Document:

Exhibit 10.20

                        AMENDED, RESTATED AND SUBSTITUTED
                                  INVESTOR NOTE

$225,000,000                                                      March 31, 1999

         FOR VALUE RECEIVED, ACS FUNDING TRUST I, a Delaware business trust (the
"Borrower"), promises to pay to the INVESTORS named below (the "Lender"), or
registered assigns, the principal sum of TWO HUNDRED AND TWENTY-FIVE MILLION
DOLLARS ($225,000,000) or, if less, the unpaid principal amount of the aggregate
loans ("Advances") made by the Lender to the Borrower pursuant to the Loan
Funding and Servicing Agreement (as defined below), as set forth on the attached
Schedule, on the dates specified in Section 2.6 of the Loan Funding and
Servicing Agreement, and to pay interest on the unpaid principal amount of each
Advance on each day that such unpaid principal amount is outstanding at the
Interest Rate related to such Advance as provided in the Loan Funding and
Servicing Agreement on each Payment Date and each other dates specified in the
Loan Funding and Servicing Agreement.

         This Amended, Restated and Substituted Investor Note (the "Note") is
issued pursuant to the Loan Funding and Servicing Agreement, dated as of March
31, 1999 (as amended, modified, supplemented or restated from time to time, the
"Loan Funding and Servicing Agreement"), by and among the Borrower, American
Capital Strategies, Ltd., as servicer, Variable Funding Capital Corporation, as
a lender, the Investors named therein (the "Investors"), Norwest Bank Minnesota,
National Association, as backup servicer and as collateral custodian, First
Union Securities, Inc. (successor-in-interest to First Union Capital Markets
Corp.), as deal agent, and First Union National Bank, as a lender and as
liquidity agent. Capitalized terms used but not defined in this Note are used
with the meanings ascribed to them in the Loan Funding and Servicing Agreement.

         Notwithstanding any other provisions contained in this Note, if at any
time the rate of interest payable by the Borrower under this Note, when combined
with any and all other charges provided for in this Note, in the Loan Funding
and Servicing Agreement or in any other document (to the extent such other
charges would constitute interest for the purpose of any applicable law limiting
interest that may be charged on this Note), exceeds the highest rate of interest
permissible under applicable law (the "Maximum Lawful Rate"), then so long as
the Maximum Lawful Rate would be exceeded the rate of interest under this Note
shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of
interest payable under this Note is less than the Maximum Lawful Rate, the
Borrower shall continue to pay interest under this Note at the Maximum Lawful
Rate until such time as the total interest paid by the Borrower is equal to the
total interest that would have been paid had applicable law not limited the
interest rate payable under this Note. In no event shall the total interest
received by the Lender under

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this Note exceed the amount which the Lender could lawfully have received had
the interest due under this Note been calculated since the date of this Note at
the Maximum Lawful Rate.

         Payments of the principal of, and interest on, Advances represented by
this Note shall be made by the Borrower to the holder hereof by wire transfer of
immediately available funds in the manner and at the address specified for such
purpose as provided in Article 2 of the Loan Funding and Servicing Agreement, or
in such manner or at such other address as the holder of this Note shall have
specified in writing to the Borrower for such purpose, without the presentation
or surrender of this Note or the making of any notation on this Note.

         If any payment under this Note falls due on a day that is not a
Business Day, then such due date shall be extended to the next succeeding
Business Day and interest shall be payable on any principal so extended at the
applicable Interest Rate.

         If all or a portion of (i) the principal amount hereof or (ii) any
interest payable thereon or (iii) any other amounts payable hereunder shall not
be paid when due (whether at maturity, by acceleration or otherwise), such
overdue amount shall bear interest at a rate per annum that is equal to the Base
Rate plus 1.0%, in each case from the date of such non-payment to (but
excluding) the date such amount is paid in full.

         Portions or all of the principal amount of the Note shall become due
and payable at the time or times set forth in the Loan Funding and Servicing
Agreement. Any portion or all of the principal amount of this Note may be
prepaid, together with interest thereon (and as set forth in the Loan Funding
and Servicing Agreement, certain costs and expenses of the Lender) at the time
and in the manner set forth in, but subject to the provisions of, the Loan
Funding and Servicing Agreement.

         Except as provided in the Loan Funding and Servicing Agreement, the
Borrower expressly waives presentment, demand, diligence, protest and all
notices of any kind whatsoever with respect to this Note.

