. Accrued fees described in this

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paragraph in respect of each Letter of Credit shall be due and payable monthly in arrears on the
last calendar day of each month and on the Termination Date.

     SECTION 2.24 Nature of Fees. All Fees shall be paid on the dates due, in immediately
available funds, to the Administrative Agent for the respective accounts of the Administrative
Agent and the Lenders, as provided herein and in the fee letter described in Section 2.21. Once
paid, none of the Fees shall be refundable under any circumstances.

     SECTION 2.25 Priority and Liens.

          (a) Subject to the Approval Order and the Security and Pledge Agreement, the Borrower and each
of the Guarantors hereby covenants, represents and warrants that, upon entry of the Approval Order,
the Obligations and the other Secured Obligations (including the obligations of the Borrower and
the Guarantors in respect of any hedging obligations permitted hereunder and Indebtedness permitted
by Section 6.03(viii), in each case owing to JPMCB, any other Lender or any of their respective
banking Affiliates) and subject, in each of clauses (i) through (iv) below, to the Carve-Out:

     (i) pursuant to Section 364(c)(1) of the Bankruptcy Code, shall at all times constitute
allowed claims in the Cases having priority over any and all administrative expenses,
diminution claims (including the Replacement Liens and Junior Adequate Protection Liens) and
all other claims against the Borrower and the Guarantors, now existing or hereafter arising,
of any kind whatsoever, including all administrative expenses of the kind specified in
Sections 503(b) or 507(b) of the Bankruptcy Code; provided, however, that
such claims granted under the Approval Order in respect of Obligations under the Tranche A
Facility and the Tranche B Loan shall be senior in priority to such claims granted under the
Approval Order in respect of Obligations under the Tranche C Loan;

     (ii) pursuant to Section 364(c)(2) of the Bankruptcy Code, shall at all times be
secured by a valid, binding, continuing, enforceable and fully-perfected first priority
senior security interest in and Lien on all tangible and intangible property of the
Borrower’s and the Guarantors’ respective estates in the Cases that is not subject to valid,
perfected, non-avoidable and enforceable Liens in existence on the Closing Date, including
all present and future accounts receivable, inventory, general intangibles, chattel paper,
real property, leaseholds, fixtures, machinery and equipment, deposit accounts, patents,
copyrights, trademarks, tradenames, rights under license agreements and other intellectual
property, capital stock of any Subsidiaries of the Borrower and Guarantors and on all cash
and investments maintained in the Letter of Credit Account (but excluding (x) the Borrower’s
and the Guarantors’ rights in respect of avoidance actions under the Bankruptcy Code and (y)
joint venture interests with respect to which a valid prohibition on pledging such interests
or granting Liens thereon exists, it being understood that, notwithstanding such exclusion
of such interests, the proceeds of such interests shall be subject to such liens under
Section 364(c)(2) of the Bankruptcy Code and available to satisfy the Obligations and the
other Secured Obligations);

     (iii) pursuant to Section 364(c)(3) of the Bankruptcy Code, shall be secured by valid,
binding, continuing, enforceable and fully-perfected security interests in

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and Liens upon all tangible and intangible property of the Borrower and the Guarantors
(other than property described in clauses (ii) and (iv), as to which the liens and security
interests in favor of the Administrative Agent and the Lenders will be as described in such
clauses) that is subject to valid, perfected and non-avoidable liens in existence on the
Closing Date, which security interests and liens in favor of the Administrative Agent and
the Lenders are junior to such valid, perfected and unavoidable liens;

     (iv) pursuant to Section 364(d)(1) of the Bankruptcy Code, shall be secured by a valid,
binding, continuing, enforceable and fully-perfected first priority senior priming security
interest in and senior priming Lien on all of the tangible and intangible property of the
Borrower and the Guarantors that is subject to existing Liens that pursuant to the terms of
the Existing DIP Order are subject and subordinate to the Existing DIP Liens, which existing
liens, rights and interests (the “Primed Liens”) shall be primed by and made subject
and subordinate to the liens granted to the Administrative Agent and the Lenders, which
senior priming liens in favor of the Administrative Agent and the Lenders shall also prime
any liens granted under the Approval Order or thereafter to provide adequate protection in
respect of the Primed Liens; provided, however, that such security interests
and liens granted to the Administrative Agent and the Lenders shall be subject and
subordinate to (x) the Carve-Out, (y) any valid, perfected and unavoidable interests of
other parties arising out of liens existing on the Closing Date, if any, on such property
that pursuant to the terms of the Existing DIP Order are senior in priority to the Existing
DIP Liens and (z) statutory liens or security interests arising after the Closing Date and
permitted under this Agreement that by operation of law would have priority over a
previously perfected security interest; provided, further, that any valid,
perfected and non-voidable liens or security interests that remain in existence after the
Closing Date and that were senior to or pari passu with the liens securing
obligations under the Existing Pre-Petition Agreement prior to the Closing Date shall
maintain such priority or pari passu position relative to the liens securing
the Tranche C Loan;

provided, however, that (w) all liens granted under the Approval Order to the
Administrative Agent and the Lenders to secure Obligations under the Tranche A Facility and the
Tranche B Loan shall be senior in priority to all liens granted under the Approval Order to the
Administrative Agent and the Lenders to secure Obligations under the Tranche C Loan; (x) the
Borrower and the Guarantors shall not be required to pledge to the Administrative Agent in excess
of 65% of the voting capital stock of its direct Foreign Subsidiaries or any of the capital stock
or interests of its indirect Foreign Subsidiaries (if, in the good faith judgment of the Borrower,
adverse tax consequences would result to the Borrower); (y) no portion of the Carve-Out may be
utilized to fund prosecution or assertion of any claims against the Administrative Agent, the
Lenders or the Issuing Lenders and (z) following the Termination Date, amounts in the Letter of
Credit Account shall not be subject to the Carve-Out. The Lenders agree that so long as no Event
of Default shall have occurred and be continuing, the Borrower and the Guarantors shall be
permitted to pay compensation and reimbursement of expenses allowed and payable under Sections 330
and 331 of title 11 of the United States Code, as the same may be due and payable, and the same
shall not reduce the Carve-Out.

          (b) Subject to the priorities set forth in subsection (a) above and to the Carve-Out, as to
all real property the title to which is held by the Borrower or any of the Guarantors, or the
possession of which is held by the Borrower or any of the Guarantors pursuant to leasehold

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interests and which secured the Existing Pre-Petition Indebtedness prior to the refinancing
thereof on the Closing Date, the Borrower and each Guarantor hereby assigns and conveys as
security, grants a security interest in, hypothecates, mortgages, pledges and sets over unto the
Administrative Agent on behalf of the Lenders all of the right, title and interest of the Borrower
and such Guarantor in all of such owned real property and in all such leasehold interests, together
in each case with all of the right, title and interest of the Borrower and such Guarantor in and to
all buildings, improvements, and fixtures related thereto, any lease or sublease thereof, all
general intangibles relating thereto and all proceeds thereof. The Borrower and each Guarantor
acknowledges that, pursuant to the Approval Order, the Liens in favor of the Administrative Agent
on behalf of the Lenders in all of such real property and leasehold instruments shall be perfected
without the recordation of any instruments of mortgage or assignment. The Borrower and each
Guarantor further agrees that, upon the request of the Administrative Agent following the
occurrence of an Event of Default (regardless of whether such Event of Default is continuing), the
Borrower and such Guarantor shall enter into separate fee or leasehold mortgages in recordable form
with respect to such properties on terms reasonably satisfactory to the Administrative Agent.

     SECTION 2.26 Right of Set-Off. Subject to the provisions of Section 7.01, upon the
occurrence and during the continuance of any Event of Default, the Administrative Agent and each
Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by
law and without further order of or application to the Bankruptcy Court, to set off and apply any
and all deposits (general or special, time or demand, provisional or final but excluding deposits
designated as payroll accounts and any trust accounts) at any time held and other indebtedness at
any time owing by the Administrative Agent and each such Lender to or for the credit or the account
of the Borrower or any Guarantor against any and all of the obligations of such Borrower or
Guarantor now or hereafter existing under the Loan Documents, irrespective of whether or not such
Lender shall have made any demand under any Loan Document and although such obligations may not
have been accelerated. Each Lender and the Administrative Agent agrees to notify the Borrower and
Guarantors in accordance with Section 7.01 prior to any such set-off and application made by such
Lender or by the Administrative Agent, as the case may be. The rights of each Lender and the
Administrative Agent under this Section are in addition to other rights and remedies which such
Lender and the Administrative Agent may have upon the occurrence and during the continuance of any
Event of Default.

     SECTION 2.27 Security Interest in Letter of Credit Account. Pursuant to Section 364(c)(2)
of the Bankruptcy Code, the Borrower and the Guarantors hereby assign and pledge to the
Administrative Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant
to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, a first
priority security interest, senior to all other Liens, if any, in all of the Borrower’s and the
Guarantors’ right, title and interest in and to the Letter of Credit Account and any direct
investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be
available for use by the Borrower, whether pursuant to Section 363 of the Bankruptcy Code or
otherwise, and shall be released to the Borrower only as described in clause (ii)(y) of Section
2.03(j) or the last sentence of Section 2.03(c).

     SECTION 2.28 Payment of Obligations. Subject to the provisions of Section 7.01, upon the
maturity (whether by acceleration or otherwise) of any of the Obligations under this Agreement or
any of the other Loan Documents of the Borrower and the Guarantors, the Lenders

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shall be entitled to immediate payment of such Obligations without further application to or order
of the Bankruptcy Court.

     SECTION 2.29 No Discharge; Survival of Claims. Each of the Borrower and the Guarantors
agrees that (i) its obligations hereunder shall not be discharged by the entry of an order
confirming a Reorganization Plan (and each of the Borrower and the Guarantors, pursuant to Section
1141(d)(4) of the Bankruptcy Code, hereby waives any such discharge) and (ii) the Superpriority
Claim granted to the Administrative Agent and the Lenders pursuant to the Approval Order and
described in Section 2.25 and the Liens granted to the Administrative Agent pursuant to the
Approval Order and described in Sections 2.25 and 2.27 shall not be affected in any manner by the
entry of an order confirming a Reorganization Plan.

     SECTION 2.30 Use of Cash Collateral. Notwithstanding anything to the contrary contained
herein, the Borrower shall not be permitted to request a Borrowing under Section 2.04 or request
the issuance of a Letter of Credit under 2.03 unless the Bankruptcy Court shall have entered the
Approval Order and shall at that time have granted to the Borrower use of all cash collateral,
subject to the Approval Order, for the purposes described in Section 3.09.

SECTION 3. REPRESENTATIONS AND WARRANTIES

          In order to induce the Lenders to make Loans and issue and/or participate in Letters of Credit
hereunder, the Borrower and each of the Guarantors jointly and severally represent and warrant as
follows:

     SECTION 3.01 Organization and Authority. Each of the Borrower and the Guarantors (i) is
duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, (ii) is duly qualified as a foreign corporation or other organization and in good
standing in each jurisdiction where the conduct of its business requires such qualification, except
to the extent that all failures to be duly qualified and in good standing could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect, (iii) subject to the entry by
the Bankruptcy Court of the Fourth Amendment Approval Order, and in the case of the Borrower’s
obligations with respect to the Subsequent Tranche C Loan and the Total Subsequent Tranche C Fees,
the Supplemental Approval Order, has the requisite power and authority to effect the transactions
contemplated hereby, and by the other Loan Documents to which it is a party, and (iv) subject to
the entry by the Bankruptcy Court of the Fourth Amendment Approval Order, and in the case of the
Borrower’s obligations with respect to the Subsequent Tranche C Loan and the Total Subsequent
Tranche C Fees, the Supplemental Approval Order, has all requisite power and authority and the
legal right to own, pledge, mortgage and operate its properties, and to conduct its business as now
or currently proposed to be conducted, except where the failure thereof could not reasonably be
expected to have a Material Adverse Effect.

     SECTION 3.02 Due Execution. Upon the entry by the Bankruptcy Court of the Fourth Amendment
Approval Order, and, in the case of the Borrower’s obligations with respect to the Subsequent
Tranche C Loan and the Total Subsequent Tranche C Fees, the Supplemental Approval Order, the
execution, delivery and performance by each of the Borrower and the Guarantors of each of the Loan
Documents to which it is a party (i) are within the respective powers of each of the Borrower and
the Guarantors, have been duly authorized by all necessary

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action including the consent of shareholders where required, and do not (A) contravene the charter
or by-laws of any of the Borrower or the Guarantors, (B) violate any law (including the Securities
Exchange Act of 1934) or regulation (including Regulations T, U or X of the Board), or any order or
decree of any court or Governmental Authority, conflict with or result in a breach of, or
constitute a default under, any material contractual obligation entered into prior to the Filing
Date binding on the Borrower or the Guarantors or any of their properties except to the extent that
all such violations, conflicts or breaches could not, in the aggregate, reasonably be expected to
have a Material Adverse Effect, (C) conflict with or result in a breach of, or constitute a default
under, any material contractual obligation entered into after the Filing Date binding on the
Borrower or the Guarantors or any of their properties, or (D) result in or require the creation or
imposition of any Lien upon any of the property of any of the Borrower or the Guarantors other than
the Liens granted pursuant to this Agreement, the other Loan Documents or the Approval Order; and
(ii) do not require the consent, authorization by or approval of or notice to or filing or
registration with any Governmental Authority other than (A) the entry of the Approval Order and (B)
other consents, authorizations, approvals, notices, filings or registrations the failure to obtain
or make which could not, in the aggregate, reasonably be expected to have a Material Adverse
Effect. Upon the entry by the Bankruptcy Court of the Approval Order, this Agreement has been duly
executed and delivered by each of the Borrower and the Guarantors. This Agreement is, and each of
the other Loan Documents to which the Borrower and each of the Guarantors is or will be a party,
when delivered hereunder or thereunder, will be, a legal, valid and binding obligation of the
Borrower and each Guarantor, as the case may be, enforceable against the Borrower and the
Guarantors, as the case may be, in accordance with its terms and the Approval Order.

     SECTION 3.03 Statements Made. The information that has been prepared by or at the request
of the Borrower or any Guarantor and delivered in writing by the Borrower or any of the Guarantors
to the Agents or to the Bankruptcy Court in connection with any Loan Document, any confidential
information memorandum relating to the syndication of the credit facilities provided for herein,
and any financial statement delivered pursuant hereto or thereto (other than to the extent that any
such statements constitute projections), taken as a whole and in light of the circumstances in
which made, contains no untrue statement of a material fact and does not omit to state a material
fact necessary to make such statements not misleading in any material respect; and, to the extent
that any such information constitutes projections, such projections were prepared in good faith
based on assumptions believed by the Borrower or such Guarantor to be reasonable at the time such
projections were furnished (it being understood that projections are inherently uncertain and that
actual results may differ from the projections and such difference may be material).

     SECTION 3.04 Financial Statements. The Borrower has furnished the Lenders with copies of
the audited consolidated financial statements of the Global Entities for the fiscal year ended
December 31, 2007. Such financial statements present fairly in all material respects, in accordance
with GAAP, the financial condition and results of operations of the Global Entities on a
consolidated basis as of such date and for such period; such balance sheets and the notes thereto
disclose all liabilities, direct or contingent, of the Global Entities as of the date thereof
required to be disclosed by GAAP; such financial statements were prepared in a manner consistent
with GAAP. Since the audited financial statements for the fiscal year ended December 31, 2007
delivered to the Lenders prior to the Effective Date, no development or event has occurred that has
had or is reasonably expected to have a Material Adverse Effect.

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     SECTION 3.05 Ownership. Other than as set forth on part A Schedule 3.05 (as such Schedule
may be updated from time to time by written notice from the Borrower to the Administrative Agent to
reflect transactions permitted by this Agreement), (i) each of the Persons listed on Schedule 3.05
is a wholly-owned, direct or indirect Subsidiary of the Borrower, (ii) the Borrower owns no other
Subsidiaries, whether directly or indirectly and (iii) each of the Borrower’s domestic Subsidiaries
is a Guarantor. Each Guarantor on the Effective Date is listed on part B of Schedule 3.05.

     SECTION 3.06 Liens. There are no Liens on any assets of the Domestic Entities or any of
the Global Entities other than Liens permitted pursuant to Section 6.01.

     SECTION 3.07 Compliance with Law. Except for matters which could not, in the aggregate,
reasonably be expected to have a Material Adverse Effect:

     (i) the operations of the Domestic Entities and the Global Entities comply in all
material respects with all applicable environmental, health and safety statutes and
regulations, including regulations promulgated under the Resource Conservation and Recovery
Act (42 U.S.C. §§ 6901 et seq.);

     (ii) to the Borrower’s and each of the Guarantor’s knowledge, none of the operations of
the Borrower or the Guarantors is the subject of any Federal or state investigation
evaluating whether any remedial action involving a material expenditure by the Domestic
Entities is needed to respond to a release of any Hazardous Waste or Hazardous Substance (as
such terms are defined in any applicable state or Federal environmental law or regulations)
into the environment;

     (iii) to the Borrower’s and each of the Guarantor’s knowledge, the Domestic Entities do
not have any material contingent liability in connection with any release of any Hazardous
Waste or Hazardous Substance into the environment; and

     (iv) to the Borrower’s and each of the Guarantor’s best knowledge, none of the Domestic
Entities and none of the Global Entities are in violation of any law, rule or regulation, or
in default with respect to any judgment, writ, injunction or decree of any Governmental
Authority.

     SECTION 3.08 Insurance. The Borrower and the Guarantors have in full force and effect
insurance policies of a nature and providing such coverage as is consistent with sound business
practice and customarily carried by companies of the size and character of the Borrower and the
Guarantors.

     SECTION 3.09 Use of Proceeds. The proceeds of the Tranche A Loans and the Tranche B Loans
made on the Effective Date shall be used to pay in part all the Existing Tranche A Loans and the
Existing Tranche B Loans outstanding on the Effective Date, the proceeds of the Initial Tranche C
Loan made on the Effective Date shall be used to pay in full all of the Existing Tranche C Loans
outstanding on the Effective Date, and the proceeds of the Tranche A Loans made and the Subsequent
Tranche C Loan made, and the Letters of Credit issued, in each case after the Effective Date shall
be used for working capital and for other general corporate purposes of the Borrower and its
Subsidiaries including the making of pension

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contributions, the payment of transaction costs, fees and expenses in respect of the Transactions
and the Cases and the payment of Restructuring Costs.

     SECTION 3.10 Litigation. Other than as set forth on Schedule 3.10, there are no unstayed
actions, suits or proceedings pending or, to the knowledge of the Borrower or the Guarantors,
threatened against or affecting the Domestic Entities or the Global Entities or any of their
respective properties, before any court or governmental department, commission, board, bureau,
agency or instrumentality, domestic or foreign, with respect to this Agreement or any other Loan
Documents or the transactions contemplated hereby or thereby, or otherwise as is, in the aggregate,
reasonably expected to have a Material Adverse Effect.

     SECTION 3.11 ERISA No ERISA Event has occurred that, when taken together with all other
ERISA Events, could reasonably be expected to result in a Material Adverse Effect.

     SECTION 3.12 The Approval Order. On the making of any Loan, other than the Subsequent
Tranche C Loan, or the issuance of any Letter of Credit, the Fourth Amendment Approval Order shall
have been entered, and on the making of the Subsequent Tranche C Loan, the Supplemental Approval
Order shall have been entered, and in each such case the Approval Order shall not have been
reversed, stayed, vacated or, without the Administrative Agent’s consent, amended, supplemented or
modified. Upon the maturity (whether by the acceleration or otherwise) of any of the Obligations of
the Borrower and the Guarantor hereunder and under the other Loan Documents, the Lenders shall,
subject to the provisions of Section 7.01, be entitled to immediate payment of such obligations,
and to enforce the remedies provided for hereunder, without further application to or order by the
Bankruptcy Court.

     SECTION 3.13 Properties.

          (a) Each of the Borrower and the Guarantors has good title to, or valid leasehold interests
in, all its real and personal property, except for such failures to have good title or valid
leasehold interests as could not, in the aggregate, reasonably be expected to have a Material
Adverse Effect.

          (b) Each of the Borrower and the Guarantors owns, or is licensed to use, all trademarks,
tradenames, copyrights, patents and other intellectual property necessary, in the aggregate, for
the conduct of its business as currently conducted, and the use thereof by the Borrower and the
Guarantors does not infringe upon the rights of any other Person, except for any such infringement
that, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.

SECTION
4. CONDITIONS TO EFFECTIVENESS AND OF LENDING

     SECTION 4.01 Conditions to Effectiveness.

          (a) This Agreement shall become effective on the date on which each of the following shall
have occurred and the Administrative Agent shall have received evidence reasonably satisfactory to
it of such occurrence (the “Effective Date”):

     (i) this Agreement shall have been executed by the Borrower, the Guarantors and the
Amended and Restated Lenders;

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     (ii) the Administrative Agent shall have received such documents and certificates as
the Administrative Agent or its counsel may reasonably request relating to the organization,
existence and good standing of each of the Borrower and the Guarantors, the authorization of
the transactions under the Loan Documents and any other legal matters relating to each of
the Borrower and the Guarantors, the Loan Documents or the transactions contemplated under
the Loan Documents, all in form and substance satisfactory to the Administrative Agent and
its counsel;

     (iii) the Administrative Agent shall have received the favorable written opinion of (A)
Shearman & Sterling, LLP, counsel to the Loan Parties and (B) in-house counsel to the
Borrower, in each case, dated the Effective Date and in form and substance reasonably
satisfactory to the Administrative Agent and its counsel;

     (iv) the payments and repayments specified in Section 4.01(b) below shall have been
made;

     (v) the Bankruptcy Court shall have entered, before May 5, 2008, one or more orders
reasonably satisfactory in form and substance to the Administrative Agent authorizing (A)
the amendment and restatement of the Existing Credit Agreement in its entirety as set forth
herein, (B) the payment by the Borrower to the Administrative Agent of all fees referred to
herein or in that certain Fourth Amendment Fee Letter dated as of April 25, 2008 and (C) the
GM-Delphi Agreement;

     (vi) the Administrative Agent shall have received an amendment fee for the account of
each Amended and Restated Lender that has executed and delivered a signature page hereto to
the Administrative Agent no later than 12:00 p.m. (New York City time) on May 7, 2008 (or
such later deadline as may be indicated by the Administrative Agent for receipt of
signature) in an amount equal to (A) 150 basis points of the Commitments of each such
Amended and Restated Lender who are Tranche A Lenders or Tranche B Lenders and (B) 200 basis
points of the Initial Tranche C Commitments of each such Amended and Restated Lender who are
Tranche C Lenders holding Initial Tranche C Commitments, as set forth on Annex A hereto;

     (vii) the Administrative Agent shall have received payment in cash in full of any fees
owing to the Administrative Agent or any other person pursuant to, or referenced in, that
certain Fourth Amendment Fee Letter dated as of April 25, 2008; and

     (viii) the GM-Delphi Agreement (A) shall be in form and substance satisfactory to the
Amended and Restated Lenders and (B) shall have become effective pursuant to the terms
thereof; it being understood that the form of the GM-Delphi Agreement filed with the
Bankruptcy Court on April 24, 2008 shall be deemed to be in form and substance satisfactory
to the Amended and Restated Lenders.

