Document:

Exhibit 10.3

                              METALDYNE CORPORATION

               TERMS OF PREFERRED STOCK INVESTOR RIGHTS AGREEMENT

     Terms used with initial capitals but not defined herein are used as defined
in the Amended and Restated Operating Agreement of NC-M Chassis Systems, LLC
(the "Operating Agreement").

     There will be a Preferred Stock Investor Rights Agreement that provides for
(1) a registered exchange offer of Series A-2 Preferred Stock for Series A-1
Preferred Stock pursuant to a registration statement filed with the SEC or, if
for any reason an exchange offer is unavailable, a shelf registration statement
filed with the SEC covering the Series A-1 Preferred Stock and (2) certain
information and board observer rights. The registration rights will be
substantially the same as those applicable to registration rights agreement that
will relate to the Notes, but with the substantive differences set forth below.

     A. Registration Rights.

          1. Parties. The initial holders of the Series A-1 Preferred Stock and
     Metaldyne.

          2. Trigger for Registration Rights. Metaldyne's obligation to commence
     an SEC registration process will be triggered off of a written request by
     DaimlerChrysler, on its behalf and on behalf of other holders of Series A-1
     Preferred Stock, following a sale of 25% or more of the outstanding shares
     of Series A-1 Preferred Stock to any person or persons other than
     Affiliates of DaimlerChrysler. Once triggered, the time periods for
     effecting the registration rights will be as set forth in the registration
     rights agreement relating to the Notes. In no event will Metaldyne be
     required to effect a registration with respect to shares of preferred stock
     that have been sold pursuant to Rule 144 or are eligible for resale
     pursuant to Rule 144(k) (or any similar provision then in force, but not
     Rule 144A).

          3. Procedures and Other Provisions. The procedures and mechanics for
     registering, as well as the penalty provisions for non-compliance, will be
     identical to the registration rights agreement relating to the Notes with
     appropriate adjustments to reflect that a preferred stock is being
     exchanged. In the event that a shelf registration is required, there will
     be suspension rights for up to 90 days in any 365 day period if Metaldyne's
     board of directors determines in its reasonable good faith judgment that
     there is a valid business reason to do so, such as a potential acquisition,
     divestiture of assets or other material corporate transaction.

          4. Exchange Notes. At the time of any registration of the Series A-1
     Preferred Stock, the exchange notes underlying the Series A-1 or Series A-2
     Preferred Stock, as applicable, will be registered and qualified under the
     Trust Indenture Act to permit their issuance on a registered basis should
     Metaldyne ever exercise its exchange right.

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     B. Other Rights.

          1. Observer Rights. For so long as DaimlerChrysler and its Affiliates
     beneficially own at least $5 million of Series A-1 or A-2 Preferred Stock,
     DaimlerChrysler will be entitled to receive notices of Metaldyne Board
     meetings (at the same time that members of Metaldyne's board receive such
     notices) and shall be entitled to attend such meetings and will be entitled
     to receive copies of any materials provided to Metaldyne's Board members
     except to the extent such materials relate to matters described in the next
     sentence. However, Metaldyne will be permitted to notify DaimlerChrysler
     and its Affiliates that they are to be excluded from any portion of any
     meeting that (1) involves matters relating to competitors of
     DaimlerChrysler and its Affiliates, (2) involves matters pertaining to
     Metaldyne's relationship with DaimlerChrysler and its Affiliates, (3) based
     on advice of counsel, raises anti-competitive or antitrust, similar
     concerns under any laws or policies of any government or instrumentality
     thereof or (4) otherwise involves matters that, in the reasonable judgment
     of Metaldyne, if known to DaimlerChrysler or its Affiliates, could have an
     adverse impact on its business, commercial relationships or business plans
     or strategies. All information made available to DaimlerChrysler will be
     subject to confidentiality provisions to be included in the Preferred Stock
     Investors Rights Agreement and to be substantially similar in scope to the
     confidentiality provisions set forth in Section 4.04(e) and (f) of the
     Shareholders' Agreement, dated as of November 28, 2000, by and among
     Metaldyne and the other parties thereto, with limitations on the ability of
     the recipient to use the information for any purpose other than monitoring
     the investment, as well as the other restrictions contained therein. In no
     event will Metaldyne be responsible for any securities law liability to
     which DaimlerChrysler and its Affiliates may be subject by reason of
     trading in securities of Metaldyne at a time when it is in possession of
     material non-public information. These observer rights may be declined by
     DaimlerChrysler in its sole discretion for such period or periods of time
     as it wishes; provided that no such decline shall prevent DaimlerChrysler
     from electing to exercise such observer rights in future periods. These
     observer rights are non-assignable, except to Affiliates of
     DaimlerChrysler.

          2. Information Rights. For so long as DaimlerChrysler and its
     Affiliates beneficially owns at least $5 million of Series A-1 or A-2
     Preferred Stock, DaimlerChrysler will be entitled to receive the following:
     (1) annual consolidated balance sheets and statements of income,
     stockholders' equity and cash flows of the Company within 90 days of fiscal
     year-end, prepared in accordance with GAAP; (2) quarterly consolidated
     balance sheets and statements of income, stockholders' equity and cash
     flows of the Company within 45 days of quarter end, prepared in accordance
     with GAAP; and (3) such other information as may be reasonably requested
     concerning the condition or operations, financial or otherwise, of
     Metaldyne, subject to the confidentiality and other limitations described
     above with respect to observer rights.Exhibit 10.4

                              METALDYNE CORPORATION

       TERMS OF SENIOR SUBORDINATED NOTES AND RELATED REGISTRATION RIGHTS

     Terms used with initial capitals but not defined herein are used as defined
in the Amended and Restated Operating Agreement of NC-M Chassis Systems, LLC
(the "Operating Agreement").

