Document:

FIRST AMENDMENT AND CONSENT AND WAIVER NO. 3 TO CREDIT AGREEMENT

 Exhibit 10.1 
 Execution Version 
 FIRST AMENDMENT AND CONSENT AND WAIVER NO. 3

 TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT AND CONSENT AND WAIVER NO. 3 TO CREDIT AGREEMENT (this “Amendment”) is dated as of September 11, 2012 and is entered into by and among ACI WORLDWIDE,
INC., a Delaware corporation (the “Borrower”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”), the Lenders party hereto and, for purposes of Section IV and V
hereof, the SUBSIDIARY GUARANTORS listed on the signature pages hereto, and is made with reference to that certain CREDIT AGREEMENT dated as of November 10, 2011, by and among the Borrower, the lenders from time to time party
thereto (the “Lenders”), the Administrative Agent and the other agents party thereto, as supplemented by that certain Consent and Waiver No. 1 to Credit Agreement, dated as of May 9, 2012 (as amended by the First Amendment
to Consent and Waiver No. 1 to the Credit Agreement, dated as of August 9, 2012) and by the certain Consent and Waiver No. 2 to the Credit Agreement, dated as of August 9, 2012 (as further amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement. 

RECITALS 

WHEREAS, the Credit Parties have requested that the Required Lenders agree to amend certain provisions of the Credit Agreement,
consent to the release of Antelope II (as defined below) and, upon completion of the S1 Reorganization (as defined in the Credit Agreement as amended by Section II hereof (the “Amended Agreement”)), PM Systems (as defined below), in
each case, from its obligations under the Subsidiary Guaranty Agreement and waive certain Specified Defaults (as defined below) under the Credit Agreement, and that each of the Lenders party to the Credit Agreement as of the Amendment Effective Date
(as defined below) consent to the waiver of certain mandatory prepayment provisions of the Credit Agreement, in each case, as provided for herein; and 
 WHEREAS, subject to certain conditions, each of the Lenders party hereto as a “Term Loan Prepayment Declining Lender” (the “Term Loan Prepayment Declining Lenders”) are
willing to agree to such mandatory prepayment waivers relating to the Credit Agreement and each of the Lenders party hereto as a “Consenting Lender” constituting the Required Lenders (the “Consenting Lenders”) are willing
to agree to such amendments, consents and waivers relating to the Credit Agreement. 

 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and
covenants herein contained, the parties hereto agree as follows: 
 SECTION I. CONSENT AND WAIVER. 

A. Consent. Each of the Consenting Lenders hereby consents to (i) the release of Antelope Investment Co. II
LLC (“Antelope II”) from its obligations under the Subsidiary Guaranty Agreement and any other Loan Document; provided that (a) Antelope II shall not engage in any activities other than those contemplated by
Section 9.10(d) of the Credit Agreement and (b) each of the Credit Parties shall comply in all respects with its obligations under the Loan Documents with respect to Antelope II (including, without limitation, Section 9.10) and
(ii) the release of PM Systems Corporation (“PM Systems”) from its obligations under the Subsidiary Guaranty Agreement and any other Loan Document solely upon the transfer of all of the Capital Stock held by ACI Worldwide Corp.
therein pursuant to the S1 Reorganization (as defined in the Amended Agreement). 
 B. Waivers.

 (i) Each of the Term Loan Prepayment Declining Lenders party hereto hereby waives any requirement under
Section 4.5(b) or Section 5.6 to prepay the Term Loans of any such Term Loan Prepayment Declining Lender with the aggregate Net Cash Proceeds from the exercise by IBM of the IBM Warrants (in each case, as defined in Section II below) (such
Net Cash Proceeds otherwise required to be prepaid to the Term Loan Prepayment Declining Lenders, the “Declined Proceeds”); provided that the aggregate principal amount of the Declined Proceeds shall be deemed to be excess
proceeds and shall be applied to repay the Revolving Credit Loans, without a corresponding reduction of the Revolving Credit Commitment, in accordance with Section 2.4(f). 