          (b) On the Effective Date:

     (i) the Original Tranche A Commitments of the Original Tranche A Lenders shall be
terminated;

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     (ii) the Borrower shall (A) prepay, in full, the Loans outstanding under the Existing
Credit Agreement immediately prior to or substantially concurring with the effectiveness of
this Agreement as set forth herein and it is hereby acknowledged by the parties to this
Agreement that this Section 4.01(b) constitutes notice of such prepayment under Section 2.14
of the Existing Credit Agreement (and each of the parties hereto that are Original Lenders
hereby waive any requirement pursuant to Section 2.14 of the Existing Credit Agreement to
deliver such notice in advance of such payment), (B) subject to the conditions set forth
herein, immediately thereafter borrow new Loans under this Agreement in an amount equal to
such prepayment; provided that, with respect to clauses (A) and (B), (1) the prepayment to,
and borrowing from, any Original Lender that is party to this Agreement may, in the
Administrative Agent’s discretion, be effected by book entry to the extent that any portion
of the amount prepaid to such Original Lender will be subsequently borrowed from such
Original Lender, and (2) if directed by the Administrative Agent in its sole discretion, the
Original Lenders of each Class which are party to this Agreement and the Additional Lenders
of such Class shall make and receive payments among themselves, in a manner acceptable to
the Administrative Agent, so that, after giving effect thereto, the Loans of such Class are
held ratably by such Lenders in accordance with such Lenders’ respective Commitments of such
Class (after giving effect to this Agreement) and (iii) pay to the Original Lenders the
amounts, if any, payable under Section 2.17 of the Existing Credit Agreement as a result of
any such prepayment;

     (iii) if any Letters of Credit are outstanding on the Effective Date, the undivided
interests and participations therein of the Original Lenders that were Tranche A Lenders
before giving effect to the amendment and restatement of the Existing Credit Agreement set
forth herein and that are not party to this Agreement, shall terminate and each of the
Amended and Restated Lenders that are Tranche A Lenders shall be deemed to have purchased
from the Issuing Lender pursuant to Section 2.03(d) of the Existing Credit Agreement an
undivided interest and participation in such Letters of Credit to the extent of such
Lender’s Tranche A Commitment Percentage;

     (iv) the Borrower shall pay any accrued but unpaid interest and Fees owing to the
Original Lenders as of the Effective Date;

     (v) each of the Amended and Restated Lenders shall be hereby deemed to have consented
to the GM-Delphi Agreement;

     (vi) the Existing Credit Agreement shall be amended and restated in its entirety as set
forth herein;

     (vii) the Security and Pledge Agreement shall be amended as follows: (A) the “Credit
Agreement” referenced therein shall mean this Agreement, as amended, restated, modified or
supplemented from time to time, (B) Section 15(g)(ii) thereof shall be amended by replacing
the reference to “Commitment Fees” with “Tranche A Commitment Fees” and (C) the schedules to
the Security and Pledge Agreement shall be amended as set forth in the attachments hereto;
and

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     (viii) the Original Lenders that are not party to this Agreement shall no longer be
Lenders hereunder.

          (c) Each Loan Party hereby affirms that the terms of the Loan Documents (i) secure, and shall
continue to secure, and (ii) guarantee, and shall continue to guarantee, in each case, the
Obligations and acknowledges and agrees that the Security and Pledge Agreement is, and shall
continue to be, in full force and effect and is hereby ratified in all respects, and all references
therein to the Credit Agreement and to the Obligations thereunder shall be deemed to be references
to this Agreement and to the Obligations hereunder.

     SECTION 4.02 Conditions Precedent to Each Loan and Each Letter of Credit. The obligation of
the Lenders to make each Loan and of the Issuing Lender to issue each Letter of Credit, including
the initial Loans, is subject to the satisfaction (or waiver in accordance with Section 10.09) of
the following conditions precedent:

          (a) Notice. The Administrative Agent shall have received a notice with respect to such
borrowing or issuance, as the case may be, as required by Section 2.

          (b) Representations and Warranties. All representations and warranties contained in
this Agreement and the other Loan Documents shall be true and correct in all material respects on
and as of the date of each Borrowing or the issuance of each Letter of Credit hereunder with the
same effect as if made on and as of such date except to the extent such representations and
warranties expressly relate to an earlier date.

          (c) No Default. On the date of each Borrowing hereunder or the issuance of each Letter
of Credit, no Event of Default or event which upon notice or lapse of time or both would constitute
an Event of Default shall have occurred and be continuing.

          (d) Approval Order. The Approval Order shall be in full force and effect and shall not
have been stayed, reversed, modified or amended in any respect that the Agents reasonably determine
to be adverse to the interests of the Agents and the Lenders without the prior written consent of
the Administrative Agent and the Required Lenders, and if the Approval Order is the subject of a
pending appeal in any respect, neither the making of the Loans nor the issuance of any Letter of
Credit nor the performance by the Borrower or any Guarantor of any of their respective obligations
under any of the Loan Documents shall be the subject of a presently effective stay pending appeal.

          (e) Payment of Fees and Expenses. The Borrower shall have paid to the Administrative
Agent the then unpaid balance of all accrued and unpaid Fees due under and pursuant to this
Agreement, the Approval Order, the letters referred to in Section 2.21 of the Original Credit
Agreement and the letter referred to in Section 2.21 and the reasonable fees and out-of-pocket
expenses of counsel to the Administrative Agent and the Arrangers/Bookrunners as to which invoices
have been issued, and to the extent reasonably requested by the Borrower, together with back-up
documentation supporting such invoices.

          (f) Borrowing Base Certificates. Prior to the making of any Loan or the issuance of
any Letter of Credit, the Administrative Agent shall have received the most recent Borrowing Base
Certificates dated no more than (i) 14 days for a Borrowing Base Certificate, in the case of

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Loans to be made, or Letters of Credit to be issued, on the Effective Date and (ii)(A) 30 days
for a monthly Borrowing Base Certificate and (B) seven (7) days for a weekly Borrowing Base
Certificate, in the case of any other Loans or Letters of Credit.

          (g) Minimum GM Liquidity Availability. At the time of each Borrowing hereunder, GM
Liquidity Availability shall be no greater than $50,000,000, and the Administrative Agent shall
have received a certificate signed by a Financial Officer of the Borrower, certifying in reasonable
detail that (i) the amount of GM Liquidity Availability on the date of such Borrowing is no more
than $50,000,000 and (ii) the most recent borrowing by the Borrower under the GM-Delphi Agreement
had been in an amount equal to GM Liquidity Availability at the time of such borrowing; it being
understood that the foregoing shall not apply to the issuance of any Letter of Credit hereunder.

The request by the Borrower for, and the acceptance by the Borrower of, each extension of credit
hereunder shall be deemed to be a representation and warranty by the Borrower that the conditions
specified in this Section have been satisfied or waived at that time.

     SECTION 4.03 Condition Precedent to the Subsequent Tranche C Loan. Subject to Sections
4.01 and 4.02, the obligation of the Tranche C Lenders to make the Subsequent Tranche C Loan is
subject to the satisfaction of the following additional conditions precedent:

          (a) that the Bankruptcy Court shall have entered, before June 9, 2008, an order reasonably
satisfactory in form and substance to the Administrative Agent authorizing (A) the Borrowing of the
Subsequent Tranche C Loan as set forth herein and (B) the payment by the Borrower to the Tranche C
Lenders of the Total Subsequent Tranche C Fees; and

          (b) the Administrative Agent shall have received an amendment fee for the account of each
Amended and Restated Lender holding a Subsequent Tranche C Commitment that has executed and
delivered a signature page hereto to the Administrative Agent no later than 12:00 p.m. (New York
City time) on May 7, 2008 (or such later deadline as may be indicated by the Administrative Agent
for receipt of signature) in an amount equal to 200 basis points of the Subsequent Tranche C
Commitments of each such Amended and Restated Lender, as set forth on Annex A hereto.

SECTION 5. AFFIRMATIVE COVENANTS

          From the Closing Date and for so long as any Commitment shall be in effect or any Letter of
Credit shall remain outstanding (for which Cash Collateralization at the rate of 105% has not been
made in accordance with Section 2.03(j)), or any amount shall remain outstanding or unpaid under
this Agreement, the Borrower and each of the Guarantors agree that they will, and will cause each
of their respective Subsidiaries to:

     SECTION 5.01 Financial Statements, Reports, etc. Deliver to the Administrative Agent (for
delivery to each Lender, which delivery shall be made promptly by the Administrative Agent after
receipt from the Borrower):

          (a) within 110 days after the end of each fiscal year (or, with respect to each such fiscal
year, such shorter period as the United States Securities and Exchange Commission may specify for
the filing of annual reports on Form 10K), consolidated balance sheets and

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related consolidated
statements of income and consolidated cash flows for the Domestic Entities and the Global Entities,
showing the financial condition of such entities on a consolidated basis as of the close of such
fiscal year and the results of their respective operations during such year, the consolidated
statements of the Global Entities to be audited by Ernst & Young LLP or other independent public
accountants of recognized national standing and accompanied by an opinion of such accountants with
respect to the financial statements and arising out of the scope of the audit (which opinion shall
not be qualified in any material respect other than a going concern qualification as a result of
the Cases or as a result of the Maturity Date falling less than one year from the date of such
financial statements), all such consolidated financial statements to be certified by a Financial
Officer of the Borrower to the effect that such financial statements fairly present in all material
respects the financial condition and results of operations of the Domestic Entities or the Global
Entities, as the case may be, on a consolidated basis in accordance with GAAP;

          (b) within 60 days after the end of each of the first three fiscal quarters (or such shorter
period as the United States Securities and Exchange Commission may specify for the filing of
quarterly reports on Form 10-Q), the consolidated balance sheets and related consolidated
statements of income and consolidated cash flows of the Domestic Entities and the Global Entities,
showing the financial condition of such entities on a consolidated basis as of the close of such
fiscal quarter and the results of their operations during such fiscal quarter and the then elapsed
portion of the fiscal year, each certified by a Financial Officer of the Borrower as fairly
presenting in all material respects the financial condition and results of operations of the
Domestic Entities and the Global Entities, as the case may be, on a consolidated basis in
accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes;

          (c) as soon as practicable, but in no event later than 30 days after the end of each fiscal
month of the Borrower thereafter, (i) monthly unaudited consolidated balance sheets of the Domestic
Entities and the Global Entities and related consolidated statements of income and consolidated
cash flows of such entities for the prior fiscal month (in the case of Domestic Entities, in a form
consistent with the form provided to the lenders under Existing DIP Credit Agreement prior to the
Closing Date), each certified by a Financial Officer of the Borrower and (ii) a monthly report,
consistent with the form required to be filed with the Bankruptcy Court, detailing professional
fees and expenses that have been billed and paid or billed but unpaid to date and the accumulated
“hold-back” of professional fees and expenses to date;

          (d) as soon as practicable, but (i) in no event later than 30 days after the end of each
fiscal month of the Borrower, monthly financial projections and variance reports of the Domestic
Entities and the Global Entities for the period from the date of such projections through the
Termination Date in a form consistent with the form of projections provided to the Administrative
Agent prior to the Closing Date, such projections to be updated and delivered to the Administrative
Agent at such times as such projections are updated by the Borrower and (ii) in no event later than
10 Business Days after the end of each fiscal month of the Borrower, a statement of projected cash
receipts and cash disbursements for the Domestic Entities for each week in the period of thirteen
continuous weeks commencing with the immediately following
week, in a form consistent with the form provided to the Administrative Agent prior to the
Closing Date, and in each case of new or updated projections furnished pursuant to clause (i) and
any statements of projected cash receipts and cash disbursements pursuant to clause (ii), certified

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by a Financial Officer of the Borrower (it being understood that such certification in respect of
projections shall be consistent with the representation and warranty as to projections in Section
3.03);

          (e) concurrently with any delivery of financial statements under clauses (a), (b) and (c)
above, a certificate of the Financial Officer of the Borrower certifying such statements (i)
certifying that no Event of Default or event which upon notice or lapse of time or both would
constitute an Event of Default has occurred, or, if such an Event of Default or event has occurred,
specifying the nature and extent thereof and any corrective action taken or proposed to be taken
with respect thereto and (ii) setting forth computations in reasonable detail satisfactory to the
Administrative Agent demonstrating compliance with the provisions of Section 6.04;

          (f) [reserved];

          (g) promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by it with the Securities and Exchange
Commission, or any governmental authority succeeding to any of or all the functions of said
commission, or with any national securities exchange, as the case may be;

          (h) as soon as available and in any event (a) within 30 days after the Borrower or any of its
ERISA Affiliates knows or has reason to know that any Termination Event described in clause (i) of
the definition of Termination Event with respect to any Single Employer Plan of the Borrower or
such ERISA Affiliate has occurred and (b) within 10 days after the Borrower or any of its ERISA
Affiliates knows or has reason to know that any other Termination Event with respect to any such
Plan has occurred, a statement of a Financial Officer of the Borrower describing the full details
of such Termination Event;

          (i) promptly and in any event within 10 days after receipt thereof by the Borrower or any of
its ERISA Affiliates from the PBGC, copies of each notice received by the Borrower or any such
ERISA Affiliate of the PBGC’s intention to terminate any Single Employer Plan of the Borrower or
such ERISA Affiliate or to have a trustee appointed to administer any such Plan;

          (j) if requested by the Administrative Agent, promptly and in any event within 30 days after
the filing thereof with the Internal Revenue Service, copies of each Schedule B (Actuarial
Information) to the annual report (Form 5500 Series) with respect to each Single Employer Plan of
the Borrower or any of its ERISA Affiliates;

          (k) within 10 days after notice is given or required to be given to the PBGC under Section
302(f)(4)(A) of ERISA of the failure of the Borrower or any of its ERISA Affiliates to make timely
payments to a Plan, a copy of any such notice filed;

          (l) promptly and in any event within 10 days after receipt thereof by the Borrower or any
ERISA Affiliate from a Multiemployer Plan sponsor, a copy of each notice received by the Borrower
or any ERISA Affiliate concerning (i) the imposition of Withdrawal
Liability by a Multiemployer Plan, (ii) the determination that a Multiemployer Plan is, or is
expected to be, in reorganization within the meaning of Title IV of ERISA, (iii) the termination of
a Multiemployer Plan within the meaning of Title IV of ERISA, or (iv) the amount of liability

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incurred, or which may be incurred, by the Borrower or any ERISA Affiliate in connection with any
event described in clause (i), (ii) or (iii) above;

          (m) promptly and in any event within 10 days after the Borrower or any Subsidiary knows or has
reason to know of the occurrence thereof, notice of (i) any material adverse event or change to the
business, financial condition, operations or assets of the Domestic Entities taken as a whole or
the Global Entities taken as a whole and (ii) material litigation (if any), or any material adverse
developments in previously disclosed material litigation (other than any of the foregoing that have
been disclosed to the Administrative Agent pursuant to Section 5.01(o)), in each case since the
Closing Date or such later date as of which the Borrower has furnished a report pursuant to this
Section 5.01(m);

          (n) promptly, from time to time, such other information regarding the operations, business
affairs and financial condition of the Domestic Entities or the Global Entities, or compliance with
the terms of any material loan or financing agreements as the Administrative Agent, at the request
of any Lender, may reasonably request; and

          (o) furnish to the Administrative Agent and its counsel promptly after the same is available,
copies of all pleadings, motions, applications, judicial information, financial information and
other documents filed by or on behalf of the Borrower or any of the Guarantors with the Bankruptcy
Court in the Cases, or distributed by or on behalf of the Borrower or any of the Guarantors to any
official committee appointed in the Cases.

     SECTION 5.02 Existence. Preserve and maintain in full force and effect all governmental
rights, privileges, qualifications, permits, licenses and franchises necessary in the normal
conduct of its business except (i) (A) if in the reasonable business judgment of the Borrower it is
no longer necessary for the Borrower and the Guarantors to preserve and maintain such rights,
privileges, qualifications, permits, licenses and franchises, and (B) such failure to preserve the
same could not, in the aggregate, reasonably be expected to have a Material Adverse Effect and (ii)
as otherwise permitted in connection with sales of assets permitted by Section 6.10.

     SECTION 5.03 Insurance. (a) Keep its insurable properties insured at all times, against
such risks, including fire and other risks insured against by extended coverage, as is consistent
with sound business practice and customary with companies of the same or similar size in the same
or similar businesses; and maintain in full force and effect public liability insurance against
claims for personal injury or death or property damage occurring upon, in, about or in connection
with the use of any properties owned, occupied or controlled by the Borrower or any of its
Subsidiaries, as the case may be, in such amounts (giving effect to self-insurance) and with such
deductibles as are customary with companies of the same or similar size in the same or similar
businesses; and (b) maintain such other insurance or self insurance as may be required by law.

     SECTION 5.04 Obligations and Taxes. Timely pay all material obligations arising after the
Filing Date promptly and in accordance with their terms and timely pay and discharge promptly all
material taxes, assessments and governmental charges or levies imposed upon it or
upon its income or profits or in respect of its property arising after the Filing Date, as well as
all material lawful claims for labor, materials and supplies or otherwise arising after the Filing
Date which, if unpaid, would become a Lien or charge upon such properties or any part thereof,
before

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the same shall become in default; provided, however, that the Borrower and each of its
Subsidiaries shall not be required to pay and discharge or to cause to be paid and discharged
(i) any such obligation, tax, assessment, charge, levy or claim so long as the validity or amount
thereof shall be contested in good faith by appropriate proceedings (if the Borrower or its
Subsidiaries shall have set aside on their books adequate reserves therefor) or (ii) with respect
to obligations and claims related to a Plan, any such obligations or claims that could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect.

     SECTION 5.05 Notice of Event of Default, etc. Promptly give to the Administrative Agent
notice in writing of any Event of Default or the occurrence of any event or circumstance which with
the passage of time or giving of notice or both would constitute an Event of Default.

     SECTION 5.06 Access to Books and Records. (a) Maintain or cause to be maintained at all
times true and complete books and records in a manner consistent with GAAP of the financial
operations of the Borrower and its Subsidiaries; and provide the Administrative Agent and its
representatives, upon their reasonable request, access to all such books and records during regular
business hours, in order that the Administrative Agent may upon reasonable prior notice examine and
make abstracts from such books, accounts, records and other papers for the purpose of verifying the
accuracy of the various reports, including the Borrowing Base computations and supporting
documentation, delivered by the Borrower or the Guarantors to the Administrative Agent or the
Lenders pursuant to this Agreement or for otherwise ascertaining compliance with this Agreement.

          (b) In the event that historical accounting practices, accounting systems or accounting
reserves relating to the components of the Borrowing Base are modified in a manner that is adverse
to the Lenders in any material respect, maintain such additional reserves (for purposes of
computing the Borrowing Base) in respect to the components of the Borrowing Base and make such
other adjustments (which may include maintaining additional reserves, modifying the advance rates
or modifying the eligibility criteria for the components of the Borrowing Base) to its parameters
for including the components of the Borrowing Base as the Administrative Agent shall reasonably
require based upon such modifications.

          (c) Upon the request of the Administrative Agent, provide (i) evidence reasonably satisfactory
to the Administrative Agent that the Borrower and its Subsidiaries are in compliance in all
material respects with all applicable Environmental Laws, (ii) information reasonably satisfactory
to the Administrative Agent regarding the costs of maintaining such compliance and any other costs
relating to Environmental Liabilities and (iii) the Administrative Agent or its designees with
access to the properties, facilities, personnel, books and records of the Borrower and its
Subsidiaries to permit the performance, at the sole cost of the Borrower, of reasonable
environmental due diligence.

     SECTION 5.07 Maintenance of Concentration Account. Continue to maintain with JPMCB or any
of its Affiliates, an account or accounts to be used by the Borrower and the Guarantors as their
principal concentration account for day-to-day operations conducted by the Borrower and the
Guarantors.

     SECTION 5.08 Borrowing Base Certificate. Furnish to the Administrative Agent (a) as soon as
available and in any event on or before the twentieth (20th) day of each month, a

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monthly Borrowing Base Certificate, as of the last day of the immediately preceding month, (b) as
soon as available and in any event within five (5) Business Days after the end of each calendar
week (each calendar week deemed, for purposes hereof, to end on a Friday), a weekly Borrowing Base
Certificate (it being understood that certain Borrowing Base Certificate items (to be identified in
the form of Borrowing Base Certificate) shall be updated only monthly) and (c) if requested by the
Administrative Agent at any other time when the Administrative Agent reasonably believes that the
then existing Borrowing Base Certificate is materially inaccurate, as soon as reasonably available
but in no event later than five (5) Business Days after such request, a Borrowing Base Certificate
showing the Borrowing Base as of the date so requested, in each case with supporting documentation
and additional reports with respect to the Borrowing Base as the Administrative Agent shall
reasonably request.