         All amounts evidenced by this Note, the Lender or Lenders making such
Advance and all payments and prepayments of the principal hereof and the
respective dates and maturity dates thereof shall be endorsed by Deal Agent, as
agent for the Lender, on the schedule attached hereto and made a part hereof or
on a continuation thereof which shall be attached hereto and made a part hereof,
or otherwise recorded by the Deal Agent or Lender in its internal records;
provided, however, that the failure of Deal Agent to make such a notation shall
not in any way limit or otherwise affect the obligations of the Borrower under
this Note as provided in the Loan Funding and Servicing Agreement.

         The holder hereof may sell, assign, transfer, negotiate, grant
participations in or otherwise dispose of all or any portion of any Advances
made by such Lender and represented by this Note and the indebtedness evidenced
by this Note.

         This Note is secured by the security interests granted pursuant to
Section 2.9 of the Loan Funding and Servicing Agreement. The holder of this Note
is entitled to the benefits of the Loan

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Funding and Servicing Agreement and may enforce the agreements of the Borrower
contained in the Loan Funding and Servicing Agreement and exercise the remedies
provided for by, or otherwise available in respect of, the Loan Funding and
Servicing Agreement, all in accordance with, and subject to the restrictions
contained in, the terms of the Loan Funding and Servicing Agreement. If a
Termination Event shall occur and be continuing, the unpaid balance of the
principal of all Advances, together with accrued interest thereon, shall be
declared, and become due and payable in the manner and with the effect provided
in the Loan Funding and Servicing Agreement.

         This Note is the "Investors Note" referred to in the Loan Funding and
Servicing Agreement. This Note shall be construed in accordance with and
governed by the laws of the State of New York.

         This Note is intended to be an amendment to, and replacement of, the
Investor Note, dated March 31, 1999, in the maximum principal amount of
$125,000,000 (the "Replaced Note"). This Note evidences the same indebtedness
and is secured by the same Collateral securing the Replaced Note and is not
intended to constitute a novation in any manner.

                  [Remainder of Page Intentionally Left Blank]

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<PAGE>

         IN WITNESS WHEREOF, the undersigned has executed this Note as on the
date first written above.

                                    ACS FUNDING TRUST I

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

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<PAGE>

                                Schedule to Note

<TABLE>
<CAPTION>
        Name                    Date of                     Principal                    Principal                   Outstanding
         of                   Advance or                    Amount of                    Amount of                    Principal
       Lender                  Repayment                     Advance                     Repayment                     Amount
       ------                  ---------                     -------                     ---------                     ------
<S>                           <C>                           <C>                          <C>                         <C>
</TABLE>Exhibit 10.21

                        AMENDED, RESTATED AND SUBSTITUTED
                                    FUNB NOTE

$10,000,000                                                       March 31, 1999

         FOR VALUE RECEIVED, ACS FUNDING TRUST I, a Delaware business trust (the
"Borrower"), promises to pay to FIRST UNION NATIONAL BANK (the "Lender"), or
registered assigns, the principal sum of TEN MILLION DOLLARS ($10,000,000) or,
if less, the unpaid principal amount of the aggregate loans ("Advances") made by
the Lender (as defined below) to the Borrower pursuant to the Loan Funding and
Servicing Agreement (as defined below), as set forth on the attached Schedule,
on the dates specified in Section 2.6 of the Loan Funding and Servicing
Agreement, and to pay interest on the unpaid principal amount of each Advance on
each day that such unpaid principal amount is outstanding at the Interest Rate
related to such Advance as provided in the Loan Funding and Servicing Agreement
on each Payment Date and each other dates specified in the Loan Funding and
Servicing Agreement.

         This Amended, Restated and Substituted FUNB Note is issued pursuant to
the Loan Funding and Servicing Agreement, dated as of March 31, 1999 (as
amended, modified, supplemented, or restated from time to time, the "Loan
Funding and Servicing Agreement"), by and among the Borrower, American Capital
Strategies, Ltd., as servicer, Variable Funding Capital Corporation, as a
lender, the Investors named therein, Norwest Bank Minnesota, National
Association, as backup servicer and as collateral custodian, First Union
Securities, Inc. (successor-in-interest to First Union Capital Markets Corp.),
as deal agent, and First Union National Bank, as liquidity agent. Capitalized
terms used but not defined in this Note are used with the meanings ascribed to
them in the Loan Funding and Servicing Agreement.

         Notwithstanding any other provisions contained in this Note, if at any
time the rate of interest payable by the Borrower under this Note, when combined
with any and all other charges provided for in this Note, in the Loan Funding
and Servicing Agreement or in any other document (to the extent such other
charges would constitute interest for the purpose of any applicable law limiting
interest that may be charged on this Note), exceeds the highest rate of interest
permissible under applicable law (the "Maximum Lawful Rate"), then so long as
the Maximum Lawful Rate would be exceeded the rate of interest under this Note
shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of
interest payable under this Note is less than the Maximum Lawful Rate, the
Borrower shall continue to pay interest under this Note at the Maximum Lawful
Rate until such time as the total interest paid by the Borrower is equal to the
total interest that would have been paid had applicable law not limited the
interest rate payable under this Note. In no event shall the total interest
received by the Lender under this Note exceed the amount which the Lender could
lawfully have received had the interest due under this Note been calculated
since the date of this Note at the Maximum Lawful Rate.