(ii) As of the Amendment Effective Date, each of the Consenting Lenders hereby waive any Default or Event of Default
directly or indirectly caused by (x) any non-compliance by any Credit Party with Section 4.3 of the Collateral Agreement and any other covenant under the Loan Documents solely to the extent arising as a result of any failure by the
Borrower to provide thirty (30) days prior written notice to the Administrative Agent of the change of the location of the chief executive office of the Borrower, (y) any non-compliance with Section 9.10 of the Credit Agreement,
Sections 4.5, 4.6 and 4.9 of the Collateral Agreement and any other covenant under the Loan Documents solely to the extent arising as a result of any failure (A) to deliver to the Administrative Agent original stock certificates (or the
equivalent thereof) evidencing the Capital Stock of any Specified S1 European Subsidiary or any Specified S1 Foreign Subsidiary (each as defined in the Amended Agreement), (B) to take such actions as are required under the Credit Agreement or
the Collateral Agreement to perfect the security interests granted by PM Systems and (C) to deliver updated Schedules to the Loan Documents with respect to PM Systems (such requirements, collectively, the “Perfection
Requirements”) and (z) any representation or warranty in or made pursuant to any Loan Document, in each case, solely in connection with the foregoing (collectively, the “Specified Defaults”); provided that this
waiver shall have no effect, and the Specified Defaults (and any Event of Default that may result therefrom) shall be and remain a Default (or become an Event of Default due to the lapse of time), in each case, with respect to non-compliance with
the Perfection Requirements, on and following the date that is six months from the Amendment Effective Date in the event that (x) the S1 Reorganization is not completed prior to such date and (y) the Credit Parties have failed to comply
with the Perfection Requirements in any respect. 

 SECTION II. AMENDMENTS. 

1.1 Amendments to Section 1: Definitions. 

1.1.1 Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in proper
alphabetical sequence: 
 “ACI Australia” means ACI Worldwide (Pacific) Pty Ltd, a proprietary
limited company organized under the laws of Australia. 
 “ACI Worldwide” means ACI Worldwide
Corp., a Nebraska corporation. 
 “AcquisitionCo” means ACI Australia Pty Ltd., a
wholly-owned subsidiary of GPC organized under the laws of Australia. 
 “First Amendment”
means that certain First Amendment to Credit Agreement dated as of September 10, 2012 among the Borrower, Administrative Agent, the financial institutions and the Subsidiary Guarantors listed on the signature pages thereto. 

“First Amendment Effective Date” means September 10, 2012, the date the conditions precedent set
forth in the First Amendment were satisfied or waived in accordance therewith. 
 “GPC” means
Applied Communications GPC Limited, an entity organized under the laws of Ireland. 
 “IBM”
means International Business Machines Corporation, a New York corporation. 
 “IBM Warrants”
means the warrants issued by the Borrower to IBM to purchase up to 1,427,035 shares of Capital Stock of the Borrower at a price of $27.50 per share and up to 1,427,035 shares of Capital Stock of the Borrower at a price of $33.00 per share.

 “Investment” has the meaning assigned thereto in Section 11.3. 

“PM Systems” means PM Systems Corporation, a South Carolina corporation. 

“S1 Intercompany Loan” means the intercompany loan made by ACI Worldwide to UK Holdings, the net cash
proceeds of which will be used by UK Holdings to fund the transactions described in clause (b) of the definition of S1 Reorganization. 
 “S1 Reorganization” shall mean (a) the merger of each of S1 Corporation, a Delaware corporation, S1, Inc., a Kentucky corporation, S1 Enterprise, Inc., a Delaware corporation,
Regency Systems Inc., a Texas corporation, S1 Real Estate Holdings LLC, a Georgia limited liability company, x-Net Associates, Inc., a New York corporation, Postilion, Inc., a Florida corporation and Software Dynamics Incorporated, a California
corporation, with and into ACI Worldwide, (b) the capital contribution, sale or other transfer by ACI Worldwide to UK Holdings of all of the Capital Stock of each of the Specified S1 European Subsidiaries and PM Systems held by ACI Worldwide
and (c) the capital contribution, sale or other transfer by ACI Worldwide to certain Foreign Subsidiaries of the Borrower of all of the Capital Stock of the Specified S1 Foreign Subsidiaries held by ACI Worldwide. 