     SECTION 5.09 Collateral Monitoring and Review. At any reasonable time upon reasonable
notice and upon the reasonable request of the Administrative Agent, permit the Administrative Agent
or any of its agents or representatives or professionals (including internal and third party
consultants, accountants and appraisers) retained by the Administrative Agent or its professionals
to visit the properties of the Borrower and its Subsidiaries, to confer with officers and
representatives of the Borrower and the Guarantors, to conduct evaluations and appraisals of and to
monitor (i) the Collateral, (ii) the Borrower’s practices in the computation of the Borrowing Base
and (iii) the assets included in the Borrowing Base, and pay the reasonable fees and expenses in
connection therewith (including the reasonable and customary fees and expenses associated with
JPMorgan and CUSA, as set forth in Section 10.05). In connection with any collateral monitoring or
review and appraisal relating to the computation of the Borrowing Base, the Borrower shall make
such modifications and adjustments to the Borrowing Base or the computation thereof as the
Administrative Agent shall reasonably require upon at least 10 days written notice (it being
understood that no such notice is required during the continuance of an Event of Default) based
upon the terms of this Agreement and results of such collateral monitoring, review or appraisal
(which modifications and adjustments may include maintaining additional reserves, modifying the
advance rates or modifying the eligibility criteria for components of the Borrowing Base to the
extent reasonably required by the Administrative Agent).

     SECTION 5.10 GM-Delphi Agreement. Concurrently with a delivery of an Advance Request (as
defined in the GM-Delphi Agreement) and an Availability Certificate (as defined in the GM-Delphi
Agreement) to GM under Section 4.02(a) of the GM-Delphi Agreement, the Borrower shall deliver a
copy of such Advance Request and such Availability Certificate to the Administrative Agent.

     SECTION 5.11 Subsequently Filed Domestic Entities. Within ten (10) days after any Non-Filed
Domestic Entity becomes a debtor in a case under the Bankruptcy Code (a “Subsequently Filed
Entity”), cause (x) such Subsequently Filed Entity to become a Guarantor party to this
Agreement and (y) cause such Subsequently Filed Entity to become a party to the Security and Pledge
Agreement and its assets to be subject to the Lien created thereby in favor of the Administrative
Agent (which guarantees and Liens shall be Superpriority Claims) to the extent permitted under
applicable law.

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SECTION 6. NEGATIVE COVENANTS

          From the Closing Date and for so long as any Commitment shall be in effect or any Letter of
Credit shall remain outstanding (for which Cash Collateralization at the rate of 105% has not been
made in accordance with Section 2.03(j)) or any amount shall remain outstanding or unpaid under
this Agreement, the Borrower and each of the Guarantors will not, and will not permit any of their
respective Subsidiaries to (and will not apply, unless in connection with an amendment to the
Agreement that is reasonably likely to be approved by the Lenders required to approve such
amendment, to the Bankruptcy Court for authority to):

     SECTION 6.01 Liens. Incur, create, assume or suffer to exist any Lien on any asset of the
Borrower or any of its Subsidiaries, whether now owned or hereafter acquired, other than:

     (i) (x) Liens in existence on the Filing Date as reflected on Schedule 6.01 and (y)
replacement Liens that secure only refinancing of Indebtedness permitted under Section
6.03(xii), so long as such replacement Liens do not extend to or cover any property other
than the property covered by the original Lien;

     (ii) Junior Adequate Protection Liens, Replacement Liens and Debtor Liens;

     (iii) Liens created under the Loan Documents in favor of the Administrative Agent and
the Lenders;

     (iv) Liens for taxes not yet due or that are being contested in good faith by
appropriate proceedings, provided that adequate reserves with respect thereto are
maintained on the books of the Borrower or its Subsidiaries in conformity with GAAP;

     (v) carriers’, warehousemen’s, mechanics’, materialmen’s, repair-men’s, lessor’s or
other like Liens arising in the ordinary course of business that are not overdue for a
period of more than 30 days or that are being contested in good faith by appropriate
proceedings;

     (vi) pledges or deposits in connection with workers’ compensation, unemployment
insurance and other social security legislation;

     (vii) deposits to secure the performance of bids, trade contracts (other than for
borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds
and other obligations of a like nature incurred in the ordinary course of business;

     (viii) easements, rights-of-way, restrictions and other similar encumbrances incurred
in the ordinary course of business that, in the aggregate, are not substantial in amount and
that do not in any case materially detract from the value of the property subject thereto or
materially interfere with the ordinary conduct of the business of the Borrower or any of its
Subsidiaries;

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     (ix) any interest or title of a lessor under any lease entered into by the Borrower or
any Subsidiary in the ordinary course of its business and covering only the assets so
leased;

     (x) Liens arising solely from precautionary filings of financing statements under the
Uniform Commercial Code of the applicable jurisdictions in respect of consignments or
operating leases entered into by the Borrower or any of its Subsidiaries in the ordinary
course of business;

     (xi) customary rights of setoff and similar Liens in favor of depositary institutions;

     (xii) Liens for judgments that have not yet become an Event of Default under Section
7.01(k);

     (xiii) Liens securing Indebtedness of the Borrower or any Subsidiary incurred pursuant
to Section 6.03(vii) to finance the acquisition of fixed or capital assets, provided
that (A) such Liens shall be created substantially simultaneously with the acquisition of
such fixed or capital assets, (B) such Liens do not at any time encumber any property other
than the property financed by such Indebtedness and (C) the amount of Indebtedness secured
thereby is not increased;

     (xiv) Liens on the assets of Foreign Subsidiaries securing Indebtedness and other
obligations of any Foreign Subsidiary in an aggregate amount not to exceed $1,500,000,000;

     (xv) Liens upon any of the property and assets existing at the time such property or
asset is purchased or otherwise acquired by the Borrower or any of its Subsidiaries;
provided that any such Lien was not created in contemplation of such purchase or
other acquisition and does not extend to or cover any property or assets other than the
property or asset being so purchased or otherwise acquired and the products and proceeds
thereof; and provided further that any Indebtedness or other obligations
secured by such Liens shall otherwise be permitted under Section 6.03 or this Section 6.01;

     (xvi) (A) Liens securing Indebtedness in respect of Hedging Agreements, which
Indebtedness is permitted by Section 6.03(x), so long as the aggregate amount of
Indebtedness so secured (determined on a marked-to-market basis) does not exceed
$150,000,000 and (B) Liens securing Indebtedness permitted by Section 6.03(viii) (and in
each case of clauses (A) and (B), such Liens shall rank pari passu with the Liens created
under the Loan Documents in favor of the Administrative Agent, the Tranche A Lenders and the
Tranche B Lenders);

     (xvii) Liens on assets of the Domestic Entities that arise pursuant to Section 412(n)
of the Code or Section 4068 of ERISA (or (A) replacement Liens granted to the PBGC pursuant
to the DASHI Intercompany Transfer Order or (B) similar Liens (including consensual Liens)
on Collateral granted to the PBGC, provided that such Liens shall have no greater
priority or rights than the Liens granted to the PBGC pursuant to the DASHI Intercompany
Transfer Order as such priority and rights are set forth therein and

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in the Fourth Amendment Approval Order); provided that such Liens do not
otherwise give rise to an Event of Default;

     (xviii) Liens on assets of the Foreign Subsidiaries that arise pursuant to Section
412(n) of the Code or Section 4068 of ERISA (or (A) replacement Liens granted to the PBGC
pursuant to the DASHI Intercompany Transfer Order or (B) similar Liens (including consensual
Liens) on Collateral granted to the PBGC, provided that such Liens shall have no
greater priority or rights than the Liens granted to the PBGC pursuant to the DASHI
Intercompany Transfer Order as such priority and rights are set forth therein and in the
Fourth Amendment Approval Order); unless such Liens would otherwise give rise to an Event of
Default, or unless any Person has taken steps to commence enforcement of one or more
judgments, orders or enforceable mandates relating thereto, if the aggregate amount of
assets in respect of which such enforcement has commenced exceeds ten percent (10%) of the
aggregate amount of all assets of the Foreign Subsidiaries;

     (xix) Liens on assets of any non-Guarantor Domestic Entity that is a joint venture
securing Indebtedness of such Domestic Entity owed to the Borrower or a Guarantor that is
permitted under Section 6.03(xiii);

     (xx) escrow deposits held in a segregated bank account of the Borrower solely for the
purpose of satisfying the Borrower’s obligations pursuant to paragraph 3.b of the UAW
Special Attrition Program Agreement (and similar obligations pursuant to comparable labor
agreements) in an aggregate amount not to exceed $175,000,000; provided that the UAW
Special Attrition Program Agreement (or relevant comparable labor agreement) has been
approved by order of the Bankruptcy Court; and provided further that the terms of
such escrow agreement provide that the excess of any such escrow deposits over the amounts
required to satisfy such obligations shall be returned to the Borrower; and

     (xxi) Liens not otherwise permitted hereunder securing Indebtedness and other
obligations in an aggregate amount not to exceed $10,000,000.

     SECTION 6.02 Merger, etc. Merge, consolidate or amalgamate with any other Person, or
liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or dispose of all
or substantially all of its property or business, except that (i) any Guarantor may merge or
consolidate with any other Guarantor, (ii) any Guarantor may merge or consolidate with the Borrower
if the Borrower is the surviving entity, (iii) any Foreign Subsidiary may merge or consolidate with
any other Foreign Subsidiary, provided that if either such Foreign Subsidiary is a
Wholly-Owned Subsidiary, the surviving entity must be a Wholly-Owned Subsidiary, (iv) any Guarantor
may dispose of any or all of its assets to the Borrower or any other Guarantor (upon voluntary
liquidation or otherwise), provided that any such disposition by a Wholly-Owned Guarantor
must be to another Wholly-Owned Guarantor or to the Borrower, and (v) any Foreign Subsidiary may
dispose of any or all of its assets to another Foreign Subsidiary; provided that any such
disposition by a Wholly-Owned Foreign Subsidiary must be to a Wholly-Owned Subsidiary and any such
disposition by a first-tier Foreign Subsidiary must be to a first-tier Foreign Subsidiary;
provided, however, that compliance with the restrictions set forth in this Section
6.02 shall not be required if, after giving effect to any transaction or activity otherwise

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subject to this Section 6.02, the Facility Availability Amount would be equal to or greater than
$500,000,000.

     SECTION 6.03 Indebtedness. Contract, create, incur, assume or suffer to exist any
Indebtedness, except for (i) Indebtedness under the Loan Documents; (ii) Indebtedness incurred
prior to the Filing Date (including existing Capitalized Leases) and outstanding on the Filing
Date; (iii) intercompany Indebtedness among the Borrower and the Guarantors; (iv) guarantees by the
Borrower or any Guarantor of Indebtedness of the Borrower or any Guarantor otherwise permitted by
this Section 6.03; (v) intercompany Indebtedness of any Foreign Subsidiary owing to another Global
Entity, provided that (A) the incurrence of such indebtedness by such Foreign Subsidiary, and the
making of the related loan or advance by the relevant Global Entity, is otherwise permitted under
Section 6.09 and (B) in the case of intercompany Indebtedness owing from a Foreign Subsidiary to a
Domestic Entity, such Indebtedness is evidenced by one or more promissory notes in form and
substance reasonably satisfactory to the Administrative Agent and is subject to the Lien created by
the Security and Pledge Agreement to the extent required by the Security and Pledge Agreement; (vi)
other Indebtedness incurred after the Filing Date by any Foreign Subsidiary which, taken together
with all other then outstanding Indebtedness of all Foreign Subsidiaries (excluding intercompany
indebtedness described in clause (v) hereof, but including any then outstanding Indebtedness of the
Foreign Subsidiaries incurred prior to the Filing Date and described in clause (ii) hereof and any
Indebtedness in connection with Foreign Receivables Financings, sale-leaseback transactions and
Hedging Agreements), does not exceed an aggregate amount of $1,500,000,000 (the “Foreign
Subsidiary Debt Limit”) at any time outstanding; (vii) Capitalized Leases and Indebtedness
secured by purchase money Liens, in each case incurred after the Filing Date in an aggregate amount
not to exceed $20,000,000 at any time outstanding; (viii) Indebtedness owed to JPMCB, CUSA, any
other Lender or any of their respective banking Affiliates (or any Person that was a Lender or a
banking Affiliate of a Lender at the time such Indebtedness was incurred) in respect of any
overdrafts and related liabilities arising from treasury, depository and cash management services
or in connection with any automated clearing house transfers of funds; (ix) Indebtedness (other
than Indebtedness described in clause (viii)) owed to any bank in respect of any overdrafts and
related liabilities arising from treasury, depository and cash management services or in connection
with any automated clearing house transfers of funds; (x) Indebtedness incurred after the Filing
Date by the Borrower or any Guarantor in connection with Hedging Agreements, in each case to the
extent that (A) the counterparty to such agreement is a Lender or a banking Affiliate of a Lender
(or was a Lender or a banking Affiliate of a Lender at the time such Indebtedness was incurred) and
(B) such agreement or contract is entered into in the ordinary course of business and not for
speculative purposes; (xi) intercompany Indebtedness of any Domestic Entity owing to any Foreign
Subsidiary so long as such Indebtedness is subordinated (on terms reasonably satisfactory to the
Administrative Agent) to the Secured Obligations; (xii) refinancings or replacements of
Indebtedness described in clause (ii) hereof in respect of Capitalized Leases and purchase money
debt obligations incurred in the ordinary course of business and, to the extent required, with the
approval of the Bankruptcy Court, provided that the Liens securing such Indebtedness do not
extend to or cover any additional property; and (xiii) other Indebtedness of the Global Entities in
an aggregate outstanding amount not to exceed $25,000,000; provided that except with respect to any
such Indebtedness of a non-Guarantor Domestic Entity owed to the Borrower or a Guarantor, such
Indebtedness shall be unsecured.

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     SECTION 6.04 EBITDAR.

               Permit cumulative Global EBITDAR for the Global Entities for each rolling twelve (12) fiscal
month period ending on the last day of each fiscal month set forth below to be less than the amount
appearing opposite such month for such entity:

	 	 	 	 	 
	 	 	Global Entities
	Period Ending	 	Global EBITDAR
	April 30, 2008
	 	$	475,000,000	 
	May 31, 2008
	 	$	575,000,000	 
	June 30, 2008
	 	$	600,000,000	 
	July 31, 2008
	 	$	575,000,000	 
	August 31, 2008
	 	$	550,000,000	 
	September 30, 2008
	 	$	625,000,000	 
	October 31, 2008
	 	$	600,000,000	 
	November 30, 2008
	 	$	675,000,000	 

     SECTION 6.05 GM-Delphi Agreement. Until the GM Obligation Satisfaction Date,

     (i) amend, waive, modify or supplement any term of the GM-Delphi Agreement in a manner
that (a) has the effect of restricting or reducing the availability of Advances (as defined
in the GM-Delphi Agreement) thereunder, (b) reduces or eliminates any restriction on set-off
rights of GM set forth in Section 6.01 of the GM-Delphi Agreement, (c) modifies the last
paragraph of Section 6.01 of the GM-Delphi Agreement, (d) amends Section 8.03 of the
GM-Delphi Agreement, (e) has the effect of requiring any repayment or prepayment of Advances
on any earlier date, (f) adds or makes more restrictive any default or event of default
thereunder or (g) is otherwise materially adverse to the Lenders;

     (ii) assign or otherwise dispose of any of its rights or obligations under the
GM-Delphi Agreement;

     (iii) voluntarily reduce any GM Commitment; or

     (iv) make any payment under the GM-Delphi Agreement except for GM Permitted
Prepayments.

     SECTION 6.06 Chapter 11 Claims. Incur, create, assume, suffer to exist or permit any other
Superpriority Claim which is pari passu with or senior to the claims of the Administrative Agent
and the Lenders against the Borrower and the Guarantors hereunder, except for the Carve-Out.

     SECTION 6.07 Dividends; Capital Stock. Declare or pay, directly or indirectly, any
dividends or make any other distribution or payment, whether in cash, property, securities or a
combination thereof, with respect to (whether by reduction of capital or otherwise) any shares of
capital stock or membership interests (or any options, warrants, rights or other equity securities
or agreements relating to any capital stock or membership interests), or set apart any sum for the
aforesaid purposes; provided that this Section 6.07 shall not restrict dividends and
distributions from the Guarantors or the Foreign Subsidiaries directly or indirectly to the
Borrower or any Guarantor or from any Foreign Subsidiary to any other Foreign Subsidiary.

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     SECTION 6.08 Transactions with Affiliates. Sell or transfer any property or assets to, or
otherwise engage in any other material transactions with, any of its Affiliates (other than (A) the
Borrower, (B) any of the Guarantors or (C) so long as such transaction is on commercially
reasonable terms consistent with past practice, any other Subsidiary of the Borrower pursuant to
joint venture arrangements of such Subsidiary) or its shareholders, except for (i) transactions
that are entered into in good faith, and at prices and on terms and conditions not less favorable
to such Person than would be obtained on an arm’s-length basis from unrelated third parties, (ii)
transactions solely among the Foreign Subsidiaries, (iii) transactions among the Global Entities
that are entered into in the ordinary course of the relevant Global Entities’ business, (iv) other
transactions among the Global Entities to the extent otherwise expressly permitted under this
Agreement, and (v) transactions described on Schedule 6.08.

     SECTION 6.09 Investments, Loans and Advances. Purchase, hold or acquire any capital stock,
evidences of indebtedness or other securities of, make or permit to exist any loans or advances to,
or make or permit to exist any investment in, any other Person (all of the foregoing,
“Investments”), except for: (i) ownership by the Borrower or such Subsidiary, as the case
may be, of the capital stock of each of the Subsidiaries listed on Schedule 3.05; (ii) Permitted
Investments; (iii) advances and loans among the Borrower and the Guarantors in the ordinary course
of business; (iv) advances and loans made by any Foreign Subsidiary to any other Foreign
Subsidiary; (v) Investments in existence on the Filing Date; (vi) investments by Wholly-Owned
Foreign Subsidiaries in other Wholly-Owned Foreign Subsidiaries; (vii) extensions of trade credit
in the ordinary course of business; (viii) advances and loans by any Global Entity to the employees
of any Global Entity in the ordinary course of business consistent with past practices for travel
and entertainment expenses, relocation costs and similar purposes in an aggregate amount for all
Global Entities not exceeding $25,000,000 at any one time outstanding; (ix) investments in
(including the contribution of assets to) Foreign Subsidiaries and joint ventures, in an aggregate
amount (net of the Investment Credit) not to exceed $30,000,000 at any one time outstanding; (x) to
the extent constituting Investments, any Indebtedness owed to a Global Entity or any contribution
of assets, issuance of Equity Interests or disposition to a Global Entity permitted to be made
under Section 6.02, 6.03 or 6.10 and (xi) Investments in Equity Interests of account debtors or
other assets received (and in the amount so received) pursuant to any reorganization or similar
arrangement upon bankruptcy or insolvency of, or other settlement with, such account debtors;
provided, however, that compliance with the restrictions set forth in this Section
6.09 shall not be required if, after giving effect to any transaction or activity otherwise subject
to this Section 6.09, the Facility Availability Amount would be equal to or greater than
$500,000,000, except that in no event may the Borrower or any Guarantor make any Investment in a
Non-Filed Domestic Entity if, after giving effect to such Investment, the aggregate amount
(calculated net of the Investment Credit) of all Investments made by the Borrower and the
Guarantors in Non-Filed Domestic Entities during the term of this Agreement would exceed
$25,000,000. For the avoidance of doubt, this Section 6.09 prohibits (x) the making of advances or
loans from a Domestic Entity to any Foreign Subsidiary and (y) the making of any investment by a
Domestic Entity in a Foreign Subsidiary and the creation of and making of any investment in a joint
venture in an aggregate amount (net of the Investment Credit) for all such investments greater than
$30,000,000 at any one time outstanding, in each case at any time when the Facility Availability
Amount is (or, after giving effect to the relevant transaction, would be) less than $500,000,000;
provided that any such transaction (other than Investments by the Borrower or any Guarantor
in a Non-Filed Domestic Entity, which shall continue to be subject to the aforementioned
$25,000,000 cap) shall be permitted without

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restriction under this Section 6.09 (but subject always to the limitations set forth in Section
6.03 in the case of any transaction pursuant to which a Foreign Subsidiary will incur
Indebtedness) if, after giving effect thereto, the Facility Availability Amount would be equal to
or greater than $500,000,000); provided further that each Global Entity shall be
permitted to hold any Investment made at a time when such Investment was permitted to be made.

     SECTION 6.10 Disposition of Assets. Sell or otherwise dispose of any assets (including the
sale or issuance of any capital stock of any Subsidiary), whether now owned or hereafter acquired,
except for (i) the sale or other disposition of obsolete or worn out property in the ordinary
course of business; (ii) the sale of inventory in the ordinary course of business or pursuant to
Permitted Non-Filed Domestic Entity Transfers; (iii) sales or other dispositions permitted by
clauses (iv) and (v) of Section 6.02; (iv) sale or disposition of assets constituting all or a
portion of the Automotive Holdings Group (but not including any related foreign assets except for
de minimis foreign assets); (v) the sale, issuance or contribution of any Subsidiary’s capital
stock to the Borrower or to any Wholly-Owned Guarantor or, in the case of a sale, issuance or
contribution of capital stock of a Foreign Subsidiary that is not a first-tier Foreign Subsidiary,
to any Wholly-Owned Subsidiary of the Borrower; (vi) sales or other dispositions consisting of the
transfer of rights in Intellectual Property to third parties and/or routine patent portfolio
deletions, in each case in the ordinary course of business consistent with past practice; (vii)
sales or other dispositions of accounts receivables and other related assets in connection with any
Foreign Receivables Financing, so long as such Foreign Receivables Financing is otherwise permitted
under this Agreement (including pursuant to Section 6.01 and Section 6.03); (viii) intercompany
sales or contributions among the Borrower and the Guarantors; (ix) dispositions described on
Schedule 6.10; and (x) any other sale or disposition of property not otherwise expressly permitted
by this Section 6.10 (A) having a fair market value of less than $500,000 or (B) having a fair
market value of $500,000 or more, in which case such dispositions shall not exceed $100,000,000 in
the aggregate for any fiscal year of the Borrower; provided that compliance with the
restrictions set forth in this Section 6.10 shall not be required if, after giving effect to any
transaction or activity otherwise subject to this Section 6.10, the Facility Availability Amount
would be equal to or greater than $500,000,000, except that in no event may the Borrower or any
Guarantor sell or otherwise transfer any assets, whether now owned or hereafter acquired, to a
Non-Filed Domestic Entity (other than pursuant to a Permitted Non-Filed Domestic Entity Transfer)
if, after giving effect thereto, the aggregate fair market value of all assets sold or transferred
by the Borrower and the Guarantors to Non-Filed Domestic Entities would exceed $15,000,000 during
the term of this Agreement.

