Exhibit 10.47

AMENDMENT NO. 1 dated as of April 12, 2005, to the Credit Agreement dated as of
January 9, 2004 (the “Credit Agreement”), among AMERICAN AXLE & MANUFACTURING,
INC. ( the “Borrower”), AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. (“Parent”),
the financial and other institutions party thereto as lenders (the “Lenders”)
and JPMORGAN CHASE BANK, N.A., formerly known as JPMorgan Chase Bank, as
administrative agent (in such capacity, the “Administrative Agent”) for the
Lenders.
 
A.     Pursuant to the Credit Agreement, the Lenders have extended credit to the
Borrower, and have agreed to extend credit to the Borrower, pursuant to the
terms and subject to the conditions set forth therein.
 
B.     The Borrower has requested that the Lenders agree to amend certain
provisions of the Credit Agreement, as set forth herein.
 
C.     The undersigned Lenders are willing to agree to such amendments pursuant
to the terms and subject to the conditions set forth herein.
 
In consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto hereby agree, on the terms and subject to
the conditions set forth herein, as follows:
 
SECTION 1.   Definitions; References. Unless otherwise specifically defined
herein, each term used herein that is defined in the Credit Agreement shall have
the meaning assigned to such term in the Credit Agreement. Each reference to
“hereof”, “hereunder”, “herein” and “hereby” and each other similar reference
and each reference to “this Agreement” and each other similar reference
contained in the Credit Agreement shall from and after the date hereof refer to
the Credit Agreement with such amendments effected hereby.
 
SECTION 2.   Amendments. (a) The definition of “Applicable Rate” set forth in
Section 1.01 of the Credit Agreement is hereby amended by deleting the table set
forth therein in its entirety and substituting in lieu thereof the following:
 

 
Index Debt
Ratings
ABR Spread
Eurodollar Spread
Commitment Fee Rate
Category 1
≥ A-/A3
0.00%
0.50%
0.100%
Category 2
≥ BBB+/Baa1
0.00%
0.625%
0.125%
Category 3
≥ BBB/Baa2
0.00%
0.75%
0.150%
Category 4
≥ BBB-/Baa3
0.00%
1.00%
0.175%
Category 5
≤ BB+/Ba1
0.25%
1.25%
0.250%

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(b)   The definition of “Maturity Date” set forth in Section 1.01 of the Credit
Agreement is hereby amended to read in its entirety as follows:
 
“Maturity Date” means April 12, 2010.
 
(c)   Section 3.04(a) of the Credit Agreement is hereby amended to read in its
entirety as follows:
 
(a) The Parent has heretofore furnished to the Lenders its consolidated balance
sheet and statements of income, stockholders equity and cash flows as of and for
the fiscal year ended December 31, 2004, reported on by Deloitte & Touche LLP,
independent public accountants. Such financial statements present fairly, in all
material respects, the financial position and results of operations and cash
flows of the Parent and its consolidated Subsidiaries as of such date and for
such period in accordance with GAAP.
 
(d)   Section 3.04(b) of the Credit Agreement is hereby amended to read in its
entirety as follows:
 
(b) Since December 31, 2004, there has been no material adverse change in the
business, assets, operations or financial condition of the Parent and the
Subsidiaries, taken as a whole.
 
SECTION 3.   Representations and Warranties. Each of Parent and the Borrower
represents and warrants to each of the Lenders that:
 
(a)   After giving effect to this Amendment, the representations and warranties
of each Loan Party set forth in the Loan Documents are true and correct in all
material respects on the date hereof with the same effect as if made on the date
hereof, except for representations and warranties expressly made as of an
earlier date, which were true and correct in all material respects as of such
earlier date.
 
(b)   After giving effect to this Amendment, no Default has occurred and is
continuing.
 
SECTION 4.   Conditions to Effectiveness. This Amendment shall become effective
as of the date (the “Amendment Effective Date”) on which the following
conditions precedent have been satisfied:
 
(a)   the Master Assignment and Assumption Agreement dated as of the date hereof
(the “Assignment and Assumption”) among the Borrower, Parent, the Assignors and
Assignees (each as defined therein) and the Administrative Agent shall have
become effective and the transactions contemplated thereby shall have been
completed in accordance with its terms;
 

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(b)   the Administrative Agent shall have received counterparts of this
Amendment that, when taken together, bear the signatures of Parent, the Borrower
and each of the Lenders;
 