 “Specified S1 European Subsidiaries” shall mean,
collectively, S1 Deutschland GmbH, an entity organized under the laws of Germany, S1 Belgium NV, an entity organized under the laws of Belgium, S1 Global Limited, an entity organized under the laws of the United Kingdom and S1 International IP
Holdings Ltd, an entity organized under the laws of the United Kingdom. 
 “Specified S1 Foreign
Subsidiaries” shall mean, collectively, S1 Tech Services Ltd., a corporation incorporated under the laws of Thailand, S1 Corp (s) Pte Ltd., a corporation organized under the laws of Singapore, S1 Ireland Ltd, a corporation organized
under the laws of Ireland and S1 Services (India) Private Ltd., a corporation organized under the laws of India. 
 “TargetCo” means the entity organized under the laws of Australia, which is indentified as the “Company” in the TargetCo Purchase Agreement. 

“TargetCo Acquisition” means the acquisition of all of the outstanding shares of Capital Stock of
TargetCo by AcquisitionCo pursuant to the TargetCo Purchase Agreement. 
 “TargetCo Intercompany
Loan” means the intercompany loan made by ACI Worldwide to GPC, the net cash proceeds of which will be used to finance the TargetCo Acquisition. 
 “TargetCo Purchase Agreement” means that certain Agreement for Sale to be entered into on or about September 13, 2012, by and among AcquisitionCo, TargetCo and the other parties
thereto. 
 “TargetCo Transactions” means, collectively, (a) the making of the TargetCo
Intercompany Loans, (b) the capital contribution or other transfer of all of the shares of Capital Stock of ACI Australia held by ACI Worldwide to GPC, (c) the capital contribution, sale or other transfer of all of the shares of Capital
Stock of ACI Australia held by GPC to AcquisitionCo, (d) the consummation of the TargetCo Acquisition and (e) the payment of any Transaction Costs incurred in connection with the foregoing. 

“UK Holdings” means Applied Communications Inc. U.K. Holdings Limited, an entity organized under the
laws of the United Kingdom. 
 1.1.2 The definition of “Consolidated EBITDA” in
Section 1.1 of the Credit Agreement is hereby amended by deleting the word “and” immediately before clause (vii) thereof and inserting the following immediately following clause (vii) thereof: 

“and (viii) any integration, severance, relocation, transition or business optimization expenses and other restructuring costs,
incurred in connection with (x) the Acquisition to the extent accrued, payable or paid within 12 months of the Closing Date in an aggregate amount not to exceed $22.0 million for any such

 
period and (y) Permitted Acquisitions after the Closing Date in an aggregate amount not to exceed $7.5 million for any such period, in each case, to the extent (A) actually paid during
such period or (B) representing an accrual or reserve for potential cash items in respect of the foregoing in any future period; provided that, in the case of (B), the cash payment in respect thereof in such future period shall be
subtracted from Consolidated EBITDA to the extent that such cash payment would be duplicative of any accrual or reserve that is already included in the calculation of Consolidated EBITDA.” 

1.1.3 The definition of “Permitted Acquisition” in Section 1.1 of the Credit Agreement is hereby
amended by inserting the following proviso at the end of clause (d) thereof: 
 “provided that the Borrower and
its Subsidiaries may make one or more Permitted Acquisitions of Persons without complying with this clause (d) subject to compliance with Section 11.3(c)(i) of this Agreement;” 

1.1.4 The definition of “Transaction Costs” in Section 1.1 of the Credit Agreement is hereby
amended by inserting the phrase “, the Acquisition, or any other Permitted Acquisition (including, for the avoidance of doubt, the TargetCo Acquisition)” immediately after the phrase “related to the Transactions” where it appears
therein. 
 1.2 Amendments to Section 9: Affirmative Covenants. 

1.2.1 Section 9.10(a) of the Credit Agreement is hereby amended by inserting the phrase “, subject to clause
(b) below,” immediately before the phrase “and in any event within thirty (30) days” each place it appears therein. 
 1.2.2 Section 9.10(b) of the Credit Agreement is hereby amended by deleting the reference to the number “forty-five (45)” therein and substituting “ninety (90)” in lieu thereof.