     SECTION 6.11 Nature of Business. Modify or alter in any material manner the nature and type
of its business as conducted at or prior to the Filing Date or the manner in which such business is
conducted (except, in the case of the Borrower and the Guarantors, as required by the Bankruptcy
Code), it being understood that asset sales permitted by Section 6.10 shall not constitute such a
material modification or alteration.

SECTION 7. EVENTS OF DEFAULT

     SECTION 7.01 Events of Default. In the case of the happening of any of the following events
and the continuance thereof beyond the applicable grace period, if any (each, an “Event of
Default”):

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          (a) any material representation or warranty made by the Borrower or any Guarantor in this
Agreement or in any Loan Document or in connection with this Agreement or the credit extensions
hereunder or any material statement or representation made in any report, financial statement,
certificate or other document furnished by the Borrower or any Guarantor to the Lenders under or in
connection with this Agreement, shall prove to have been false or misleading in any material
respect when made; or

          (b) default shall be made in the payment of any (i) Fees, interest on the Loans or other
amounts payable hereunder when due (other than amounts set forth in clause (ii) hereof), and such
default shall continue unremedied for more than two (2) Business Days or (ii) principal of the
Loans or reimbursement obligations or cash collateralization in respect of Letters of Credit, when
and as the same shall become due and payable, whether at the due date thereof or at a date fixed
for prepayment thereof or by acceleration thereof or otherwise; or

          (c) default shall be made by the Borrower or any Guarantor in the due observance or
performance of any covenant, condition or agreement contained in Section 5.02 (with respect to the
Borrower), Section 5.05 or Section 6 hereof, or

          (d) default shall be made by the Borrower or any Guarantor in the due observance or
performance of any other covenant, condition or agreement (other than those covered by clauses (b)
and (c) above and clause (h) below) to be observed or performed pursuant to the terms of this
Agreement, the Approval Order or any of the other Loan Documents and such default shall continue
unremedied for more than ten (10) days; or

          (e) any of the Cases shall be dismissed or converted to a case under Chapter 7 of the
Bankruptcy Code or the Borrower or any Guarantor shall file a motion or other pleading seeking the
dismissal of any of the Cases under Section 1112 of the Bankruptcy Code or otherwise; a trustee
under Chapter 7 or Chapter 11 of the Bankruptcy Code, a responsible officer or an examiner with
enlarged powers relating to the operation of the business (powers beyond those set forth in Section
1106(a)(3) and (4) of the Bankruptcy Code) under Section 1106(b) of the Bankruptcy Code shall be
appointed in any of the Cases and the order appointing such trustee, responsible officer or
examiner shall not be reversed or vacated within 30 days after the entry thereof, or an application
shall be filed by the Borrower or any Guarantor for the approval of any other Superpriority Claim
(other than the Carve-Out) in any of the Cases which is pari passu with or senior
to the claims of the Administrative Agent and the Lenders against the Borrower or any Guarantor
hereunder, or there shall arise or be granted any such pari passu or senior Super
Priority Claim; or

          (f) the Bankruptcy Court shall enter an order or orders granting relief from the automatic
stay applicable under Section 362 of the Bankruptcy Code to the holder or holders of any security
interest to permit foreclosure (or the granting of a deed in lieu of foreclosure or the like) on
any assets of the Borrower or any of the Guarantors which have a value in excess of $20,000,000 in
the aggregate; or

          (g) a Change of Control shall occur; or

          (h) the Borrower shall fail to deliver a certified Borrowing Base Certificate when due and
such default shall continue unremedied for more than three (3) Business Days; or

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          (i) any material provision of any Loan Document shall, for any reason, cease to be valid and
binding on the Borrower or any of the Guarantors, or the Borrower or any of the Guarantors shall so
assert in any pleading filed in any court; or

          (j) an order of the Bankruptcy Court shall be entered (i) reversing, staying for a period in
excess of 10 days, or vacating the Approval Order or the GM Approval Order or (ii) without the
written consent of the Administrative Agent and the Required Lenders, otherwise amending,
supplementing or modifying the Approval Order or the GM Approval Order in a manner that is
reasonably determined by the Agents to be adverse to the Agents and the Lenders, or (iii)
terminating the use of cash collateral by the Borrower or the Guarantors pursuant to the Approval
Order (for purposes hereof, “GM Approval Order” shall mean “Approval Order” as
defined under the GM-Delphi Agreement); or

          (k) any judgment or order in excess of $20,000,000 as to any post-petition obligation shall be
rendered against any Global Entity and the enforcement thereof shall not have been stayed; or

          (l) any non-monetary judgment or order with respect to a post-petition event shall be rendered
against any Global Entity which does or would reasonably be expected to have a Material Adverse
Effect; or

          (m) except as permitted by the Approval Order, the Borrower or the Guarantors shall make any
Pre-Petition Payment other than (i) Pre-Petition Payments authorized by the Bankruptcy Court (v) in
accordance with orders reasonably satisfactory to the Administrative Agent (including not in excess
of the amount set forth in the essential supplier order), (w) in connection with the assumption of
executory contracts and unexpired leases, (x) payments in respect of reclamation claims authorized
by the Bankruptcy Court, (y) in respect of accrued payroll and related expenses and employee
benefits as of the Filing Date (excluding any Pre-Petition Payment in respect of or in connection
with any Termination Event) and (z) in respect of Remediation Payments, (ii) Pre-Petition Payments
of Indebtedness permitted under Section 6.03(ii) made with proceeds of dispositions of assets that
secure the Indebtedness so repaid, so long as (1) the Liens securing such repaid Indebtedness are
not primed by the Liens of the Security and Pledge Agreement in favor of the Administrative Agent
and (2) such asset dispositions are otherwise permitted under this Agreement and (iii) other
Pre-Petition Payments (excluding any Pre-Petition Payments that are refunded or otherwise returned
to the Borrower or the Guarantors within fifteen (15) days of the making of such payments) in an
aggregate amount not to exceed $15,000,000; or

          (n) (i) any Termination Event described in clauses (iii) or (iv) of the definition of such
term shall have occurred and any Lien shall arise as a result of such Termination Event or (ii) any
Lien shall arise under Section 412(n) of the Code, and in each case, (x) such Lien has been
perfected or (y) any Person shall have obtained relief from the automatic stay to enforce such Lien
or any Insufficiency; provided that the perfection of any Liens described in clauses (i) or
(ii) above shall not constitute an Event of Default so long as such perfected Liens could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or an
adverse effect on the Liens in favor of the Administrative Agent on behalf of the Lenders
(including the priority of such Liens or the ability of the Administrative Agent and Lenders to
exercise remedies in respect thereof); or

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          (o) (i) any ERISA Event shall have occurred with respect to a Plan, (ii) the Borrower or any
Guarantor or any ERISA Affiliate shall have been notified by the sponsor or trustee of a
Multiemployer Plan that it has incurred Withdrawal Liability to such Multiemployer Plan or (iii)
the Borrower or any Guarantor or any ERISA Affiliate shall have been notified by the sponsor or
trustee of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being
terminated, within the meaning of Title IV of ERISA, and, in any such case, such event does or
would reasonably be expected to have a Material Adverse Effect; or

          (p) it shall be determined (whether by the Bankruptcy Court or by any other judicial or
administrative forum) that the Borrower or any Guarantor is liable for the payment of claims
arising out of any failure to comply (or to have complied) with applicable environmental laws or
regulations the payment of which will have a Material Adverse Effect; or

          (q) the Borrower shall fail to make any payment required to be made pursuant to Section 2.09
of the GM-Delphi Agreement, when and as the same shall become due and payable and such default
shall continue unremedied for more than three (3) Business Days; or

          (r) any event or condition occurs that results in (i) the GM Commitment being terminated or
reduced on a date other than the GM Scheduled Termination Date (except for a GM Permitted
Commitment Reduction), (ii) any GM Obligations, other than GM Permitted Prepayments, becoming due
prior to the GM Scheduled Termination Date or (iii) GM exercising any remedy to enforce any GM
Obligations other than GM Permitted Prepayments, including seeking or receiving payment of any GM
Obligations other than GM Permitted Prepayments; or

          (s) it is or becomes unlawful for either the Borrower or GM to perform any of its material
obligations under the GM-Delphi Agreement, any material obligation or material obligations of the
Borrower or GM under the GM-Delphi Agreement are not or cease to be legal, valid, binding or
enforceable, the GM-Delphi Agreement ceases to be in full force and effect prior to the GM
Obligation Satisfaction Date, or the Borrower or GM rescinds or purports to rescind or repudiates
or purports to repudiate in each case in writing the GM-Delphi Agreement; or

          (t) GM shall assign any of its rights or obligations under the GM-Delphi Agreement except in
accordance with Section 8.03 of the GM-Delphi Agreement as in effect on the date hereof,

then, and in every such event and at any time thereafter during the continuance of such event, and
without further order of or application to the Bankruptcy Court, the Administrative Agent may, and
at the request of the Required Lenders, shall, by notice to the Borrower (with a copy to counsel
for the Official Creditors’ Committee appointed in the Cases, to counsel for the Existing
Pre-Petition Agent and to the United States Trustee for the Southern District of New York), take
one or more of the following actions, at the same or different times (provided, that with
respect to clause (iv) below and the enforcement of Liens or other remedies with respect to the
Collateral under clause (v) below, the Administrative Agent shall provide the Borrower (with a copy
to counsel for the Official Creditors’ Committee in the Cases, to counsel for the Existing
Pre-Petition Agent and to the United States Trustee Southern District of New York) with five (5)
Business Days’ written notice prior to taking the action contemplated thereby and provided,
further, that upon receipt of notice referred to in the immediately preceding clause with respect
to

81

 

the accounts referred to in clause (iv) below, the Borrower may continue to make ordinary course
disbursements from such accounts (other than the Letter of Credit Account) but may not withdraw or
disburse any other amounts from such accounts): (i) terminate or suspend forthwith the Total
Commitment; (ii) declare the Loans or any portion thereof then outstanding to be forthwith due and
payable, whereupon the principal of such Loans together with accrued interest thereon and any
unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other
Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly waived by the Borrower and the
Guarantors, anything contained herein or in any other Loan Document to the contrary
notwithstanding; (iii) require the Borrower and the Guarantors upon demand to forthwith deposit in
the Letter of Credit Account cash in an amount which, together with any amounts then held in the
Letter of Credit Account, is equal to the sum of 105% of the then Uncollateralized LC Exposure (and
to the extent the Borrower and the Guarantors shall fail to furnish such funds as demanded by the
Administrative Agent, the Administrative Agent shall be authorized to debit the accounts of the
Borrower and the Guarantors maintained with the Administrative Agent in such amount five (5)
Business Days after the giving of the notice referred to above); (iv) set-off amounts in the Letter
of Credit Account or any other accounts maintained with the Administrative Agent and apply such
amounts to the obligations of the Borrower and the Guarantors hereunder and in the other Loan
Documents; and (v) exercise any and all remedies under the Loan Documents and under applicable law
available to the Administrative Agent and the Lenders. Any payment received as a result of the
exercise of remedies hereunder shall be applied in accordance with Section 2.19(b).

SECTION 8. THE AGENTS

     SECTION 8.01 Appointments; Administration by Administrative Agent; No Duties for Syndication
Agent. (a) Each of the Lenders and the Issuing Lender hereby irrevocably appoints each Agent as
its agent and authorizes such Agent to take such actions on its behalf and to exercise such powers
as are delegated to such Agent by the terms hereof, together with such actions and powers as are
reasonably incidental thereto.

          (b) The general administration of the Loan Documents shall be by the Administrative Agent.

          (c) CUSA in its capacity as Syndication Agent, shall not have any duties or obligations of any
kind under this Agreement.

          (d) The Persons listed as Co-Documentation Agents on the cover page hereof in its capacity as
such shall not have any duties or obligations of any kind under this Agreement.

     SECTION 8.02 Rights of Agents. Each institution serving as an Agent hereunder shall have
the same rights and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not an Agent, and such bank and its Affiliates may accept deposits from,
lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or
other Affiliate thereof as if it were not an Agent hereunder.

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     SECTION 8.03 Liability of Agents.

          (a) No Agent shall have any duties or obligations except those expressly set forth herein.
Without limiting the generality of the foregoing, (i) no Agent shall be subject to any fiduciary or
other implied duties, regardless of whether an Event of Default has occurred and is continuing,
(ii) no Agent shall have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby that the
Administrative Agent is required to exercise in writing as directed by the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.09), and (iii) except as expressly set forth herein, no Agent shall have any
duty to disclose, and no Agent shall be liable for the failure to disclose, any information
relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by any bank
serving as an Agent or any of its Affiliates in any capacity. No Agent shall be liable for any
action taken or not taken by it with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary under the circumstances as provided
in Section 10.09) or in the absence of its own gross negligence or willful misconduct. Each Agent
shall be deemed not to have knowledge of any Event of Default unless and until written notice
thereof is given to such Agent by the Borrower or a Lender, and no Agent shall be responsible for
or have any duty to ascertain or inquire into (A) any statement, warranty or representation made in
or in connection with this Agreement, (B) the contents of any certificate, report or other document
delivered hereunder or in connection herewith, (C) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein, (D) the validity,
enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument
or document, or (E) the satisfaction of any condition set forth in Section 4 or elsewhere herein,
other than to confirm receipt of items expressly required to be delivered to such Agent.

          (b) Each Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also
may rely upon any statement made to it orally or by telephone and believed by it to be made by the
proper Person, and shall not incur any liability for relying thereon. Each Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

          (c) Each Agent may perform any and all its duties and exercise its rights and powers by or
through any one or more sub-agents appointed by the Administrative Agent. Each Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers through their
respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to
any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply
to their respective activities in connection with the syndication of the credit facilities provided
for herein as well as activities as an Agent hereunder.

     SECTION 8.04 Reimbursement and Indemnification. Each Lender agrees (i) to reimburse the
Administrative Agent for such Lender’s Tranche A Commitment Percentage, Tranche B Commitment
Percentage, Initial Tranche C Commitment Percentage or Subsequent Tranche C Commitment Percentage
of any expenses and fees incurred for the benefit of the

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Lenders under this Agreement and any of the Loan Documents, including counsel fees and compensation
of agents and employees paid for services rendered on behalf of the Lenders, and any other expense
incurred in connection with the operations or enforcement thereof, not reimbursed by the Borrower
or the Guarantors and (ii) to indemnify and hold harmless the Administrative Agent, each Issuing
Lender and any of their directors, officers, employees, agents or Affiliates, on demand, in the
amount of its proportionate share, from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by, or asserted against it or any of them in
any way relating to or arising out of this Agreement or any of the Loan Documents or any action
taken or omitted by it or any of them under this Agreement or any of the Loan Documents to the
extent not reimbursed by the Borrower or the Guarantors (except such as shall result from their
respective gross negligence or willful misconduct).

     SECTION 8.05 Successor Administrative Agent. Subject to the appointment and acceptance of a
successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign
at any time by notifying the Lenders, the Issuing Lender and the Borrower. Upon any such
resignation, the Required Lenders shall have the right, to appoint a successor, which successor
agent shall (unless an Event of Default under Section 7.01(b) shall have occurred and be
continuing) be subject to approval by the Borrower (which approval shall not be unreasonably
withheld or delayed). If no successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within 30 days after the retiring Administrative Agent gives
notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and
the Issuing Lender, appoint a successor Administrative Agent which shall be a bank with an office
in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as
Administrative Agent hereunder by a successor, such successor shall succeed to and become vested
with all the rights, powers, privileges and duties of the retiring Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder. The fees
payable by the Borrower to a successor Administrative Agent shall be the same as those payable to
its predecessor unless otherwise agreed between the Borrower and such successor. After the
Administrative Agent’s resignation hereunder, the provisions of this Article and Section 10.05
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of
them while it was acting as Agent.

     SECTION 8.06 Independent Lenders. Each Lender acknowledges that it has, independently and
without reliance upon any Agent or any other Lender and based on such documents and information as
it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender also acknowledges that it will, independently and without reliance upon any Agent or
any other Lender and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon
this Agreement, any related agreement or any document furnished hereunder or thereunder.

     SECTION 8.07 Advances and Payments.

          (a) On the date of each Loan, the Administrative Agent shall be authorized (but not obligated)
to advance, for the account of each of the Lenders, the amount of the Loan to be made by it in
accordance with its Tranche A Commitment, Tranche B Commitment, Initial

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Tranche C Commitment or Subsequent Tranche C Commitment, as the case may be, hereunder. Should
the Administrative Agent do so, each of the Lenders agrees forthwith to reimburse the
Administrative Agent in immediately available funds for the amount so advanced on its behalf by the
Administrative Agent. together with interest at the Federal Funds Effective Rate if not so
reimbursed on the date due from and including such date but not including the date of
reimbursement.

          (b) Any amounts received by the Administrative Agent in connection with this Agreement (other
than amounts to which the Administrative Agent is entitled pursuant to Sections 2.20, 8.04 and
10.05), the application of which is not otherwise provided for in this Agreement shall be applied
in accordance with Section 2.19(b). All amounts to be paid to a Lender by the Administrative Agent
shall be credited to that Lender, after collection by the Administrative Agent. in immediately
available funds either by wire transfer or deposit in that Lender’s correspondent account with the
Administrative Agent. as such Lender and the Administrative Agent shall from time to time agree.

     SECTION 8.08 Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise
of a right of banker’s lien, setoff or counterclaim against the Borrower or a Guarantor, including,
but not limited to, a secured claim under Section 506 of the Bankruptcy Code or other security or
interest arising from, or in lieu of, such secured claim and received by such Lender under any
applicable bankruptcy, insolvency or other similar law, or otherwise, obtain payment then due or
payable in respect of its Loans or unreimbursed drafts drawn under Letters of Credit as a result of
which the unpaid portion then due or payable in respect of its Loans or unreimbursed drafts drawn
under Letters of Credit is proportionately less than the unpaid portion then due or payable in
respect of the Loans or unreimbursed drafts drawn under Letters of Credit of any other Lender (a)
it shall promptly purchase at par (and shall be deemed to have thereupon purchased) from such other
applicable Lender a participation in the Loans or unreimbursed drafts drawn under Letters of Credit
of such other applicable Lender, so that the aggregate unpaid principal amount of each applicable
Lender’s Loans and unreimbursed drafts drawn under Letters of Credit and its participation in Loans
and unreimbursed drafts drawn under Letters of Credit of the other applicable Lenders shall be in
the same proportion to the aggregate unpaid principal amount of all Loans of the applicable Lenders
then outstanding and unreimbursed drafts drawn under Letters of Credit as the principal amount of
its Loans and unreimbursed drafts drawn under Letters of Credit prior to the obtaining of such
payment was to the principal amount of all Loans of the applicable Lenders outstanding and
unreimbursed drafts drawn under Letters of Credit prior to the obtaining of such payment and (b)
such other adjustments shall be made from time to time as shall be equitable to ensure that the
applicable Lenders share such payment pro-rata in proportion to the amounts then due and
payable to each of them, provided, that if any such non-pro-rata payment is
thereafter recovered or otherwise set aside such purchase of participations shall be rescinded
(without interest), it being agreed and understood that nothing in this Section 8.08 shall operate
(x) to allow a Lender to keep a payment in respect of portions not then due or payable in respect
of its Loans, (y) to entitle any Lender to participate in any sharing of payments in respect of
portions not then due or payable in respect of its Loans or (z) to change the order of payments set
forth in Sections 2.13, 2.14 or 2.19(b). The Borrower expressly consents to the foregoing
arrangements and agrees that any Lender holding (or deemed to be holding) a participation in a Loan
or unreimbursed drafts drawn under Letters of Credit may exercise any and all rights of banker’s
lien, setoff (in each case, subject to the same notice requirements as pertain to clause (iv) of
the remedial provisions of Section 7.01) or counterclaim

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with respect to any and all moneys owing by the Borrower to such Lender as fully as if such Lender
were the original obligee thereon, in the amount of such participation.

SECTION 9. GUARANTY

     SECTION 9.01 Guaranty.

          (a) Each of the Guarantors unconditionally and irrevocably guarantees the due and punctual
payment by the Borrower of the Obligations. Each of the Guarantors further agrees that the
Obligations may be extended or renewed, in whole or in part, without notice to or further assent
from it, and it will remain bound upon this guaranty notwithstanding any extension or renewal of
any of the Obligations. The Obligations of the Guarantors shall be joint and several.

          (b) Each of the Guarantors waives presentation to, demand for payment from and protest to the
Borrower or any other Guarantor, and also waives notice of protest for nonpayment. The Obligations
of the Guarantors hereunder shall not be affected by (i) the failure of the Administrative Agent or
a Lender to assert any claim or demand or to enforce any right or remedy against the Borrower or
any other Guarantor under the provisions of this Agreement or any other Loan Document or otherwise;
(ii) any extension or renewal of any provision hereof or thereof, (iii) any rescission, waiver,
compromise, acceleration, amendment or modification of any of the terms or provisions of any of the
Loan Documents; (iv) the release, exchange, waiver or foreclosure of any security held by the
Administrative Agent for the Obligations or any of them; (v) the failure of the Administrative
Agent or a Lender to exercise any right or remedy against any other Guarantor; or (vi) the release
or substitution of the Borrower or any other Guarantor.

          (c) Each of the Guarantors further agrees that this guaranty constitutes a guaranty of payment
when due and not just of collection, and waives any right to require that any resort be had by the
Administrative Agent or a Lender to any security held for payment of the Obligations or to any
balance of any deposit, account or credit on the books of the Administrative Agent or a Lender in
favor of the Borrower or any other Guarantor, or to any other Person.

          (d) Each of the Guarantors hereby waives any defense that it might have based on a failure to
remain informed of the financial condition of the Borrower and of any other Guarantor and any
circumstances affecting the ability of the Borrower to perform under this Agreement.