(c)   the Administrative Agent shall have received such evidence as it shall
reasonably request regarding the authority of Parent and the Borrower to enter
into this Amendment;
 
(d)   the Administrative Agent shall have received from the Borrower all accrued
interest, accrued fees and other amounts (other than (i) principal and (ii)
amounts payable to any Terminating Lenders (as defined in the Assignment and
Assumption) pursuant to Section 2.15 of the Credit Agreement) payable to the
Lenders (including any Terminating Lenders) on the Amendment Effective Date
under the Credit Agreement to the extent not previously paid (regardless of
whether the same would be due and payable on the Amendment Effective Date under
the Credit Agreement);
 
(e)   the Administrative Agent shall have received all fees separately agreed to
be payable to the Lenders in connection with this Amendment; and
 
(f)   the Administrative Agent shall have received all other amounts due and
payable by the Borrower hereunder or under the Credit Agreement on or prior to
the Amendment Effective Date, including, to the extent invoiced, reimbursement
or payment of all out-of-pocket expenses (including reasonable fees and
disbursements of Cravath, Swaine & Moore LLP, counsel to the Administrative
Agent) required to be reimbursed or paid by the Borrower hereunder or
thereunder.
 
SECTION 5.   Commitments. The parties hereto agree that, after giving effect to
the assignments and assumptions made pursuant to the Assignment and Assumption,
and effective immediately prior to the effectiveness of this Amendment on the
Amendment Effective Date, the Commitments of the Lenders under the Credit
Agreement are as set forth on Schedule 1 hereto.
 
SECTION 6.   Effect of Amendment. Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a
waiver of, amend, or otherwise affect the rights and remedies of the Lenders or
the Administrative Agent under the Credit Agreement or any other Loan Document,
and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document, all of which are ratified and affirmed in
all respects and shall continue in full force and effect. Nothing herein shall
be deemed to entitle any Loan Party to a consent to, or a waiver, amendment,
modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan
Document in similar or different circumstances. This Amendment shall apply and
be effective with respect to the matters expressly referred to herein. After the
Amendment Effective Date, any reference to the Credit Agreement shall mean the
Credit

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Agreement with such amendments effected hereby. This Amendment shall constitute
a “Loan Document” for all purposes of the Credit Agreement and the other Loan
Documents.
 
SECTION 7.   Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
 
SECTION 8.   Counterparts. This Amendment may be executed in two or more
counterparts, each of which shall constitute an original but all of which when
taken together shall constitute but one contract. Delivery of an executed
signature page of this Amendment by facsimile transmission or electronic mail
shall be effective as delivery of a manually executed counterpart hereof.
 
SECTION 9.   Expenses. The Borrower agrees to reimburse the Administrative Agent
for its reasonable and documented out-of-pocket expenses in connection with this
Amendment, including the reasonable fees, charges and disbursements of Cravath,
Swaine & Moore LLP, counsel for the Administrative Agent.
 
 
[The remainder of this page intentionally left blank]
 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized officers as of the day and year first
written above.
 
 
AMERICAN AXLE & MANUFACTURING, INC.
 
by
/s/  Michael K. Simonte   
Name:  Michael K. Simonte 
 
Title:  Vice President, Treasurer

 
 
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
 
by
/s/  Michael K. Simonte   
Name:  Michael K. Simonte 
 
Title:  Vice President, Treasurer

 
 
JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent
 
by
/s/ Richard W. Duker   
Name:  Richard W. Duker 
 
Title:  Managing Director 

 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

BANK OF AMERICA, N.A.
 
by:
/s/  Chas McDonell   
Name:  Chas McDonell 
 
Title:  Senior Vice President 

 
 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution  BANK OF CHINA, LOS ANGELES BRANCH
 
by:
/s/  Jason Fu   
Name:  Jason Fu 
 
Title:  Vice President 
 
 
by:
/s/  Xiao Wang    Name:  Xiao Wang    Title:  Branch Manager & VP 

 
 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Bank of China, New York Branch
 