 1.2.3 Section 9.10(c) of the Credit Agreement is hereby amended by (x) deleting the phrase
“ten (10) days” and inserting the phrase “ten (10) Business Days” in lieu thereof and (y) deleting the reference to the number “sixty (60)” therein and substituting “ninety (90)” in lieu
thereof. 
 1.3 Amendments to Section 11: Negative Covenants. 

1.3.1 Section 11.1(l) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(i) Indebtedness owed by any Credit Party to any Subsidiary which is not a Credit Party or by any Subsidiary which is not a Credit
Party to a Credit Party, in each case, existing on the Closing Date, (ii) the S1 Intercompany Loans in an aggregate principal amount not to exceed $200,000,000, (iii) the TargetCo Intercompany Loans in an aggregate principal amount not
exceed $35,000,000 and (iv) Indebtedness owed by (A) any Credit Party to any Subsidiary which is not a Credit Party; provided that such Indebtedness shall be subordinated to the Obligations in a manner reasonably satisfactory to the
Administrative Agent and 

 
(B) any Subsidiary which is not a Credit Party to any Credit Party; provided that the aggregate amount of all such intercompany Indebtedness permitted pursuant to the foregoing clauses
(A) and (B), together with any equity or capital investments permitted pursuant to Section 11.3(h)(ii), in each case incurred or made after the Closing Date, shall not exceed $50,000,000 outstanding on any date of determination (which
amount shall be calculated as the net balance of such loans, advances and equity and capital investments as reduced by any repayments or distributions made with respect thereto); provided, further, that, any Indebtedness owed to any
Credit Party pursuant to this clause (l) shall be evidenced by a promissory note in form and substance reasonably satisfactory to the Administrative Agent and shall be pledged and delivered to the Administrative Agent pursuant to the Security
Documents;” 
 1.3.2 Section 11.3(c)(i) of the Credit Agreement is amended and restated in its
entirety as follows: 
 “Investments by the Borrower or any of its Subsidiaries in the form of Permitted Acquisitions;
provided that: 
 (A) the Borrower and its Subsidiaries shall be in compliance on a Pro Forma Basis with a
Consolidated Total Leverage Ratio of less than 2.75:1.00 as of the last day of the Fiscal Quarter most recently ended; and 
 (B) if the Consolidated Total Leverage Ratio of the Borrower and its Subsidiaries as determined pursuant to clause (A) above is equal to or greater than 2.25:1.00 (but less than 2.75:1.00), the
Permitted Acquisition Consideration for any such acquisition (or series of related acquisitions) immediately preceding such acquisition shall not exceed $75,000,000; 
 provided, further, that the Permitted Acquisition Consideration for any acquired Subsidiary that does not become a Guarantor (or the assets of which are not acquired by the Borrower or a
Guarantor) (x) shall not exceed $75,000,000 for any such acquisition (or series of related acquisitions) and (y) when taken together with the aggregate Permitted Acquisition Consideration for all such acquired businesses acquired after the
First Amendment Effective Date (other than the TargetCo Acquisition) pursuant to the proviso in clause (d) of the definition of “Permitted Acquisition” and this Section 11.3(c)(i), shall not exceed $200,000,000 in the
aggregate;” 
 1.3.3 Section 11.3(h) of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 “Investments in the form of (i) intercompany loans and advances permitted pursuant to
Section 11.1(l) and (ii) equity or capital investments made by any Credit Party in any Subsidiary which is not a Credit Party; provided that the aggregate amount of such equity or capital investments permitted pursuant to the
foregoing clause (ii), together with any intercompany Indebtedness permitted pursuant to Section 11.1(l)(iv), in each case, incurred or made after the Closing Date, shall not exceed $50,000,000 outstanding on any date of determination (which
amount shall be calculated as the net balance of such loans, advances and equity or capital investments as reduced by any repayments or distributions made with respect thereto);” 

 1.3.4 Section 11.3 of the Credit Agreement is hereby further amended by
(i) inserting the phrase “(any such transaction, an “Investment”)” immediately after the words “any Person” and immediately prior to the word “except” in the first clause thereof and
(ii) deleting “and” at the end of clause (j) thereof, replacing the period with “; and” at the end of clause (k) thereof and adding the following additional clause: 