          (e) Each Guarantor’s guaranty shall not be affected by the genuineness, validity, regularity
or enforceability of the Obligations or any other instrument evidencing any Obligations, or by the
existence, validity, enforceability, perfection, or extent of any collateral therefor or by any
other circumstance relating to the Obligations which might otherwise constitute a defense to this
Guaranty. Neither of the Agents nor any of the Lenders makes any representation or warranty in
respect to any such circumstances or shall have any duty or responsibility whatsoever to any
Guarantor in respect of the management and maintenance of the Obligations.

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          (f) Subject to the provisions of Section 7.01, upon the Obligations becoming due and payable
(by acceleration or otherwise), the Lenders shall be entitled to immediate payment of such
Obligations by the Guarantors upon written demand by the Administrative Agent. without further
application to or order of the Bankruptcy Court.

     SECTION 9.02 No Impairment of Guaranty. The obligations of the Guarantors hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including
any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any
defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality or unenforceability of the Obligations. Without limiting the generality of the
foregoing, the obligations of the Guarantors hereunder shall not be discharged or impaired or
otherwise affected by the failure of the Administrative Agent or a Lender to assert any claim or
demand or to enforce any remedy under this Agreement or any other agreement, by any waiver or
modification of any provision thereof, by any default, failure or delay, willful or otherwise, in
the performance of the Obligations, or by any other act or thing or omission or delay to do any
other act or thing which may or might in any manner or to any extent vary the risk of the
Guarantors or would otherwise operate as a discharge of the Guarantors as a matter of law, unless
and until the Obligations are paid in full.

     SECTION 9.03 Subrogation. Upon payment by any Guarantor of any sums to the Administrative
Agent or a Lender hereunder, all rights of such Guarantor against the Borrower arising as a result
thereof by way of right of subrogation or otherwise, shall in all respects be subordinate and
junior in right of payment to the prior final and indefeasible payment in full of all the
Obligations. If any amount shall be paid to such Guarantor for the account of the Borrower, such
amount shall be held in trust for the benefit of the Administrative Agent and the Lenders and shall
forthwith be paid to the Administrative Agent and the Lenders to be credited and applied to the
Obligations, whether matured or unmatured.

SECTION 10. MISCELLANEOUS

     SECTION 10.01 Notices. (a) Except in the case of notices and other communications expressly
permitted to be given by telephone (and subject to paragraph (b) below), all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as follows:

     (i) if to the Borrower, to it at 5725 Delphi Drive, Troy, Michigan 48098, Attention of
Treasurer (Telecopy No. 248-813-2648; Telephone No. 248-813-2592; with a copy to Assistant
General Counsel, Commercial and Transactions (Telecopy No. 248-816-2491; Telephone No.
248-813-2492);

     (ii) if to JPMCB (in its capacity as the Administrative Agent or as a Lender), to
JPMorgan Chase Bank, N.A., 277 Park Avenue, New York, New York 10017, Attention of: Susan
Atkins (Telecopy No. 212-622-4556; Telephone No. 212-622-4506), Richard Duker (Telecopy No.
212-270-5127; Telephone No. 212-270-3057) and John Goebel, (Telecopy No.: 212-622-4556;
Telephone No. 212-622-4583) with a copy to JPMorgan Chase Bank, N.A., Loan and Agency
Services Group, 1111 Fannin,

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10th Floor, Houston, Texas 77002, Attention of: Daniel Blazei, (Telecopy No.
713-750-2938; Telephone No. 713-750-7924);

     (iii) if to the Issuing Lender, to it at the address most recently specified by it in
notice delivered by it to the Administrative Agent and the Borrower, with a copy to the
Administrative Agent as provided in clause (ii) above;

     (iv) [reserved]; and

     (v) if to any other Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire.

          (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative Agent;
provided, that the foregoing shall not apply to notices pursuant to Section 2 unless
otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or
the Borrower may, in its discretion, agree to accept notices and other communications to it
hereunder by electronic communications pursuant to procedures approved by it; provided,
that approval of such procedures may be limited to particular notices or communications.

          (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

     SECTION 10.02 Survival of Agreement, Representations and Warranties, etc. All warranties,
representations and covenants made by the Borrower or any Guarantor herein or in any certificate or
other instrument delivered by it or on its behalf in connection with this Agreement shall be
considered to have been relied upon by the Lenders and shall survive the making of the Loans herein
contemplated regardless of any investigation made by any Lender or on its behalf and shall continue
in full force and effect (in the case of any representations and warranties, as of the date when
made or deemed to be made) so long as any amount due or to become due hereunder is outstanding and
unpaid and so long as the Total Commitment has not been terminated.

     SECTION 10.03 Successors and Assigns. (a) The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby (including any Affiliate of the Issuing Lender that issues any Letter of Credit),
except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted assignment or
transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign
or otherwise transfer its rights or obligations hereunder except in accordance with this Section.
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns permitted hereby (including
any Affiliate of the Issuing Lender that issues any Letter of Credit), Participants (to the extent
provided in paragraph (d) of this Section) and, to the extent expressly contemplated hereby, the
Related Parties of each of the Administrative Agent. the Issuing Lender

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and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

          (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Total Commitment and the Loans at the time owing to it) with the
prior written consent (such consent not to be unreasonably withheld or delayed) of:

(A) the Administrative Agent; and

(B) the Issuing Lender, provided that no consent of the Issuing
Lender shall be required for an assignment of all or any portion of a
Tranche B Loan or a Tranche C Loan; and

(C) the Borrower; provided that no consent of the Borrower shall be
required for an assignment if, after giving effect thereto, the aggregate
amount of the assignee’s Tranche A Commitment, Tranche B Loan and Tranche C
Loan would be less than ten percent (10%) of the Total Commitment in effect
at such time; and provided further that no consent of the
Borrower shall be required if an Event of Default has occurred and is
continuing.

                    (ii) Assignments shall be subject to the following additional conditions:

(A) any assignment of any portion of the Total Tranche A Commitment and
Tranche A Loans and LC Exposure shall be made to an Eligible Assignee;

(B) except in the case of an assignment to a Lender or an Affiliate of a
Lender or an Approved Fund or an assignment of the entire remaining amount
of the assigning Lender’s Tranche A Commitment, Tranche B Loan or Tranche C
Loan, the amount of such commitment or Loans of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and
Acceptance with respect to such assignment is delivered to the
Administrative Agent) shall not be less than $1,000,000 unless the
Administrative Agent otherwise consents;

(C) each partial assignment of a Commitment or Loans of a Class shall be
made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations in respect of such Class under this Agreement;

(D) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500; provided that if an
assignment is made by a Lender concurrently to an assignee and one or more
Affiliates or Approved Funds of such assignee, then only one processing and
recordation fee of $3,500 shall be due in connection with such assignment;

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(E) the assignee, if it was not a Lender immediately prior to such
assignment, shall deliver to the Administrative Agent an Administrative
Questionnaire; and

(F) except in the case of (x) any assignment in connection with the primary
syndication of the credit facilities provided for herein and (y) any
assignment to a Lender or an Affiliate of a Lender or an Approved Fund, each
assignment shall be made in consultation with the Borrower.

          For the purposes of this Section 10.03(b), the term “Approved Fund” means any Person
(other than a natural person) that is engaged in making, purchasing, holding or investing in bank
loans and similar extensions of credit in the ordinary course of its business and that is
administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender.

     (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section, from and after the effective date specified in each Assignment and Acceptance the
assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Acceptance, have the rights and obligations of a Lender of the relevant
Class or Classes, as the case may be, under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance,
be released from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits (and, in the case of Section 2.18, subject to the obligations) of Sections
2.16, 2.17, 2.18 and 10.05). Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this Section 10.03 shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (d) of this Section.

     (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower,
shall maintain at one of its offices a copy of each Assignment and Assumption delivered to
it and a register for the recordation of the names and addresses of the Lenders, and the
Commitment of, and principal and interest amount of the Loans and LC Disbursements owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the
Issuing Lender and the Lenders shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower, the Issuing Lender and any Lender, at any reasonable time and
from time to time upon reasonable prior notice. This Section 10.03(b)(iv) shall be
construed so that the Loans and LC Disbursements are at all times maintained in “registered
form” within the meaning of Sections 163(f), 871(h)(2), and 881(c)(2) of the Code.

          (c) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire

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(unless the assignee shall already be a Lender hereunder), the processing and recordation fee
referred to in paragraph (b) of this Section and any written consent to such assignment required by
paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption
and record the information contained therein in the Register; provided, that if either the
assigning Lender or the assignee shall have failed to make any payment required to be made by it
pursuant to Section 2.03(d) or (e), 2.05(b), 2.19(d) or 8.04, the Administrative Agent shall have
no obligation to accept such Assignment and Assumption and record the information therein in the
Register unless and until such payment shall have been made in full, together with all accrued
interest thereon. No assignment shall be effective for purposes of this Agreement unless it has
been recorded in the Register as provided in this paragraph.

          (d) (i) Any Lender may, without the consent of the Borrower, the Administrative Agent or the
Issuing Lender, and without consulting the Borrower, sell participations to one or more banks or
other entities (a “Participant”) in all or a portion of such Lender’s rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans owing
to it); provided, that (A) such Lender’s obligations under this Agreement shall remain
unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing Lender
and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided, that such agreement or instrument may provide
that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 10.09(a) that affects such
Participant. Subject to paragraph (d)(ii) of this Section, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.16, 2.17 and 2.18 to the same extent as
if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 2.26 as though it were a Lender, provided such Participant agrees to be subject to Section
8.08 as though it were a Lender.

     (ii) A Participant shall not be entitled to receive any greater payment under Section
2.16 or 2.18 than the applicable Lender would have been entitled to receive with respect to
the participation sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrower’s prior written consent. A Participant shall not be
entitled to the benefits of Section 2.18 unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the
Borrower, to comply with Section 2.18 as though it were a Lender.

     (iii) A Participant shall not be entitled to any funds directly from the Borrower in
respect of the benefits under Section 2.16, 2.17, 2.18 or 2.26, pursuant to Section
10.03(d), until such Participant has provided information to the Borrower sufficient to
satisfy the requirements of Section 10.03(b)(iv) as if such Participant had been a Lender.

          (e) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any

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pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall
not apply to any such pledge or assignment of a security interest; provided, that no such
pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

          (f) Any Lender may, in connection with any assignment or participation or proposed assignment
or participation pursuant to this Section 10.03, disclose to the assignee or participant or
proposed assignee or participant, any information relating to the Borrower or any of the Guarantors
furnished to such Lender by or on behalf of the Borrower or any of the Guarantors;
provided, that prior to any such disclosure, each such assignee or participant or proposed
assignee or participant shall agree in writing to be bound by the provisions of Section 10.04.

          (g) Notwithstanding any provision to the contrary, any Lender may assign to one or more
special purpose funding vehicles (each, an “SPV”) all or any portion of its funded Tranche
A Loans (without any corresponding Tranche A Commitment), without the consent of any Person or the
payment of a processing and recordation fee, by execution of a written assignment agreement in a
form agreed to by such Lender and any such SPV, and may grant any such SPV the option, in such
SPV’s sole discretion, to fund all or any part of any Tranche A Loans that such Lender would
otherwise be obligated to fund pursuant to this Agreement. Subject to the provisions of this
paragraph, each such SPV shall have all the rights which a Lender holding the Tranche A Loans
funded by or assigned to it would have under this Agreement (other than, for the avoidance of
doubts, rights determined by reference to such Lender’s Tranche A Commitment), but no obligations.
The Lender making such assignment or granting such option shall remain liable for all the
obligations related to its Tranche A Commitments and any Tranche A Loans held by any such SPV under
this Agreement, including (i) its Tranche A Commitments (although the unused portion thereof shall
be reduced by the principal amount of any Tranche A Loans held by any such SPV), (ii) any
reimbursement or indemnity obligations related to its Tranche A Commitments and any Tranche A Loans
held by any such SPV and (iii) any obligation to share any payment received by any such SPV as
provided for in Section 8.08 or to return any payment received by it or any such SPV as a result of
any recovery by the Borrower or any other Person in respect thereof. Notwithstanding such
assignment or grant, the Loan Parties, the Administrative Agent and the other Lenders may continue
to deal with such Lender (which shall be deemed acting hereunder for all purposes hereof as an
agent for each such SPV and itself) as though such Lender had not made such assignment or granted
such option, including as to (x) the delivery of any notices or other communications under the Loan
Documents, (y) the making of all payments to Lenders under the Loan Documents and (z) the execution
and delivery of any modification, amendment, waiver, consent, instruction or Assignment and
Acceptance relating to any Loan Document, except as the Administrative Agent shall otherwise
determine in its sole discretion following any request by such Lender or any such SPV (in which
case, to the extent necessary or appropriate, it shall notify the other parties hereto), provided
that, to the extent they are requested to do so by any such SPV (or its agent), copies of any
notices or communications by the Loan Parties and the Administrative Agent to such Lender under the
Loan Documents shall be given to such SPV. By accepting any such assignment or grant, each such SPV
acknowledges and agrees that it is bound by Section 8 and this paragraph. The Borrower shall, at
the request of such Lender, execute and deliver to such Person as such Lender may designate, a
promissory note as contemplated in

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Section 2.11(e) in the amount of such Lender’s original promissory note to evidence the Loans
of such Lender and such SPV.

     SECTION 10.04 Confidentiality. Each Lender agrees to keep any information delivered or made
available by the Borrower or any of its Subsidiaries to it confidential from anyone other than
persons employed or retained by such Lender who are or are expected to become engaged in
evaluating, approving, structuring or administering the Loans; provided, that nothing herein shall
prevent any Lender from disclosing such information (1) to any of its Affiliates, SPVs or funding
sources or to any other Lender, provided such Affiliate, SPV or funding source agrees to keep such
information confidential to the same extent required by the Lenders hereunder, (2) upon the order
of any court or administrative agency, (3) upon the request or demand of any regulatory agency or
authority, (4) which has been publicly disclosed other than as a result of a disclosure by any
Agent or any Lender which is not permitted by this Agreement, (5) in connection with any litigation
to which the any Agent, any Lender, or their respective Affiliates may be a party solely to the
extent reasonably required, (6) to the extent reasonably required in connection with the exercise
of any remedy hereunder, (7) to such Lender’s legal counsel and independent auditors, and (8) to
any actual or proposed participant or assignee of all or part of its rights hereunder subject to
the proviso in Section 10.03(f). Each Lender shall use reasonable efforts to notify the Borrower
of any required disclosure under clauses (ii) and (v) of this Section.

     SECTION 10.05 Expenses; Indemnity; Damage Waiver. (a)(i) The Borrower shall pay or
reimburse: (A) all reasonable fees and reasonable out-of-pocket expenses of the Agents and the
Arrangers/Bookrunners (including the reasonable fees, disbursements and other charges of Davis Polk
& Wardwell (“DPW”), special counsel to the Administrative Agent and the
Arrangers/Bookrunners, and any local counsel retained by DPW or the Administrative Agent or the
Arrangers/Bookrunners) associated with the syndication of the credit facilities provided for
herein, and the preparation, execution, delivery and administration of the Loan Documents and any
amendments, modifications or waivers of the provisions hereof (whether or not the transactions
contemplated hereby or thereby shall be consummated); and (B) all fees and expenses of the Agents
and the Arrangers/Bookrunners (including the fees, disbursements and other charges of DPW, special
counsel to the Administrative Agent and the Arrangers/Bookrunners, and any local counsel retained
by DPW or the Administrative Agent or the Arrangers/Bookrunners) and the Lenders in connection with
the enforcement of the Loan Documents. In connection with the foregoing, it is understood that,
subject to customary exceptions for conflicts of interest, special counsel and local counsel, the
Agents and the Arrangers/Bookrunners shall be represented by a single lead counsel.

     (ii) The Borrower shall pay or reimburse (A) all reasonable fees and reasonable
expenses of the Agents and the Arrangers/Bookrunners and their internal and third-party
auditors, appraisers and consultants incurred in connection with the Agents’ (1) initial and
ongoing Borrowing Base examinations, (2) analyses of the systems and processes of the
Borrower and analyses and valuations of the Borrowing Base assets, (3) periodic field
examinations and appraisals and (4) monthly and other monitoring of assets; and (B) all
reasonable fees and reasonable out-of-pocket expenses of the Issuing Lenders in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand or
any payment thereunder.

93

 

          All payments or reimbursements pursuant to the foregoing clauses (a)(i) and (ii) shall be
payable promptly upon written demand together with back-up documentation supporting such
reimbursement request.

          (b) The Borrower shall indemnify the Agents, the Arrangers/Bookrunners, the Issuing Lenders
and each Lender, and each Related Party of any of the foregoing Persons (each such Person being
called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges
and disbursements of any counsel for any Indemnitee (it being understood that claims for expense
reimbursement hereunder shall be accompanied by back-up documentation supporting such request),
incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result
of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated
hereby, the performance by the parties hereto of their respective obligations hereunder or the
consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or
Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Lender
to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual
or alleged presence or release of Hazardous Materials on or from any property owned or operated by
the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the
Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory and regardless of whether any Indemnitee is a party thereto; provided,
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the bad faith, gross
negligence or willful misconduct of such Indemnitee (or such Indemnitee’s officers, directors,
employees or affiliates).

          (c) To the extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof

     SECTION 10.06 CHOICE OF LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL IN ALL
RESPECTS BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND (TO
THE EXTENT APPLICABLE) THE BANKRUPTCY CODE.

     SECTION 10.07 No Waiver. No failure on the part of the Administrative Agent or any of the
Lenders to exercise, and no delay in exercising, any right, power or remedy hereunder or any of the
other Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right, power or remedy preclude any other or further exercise thereof or the exercise of
any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of
any other remedies provided by law.

     SECTION 10.08 Extension of Maturity. Should any payment of principal of or interest or any
other amount due hereunder become due and payable on a day other than a Business Day,

94

 

the maturity thereof shall be extended to the next succeeding Business Day and, in the case of
principal, interest shall be payable thereon at the rate herein specified during such extension.

     SECTION 10.09 Amendments, etc.

          (a) No modification, amendment or waiver of any provision of this Agreement or the Security
and Pledge Agreement, and no consent to any departure by the Borrower or any Guarantor therefrom,
shall in any event be effective unless the same shall be in writing and signed by the Required
Lenders, and then such waiver or consent shall be effective only in the specific instance and for
the purpose for which given; provided, however, that no such modification or
amendment shall without the written consent of (i) the Super-majority First Priority Lenders (A)
increase the advance rates set forth in the definition of the term “Borrowing Base”, add new asset
categories to the Borrowing Base or otherwise cause the Borrowing Base or availability under the
credit facilities provided for herein to be increased, (B) release any of the Liens granted to the
Administrative Agent hereunder, under the Approval Order or under any other Loan Document, other
than Liens on assets that are sold or otherwise disposed of in transactions permitted pursuant to
the Loan Documents, or (C) release any of the Guarantors, other than as expressly permitted
pursuant to the Loan Documents, (ii) the Lender affected thereby (A) increase the Commitment of a
Lender (it being understood that a waiver of an Event of Default shall not constitute an increase
in the Commitment of a Lender), or (B) reduce the principal amount of any Loan or the rate of
interest payable thereon, or extend any date for the scheduled payment of interest hereunder or
reduce any Fees payable hereunder or extend any date for the scheduled payment of any such Fees, or
extend the final maturity of the Borrower’s obligations hereunder, (iii) all of the Lenders (A)
amend or modify any provision of this Agreement which provides for the unanimous consent or
approval of the Lenders, (B) amend this Section 10.09, the definition of Super-majority Lenders or
the definition of Requisite Super-majority Entities, (C) amend or modify the Superpriority Claim
status of the Lenders contemplated by Section 2.25, (D) release all or substantially all of the
Liens granted to the Administrative Agent hereunder, under the Approval Order or under any other
Loan Document, or release all or substantially all of the Guarantors or (E) amend any provision
that sets forth the priority of payment as among the Tranche A Lenders, the Tranche B Lenders and
the Tranche C Lenders, (iv) all of the Tranche A Lenders and the Tranche B Lenders, amend the
definition of Required Lenders or the definition of Super-majority First-Priority Lenders or (v)
all of the Lenders of the applicable Class, amend the definition of Super-majority Class Lenders in
respect of such Class. No such amendment or modification may adversely affect the rights and
obligations of the Administrative Agent or any Issuing Lender hereunder or either JPMCB or CUSA in
the capacity referred to in Section 6.03(viii) without its prior written consent. No notice to or
demand on the Borrower or any Guarantor shall entitle the Borrower or any Guarantor to any other or
further notice or demand in the same, similar or other circumstances. Each assignee under Section
10.03(b) shall be bound by any amendment, modification, waiver, or consent authorized as provided
herein, and any consent by a Lender shall bind any Person subsequently acquiring an interest on the
Loans held by such Lender. No amendment to this Agreement shall be effective against the Borrower
or any Guarantor unless signed by the Borrower or such Guarantor, as the case may be. As used
herein, the term “Super-majority First Priority Lenders” shall mean, at any time, Lenders
having Tranche A Commitments at such time (or, if the Total Tranche A Commitment has been
terminated, Lenders holding Tranche A Loans and LC Exposure at such time) and Lenders holding the
Tranche B Loan at such time (or, if the Tranche B Loan is not outstanding, Lenders holding Tranche
B Commitments at such time) representing

95

 

in excess of 66-2/3% of the sum of the Total Tranche A Commitment at such time (or, if the
Total Tranche A Commitment has been terminated, the Tranche A Total Commitment Usage at such time)
plus the Total Tranche B Commitment at such time.