by:
/s/  William W. Smith   
Name:  William W. Smith 
 
Title:  Chief Lending Officer 

 
 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution BNP PARIBAS
 
by:
/s/  Richard Broeren   
Name:  Richard Broeren 
 
Title:  Managing Director
   
by:
/s/  Gaye Plunkett    Name:  Gaye Plunkett    Title:  Vice President 

 
 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

CALYON NEW YORK BRANCH
 
by:
/s/  Lee E. Greve   
Name:  Lee E. Greve 
 
Title:  Managing Director, Deputy Manager 

 
CALYON NEW YORK BRANCH
 
by:
/s/  Thomas P. Gillis   
Name:  Thomas P. Gillis 
 
Title:  Managing Director 
  Head of Midwest Region 

 
 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution COMERICA BANK
 
by:
/s/  Robert M. Ramirez   
Name:  Robert M. Ramirez 
 
Title:  Vice President 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution HSBC Bank USA, National Associat:
 
by:
/s/  John G. Tierney   
Name:  John G. Tierney 
 
Title:  Vice President 

 
 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution
 
KEYBANK NATIONAL ASSOCIATION
 
by:
/s/  Thomas J. Purcell   
Name:  Thomas J. Purcell 
 
Title:  Senior Vice President 

 
 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

MERRILL LYNCH BANK USA
 
by:
/s/  Frank Stepan   
Name:  Frank Stepan 
 
Title:  Vice President 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution MIZUHO CORPORATE BANK, LTD.
 
by:
/s/  Robert Gallagher   
Name:  Robert Gallagher 
 
Title:  Senior Vice President & Team Leader 

 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution: National City Bank of the Midwest
 
by:
/s/  Brian Harbin   
Name:  Brian Harbin 
 
Title:  Vice President 

 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution  Standard Federal Bank, N.A.
 
by:
/s/  Jason W. Bierlein   
Name:  Jason W. Bierlein 
 
Title:  Vice President 

 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution SUMITOMO MITSUI BANKING CORPORATION
 
by:
/s/  Yoshihiro Hyakutome   
Name:  Yoshihiro Hyakutome 
 
Title:  Deputy General Manager 

 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution  SUNTRUST BANK
 
by:
/s/  Heidi M. Khambatta   
Name:  Heidi M. Khambatta 
 
Title:  Director 

 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution  THE BANK OF NEW YORK
 
by:
/s/  John M. Lokay, Jr.  
Name:  John M. Lokay, Jr. 
 
Title:  Vice President 

 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution  The Bank of Nova Scotia
 
by:
/s/  V. Gibson  
Name:  V. Gibson 
 
Title:  Assistant Agent 

 
 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution  THE BANK OF TOKYO-MITSUBISHI, LTD., CHICAGO BRANCH
 
by:
/s/  Kazuya Matsushita   
Name:  Kazuya Matsushita
 
Title:  General Manager 

 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution  US Bank, National Association
 
by:
/s/  Jeff Janza   
Name:  Jeff Janza 
 
Title:  Vice President 

 
 

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SIGNATURE PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

Name of Institution:  WACHOVIA BANK, NA
 
by:
/s/  Frederick E Blumer   
Name:  Frederick E Blumer 
 
Title:  Director 

 
 

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Schedule I
 
Lender
 
Commitment
 
Administrative Agent:
 
 
JPMorgan Chase Bank, N.A.
 
$60,000,000.00
 
Syndication Agents:
 
 
Bank of America, N.A.
 
$60,000,000.00
 
Wachovia Bank, National Association
 
$50,000,000.00
 
Documentation Agents:
 
 
Standard Federal Bank, N.A.
 
$42,500,000.00
 
Managing Agents:
 
 
SunTrust Bank
 
$35,000,000.00
 
Key Bank, National Association
 
$35,000,000.00
 
Calyon New York Branch
 
$35,000,000.00
 
BNP Paribas
 
$35,000,000.00
 
Mizuho Corporate Bank, Ltd.
 
$35,000,000.00
 
Bank of China, New York Branch
 
$18,750,000.00
 
Bank of China, Los Angeles Branch
 
$13,750,000.00
 
Co-Agents:
 
 
Merrill Lynch Bank USA
 
$25,000,000.00
 
Sumitomo Mitsui Banking Corp., New York
 
$25,000,000.00
 
US Bank, National Association
 
$25,000,000.00
 
HSBC Bank USA, NA
 
$25,000,000.00
 
The Bank of Tokyo-Mitsubishi, Ltd., Chicago
Branch
 
 
 
$17,500,000.00
 
The Bank of New York
 
$17,500,000.00
 
Comerica Bank
 
$17,500,000.00
 
National City Bank of the Midwest
 
$17,500,000.00
 
The Bank of Nova Scotia
 
$10,000,000.00      
 
Total
 
$600,000,000.00
 

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