“(l) any Investments by ACI Worldwide in (x) UK Holdings constituting a capital contribution or other transfer of Capital Stock
of each of the Specified S1 European Subsidiaries and PM Systems held by ACI Worldwide with a fair market value not to exceed $225,000,000 and (y) one or more direct or indirect Foreign Subsidiaries of the Borrower constituting a capital
contribution or other transfer of Capital Stock of each of the Specified S1 Foreign Subsidiaries held by ACI Worldwide with a fair market value not to exceed $65,000,000, in each case, pursuant to the S1 Reorganization; and 

(m) (x) any Investments by ACI Worldwide in GPC or AcquisitionCo constituting a capital contribution or other transfer of Capital
Stock in ACI Australia with a fair market value not to exceed $45,000,000 pursuant to the TargetCo Transactions and (y) additional capital contributions or other transfers of Capital Stock in connection with the reorganization of newly-formed
or newly-acquired Foreign Subsidiaries from a Credit Party to a newly formed foreign holding company (or newly formed foreign holding companies); provided that (1) such reorganization is consummated within ninety (90) days of such
formation or acquisition (or such longer period agreed to among such Credit Party and the Administrative Agent), (2) no Default or Event of Default has occurred and is continuing at the time of such reorganization or would occur as a
consequence of such reorganization, (3) any acquisition of any such Foreign Subsidiary is permitted under clause (c) of this Section 11.3 and (4) with respect to each such holding company that is a First-Tier Foreign Subsidiary,
the Borrower shall comply with Section 9.10.” 
 1.3.5 Section 11.5 of the Credit Agreement is
hereby amended by deleting “and” at the end of paragraph (j) thereof, replacing the period with “; and” at the end of paragraph (k) thereof and adding the following additional clause: 

“(l) dispositions constituting Investments permitted under Sections 11.3(l) and (m).” 

1.3.6 Section 11.6(a)(2) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “the Borrower and its Subsidiaries are, at the time of such Restricted Payment, in compliance on a Pro Forma Basis with a
Consolidated Total Leverage Ratio of less than 2.75:1:00 as of the last day of the Fiscal Quarter most recently ended; provided that if such Consolidated Total Leverage Ratio is equal to or greater than 2.25:1.00 (but less than 2.75:1.00),
the aggregate amount of Restricted Payments made pursuant to this Section 11.6(a) shall not exceed (x) $50,000,000 per annum 

 
plus (y) other Restricted Payments described in clause (iii) above not to exceed $25,000,000; provided, further, that notwithstanding anything in this clause
(2) to the contrary, the first 2,500,000 shares of Capital Stock of the Borrower purchased, redeemed, acquired or otherwise retired for value by any Credit Party on or after the First Amendment Effective Date shall not be prohibited hereunder
provided that such purchase, redemption or acquisition complies with Section 11.6(b)(iv) below;” 

1.3.7 Section 11.6(b) of the Credit Agreement is hereby amended by replacing “and” with “,”
immediately before clause (iii) thereof and inserting the following at the end thereof: 
 “ and (iv) the Borrower
may purchase, redeem or otherwise acquire or retire for value up to 2,500,000 shares of Capital Stock of the Borrower; provided that, after giving effect to any purchase, redemption or acquisition of Capital Stock of the Borrower in
connection therewith, the Borrower and its Subsidiaries are in compliance on a Pro Forma Basis with a Consolidated Total Leverage Ratio of at least 0.25:1.00 less than the then-applicable Consolidated Total Leverage Ratio that would otherwise be
required under Section 10.1 determined for the most recently ended fiscal quarter of the Borrower.” 

1.3.8 Section 13.9 of the Credit Agreement is hereby amended by deleting the phrase “if such Person ceases to
be a Subsidiary as a result of a transaction permitted hereunder” and replacing it with the phrase “if all of the Capital Stock of such Subsidiary Guarantor owned by any Credit Party is sold or transferred as a result of a transaction
permitted hereunder (including pursuant to a waiver or consent), to the extent that, after giving effect to such transaction, such Subsidiary would not be required to guaranty any Obligations pursuant to Section 9.10”. 