Notwithstanding anything to the contrary contained in Section 10.09(a), in the event that the
Borrower requests that this Agreement be modified or amended in a manner which would require the
unanimous consent of all of the Lenders and such modification or amendment is agreed to by the
Super-majority Lenders, the Super-majority First Priority Lenders and, with respect to any Class
affected thereby, the Super-majority Class Lenders (together with the Super-majority Lenders and
the Super-majority First Priority Lenders, the “Requisite Super-majority Entities”), then
with the consent of the Borrower and the Requisite Super-majority Entities, the Borrower and the
Requisite Super-majority Entities shall be permitted to amend the Agreement without the consent of
the Lender or Lenders which did not agree to the modification or amendment requested by the
Borrower (such Lender or Lenders, collectively the “Minority Lenders”) to provide for (i)
the termination of the Commitment of each of the Minority Lenders, (ii) the addition to this
Agreement of one or more other financial institutions (each of which shall meet the requirements of
Section 10.03(b)), or an increase in the Commitment of one or more of the Requisite Super-majority
Entities, so that the Total Commitment and the Total First Priority Commitment after giving effect
to such amendment shall be in the same amount as the Total Commitment and the Total First Priority
Commitment immediately before giving effect to such amendment, (iii) if any Loans are outstanding
at the time of such amendment, the making of such additional Loans by such new financial
institutions or Requisite Super-majority Entity or Entities, as the case may be, as may be
necessary to repay in full the outstanding Loans of the Minority Lenders immediately before giving
effect to such amendment and (iv) such other modifications to this Agreement as may be appropriate.

As used herein, the term “Super-majority Lenders” shall mean, at any time, Lenders having
Tranche A Commitments at such time (or, if the Total Tranche A Commitment has been terminated,
Lenders holding Tranche A Loans and LC Exposure at such time), Lenders holding the Tranche B Loan
at such time (or, if the Tranche B Loan is not outstanding, Lenders holding Tranche B Commitments
at such time), Lenders holding the Initial Tranche C Loan at such time (or, if the Initial Tranche
C Loan is not outstanding, Lenders holding Initial Tranche C Commitments at such time) and Lenders
holding the Subsequent Tranche C Loan at such time (or, if the Subsequent Tranche C Loan is not
outstanding, Lenders holding Subsequent Tranche C Commitments at such time), representing in excess
of 66-2/3% of the sum of the Total Tranche A Commitment at such time (or, if the Total Tranche A
Commitment has been terminated, the Tranche A Total Commitment Usage at such time) plus the
Total Tranche B Commitment at such time plus the Total Initial Tranche C Commitment at such
time plus the Total Subsequent Tranche C Commitment at such time.

As used herein, the term “Super-majority Class Lenders” means, (A) with respect to the
Tranche A Lenders, Lenders having Tranche A Commitments at such time (or, if the Total Tranche A
Commitment has been terminated, Lenders holding Tranche A Loans and LC Exposure at such time)
representing in excess of 66-2/3% of the Total Tranche A Commitment at such time (or, if the Total
Tranche A Commitment has been terminated, the Tranche A Total Commitment Usage at such time), (B)
with respect to the Tranche B Lenders, Lenders holding the Tranche B Loan at such time (or, if the
Tranche B Loan is not outstanding, Lenders holding Tranche B Commitments at such time) representing
in excess of 66-2/3% of the Total Tranche B

96

 

Commitment at such time and (C) with respect to the Tranche C Lenders, Lenders holding the Tranche
C Loan at such time (or, if the Initial Tranche C Loan and the Subsequent Tranche C Loan are not
outstanding at such time, Lenders holding Initial Tranche C Commitments and Subsequent Tranche C
Commitments at such time or, if the Initial Tranche C Loan is outstanding but the Subsequent
Tranche C Loan is not outstanding at such time, Lenders holding the Initial Tranche C Loan and the
Subsequent Tranche C Commitments at such time) representing in excess of 66-2/3% of the Total
Tranche C Commitment at such time.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, Collateral
shall be released automatically from the Lien of the Security and Pledge Agreement, and Guarantors
shall be released automatically from their guarantee obligations hereunder, in each case to the
extent necessary to effect the consummation of any transaction permitted by the Loan Documents
(including any transaction that has been approved by the requisite Lenders in accordance with
Section 10.09). Each Lender hereby irrevocably authorizes the Administrative Agent to take, and the
Administrative Agent hereby agrees to take, at the Borrower’s expense, any action reasonably
requested by the Borrower to evidence any such release of Collateral or guarantee obligations, so
long as the Borrower certifies to the Administrative Agent that the transaction necessitating such
release has been consummated in compliance with the terms of this Agreement (and the Administrative
Agent may rely conclusively on such certificate, without further inquiry).

SECTION 10.10 Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof, and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     SECTION 10.11 Headings. Section headings used herein are for convenience only and are not
to affect the construction of or be taken into consideration in interpreting this Agreement.

     SECTION 10.12 Survival. All covenants, agreements, representations and warranties made by
the Borrower herein and in the certificates or other instruments delivered in connection with or
pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans and
issuance of any Letters of Credit, regardless of any investigation made by any such other party or
on its behalf and notwithstanding that the Administrative Agent, the Issuing Lender or any Lender
may have had notice or knowledge of any Event of Default or incorrect representation or warranty at
the time any credit is extended hereunder, and shall continue in full force and effect as long as
the principal of or any accrued interest on any Loan or any fee or any other amount payable under
this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the
Commitments have not expired or terminated. The provisions of Sections 2.16, 2.17, 2.18 and 10.05
and Section 8 shall survive and remain in full force and effect regardless of the consummation of
the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of
the Letters of Credit and the Commitments or the termination of this Agreement or any provision
hereof

     SECTION 10.13 Execution in Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different

97

 

counterparts), each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Agreement and any separate letter agreements with respect
to fees payable to the Administrative Agent or any other agent under this Agreement constitute the
entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof.
This Agreement shall become effective on the Effective Date, and thereafter shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement.

     SECTION 10.14 Prior Agreements. This Agreement represents the entire agreement of the
parties with regard to the subject matter hereof and the terms of any letters and other
documentation entered into between the Borrower or a Guarantor and any Lender or the Administrative
Agent prior to the effectiveness of this Agreement which relate to Loans to be made hereunder shall
be replaced by the terms of this Agreement (except as otherwise expressly provided in the
Commitment Letter, the fee letters referred to therein and the Fee Letter referenced in Section
2.21).

     SECTION 10.15 Further Assurances. Whenever and so often as reasonably requested by the
Administrative Agent, the Borrower and the Guarantors will promptly execute and deliver or cause to
be executed and delivered all such other and further instruments, documents or assurances, and
promptly do or cause to be done all such other and further things as may be necessary and
reasonably required in order to further and more fully vest in the Administrative Agent all rights,
interests, powers, benefits, privileges and advantages conferred or intended to be conferred by
this Agreement and the other Loan Documents.

     SECTION 10.16 USA Patriot Act. Each Lender that is subject to the requirements of the
Patriot Act hereby notifies the Borrower that pursuant to the requirements of the Act, it is
required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender to
identify the Borrower in accordance with the Patriot Act.

     SECTION 10.17 WAIVER OF JURY TRIAL. EACH OF THE BORROWER, THE GUARANTORS, THE AGENTS AND
EACH LENDER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED THEREBY.

98

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and the year first written.

	 	 	 	 	 
	 	BORROWER:

DELPHI CORPORATION

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John Sheehan 	 
	 	 	Title:  	Vice President and Chief Restructuring
Officer 	 
	 

	 	 	 	 	 
	 	GUARANTORS:

ASEC MANUFACTURING GENERAL

  PARTNERSHIP,

  a Delaware general partnership

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	ASEC SALES GENERAL PARTNERSHIP,

  a Delaware general partnership

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	ASPIRE, INC.,

a Michigan corporation

 	 
	 	By:  	/s/ JAMES P. WHITSON
 	 
	 	 	Name:  	James P. Whitson 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	DELCO ELECTRONIC OVERSEAS CORPORATION,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Assistant Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS (HOLDING),
INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John D. Sheehan 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS GLOBAL

  (HOLDING), INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John D. Sheehan 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS HUMAN

  RESOURCES LLC,

  a Delaware limited liability company

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Vice President & Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS

  INTERNATIONAL, INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS KOREA, INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Chief Executive Officer & President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS LLC,

  a Delaware limited liability company

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John D. Sheehan 	 
	 	 	Title:  	Vice President and
Chief Restructuring Officer 	 
	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS OVERSEAS

  CORPORATION,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS RISK

  MANAGEMENT CORP.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John D. Sheehan 	 
	 	 	Title:  	Vice President & Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS SERVICES LLC,

  a Delaware limited liability company

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS

  TENNESSEE, INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DELPHI AUTOMOTIVE SYSTEMS THAILAND,
INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI CHINA LLC,

  a Delaware limited liability company

 	 
	 	By:  	/s/ JAMES P. WHITSON
 	 
	 	 	Name:  	James P. Whitson 	 
	 	 	Title:  	Chief Tax Officer 	 
	 

	 	 	 	 	 
	 	DELPHI CONNECTION SYSTEMS,

  a California corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI DIESEL SYSTEMS CORP.,

  a Delaware corporation

 	 
	 	By:  	/s/ JAMES P. WHITSON
 	 
	 	 	Name:  	James P. Whitson 	 
	 	 	Title:  	Chief Tax Officer 	 
	 

	 	 	 	 	 
	 	DELPHI ELECTRONICS (HOLDING) LLC,

  a Delaware limited liability company

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI FOREIGN SALES CORPORATION,

  a Virgin Islands corporation

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John D. Sheehan 	 
	 	 	Title:  	Controller 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DELPHI INTEGRATED SERVICE SOLUTIONS,
INC.,

  a Michigan corporation

 	 
	 	By:  	/s/ JAMES P. WHITSON
 	 
	 	 	Name:  	James P. Whitson 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	DELPHI INTERNATIONAL HOLDINGS CORP.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John D. Sheehan 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	DELPHI INTERNATIONAL SERVICES, INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Chief Financial Officer & Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI LIQUIDATION HOLDING COMPANY,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John D. Sheehan 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	DELPHI LLC,

  a Delaware limited liability company

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John D. Sheehan 	 
	 	 	Title:  	President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DELPHI MECHATRONIC SYSTEMS, INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI MEDICAL SYSTEMS COLORADO

    CORPORATION,

    a Colorado corporation

 	 
	 	By:  	/s/ ALLAN F. SEGUIN
 	 
	 	 	Name:  	Allan F. Seguin 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI MEDICAL SYSTEMS CORPORATION,

  a Delaware corporation

 	 
	 	By:  	/s/ ALLAN F. SEGUIN
 	 
	 	 	Name:  	Allan F. Seguin 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI MEDICAL SYSTEMS TEXAS

  CORPORATION,

  a Delaware corporation

 	 
	 	By:  	/s/ ALLAN F. SEGUIN
 	 
	 	 	Name:  	Allan F. Seguin 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI NY HOLDING CORPORATION,

    a New York corporation

 	 
	 	By:  	/s/ JOHN D. SHEEHAN
 	 
	 	 	Name:  	John D. Sheehan 	 
	 	 	Title:  	President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DELPHI SERVICES HOLDING CORPORATION,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	DELPHI TECHNOLOGIES, INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ THOMAS N. TWOMEY
 	 
	 	 	Name:  	Thomas N. Twomey 	 
	 	 	Title:  	Vice President Intellectual Property 	 
	 

	 	 	 	 	 
	 	DREAL, INC.,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN JAFFURS
 	 
	 	 	Name:  	John Jaffurs 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	ENVIRONMENTAL CATALYSTS, LLC,

  a Delaware limited liability company

 	 
	 	By:  	/s/ JAMES P. WHITSON
 	 
	 	 	Name:  	James P. Whitson 	 
	 	 	Title:  	Chief Tax Officer 	 
	 

	 	 	 	 	 
	 	EXHAUST SYSTEMS CORPORATION,

  a Delaware corporation

 	 
	 	By:  	/s/ JOHN P. ARLE
 	 
	 	 	Name:  	John P. Arle 	 
	 	 	Title:  	Assistant Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	PACKARD HUGHES INTERCONNECT COMPANY,

  a Delaware corporation

 	 
	 	By:  	/s/ JAMES P. WHITSON
 	 
	 	 	Name:  	James P. Whitson 	 
	 	 	Title:  	Chief Tax Officer 	 
	 

	 	 	 	 	 
	 	SPECIALTY ELECTRONICS INTERNATIONAL LTD.,

  a Virgin Islands corporation

 	 
	 	By:  	/s/ JAMES P. WHITSON
 	 
	 	 	Name:  	James P. Whitson 	 
	 	 	Title:  	Chief Tax Officer 	 
	 

	 	 	 	 	 
	 	SPECIALTY ELECTRONICS, INC.,

  a South Carolina corporation

 	 
	 	By:  	/s/ JAMES P. WHITSON
 	 
	 	 	Name:  	James P. Whitson 	 
	 	 	Title:  	Chief Tax Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	AGENTS AND LENDERS:
	 
	 
	 	

JPMORGAN CHASE BANK, N.A.

  Individually and as Administrative Agent

 	 
	 	By:  	/s/ SUSAN E. ATKINS 	 
	 	 	Name:  	Susan E. Atkins 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	CITICORP USA, INC.

  Individually and as Syndication Agent

 	 
	 	By:  	/s/ JEFFREY NITZ 	 
	 	 	Name:  	Jeffrey Nitz 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 
	 	Signature page for the Amended and Restated Revolving Credit, Term Loan and Guaranty Agreement, dated as of May 9, 2008 among Delphi Corporation and the lenders party thereto
Name of Lender:

 
 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv10wxgy

 

Exhibit 10 (g)

EXECUTION VERSION

AGREEMENT

     AGREEMENT, dated as of May 9, 2008, among DELPHI CORPORATION, a Delaware corporation (the
“Borrower”), a debtor and debtor-in-possession in a case pending under Chapter 11 of the
Bankruptcy Code, and the subsidiaries of the Borrower signatory hereto (each a “Guarantor”
and collectively the “Guarantors”), each of which Guarantors is a debtor and
debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy Code (the cases of the
Borrower and the Guarantors, each a “Case” and collectively, the “Cases”), and
GENERAL MOTORS CORPORATION (“GM”).

RECITALS:

     WHEREAS, on October 8, 2005, the Borrower and the Guarantors filed voluntary petitions with
the Bankruptcy Court initiating the Cases and have continued in the possession of their assets and
in the management of their businesses pursuant to Sections 1107 and 1108 of the Bankruptcy Code;

     WHEREAS, the Borrower, the Guarantors hereunder and certain financial institutions from time
to time party thereto (the “DIP Lenders”), JPMorgan Chase Bank, N.A., as administrative
agent for the DIP Lenders, and Citicorp USA, Inc., as syndication agent for certain DIP Lenders,
have previously entered into that certain Amended and Restated Revolving Credit, Term Loan and
Guaranty Agreement, dated as of November 20, 2007 (as such may be amended, modified, refinanced or
replaced from time to time, in each case, except upon the effectiveness of a Reorganization Plan,
the “DIP Credit Agreement”);

     WHEREAS, in connection with the Master Restructuring Agreement and the Global Settlement
Agreement, the Borrower has requested and, subject to the terms and conditions set forth herein, GM
has agreed, to make the accommodations to the Borrower described in this Agreement, which
accommodations relate to the advances to the Borrower by GM, on a net basis, in anticipation of the
effectiveness of the Master Restructuring Agreement and the Global Settlement Agreement; and

     WHEREAS, the Guarantors have agreed to guarantee the obligations of Borrower hereunder.

     NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.01. Defined Terms. Capitalized terms that are not otherwise defined herein
shall have the meaning set forth in the DIP Credit Agreement, including as set forth in Section
8.15.

     “Administrative Claims” shall have the meaning set forth in Section 2.11.

     “Advance” shall mean any Loans made pursuant to this Agreement on a single date.

     “Advance Request” shall mean a written request executed and delivered by the Borrower
for an Advance in accordance with Section 2.02.

     “Affiliates” shall have the meaning set forth in the Global Settlement Agreement.

     “Agreement” shall mean this Agreement, as it may be amended, supplemented or otherwise
modified from time to time.

 

 

     “Approval Order” shall have the meaning set forth in Section 4.01(d).

     “Availability Certificate” shall have the meaning set forth in Section
4.02(a).

     “Available Funds” shall mean, on any date of determination, the sum of (i) all
unrestricted cash and cash equivalents of the Borrower and the Guarantors (as reflected on a
consolidated balance sheet of the Borrower and the Guarantors) plus (ii) the Available
Amount (as defined under the DIP Credit Agreement on the date hereof) plus (iii) the GM
Prepayment Reserve (as defined under the DIP Credit Agreement on the date hereof) plus (iv)
on and after the first date on which the Subsequent Tranche C Commitment becomes available to the
Borrower for borrowings under the DIP Credit Agreement in accordance with the terms and conditions
thereof, any unused portion of the Subsequent Tranche C Commitment.

     “Borrower” shall have the meaning set forth in the preamble to this Agreement.

     “Case” and “Cases” shall have the meaning set forth in the preamble to this
Agreement.

     “Commitment” shall mean the commitment of GM to make loans from time to time (a) prior
to June 1, 2008 in an aggregate outstanding principal amount not to exceed $200,000,000, (b) from
and after June 1, 2008 and prior to July 1, 2008 in an aggregate outstanding principal amount not
to exceed $300,000,000 and (c) from and after July 1, 2008 in an aggregate outstanding principal
amount not to exceed $650,000,000; provided, that, on and after the effectiveness of the
amendments to each of the Master Restructuring Agreement and the Global Settlement Agreement
referred to in Section 5.03, such Commitment shall be permanently reduced from time to time
by the aggregate amount paid by GM or its Affiliates to or for the credit or the account of the
Borrower or any Guarantor from and after the Effective Date (whether through the exercise of the
Set-Off Right hereunder or otherwise paid in cash) under such agreements.

     “DIP Credit Agreement” shall have the meaning set forth in the recitals to this
Agreement.

     “DIP Extension Order” shall have the meaning set forth in Section 4.01(c).

     “DIP Lenders” shall have the meaning set forth in the recitals to this Agreement.

     “DIP Termination Date” shall mean the date on which the commitments under the DIP
Credit Agreement have been terminated, the Borrower’s obligations thereunder (other than contingent
obligations for which no demand has been made) have been paid in full and any outstanding Letters
of Credit have been cash collateralized or backstopped by other letters of credit in accordance
with the DIP Credit Agreement, whether pursuant to a Reorganization Plan or otherwise (other than
pursuant to a refinancing or replacement, except upon the effectiveness of a Reorganization Plan,
of the DIP Credit Agreement).

     “Effective Date” shall have the meaning set forth in Section 4.01.

     “Event of Default” shall have the meaning set forth in Section 6.01.

     “Excess Availability” shall have the meaning set forth in Section 2.09.

     “Existing Confirmed Plan” shall mean the First Amended Joint Plan of Reorganization of
the Borrower and certain affiliates, debtors and debtors-in-possession, as modified, which was
confirmed by order of the United States Bankruptcy Court for the Southern District of New York
entered January 25, 2008 (docket no. 12359).

2

 

     “Global Settlement Agreement” shall mean that certain settlement agreement between the
Borrower and GM dated September 6, 2007, as amended on December 7, 2007 and as further amended in
accordance with Section 5.03.

     “GM” shall have the meaning set forth in the preamble to this Agreement.

     “GM-Related Parties” shall have the meaning set forth in the Global Restructuring
Agreement.

     “Guarantor” and “Guarantors” shall have the meaning set forth in the preamble
to this Agreement.

     “Indemnitee” shall have the meaning set forth in Section 8.04(b).

     “Interest Payment Date” shall mean the last day of each March, June, September and
December, commencing on September 30, 2008.

     “Loan” and “Loans” shall have the meaning set forth in Section
2.01(a).

     “Master Restructuring Agreement” shall mean that certain Master Restructuring
Agreement between the Borrower and GM dated September 6, 2007, as amended on December 7, 2007 and
as further amended in accordance with Section 5.03.

     “Obligations” shall mean (a) the due and punctual payment of principal of and interest
on (subject to the provisos to Section 2.05(b)) the Loans and (b) the due and punctual
payment of all other present and future, fixed or contingent, monetary obligations of the Borrower
and the Guarantors to GM under this Agreement.

     “Reorganization Plan” shall mean a chapter 11 plan of reorganization or liquidation in
any of the Cases.

     “Scheduled Termination Date” shall mean the earliest of (a) December 31, 2008, (b) the
date on or after the effectiveness of the amendments to each of the Master Restructuring Agreement
and the Global Settlement Agreement referred to in Section 5.03 on which GM or its
Affiliates has paid (whether through the exercise of the Set-Off Right hereunder or otherwise paid
in cash) to or for the credit or the account of the Borrower or any Guarantor from and after the
Effective Date an amount equal to or greater than $650,000,000 in the aggregate under such
agreements and (c) the date on which a Reorganization Plan becomes effective.

     “Set-Off Right” shall mean the right of GM to set-off and apply any and all
indebtedness and other liabilities at any time owing by GM or its Affiliates to or for the credit
or the account of the Borrower or any Guarantor against any and all of the Obligations of such
Borrower or Guarantor then existing under this Agreement in accordance with Section 6.01.

     “Specified Availability” shall mean, on any date of determination, the amount by which
the Available Funds is less than $500,000,000 on such date.

     “Termination Date” shall mean the earlier of the Scheduled Termination Date and the
date on which Obligations become due and payable in accordance with Section 6.01.

3

 

ARTICLE II

AMOUNT AND TERMS OF ADVANCES

     Section 2.01. Commitment. GM agrees, on and after the Effective Date, and upon the
terms and subject to the conditions set forth herein, to make available to the Borrower during the
period commencing May 9, 2008 and ending on the Termination Date, loans in an aggregate outstanding
principal amount not to exceed the Commitment (all such loans, collectively, the “Loans”),
which Loans may be repaid and reborrowed in accordance with the provisions of this Agreement;
provided, that (a) the amount of any Advance shall not exceed the least of (i) the unused
portion of the Commitment, (ii) without giving effect to such Advance, the sum of (y) Specified
Availability as of the close of business on the Business Day immediately preceding the date of such
Advance plus (z) the amount, if any, necessary to round up to the nearest minimum or
integral multiple amount required by Section 2.02(a) and (iii) the aggregate amount
requested by the Borrower in the applicable Advance Request in accordance with Section
2.02(a) and (b) the aggregate amount of all outstanding Loans shall not exceed the Commitment.
The Commitment shall terminate immediately and without further action on the Termination Date.