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         Payments of the principal of, and interest on, Advances represented by
this Note shall be made by the Borrower to the holder hereof by wire transfer of
immediately available funds in the manner and at the address specified for such
purpose as provided in Article 2 of the Loan Funding and Servicing Agreement, or
in such manner or at such other address as the holder of this Note shall have
specified in writing to the Borrower for such purpose, without the presentation
or surrender of this Note or the making of any notation on this Note.

         If any payment under this Note falls due on a day that is not a
Business Day, then such due date shall be extended to the next succeeding
Business Day and interest shall be payable on any principal so extended at the
applicable Interest Rate.

         If all or a portion of (i) the principal amount hereof or (ii) any
interest payable thereon or (iii) any other amounts payable hereunder shall not
be paid when due (whether at maturity, by acceleration or otherwise), such
overdue amount shall bear interest at a rate per annum that is equal to the Base
Rate plus 1.0%, in each case from the date of such non-payment to (but
excluding) the date such amount is paid in full.

         Portions or all of the principal amount of the Note shall become due
and payable at the time or times set forth in the Loan Funding and Servicing
Agreement. Any portion or all of the principal amount of this Note may be
prepaid, together with interest thereon (and as set forth in the Loan Funding
and Servicing Agreement, certain costs and expenses of the Lender) at the time
and in the manner set forth in, but subject to the provisions of, the Loan
Funding and Servicing Agreement.

         Except as provided in the Loan Funding and Servicing Agreement, the
Borrower expressly waives presentment, demand, diligence, protest and all
notices of any kind whatsoever with respect to this Note.

         All amounts evidenced by this Note, the Lender or Lenders making such
Advance and all payments and prepayments of the principal hereof and the
respective dates and maturity dates thereof shall be endorsed by Deal Agent, as
agent for the Lender, on the schedule attached hereto and made a part hereof or
on a continuation thereof which shall be attached hereto and made a part hereof,
or otherwise recorded by such Deal Agent or Lender in its internal records;
provided, however, that the failure of the Deal Agent to make such a notation
shall not in any way limit or otherwise affect the obligations of the Borrower
under this Note as provided in the Loan Funding and Servicing Agreement.

         The holder hereof may sell, assign, transfer, negotiate, grant
participations in or otherwise dispose of all or any portion of any Advances
made by such Lender and represented by this Note and the indebtedness evidenced
by this Note.

         This Note is secured by the security interests granted pursuant to
Section 2.9 of the Loan Funding and Servicing Agreement. The holder of this Note
is entitled to the benefits of the Loan Funding and Servicing Agreement and may
enforce the agreements of the Borrower contained in the Loan Funding and
Servicing Agreement and exercise the remedies provided for by, or

                                       2
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<PAGE>

otherwise available in respect of, the Loan Funding and Servicing Agreement, all
in accordance with, and subject to the restrictions contained in, the terms of
the Loan Funding and Servicing Agreement. If a Termination Event shall occur and
be continuing, the unpaid balance of the principal of all Advances, together
with accrued interest thereon, shall be declared, and become due and payable in
the manner and with the effect provided in the Loan Funding and Servicing
Agreement.

         This Note is the "FUNB Note" referred to in the Loan Funding and
Servicing Agreement. This Note shall be construed in accordance with and
governed by the laws of the State of New York.

         This Note is intended to be and is an amendment to, and replacement of,
the FUNB Note, dated March 31, 1999, in the maximum principal amount of
$30,000,000 (the "Replaced Note"). This Note evidences the same indebtedness and
is secured by the same Collateral securing the Replaced Note and is not intended
to constitute a novation in any manner.

                  [Remainder of Page Intentionally Left Blank]

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         IN WITNESS WHEREOF, the undersigned has executed this Note as on the
date first written above.

                                    ACS FUNDING TRUST I

                                    By:______________________________
                                    Name:____________________________
                                    Title:___________________________

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                                Schedule to Note

    Name          Date of         Principal        Principal       Outstanding
     of         Advance or        Amount of        Amount of        Principal
   Lender        Repayment         Advance         Repayment         Amount
   ------        ---------         -------         ---------         ------

                                       5
CHAR1\508036_ 1

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