1.3.9 Section 14.1(b) of the Credit Agreement is hereby amended by replacing the address for notices to the Borrower
with the following: 
 “ACI Worldwide, Inc. 
 3520 Kraft Road 
 Suite 300 

Naples, FL 34105 

Attention: Craig Maki, Senior Vice President, Corporate Development Officer 

Phone: (239) 403-4600 
 Fax: (239) 403-4601” 
 SECTION III. CONDITIONS TO EFFECTIVENESS

 This Amendment shall become effective only upon the satisfaction of all of the following conditions precedent (upon
satisfaction of such conditions, such date being referred to herein as the “Amendment Effective Date”): 
 A. Execution. The Administrative Agent shall have received a counterpart signature page of this Amendment duly executed by the Required Lenders and each of the Credit Parties. 

 B. Fees. The Administrative Agent and the Lenders shall have received
all fees previously agreed in writing by the Borrower and due and payable on or prior to the Amendment Effective Date and all out-of-pocket expenses (to the extent invoiced) required to be reimbursed or paid by the Borrower hereunder or any other
Loan Document (including reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy). 
 C.
Other Documents. The Administrative Agent and the Lenders shall have received such other documents, information or agreements regarding Credit Parties as the Administrative Agent may reasonably request. 

SECTION IV. REPRESENTATIONS AND WARRANTIES 
 In order to induce Lenders to enter into this Amendment, each Credit Party which is a party hereto represents and warrants to each Lender that the following statements are true and correct in all material
respects: 
 A. Authorization of Agreements. Each of the Credit Parties has the right, power and
authority, and has taken all necessary corporate and other action to authorize, the execution, delivery and performance of this Amendment and the performance of the Credit Agreement and each of the other Loan Documents to which it is a party in
accordance with their respective terms. This Amendment, the Credit Agreement and each of the other Loan Documents has been duly executed and delivered by the duly authorized officers of the Credit Parties party hereto or thereto, and each such
document constitutes the legal, valid and binding obligation of each Credit Party party hereto or thereto, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability. 

B. Compliance of Agreements with Laws, etc. The execution, delivery and performance by each Credit Party of this
Amendment and the performance by each Credit Party of the Credit Agreement and of the other Loan Documents to which each such Credit Party is a party, in accordance with their respective terms and the transactions contemplated hereby or thereby, do
not and will not, by the passage of time, the giving of notice or otherwise, (i) require any material Governmental Approval relating to the Borrower or any of its Subsidiaries, (ii) violate any material provision of Applicable Law relating
to the Borrower or any of its Subsidiaries, (iii) conflict with, result in a breach of or constitute a default under the articles of incorporation, bylaws or other organizational documents of the Borrower or any of its Subsidiaries,
(iv) conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument to which such Person is a party or by which any of its properties may be bound or any Governmental Approval relating to such
Person, which could reasonably be expected to have a Material Adverse Effect, (v) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such Person other than Liens
arising under the Loan Documents or (vi) require any consent or authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in connection with the execution,
delivery, performance, validity or enforceability of this Amendment or the performance of the Credit Agreement or other Loan Documents other than (A) consents, authorizations, filings or other acts or consents for which the failure to obtain or
make could not reasonably be expected to have a Material Adverse Effect and (B) consents or filings, if any, under the UCC. 

 C. Representations and Warranties from Credit Agreement. The
representations and warranties contained in Sections 7.1(a), (e)–(k) and (m)-(v) of the Credit Agreement are and will be true and correct in all material respects on and as of the Amendment Effective Date to the same extent as though made
on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date. 

D. Absence of Default. No event has occurred and is continuing that would constitute an Event of Default or a
Default (other than the Specified Defaults). 
 E. No Material Adverse Effect. Since December 31,
2011, there has been no material adverse change in the business, assets, liabilities (contingent or otherwise), operations or condition (financial or otherwise) of the Borrower and its Subsidiaries, taken as a whole, and no event has occurred or
condition arisen that could reasonably be expected to have a Material Adverse Effect. 
 SECTION V. ACKNOWLEDGMENT AND
CONSENT 
 Each Subsidiary Guarantor hereby acknowledges that it has reviewed the terms and provisions of the Credit
Agreement and this Amendment and consents to this Amendment. Each Subsidiary Guarantor hereby confirms that each Loan Document to which it is a party or otherwise bound will continue to guarantee to the fullest extent possible in accordance with the
Loan Documents the payment and performance of all “Obligations” under each of the Loan Documents to which is a party (in each case as such terms are defined in the applicable Loan Document). 