     Section 2.02. Requests for Advances. To request an Advance of Loans, the Borrower
shall deliver an Advance Request to GM no later than 11:00 a.m., New York City time, on the date
that is three (3) Business Days before the date of the proposed Advance; provided, that in
any event, the Borrower shall deliver an Advance Request to GM no later than 11:00 a.m., New York
City time, on the date that is five (5) Business Days before the date of the initial proposed
Advance hereunder. Such Advance Request shall be in a form reasonably acceptable to GM, signed and
certified by a Financial Officer of the Borrower and delivered in accordance with the notice
provisions set forth in Section 8.01; provided, that, notwithstanding anything in
Section 8.01 to the contrary, Advance Requests may be delivered in .pdf or similar format
by electronic mail; provided, further, that there shall be no more than one (1)
Advance in one (1) calendar week. Such Advance Request shall specify the following information:

     (a) the aggregate amount of the requested Advance, which shall be in an aggregate amount that
is in an integral multiple of $5,000,000 and not less than $10,000,000;

     (b) the amount of the Specified Availability as of the close of business on the Business Day
immediately preceding the date of such request and the projected net use of cash through the date
of the requested Advance and, in each case, reflecting the calculation thereof;

     (c) the date of such Advance, which shall be a Business Day on or after May 9, 2008; and

     (d) the initial Interest Period applicable thereto, which shall be a period contemplated by
the definition of the term “Interest Period.”

     (e) If no Interest Period is specified with respect to any portion of the Loan, then the
Borrower shall be deemed to have selected an Interest Period of one month’s duration.

     Section 2.03. Funding of Advances. Upon satisfaction or waiver of the conditions
precedent specified herein, GM shall make the proceeds of the Loans available to Borrower by wire
transfer of immediately available funds by 2:00 p.m., New York City time, to the account of the
Borrower most recently designated by it for such purpose by written notice to GM.

     Section 2.04. Interest Elections. Each Advance of Loans shall have an initial Interest
Period as specified in such Advance Request. Thereafter, the Borrower may elect to continue such
Advance and may elect Interest Periods therefor, in accordance with the provisions set forth in
Section 2.06(b), (c) and (e) of

4

 

the DIP Credit Agreement (which provisions have been duly incorporated by reference by
Section 8.14 herein); provided, that there shall be no more than ten (10) Interest
Periods outstanding at any time.

     Section 2.05. Interest on the Loans.

     (a) Subject to the provisions of Section 2.06, each Advance shall be comprised
entirely of Eurodollar Loans and shall bear interest (computed on the basis of the actual number of
days elapsed over a year of 360 days) at a rate per annum equal, during each Interest Period
applicable thereto, to the Adjusted LIBO Rate for such Interest Period in effect for such Advance
plus 5.25%; provided that if the applicable Adjusted LIBO Rate at the time of determination
of the interest rate for an Advance is below 3.25%, the Adjusted LIBO Rate for such Advance for
such Interest Period shall be deemed to be 3.25%.

     (b) Accrued interest on all of the Loans shall be payable in arrears on each Interest Payment
Date applicable thereto, on the Scheduled Termination Date and after the Scheduled Termination Date
on demand and upon any repayment or prepayment thereof, other than a prepayment pursuant to
Section 2.09 hereof (on the amount prepaid); provided, that until the DIP
Termination Date, all interest, including amounts owing pursuant to Section 2.06, shall be
paid in kind by increasing the principal amount of the Loans then outstanding in an aggregate
amount equal to the interest due on each Interest Payment Date; and provided,
further, that if the Master Restructuring Agreement and the Global Settlement Agreement
become effective on or before the Termination Date, then all interest accrued and owing hereunder,
whether before or after the effectiveness of the Master Restructuring Agreement and the Global
Settlement Agreement, including amounts owing pursuant to Section 2.06 and any amounts
which have been previously added to the principal amount of the Loans outstanding pursuant to the
preceding proviso, shall be automatically cancelled and shall not be included in the Borrower’s
Obligations hereunder.

     Section 2.06. Default Interest. If the Borrower or any Guarantor, as the case may be,
shall default in the payment of the principal of or interest on any Loan becoming due hereunder,
whether at stated maturity, by acceleration or otherwise, the Borrower or such Guarantor, as the
case may be, shall on demand from time to time pay interest, to the extent permitted by law and
subject to and in accordance with Section 2.05(b), on all Loans up to (but not including)
the date of actual payment (after as well as before judgment) at a rate per annum (computed on the
basis of the actual number of days elapsed over a year of 360 days) equal to the rate then
applicable for such Advances plus 2.0%.

     Section 2.07. Repayment of Obligations. The Borrower hereby unconditionally promises
to pay to GM the then unpaid Obligations on the Scheduled Termination Date or earlier, if otherwise
required by the terms hereof; provided, that, upon the effectiveness of the amendments to
each of the Master Restructuring Agreement and the Global Settlement Agreement referred to in
Section 5.03, such Obligations shall be paid as a set-off by GM of amounts payable by GM or
its Affiliates to or for the credit or the account of the Borrower or any Guarantor pursuant to
such agreements, as and when such amounts become payable. GM shall maintain in accordance with
customary practice an account or accounts evidencing the indebtedness of the Borrower to GM
resulting from each Loan made by GM, including (i) the amount of each Loan made hereunder and the
Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or
to become due and payable from the Borrower to GM, (iii) the amount of any interest paid in kind
pursuant to Section 2.05(b) and (iv) the amounts of principal and interest paid by the
Borrower to GM from time to time hereunder. The entries made in such accounts shall be prima facie
evidence of the existence and amounts of the obligations recorded therein; provided, that
the failure of GM to maintain such accounts or any error therein shall not in any manner affect the
obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

     Section 2.08. Optional Termination or Reduction of Commitment. Upon at least one (1)
Business Day’s prior written notice to GM, the Borrower may at any time in whole permanently
terminate, or

5

 

from time to time in part permanently reduce, the unused portion of the Commitment. Each such
reduction of the Commitment shall be in the principal amount of $25,000,000 or any integral
multiple of $5,000,000 in excess thereof.

     Section 2.09. Mandatory Prepayment. If the aggregate amount of the Available Funds
exceeds $500,000,000 (such excess amount at any time, the “Excess Availability”) and such
excess is greater than $5,000,000 (a) if the Borrowing Base Certificate is delivered on a weekly
basis, on the date such Borrowing Base Certificate is delivered and (b) otherwise, on the last
Business Day of any calendar week, the Borrower shall prepay the Loans (excluding any portion of
the Loans comprising interest that is paid in kind on such Loans pursuant to Section
2.05(b)) within one (1) Business Day of such date in an amount equal to the Excess
Availability. Notwithstanding anything to the contrary contained in this Agreement, from and after
the effectiveness of the amendments to each of the Master Restructuring Agreement and the Global
Settlement Agreement referred to in Section 5.03, on each date, the Borrower shall
immediately repay, as a set-off by GM in accordance with Section 2.07, an amount equal to
the lesser of (i) the Obligations outstanding hereunder on such date and (ii) any amounts due and
payable by GM or its Affiliates to or for the credit or the account of the Borrower or any
Guarantor under such agreements on such date.

     Section 2.10. Payments Generally.

     (a) The Borrower shall make each payment or prepayment required to be made by it hereunder
(whether of principal, interest, fees or other amounts payable hereunder) prior to 2:00 p.m., New
York City time, on the date when due, in immediately available funds, without set-off or
counterclaim. Any amounts received after such time on any date may, in the discretion of GM, be
deemed to have been received on the next succeeding Business Day for purposes of calculating
interest thereon. All such payments shall be made to GM at its offices at 767 Fifth Avenue, 14th
Floor, New York, New York, except that payments pursuant to Section 8.04 shall be made
directly to the Persons entitled thereto. If any payment hereunder shall be due on a day that is
not a Business Day, the date for payment shall be extended to the next succeeding Business Day and,
in the case of any payment accruing interest, interest thereon shall be payable for the period of
such extension. All payments hereunder shall be made in Dollars.

     (b) If at any time insufficient funds are received by and available to GM to pay fully all
amounts of principal, interest, fees and expenses then due hereunder, such funds shall be applied
(i) first, towards payment of fees and expenses then due under Section 8.04, (ii) second,
towards payment of interest accrued and then due hereunder on account of the Loans (including any
interest payable pursuant to Section 2.06) and (iii) third, towards payment of principal of
the Loans then due hereunder.

     Section 2.11. Priority. The Borrower and each of the Guarantors hereby covenants,
represents and warrants that, upon entry of the Approval Order, the Obligations owing to GM or its
Affiliates shall at all times constitute allowed claims in the Cases having administrative expense
priority pursuant to Section 503(b)(1) of the Bankruptcy Code (such allowed claims, the
“Administrative Claims”). The parties hereto agree that GM’s Set-Off Rights shall rank
ahead of general unsecured claims at all times.

     Section 2.12. Payment of Obligations. Subject to the provisions of Section
2.07 and Section 6.01, upon the maturity (whether by acceleration or otherwise) of any
of the Obligations under this Agreement, GM shall be entitled to payment of such Obligations in
accordance with the terms hereof without further application to or order of the Bankruptcy Court.

     Section 2.13. No Discharge; Survival of Claims. Each of the Borrower and the
Guarantors agrees that, except to the extent that GM shall have been paid in full (whether by
exercising its Set-Off Rights or otherwise), (i) its obligations hereunder shall not be discharged
by the entry of an order confirming a Reorganization Plan (and each of the Borrower and the
Guarantors, pursuant to Section 1141(d)(4) of the

6

 

Bankruptcy Code, hereby waives any such discharge) and (ii) the Administrative Claims granted
to GM pursuant to the Approval Order and described in Section 2.11 shall not be affected in
any manner by the entry of an order confirming a Reorganization Plan.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

          In order to induce GM to make the Loans hereunder, the Borrower and each of the Guarantors
jointly and severally represent and warrant as follows:

     Section 3.01. Organization and Authority. Each of the Borrower and the Guarantors (i)
is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, (ii) is duly qualified as a foreign corporation or other organization and in good
standing in each jurisdiction where the conduct of its business requires such qualification, except
to the extent that all failures to be duly qualified and in good standing could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect, (iii) subject to the entry by
the Bankruptcy Court of the Approval Order has the requisite power and authority to effect the
transactions contemplated hereby, and (iv) subject to the entry by the Bankruptcy Court of the
Approval Order has all requisite power and authority and the legal right to own, pledge, mortgage
and operate its properties, and to conduct its business as now or currently proposed to be
conducted, except where the failure thereof could not reasonably be expected to have a Material
Adverse Effect.

     Section 3.02. Due Execution. Upon the entry by the Bankruptcy Court of the Approval
Order, the execution, delivery and performance by each of the Borrower and the Guarantors of this
Agreement (i) are within the respective powers of each of the Borrower and the Guarantors, have
been duly authorized by all necessary action including the consent of shareholders where required,
and do not (A) contravene the charter or by-laws of any of the Borrower or the Guarantors, (B)
violate any law (including the Securities Exchange Act of 1934) or regulation (including
Regulations T, U or X of the Board), or any order or decree of any court or Governmental Authority,
conflict with or result in a breach of, or constitute a default under, any material contractual
obligation entered into prior to the Filing Date binding on the Borrower or the Guarantors or any
of their properties except to the extent that all such violations, conflicts or breaches could not,
in the aggregate, reasonably be expected to have a Material Adverse Effect, or (C) conflict with or
result in a breach of, or constitute a default under, any material contractual obligation entered
into after the Filing Date binding on the Borrower or the Guarantors or any of their properties;
and (ii) do not require the consent, authorization by or approval of or notice to or filing or
registration with any Governmental Authority other than (A) the entry of the Approval Order and (B)
other consents, authorizations, approvals, notices, filings or registrations the failure to obtain
or make which could not, in the aggregate, reasonably be expected to have a Material Adverse
Effect. Upon the entry by the Bankruptcy Court of the Approval Order, this Agreement has been duly
executed and delivered by each of the Borrower and the Guarantors. This Agreement is a legal, valid
and binding obligation of the Borrower and each Guarantor, as the case may be, enforceable against
the Borrower and the Guarantors, as the case may be, in accordance with its terms and the Approval
Order.

     Section 3.03. Use of Proceeds. The proceeds of the Loans shall be used for working
capital and for other general corporate purposes of the Borrower and its Subsidiaries.

7

 

ARTICLE IV

CONDITIONS OF LENDING

     Section 4.01. Conditions Precedent to Effectiveness. This Agreement shall become
effective on the date (the “Effective Date”) on which each of the following shall have
occurred and GM shall have received evidence reasonably satisfactory to it of such occurrence:

     (a) Execution of Agreement. This Agreement shall have been executed by the Borrower
and each of the Guarantors.

     (b) Documents and Certificates. GM shall have received such documents and
certificates as GM or its counsel may reasonably request relating to the organization, existence
and good standing of each of the Borrower and the Guarantors, the authorization of the transactions
under this Agreement and any other legal matters relating to each of the Borrower and the
Guarantors, the Agreement or the transactions contemplated hereunder, all in form and substance
reasonably satisfactory to GM and its counsel.

     (c) DIP Extension. The Bankruptcy Court shall have entered an order approving an
amendment of the DIP Credit Agreement (the “DIP Extension Order”), which shall have become
effective, and which amendment shall extend the termination date thereunder to a date no earlier
than December 31, 2008; provided, that the terms of any other amendments or modifications
to the DIP Credit Agreement shall be on terms reasonably acceptable to GM, and the DIP Extension
Order shall have become final and non-appealable. The DIP Lenders shall have consented to this
Agreement.

     (d) Modifications to Existing Confirmed Plan. No motion or other pleading shall have
been filed seeking the approval of a Reorganization Plan which contains modifications to the
Existing Confirmed Plan which would have a material impact on GM, on the benefits GM reasonably
expected to receive under the Existing Confirmed Plan (including, without limitation, GM’s
distributions thereunder), the Global Settlement Agreement, the Master Restructuring Agreement, or
on the ability of the Borrower and its subsidiaries and Affiliates operating as debtors and
debtors-in-possession in the Cases to fulfill any obligations to any GM-Related Parties under the
Existing Confirmed Plan, the Global Settlement Agreement, the Master Restructuring Agreement, or
any agreements assumed, reinstated, or ratified under the Master Restructuring Agreement;
provided that the parties to this Agreement agree that, among other things, any increase in
the amount of distributions (or change in the form of distributions) to holders of claims or equity
interests under the Existing Confirmed Plan, any change in any of the provisions of section 4.01,
4.02, or 4.03 of the Global Settlement Agreement, or any change in the identity of the Plan
Investors (as defined in the Existing Confirmed Plan) other than as permitted by the EPCA shall be
deemed to have a material impact on GM, on the benefits GM reasonably expected to receive under the
Existing Confirmed Plan (including, without limitation, GM’s distributions thereunder), the Global
Settlement Agreement, the Master Restructuring Agreement, or on the ability of the Borrower and its
subsidiaries and Affiliates operating as debtors and debtors-in-possession in the Cases to fulfill
any obligations to any GM-Related Parties under the Existing Confirmed Plan, the Global Settlement
Agreement, the Master Restructuring Agreement, or any agreements assumed, reinstated, or ratified
under the Master Restructuring Agreement.

     (e) Other Contracts. The Borrower or any Guarantor shall not, to the extent that the
Global Settlement Agreement or Master Restructuring Agreement have not been terminated by GM, have
filed a motion or other pleading seeking to reject any executory contract between the Borrower or
any Guarantor and GM or any of its Affiliates.

     (f) Approval Order. The Bankruptcy Court shall have entered an order approving this
Agreement and the Administrative Claims as described in Section 2.11 (the “Approval
Order”), which Approval Order (i) shall authorize extensions of credit in the amount of
$650,000,000, (ii) shall authorize the

8

 

payment by the Borrower of all fees and expenses provided for herein, (iii) shall be in form
and substance acceptable to GM and (iv) shall have become final and non-appealable.

     (g) No Default. (i) No Event of Default or event which upon notice or lapse of time
or both would constitute an Event of Default shall have occurred and be continuing under this
Agreement and (ii) no Event of Default or event which upon notice or lapse of time or both would
constitute an Event of Default, shall have occurred and be continuing under the DIP Credit
Agreement, in each case, unless such event has been waived (or deemed waived) or amended by the DIP
Lenders.

     (h) Fees and Expenses. GM shall have received the payment by the Borrower of all fees
and expenses referred to herein.

     Section 4.02. Conditions Precedent to Each Loan. The obligation of GM to make each
Loan is subject to the satisfaction (or waiver in accordance with Section 8.07) of the
following conditions precedent:

     (a) Advance Request and Availability Certificate. GM shall have received (i) an
Advance Request with respect to such Loan as required by Article 2 and (ii) a certificate
in a form reasonably acceptable to GM signed by a Financial Officer of the Borrower, certifying the
amount of the Specified Availability as of the close of business on the Business Day immediately
preceding the date of such Advance and reflecting the calculation thereof (an “Availability
Certificate”).

     (b) Representations and Warranties. All representations and warranties contained in
this Agreement shall be true and correct in all material respects on and as of the date of each
Advance hereunder with the same effect as if made on and as of such date except to the extent such
representations and warranties expressly relate to an earlier date.

     (c) No Default. On the date of each Advance hereunder (i) no Event of Default or
event which upon notice or lapse of time or both would constitute an Event of Default shall have
occurred and be continuing under this Agreement, (ii) no Event of Default or event which upon
notice or lapse of time or both would constitute an Event of Default, shall have occurred and be
continuing under the DIP Credit Agreement, in each case, unless such event has been waived (or
deemed waived) or amended by the DIP Lenders and (iii) no amendments or other modifications to the
DIP Credit Agreement with the effect of reducing the aggregate commitments or amounts available
thereunder (except in accordance with the terms of the DIP Credit Agreement in effect on the date
hereof) shall have become effective.

     (d) Modifications to Existing Confirmed Plan. No motion or other pleading shall have
been filed seeking the approval of a Reorganization Plan which contains modifications to the
Existing Confirmed Plan which would have a material impact on GM, on the benefits GM reasonably
expected to receive under the Existing Confirmed Plan (including, without limitation, GM’s
distributions thereunder), the Global Settlement Agreement, the Master Restructuring Agreement, or
on the ability of the Borrower and its subsidiaries and Affiliates operating as debtors and
debtors-in-possession in the Cases to fulfill any obligations to any GM-Related Parties under the
Existing Confirmed Plan, the Global Settlement Agreement, the Master Restructuring Agreement, or
any agreements assumed, reinstated, or ratified under the Master Restructuring Agreement;
provided that the parties to this Agreement agree that, among other things, any increase in
the amount of distributions (or change in the form of distributions) to holders of claims or equity
interests under the Existing Confirmed Plan, any change in any of the provisions of section 4.01,
4.02, or 4.03 of the Global Settlement Agreement, or any change in the identity of the Plan
Investors (as defined in the Existing Confirmed Plan) other than as permitted by the EPCA shall be
deemed to have a material impact on GM, on the benefits GM reasonably expected to receive under the
Existing Confirmed Plan (including, without limitation, GM’s distributions thereunder), the Global
Settlement Agreement, the Master Restructuring Agreement, or on the ability of the Borrower and its
subsidiaries and Affiliates operating as

9

 

debtors and debtors-in-possession in the Cases to fulfill any obligations to any GM-Related
Parties under the Existing Confirmed Plan, the Global Settlement Agreement, the Master
Restructuring Agreement, or any agreements assumed, reinstated, or ratified under the Master
Restructuring Agreement.

     (e) Other Contracts. The Borrower or any Guarantor shall not, to the extent that the
Global Settlement Agreement or Master Restructuring Agreement have not been terminated by GM, have
filed a motion or other pleading seeking to reject any executory contract between the Borrower or
any Guarantor and GM or any of its Affiliates.

          The request by the Borrower for, and the acceptance by the Borrower of, each extension of
credit hereunder shall be deemed to be a representation and warranty by the Borrower that the
conditions specified in this Section have been satisfied or waived at that time.

ARTICLE V

COVENANTS

          From the Effective Date and for so long as the Commitment shall be in effect or any amount
shall remain outstanding or unpaid under this Agreement, the Borrower and each of the Guarantors
agree that they will, and will cause each of their respective Subsidiaries to:

     Section 5.01. Existence. Preserve and maintain in full force and effect all
governmental rights, privileges, qualifications, permits, licenses and franchises necessary in the
normal conduct of its business except (i) (A) if in the reasonable business judgment of the
Borrower it is no longer necessary for the Borrower and the Guarantors to preserve and maintain
such rights, privileges, qualifications, permits, licenses and franchises, and (B) such failure to
preserve the same could not, in the aggregate, reasonably be expected to have a Material Adverse
Effect and (ii) as otherwise permitted in connection with sales of assets permitted by Section 6.10
of the DIP Credit Agreement.

     Section 5.02. Notice of Event of Default, etc. Promptly give to GM notice in writing
of any Event of Default or the occurrence of any event or circumstance which with the passage of
time or giving of notice or both would constitute an Event of Default hereunder or under the DIP
Credit Agreement.

     Section 5.03. Global Settlement Agreement and Master Restructuring Agreement. The
Borrower and GM hereby agree to use their good faith, commercially reasonable efforts to (a)
negotiate and enter into amendments to each of the Global Settlement Agreement and Master
Restructuring Agreement as soon as reasonably practicable following the date hereof (it being
understood that the parties hereto desire to enter into such amendments on or prior to July 1,
2008) and (b) obtain the consent and cooperation of the Borrower’s statutory committees with
respect to such amendments; provided, that failure to enter into any such amendments shall
not affect the rights or obligations of the parties hereto.

     Section 5.04. Information. The Borrower shall deliver to GM all financial statements,
reports, documents and other information that it provides to the DIP Lenders pursuant to the DIP
Credit Agreement, at the same time such information is delivered to the DIP Lenders, in each case
subject to compliance with the terms and conditions of confidentiality arrangements entered into
with the Borrower.