     The Indenture (including the form of note) governing the Notes which may be
issued pursuant to the terms of the Operating Agreement shall be identical to
the Indenture, dated as of June 20, 2002, by and among Metaldyne, certain
guarantors named therein and The Bank of New York, as Trustee (the "Existing
Indenture"), governing Metaldyne's existing Series A 11% Senior Subordinated
Notes due 2012 (the "Existing Notes") except as specifically noted below:

     1. Interest Rate. The interest rate shall be 10% per annum.

     2. Maturity. The maturity date shall be the tenth anniversary of the 15th
day of the month in which the Notes are originally issued.

     3. Interest Payment Dates. The interest payment dates shall be
semi-annually, commencing with the 15th day of month which is the sixth month
following the date upon which the Notes are originally issued.

     4. Record Dates. The record dates shall be the first day of each month in
which there is an interest payment date.

     5. Principal Amount. The principal amount of Notes issuable under the
Indenture will be $31,746,000, which will be in the form of series A Notes
initially and may be exchanged for series B Notes in connection with performance
of the registration rights referred to below.

     6. Optional Redemption. (a) Except as set forth in paragraph (b) below, the
Notes will be redeemable at redemption prices expressed as percentages of the
principal amount thereof, together with accrued and unpaid interest to the date
of redemption, only following the fifth anniversary of the 15th day of the month
in which the Notes are originally issued and shall the percentages will be as
follows: 5th through sixth anniversaries, 105%; sixth through seventh
anniversaries, 103.333%; seventh through eighth anniversaries, 101.667%; and
eighth anniversary and thereafter, 100%.

     (b) Prior to the fifth anniversary of the 15th day of the month in which
the Notes are originally issued, up to 35% of the originally issued Notes may be
redeemed with the net cash proceeds of one or more equity offerings as set forth
in the Existing Indenture, but the applicable redemption price will be 110% of
the principal amount thereof.

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     7. Restricted Payments Covenant. The commencement dates for calculations
within clause (3) of the second paragraph of Section 4.07 for the determination
of Restricted Payments capacity shall be the same as the Existing Indenture in
any event.

     8. Date of Indenture. The Indenture will be dated as of the date of the
original issuance of the Notes.

     9. Trustee. Until such time as a registration statement is filed pursuant
to the registration rights agreement or Notes are sold to a third party not
affiliated with DaimlerChrysler, Metaldyne need not incur the cost of hiring a
trustee. The Indenture will provide that the Trustee provisions are inapplicable
until such time and will not in any manner limit the holders' ability to
exercise their rights and remedies under the Indenture.

     10. Change in Control. In the event of a Change in Control (as defined in
the Existing Indenture) each holder of the Notes will be entitled to require
that Metaldyne purchase all or a part of its Notes for a cash purchase price of
101% of the principal amount thereof, plus accrued interest, on the same basis
and subject to the same provisions as in the Existing Indenture.

     11. Ranking. The Notes will rank pari passu in right of payment with the
Existing Notes.

     12. Definitions. If any definitions require updating at the time of
issuance, such as the Credit Agreement definition, such modifications will be
permitted, as both parties agree to be reasonably necessary and appropriate.

     13. Transfer, DTC and Related Provisions. The transfer provisions of the
Indenture will be modified to reflect that the Notes were not initially
distributed to an underwriter/broker-dealer and that the Notes are not going to
be included in the PORTAL system and trade through DTC prior to registration
with the SEC. Once the Notes are registered, Metaldyne will be obligated under
the registration rights agreement to use its best efforts to provide that the
Notes trade through the facilities of DTC.

     14. Registration Rights. The registration rights agreement for the Notes
will be identical to the Registration Rights Agreement, dated June 2002, by and
among Metaldyne, certain of Metaldyne's Subsidiaries and the initial purchasers
named therein, relating to the Existing Notes with only the following
modifications:

          a. Parties. Will change to include only the initial holder and
     Metaldyne.

          b. Date. Will be dated the date of issuance of the Notes.

          c. Securities. Securities referred to will be the Notes.

          d. Obligation to file and time periods. All of the provisions
     pertaining to the obligation to make filings with the SEC and become
     effective

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     will be triggered not off of the issuance date of the Notes, but rather off
     of the date on which the initial holders of the Notes makes a written
     demand of Metaldyne to commence the registration process which includes a
     statement that the initial holders have sold at least $5 million of Notes
     to an unaffiliated third party. In the event that a shelf registration is
     required, there will be suspension rights for up to 90 days in any 365 day
     period if Metaldyne's board of directors determines in its reasonable good
     faith judgment that there is a valid business reason to do so, such as a
     potential acquisition, divestiture of assets or other material corporate
     transaction.

          e. Market-Making Provisions. There will be no market-making prospectus
     requirements applicable to affiliated broker-dealers.

          f. Other. Appropriate adjustments will be made to defined terms and
     other provisions to reflect this transaction, as opposed to the previous
     underwritten offering, as both parties agree to be reasonably necessary and
     appropriate.

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