Each Subsidiary Guarantor acknowledges and agrees that any of the Loan Documents to which it is a party or otherwise bound shall continue
in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment. 

Each Subsidiary Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this
Amendment, such Subsidiary Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit
Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Subsidiary Guarantor to any future amendments to the Credit Agreement. 
 SECTION VI. MISCELLANEOUS 
 A. Reference to and Effect on
the Credit Agreement and the Other Loan Documents. 
 (i) On and after the Amendment Effective Date, each
reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the
“Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Amendment. 

 (ii) Except as specifically amended by this Amendment, the Credit Agreement
and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 

(iii) The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or
operate as a waiver of any right, power or remedy of any Agent or Lender under, the Credit Agreement or any of the other Loan Documents. 
 (iv) For the avoidance of doubt, this Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and shall be administered and construed pursuant to the terms of the Credit
Agreement.” 
 B. Headings. Section and Subsection headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 
 C. Applicable Law. ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR IN TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  
 D. Counterparts. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of
a manually executed counterpart of this Amendment. 
 [Remainder of this page intentionally left blank.] 

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

									
	BORROWER:	 		 	ACI WORLDWIDE, INC.
					
		 		 	By:	 	 	 	/s/ Dennis Byrnes
		 		 		 	Name:	 	Dennis Byrnes
		 		 		 	Title:	 	EVP

  
 First
Amendment to Credit Agreement 

									
	SUBSIDIARY GUARANTORS :	 		 	
		 		 	 ACI WORLDWIDE CORP.
 PM SYSTEMS CORPORATION

					
		 		 	By:	 	 	 	/s/ Dennis Byrnes
		 		 		 	Name:	 	Dennis Byrnes
		 		 		 	Title:	 	VP and Secretary
			
		 		 	ANTELOPE INVESTMENT CO. II LLC
					
		 		 	By:	 	 	 	/s/ Dennis Byrnes
		 		 		 	Name:	 	Dennis Byrnes
		 		 		 	Title:	 	Director

  
 First
Amendment to Credit Agreement 

									
		 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Administrative Agent and as a Lender

					
		 		 	By:	 	 	 	/s/ Robert Maichin
		 		 		 	Name:	 	Robert Maichin
		 		 		 	Title:	 	Senior Vice President
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 Bank of America N.A.,
 as a Lender

					
		 		 	By:	 	 	 	/s/ Sugeet Manchanda Madan
		 		 		 	Name:	 	Sugeet Manchanda Madan
		 		 		 	Title:	 	Director
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 Bank of the West,
 as a Lender

					
		 		 	By:	 	 	 	/s/ William Honke
		 		 		 	Name:	 	William Honke
		 		 		 	Title:	 	Senior Vice President
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 Compass Bank,

as a Lender

					
		 		 	By:	 	 	 	/s/ W. Brad Davis
		 		 		 	Name:	 	W. Brad Davis
		 		 		 	Title:	 	Senior Vice President
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 Fifth Third Bank,
 as a Lender

					
		 		 	By:	 	 	 	/s/ Robert Urban
		 		 		 	Name:	 	Robert Urban
		 		 		 	Title:	 	Vice President
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 Manufacturers Bank,
 as a Lender

					
		 		 	By:	 	 	 	/s/ Sean Walker
		 		 		 	Name:	 	Sean Walker
		 		 		 	Title:	 	SVP
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 PNC Bank, National Association,
 as a Lender

					
		 		 	By:	 	 	 	/s/ Michael A. Richards
		 		 		 	Name:	 	Michael A. Richards
		 		 		 	Title:	 	Senior Vice President
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 RBS Citizens, N.A.,
 as a Lender