10

 

ARTICLE VI

EVENTS OF DEFAULT

     Section 6.01. Events of Default. In the case of the happening of any of the following
events and the continuance thereof beyond the applicable grace period, if any (each, an “Event
of Default”):

     (a) any material representation or warranty made by the Borrower or any Guarantor in this
Agreement or in connection with this Agreement or the credit extensions hereunder or any material
statement or representation made in any report, financial statement, certificate or other document
furnished by the Borrower or any Guarantor to GM under or in connection with this Agreement, shall
prove to have been false or misleading in any material respect when made; or

     (b) default shall be made in the payment of any (i) interest on the Loans payable hereunder
when due (other than amounts set forth in clause (ii) hereof), and such default shall continue
unremedied for more than three (3) Business Days or (ii) principal of the Loans when and as the
same shall become due and payable, whether at the due date thereof or at a date fixed for
prepayment thereof or by acceleration thereof or otherwise; or

     (c) default shall be made by the Borrower or any Guarantor in the due observance or
performance of any covenant, condition or agreement herein and, with respect to Section
5.01 (but only with respect to any Guarantor) and Section 5.04 only, such default shall
continue unremedied for more than ten (10) days; or

     (d) any of the Cases shall be dismissed or converted to a case under Chapter 7 of the
Bankruptcy Code or the Borrower or any Guarantor shall file a motion or other pleading seeking the
dismissal of any of the Cases under Section 1112 of the Bankruptcy Code or otherwise; a trustee
under Chapter 7 or Chapter 11 of the Bankruptcy Code, a responsible officer or an examiner with
enlarged powers relating to the operation of the business (powers beyond those set forth in Section
1106(a)(3) and (4) of the Bankruptcy Code) under Section 1106(b) of the Bankruptcy Code shall be
appointed in any of the Cases and the order appointing such trustee, responsible officer or
examiner shall not be reversed or vacated within thirty (30) days after the entry thereof; or

     (e) any material provision of this Agreement shall, for any reason, cease to be valid and
binding on the Borrower or any of the Guarantors, or the Borrower or any of the Guarantors shall so
assert in any pleading filed in any court; or

     (f) an order of the Bankruptcy Court shall be entered (i) reversing, staying for a period in
excess of ten (10) days, or vacating the Approval Order or the DIP Extension Order or (ii) without
the written consent of GM, otherwise amending, supplementing or modifying the Approval Order or the
DIP Extension Order in a manner that is reasonably determined by GM to be adverse to GM; or

     (g) a default, event or condition arising under the Loan Documents relating to the DIP Credit
Agreement, and such event or condition results in such Indebtedness becoming due prior to its
stated maturity or remedies being exercised in respect of the collateral securing such
Indebtedness;

          then, and in every such event and at any time thereafter during the continuance of such event,
and to the fullest extent permitted by law and without further order of or application to the
Bankruptcy Court, GM may, by notice to the Borrower (with a copy to counsels for the Official
Creditors’ Committee and the Official Equity Committee appointed in the Cases, to counsel for the
Administrative Agent under the DIP Credit Agreement and to the United States Trustee for the
Southern District of New York), take one or more of the following actions, at the same or different
times (provided, that with respect to clause (iv) below,

11

 

GM shall provide the Borrower (with a copy to counsels for the Official Creditors’ Committee
and the Official Equity Committee in the Cases, to counsel for the Administrative Agent under the
DIP Credit Agreement and to the United States Trustee Southern District of New York) with five (5)
Business Days’ written notice prior to taking the action contemplated thereby: (i) terminate or
suspend forthwith the Commitment; (ii) declare the Loans or any portion thereof then outstanding to
be forthwith due and payable, whereupon the principal of such Loans together with accrued interest
thereon and any unpaid accrued fees and all other liabilities of the Borrower accrued hereunder,
shall become forthwith due and payable, without presentment, demand, protest or any other notice of
any kind, all of which are hereby expressly waived by the Borrower and the Guarantors, anything
contained herein to the contrary notwithstanding; (iii) exercise the Set-Off Right against all
amounts payable by GM or its Affiliates to or for the credit or the account of the Borrower or any
Guarantor (including, without limitation, against any amounts payable by GM or its Affiliates to or
for the credit or the account of the Borrower or any Guarantor under the Master Restructuring
Agreement and the Global Settlement Agreement), which Set-Off Right shall be in addition to other
rights and remedies which GM may have; and (iv) exercise any and all remedies under applicable law
otherwise available to GM; provided, that, notwithstanding anything to the contrary
contained in this Agreement, GM hereby agrees not to exercise any Set-Off Right pursuant to this
Section 6.01 or otherwise (which rights, with respect to any Obligations owing under this
Agreement, may only be exercised against the Borrower and the Guarantors) with respect to the
Obligations arising under this Agreement (A) against any amounts payable by GM or its Affiliates to
or for the credit or the account of the Borrower or any Guarantor under the Master Restructuring
Agreement and the Global Settlement Agreement until the amendments to such agreements referred to
in Section 5.03 become effective and (B) except with respect to any prepayments due and
payable under Section 2.09, against all other amounts payable by GM or its Affiliates to or for the
credit or the account of the Borrower or any Guarantor (or defer, delay or suspend the payment of
any other amounts payable by GM or its Affiliates to or for the credit or the account of the
Borrower or any Guarantor) until after the DIP Termination Date. Any payment received as a result
of the exercise of remedies hereunder shall be applied in accordance with Section 2.10(b).

          It is understood and agreed among the parties hereto that, except as expressly provided
herein, no default or breach by the Borrower or any of its Subsidiaries under any other agreement
entered into with GM or its Affiliates shall give rise to a default hereunder, and neither GM nor
its Affiliates shall exercise any rights under any such other agreement as against any other such
party as a result of a default hereunder.

          Notwithstanding anything to the contrary contained in this Agreement, until after the DIP
Termination Date, the Borrower and the Guarantors shall not make any payment to GM or its
Affiliates with respect to the Obligations hereunder (except (a) with respect to any prepayments
due and payable under Section 2.09, whether in cash or through any Set-Off Right exercised
by GM or its Affiliates, (b) interest to the extent paid in kind under Section 2.05(b), and
(c) any Obligations due hereunder paid through any Set-Off Right exercised by GM or its Affiliates
against amounts payable by GM or its Affiliates to or for the credit or the account of the Borrower
or any Guarantor pursuant to the Global Settlement Agreement or Master Restructuring Agreement as
permitted hereunder).

ARTICLE VII

GUARANTY

     Section 7.01. Guaranty.

     (a) Each of the Guarantors unconditionally and irrevocably guarantees the due and punctual
payment by the Borrower of the Obligations. Each of the Guarantors further agrees that the
Obligations may be extended or renewed, in whole or in part, without notice to or further assent
from it, and it will remain

12

 

bound upon this guaranty notwithstanding any extension or renewal of any of the Obligations.
The Obligations of the Guarantors shall be joint and several.

     (b) Each of the Guarantors waives presentation to, demand for payment from and protest to the
Borrower or any other Guarantor, and also waives notice of protest for nonpayment. The Obligations
of the Guarantors hereunder shall not be affected by (i) the failure of GM to assert any claim or
demand or to enforce any right or remedy against the Borrower or any other Guarantor under the
provisions of this Agreement or otherwise; (ii) any extension or renewal of any provision hereof or
thereof, (iii) any rescission, waiver, compromise, acceleration, amendment or modification of any
of the terms or provisions of this Agreement; (iv) the release, exchange, waiver or foreclosure of
any security held by GM for the Obligations or any of them; (v) the failure of GM to exercise any
right or remedy against any other Guarantor; or (vi) the release or substitution of the Borrower or
any other Guarantor.

     (c) Each of the Guarantors further agrees that this guaranty constitutes a guaranty of payment
when due and not just of collection, and waives any right to require that any resort be had by GM
to any security held for payment of the Obligations or to any balance of any deposit, account or
credit on the books of GM in favor of the Borrower or any other Guarantor, or to any other Person.

     (d) Each of the Guarantors hereby waives any defense that it might have based on a failure to
remain informed of the financial condition of the Borrower and of any other Guarantor and any
circumstances affecting the ability of the Borrower to perform under this Agreement.

     (e) Each Guarantor’s guaranty shall not be affected by the genuineness, validity, regularity
or enforceability of the Obligations or any other instrument evidencing any Obligations, or by the
existence, validity, enforceability, perfection, or extent of any collateral therefor or by any
other circumstance relating to the Obligations which might otherwise constitute a defense to this
Guaranty. GM makes no representation or warranty in respect to any such circumstances or shall have
any duty or responsibility whatsoever to any Guarantor in respect of the management and maintenance
of the Obligations.

     (f) Subject to the provisions of Section 6.01, upon the Obligations becoming due and
payable (by acceleration or otherwise), GM shall be entitled to immediate payment of such
Obligations by the Guarantors upon written demand by GM without further application to or order of
the Bankruptcy Court.

     Section 7.02. No Impairment of Guaranty. The obligations of the Guarantors hereunder
shall not be subject to any reduction, limitation, impairment or termination for any reason,
including any claim of waiver, release, surrender, alteration or compromise, and shall not be
subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of
the invalidity, illegality or unenforceability of the Obligations. Without limiting the generality
of the foregoing, the obligations of the Guarantors hereunder shall not be discharged or impaired
or otherwise affected by the failure of GM to assert any claim or demand or to enforce any remedy
under this Agreement or any other agreement, by any waiver or modification of any provision
thereof, by any default, failure or delay, willful or otherwise, in the performance of the
Obligations, or by any other act or thing or omission or delay to do any other act or thing which
may or might in any manner or to any extent vary the risk of the Guarantors or would otherwise
operate as a discharge of the Guarantors as a matter of law, unless and until the Obligations are
paid in full.

     Section 7.03. Subrogation. Upon payment by any Guarantor of any sums to GM hereunder,
all rights of such Guarantor against the Borrower arising as a result thereof by way of right of
subrogation or otherwise, shall in all respects be subordinate and junior in right of payment to
the prior final and indefeasible payment in full of all the Obligations. If any amount shall be
paid to such Guarantor for the account of the Borrower in respect of the Loans, such amount shall
be held in trust for the benefit of GM and shall forthwith be paid to GM to be credited and applied
to the Obligations, whether matured or unmatured

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ARTICLE VIII

MISCELLANEOUS

     Section 8.01. Notices.

     (a) Subject to paragraph (b) below, all notices and other communications provided for herein
shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows:

     (i) if to the Borrower, to it at 5725 Delphi Drive, Troy, Michigan 48098, Attention:
Treasurer (Telecopy No. 248-813-2648; Telephone No. 248-813-2592; with a copy to Deputy
General Counsel, Transactional and Restructuring (Telecopy No. 248-816-2491; Telephone No.
248-813-2492); and

     (ii) if to General Motors Corporation, to it at 767 Fifth Avenue, 14th floor, New York,
New York 10153, Attention: Treasurer, with a copy to General Motors Corporation, 767 Fifth
Avenue, 14th floor, New York, New York 10153, Attention: Director, Business Development.

     (b) GM or the Borrower may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided, that approval of such procedures may be limited to particular notices or
communications. Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

     Section 8.02. Survival of Agreement, Representations and Warranties, etc. All
warranties, representations and covenants made by the Borrower or any Guarantor herein or in any
certificate or other instrument delivered by it or on its behalf in connection with this Agreement
shall be considered to have been relied upon by GM and shall survive the making of the Loans herein
contemplated regardless of any investigation made by GM or on its behalf and shall continue in full
force and effect (in the case of any representations and warranties, as of the date when made or
deemed to be made) so long as any amount due or to become due hereunder is outstanding and unpaid
and so long as the Commitment has not been terminated.

     Section 8.03. Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that no party hereto may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of (a) in the case of the
Borrower or any Guarantor, GM, and (b) in the case of GM, the Borrower and to the extent reasonably
necessary or advisable, by the Administrative Agent under the DIP Credit Agreement (in each case,
in connection with the assignment of outstanding Loans, but not the Commitment, such consent not to
be unreasonably withheld or delayed), (and any attempted assignment or transfer without such
consent shall be null and void); provided, that the consent of the Borrower or the
Administrative Agent under the DIP Credit Agreement shall not be required for GM to assign or
otherwise transfer (i) its rights and obligations hereunder to any of its Affiliates that have the
ability to perform hereunder or (ii) its rights and obligations with respect to the outstanding
Loans, but not the Commitment, to another Person following the occurrence of an Event of Default
which is continuing; and provided, further that (i) for purposes of this agreement,
the term “GM” shall include GM’s successors and assigns hereunder, (ii) such assignee shall have no
greater rights than GM would have had under this agreement, including as to rights to payment,
enforcement and collection, and (iii) any such assignee shall agree in writing to be bound by the
provisions of this agreement as if such assignee were GM.

14

 

     Section 8.04. Expenses; Indemnity; Damage Waiver.

     (a) The Borrower shall pay or reimburse: (A) all reasonable fees and reasonable out-of-pocket
expenses of GM (including the reasonable fees, disbursements and other charges of counsel)
associated with this Agreement, and the preparation, execution, delivery and administration of this
Agreement and any amendments, modifications or waivers of the provisions hereof (whether or not the
transactions contemplated hereby or thereby shall be consummated); and (B) all fees and expenses of
GM (including the fees, disbursements and other charges of counsel) incurred in connection with the
enforcement of this Agreement. All payments or reimbursements pursuant to this clause shall be
payable promptly upon written demand together with back-up documentation supporting such
reimbursement request. GM’s right to reimbursement pursuant to this clause or any other provision
of this Agreement shall not be construed to limit GM’s rights to reimbursement under any other
agreement or arrangement it may have with the Borrower or any of its Subsidiaries.

     (b) The Borrower shall indemnify GM and each Related Party of any of the foregoing Persons
(each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses, including the
reasonable fees, charges and disbursements of any counsel for any Indemnitee (it being understood
that claims for expense reimbursement hereunder shall be accompanied by back-up documentation
supporting such request), incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement
or instrument contemplated hereby, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the transactions contemplated hereby or (ii) any Loan
or the use of the proceeds therefrom; provided, that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to
have resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee (or
such Indemnitee’s officers, directors, employees or affiliates).

     (c) To the extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the transactions hereunder, any Loan or the use of the proceeds thereof.

     Section 8.05. CHOICE OF LAW. THIS AGREEMENT SHALL IN ALL RESPECTS BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND (TO THE EXTENT APPLICABLE)
THE BANKRUPTCY CODE.

     Section 8.06. No Waiver. No failure on the part of GM to exercise, and no delay in
exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right, power or remedy preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are
cumulative and are not exclusive of any other remedies provided by law.

     Section 8.07. Amendments, etc. No modification, amendment or waiver of any provision
of this Agreement, and no consent to any departure by the Borrower or any Guarantor herefrom, shall
in any event be effective unless the same shall be in writing and signed by GM and the Borrower,
and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. No notice to or demand on the Borrower or any Guarantor shall entitle the
Borrower or any Guarantor to any other or further notice or demand in the same, similar or other
circumstances. No amendment to this Agreement shall be

15

 

effective against the Borrower or any Guarantor unless signed by the Borrower or such
Guarantor, as the case may be.

     Section 8.08. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof, and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     Section 8.09. Headings. Section headings used herein are for convenience only and are
not to affect the construction of or be taken into consideration in interpreting this Agreement.

     Section 8.10. Survival. All covenants, agreements, representations and warranties made
by the Borrower herein and in the certificates or other instruments delivered in connection with or
pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans,
regardless of any investigation made by any such other party or on its behalf and notwithstanding
that GM may have had notice or knowledge of any Event of Default or incorrect representation or
warranty at the time any credit is extended hereunder, and shall continue in full force and effect
as long as the principal of or any accrued interest on any Loan or any fee or any other amount
payable under this Agreement is outstanding and unpaid and so long as the Commitments have not
expired or terminated. The provisions of Sections 2.16, 2.17, 2.18 and 10.04 of the DIP Credit
Agreement (which provisions have been duly incorporated by reference by Section 8.14
herein) and Section 8.04 herein shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans,
the expiration or termination of the Commitments or the termination of this Agreement or any
provision hereof.

     Section 8.11. Execution in Counterparts; Integration; Effectiveness. This Agreement
may be executed in counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a
single contract. This Agreement constituted the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. This Agreement shall become effective on the
Effective Date, and thereafter shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. Delivery of an executed counterpart of a signature
page of this Agreement by telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement.

     Section 8.12. Further Assurances. Whenever and so often as reasonably requested by GM,
the Borrower and the Guarantors will promptly execute and deliver or cause to be executed and
delivered all such other and further instruments, documents or assurances, and promptly do or cause
to be done all such other and further things as may be necessary and reasonably required in order
to further and more fully vest in GM all rights, interests, powers, benefits, privileges and
advantages conferred or intended to be conferred by this Agreement.

     Section 8.13. WAIVER OF JURY TRIAL. EACH OF THE BORROWER, THE GUARANTORS AND GM HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     Section 8.14. Incorporation by Reference. The terms and conditions of the following
sections of the DIP Credit Agreement are hereby incorporated by reference into, and form integral
parts of, this Agreement, mutatis mutandis, and GM, for purposes hereunder, shall be deemed a
“Lender” and/or the

16

 

“Administrative Agent”, as applicable: Section 1 (Definitions); Section 2.06(b), (c) and (e)
(Interest Elections); Section 2.10 (Alternate Rate of Interest); Section 2.16 (Increased Costs);
Section 2.17 (Break Funding Payments); Section 2.18 (Taxes); and Section 10.04 (Confidentiality).

[Signature Pages Follow]

17

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and the year first written.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	John Sheehan	 	 
	 

	 	Title:
	 	Vice President and Chief Restructuring
Officer	 	 
	 
	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE
SYSTEMS (HOLDING), INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John D. Sheehan	 	 
	 

	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS GLOBAL (HOLDING), INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John D. Sheehan	 	 
	 

	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS LLC,	 	 
	 	 	  a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John D. Sheehan	 	 
	 

	 	 	 	Title: Vice President and	 	 
	 

	 	 	 	Chief Restructuring Officer	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS RISK MANAGEMENT

  CORP.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John D. Sheehan	 	 
	 

	 	 	 	Title: Vice President & Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI FOREIGN SALES CORPORATION,	 	 
	 	 	  a Virgin Islands corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John D. Sheehan	 	 
	 

	 	 	 	Title: Controller	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI INTERNATIONAL HOLDINGS CORP.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John D. Sheehan	 	 
	 

	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI LIQUIDATION HOLDING COMPANY,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John D. Sheehan	 	 
	 

	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI LLC,	 	 
	 	 	  a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John D. Sheehan	 	 
	 

	 	 	 	Title: President	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	DELPHI NY HOLDING CORPORATION,	 	 
	 	 	  a New York corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN D. SHEEHAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John D. Sheehan	 	 
	 

	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	ASEC MANUFACTURING,	 	 
	 	 	  a Delaware general partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	ASEC SALES,	 	 
	 	 	  a Delaware general partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELCO ELECTRONIC OVERSEAS CORPORATION,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Assistant Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS KOREA, INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Chief Executive Officer & President	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS HUMAN RESOURCES LLC,	 	 
	 	 	  a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Vice President & Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS INTERNATIONAL, INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS OVERSEAS CORPORATION,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS SERVICES LLC,	 	 
	 	 	  a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS TENNESSEE, INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	DELPHI AUTOMOTIVE SYSTEMS THAILAND, INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI CONNECTION SYSTEMS,	 	 
	 	 	  a California corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI ELECTRONICS (HOLDING) LLC,	 	 
	 	 	  a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Assistant Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI INTERNATIONAL SERVICES, INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Chief Financial Officer & Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI MECHATRONIC SYSTEMS, INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	DELPHI SERVICES HOLDING CORPORATION,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	EXHAUST SYSTEMS CORPORATION,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN P. ARLE	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John P. Arle	 	 
	 

	 	 	 	Title: Assistant Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	ASPIRE, INC.,	 	 
	 	 	  a Michigan corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JAMES P. WHITSON	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James P. Whitson	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI CHINA LLC,	 	 
	 	 	  a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JAMES P. WHITSON	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James P. Whitson	 	 
	 

	 	 	 	Title: Chief Tax Officer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI DIESEL SYSTEMS CORP.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JAMES P. WHITSON	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James P. Whitson	 	 
	 

	 	 	 	Title: Chief Tax Officer	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	DELPHI INTEGRATED
SERVICE SOLUTIONS, INC.,	 	 
	 	 	  a Michigan corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JAMES P. WHITSON	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James P. Whitson	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	SPECIALTY ELECTRONICS, INC.,	 	 
	 	 	a South Carolina corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JAMES P. WHITSON	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James P. Whitson	 	 
	 

	 	 	 	Title: Chief Tax Officer	 	 
	 
	 	 	 	 	 	 
	 	 	SPECIALTY ELECTRONICS INTERNATIONAL LTD.,	 	 
	 	 	  a Virgin Islands corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JAMES P. WHITSON	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James P. Whitson	 	 
	 

	 	 	 	Title: Chief Tax Officer	 	 
	 
	 	 	 	 	 	 
	 	 	PACKARD HUGHES INTERCONNECT COMPANY,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JAMES P. WHITSON	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James P. Whitson	 	 
	 

	 	 	 	Title: Chief Tax Officer	 	 
	 
	 	 	 	 	 	 
	 	 	ENVIRONMENTAL CATALYSTS, LLC,	 	 
	 	 	  a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JAMES P. WHITSON	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: James P. Whitson	 	 
	 

	 	 	 	Title: Chief Tax Officer	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	DELPHI MEDICAL SYSTEMS COLORADO CORPORATION,	 	 
	 	 	  a Colorado corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ ALLAN F. SEGUIN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Allan F. Seguin	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI MEDICAL SYSTEMS CORPORATION,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ ALLAN F. SEGUIN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Allan F. Seguin	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI MEDICAL SYSTEMS TEXAS CORPORATION,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ ALLAN F. SEGUIN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Allan F. Seguin	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	DELPHI TECHNOLOGIES, INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ THOMAS N. TWOMEY	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Thomas N. Twomey	 	 
	 

	 	 	 	Title: Vice President Intellectual Property	 	 
	 
	 	 	 	 	 	 
	 	 	DREAL, INC.,	 	 
	 	 	  a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN JAFFURS	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John Jaffurs	 	 
	 

	 	 	 	Title: President	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	LENDER	 	 
	 
	 	 	 	 	 	 
	 	 	GENERAL MOTORS CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ WALTER G. BORST 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Walter G. Borst	 	 
	 

	 	 	 	Title: Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]