					
		 		 	By:	 	 	 	/s/ William E. Rurode, Jr.
		 		 		 	Name:	 	William E. Rurode, Jr.
		 		 		 	Title:	 	Senior Vice President
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 SOVEREIGN BANK, N.A.,
 as a Lender

					
		 		 	By:	 	 	 	/s/ James R. Riley
		 		 		 	Name:	 	James R. Riley
		 		 		 	Title:	 	Senior Vice President
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 Union Bank, N.A.,
 as a Lender

					
		 		 	By:	 	 	 	/s/ Eric Wilson
		 		 		 	Name:	 	Eric Wilson
		 		 		 	Title:	 	Senior Credit Analyst
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit Agreement 

									
		 		 	 U.S. Bank National Association,
 as a Lender

					
		 		 	By:	 	 	 	/s/ Joseph T. Sullivan III
		 		 		 	Name:	 	Joseph T. Sullivan III
		 		 		 	Title:	 	Vice President
			
		 		 	as a Term Loan Prepayment Declining Lender    x
			
		 		 	as a Consenting Lender    x

  
 First
Amendment to Credit AgreementExhibit 4.1

 Exhibit 4.1 
 (Face of Note) 
 AMERICAN AXLE & MANUFACTURING, INC. 

Guaranteed by 

AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. 
 AAM INTERNATIONAL HOLDINGS, INC. 
 ACCUGEAR, INC. 

COLFOR MANUFACTURING, INC. 
 DIETRONIK, INC. 
 MSP INDUSTRIES CORPORATION 

OXFORD FORGE, INC. 

6.625% Senior Notes Due October 15, 2022 
 CUSIP 02406P AL4 
 ISIN US02406PAL40 

 

			
	 No. [        ]
	 	$[        ]

 AMERICAN AXLE & MANUFACTURING, INC. 

AMERICAN AXLE & MANUFACTURING, INC., a Delaware corporation (the “Company”, which term includes any successor under
the Indenture hereinafter referred to), for value received, promises to pay to CEDE & Co., or registered assigns, the principal sum of [            ]
($[            ] ) on October 15, 2022. 
 Interest Payment
Dates: April 15 and October 15 
 Record Dates: April 1 and October 1 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 [SIGNATURES ON FOLLOWING PAGES] 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: September 17, 2012 
  

			
	AMERICAN AXLE & MANUFACTURING, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Attest:
                             

 American Axle & Manufacturing Holdings, Inc. (“Holdings”), AAM
International Holdings, Inc., AccuGear, Inc., Colfor Manufacturing, Inc., DieTronik, Inc., MSP Industries Corporation and Oxford Forge, Inc. (the “Subsidiary Guarantors” and, together with Holdings, the “Guarantors”), which term
includes any successor Person under the Indenture (the “Indenture”) dated as of November 3, 2011 among American Axle & Manufacturing, Inc., as issuer, the Guarantors and U.S. Bank National Association, as trustee (the
“Trustee”), unconditionally guarantee, to the extent set forth in the Indenture and subject to the provisions of the Indenture, the due and punctual payment of the principal of, any premium and interest on the Notes, when and as the same
shall become due and payable, whether at maturity, redemption, repayment or otherwise, all in accordance with the terms set forth in Article Sixteen, in the case of Holdings, and Article Seventeen, in the case of the Subsidiary Guarantors, of the
Indenture. 
 The obligations of the undersigned to the Holders of the Notes and to the Trustee pursuant to these Guarantees and
in the Indenture are expressly set forth in the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantees and all of the other provisions of the Indenture to which these Guarantees relate. 

IN WITNESS WHEREOF, each of the Guarantors has caused this Note to be duly executed. 

Dated: September 17, 2012 
  

					
	AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
	AAM INTERNATIONAL HOLDINGS, INC.
	ACCUGEAR, INC.
	COLFOR MANUFACTURING, INC.
	DIETRONIK, INC.
	MSP INDUSTRIES CORPORATION
	OXFORD FORGE, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Attest:
                             

 TRUSTEE’S CERTIFICATE OF AUTHORIZATION 

Dated: September 17, 2012 
 This is one of
the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	U.S. Bank National Association
	as Trustee
		
	By:	 	  

		 	Authorized Officer

 (BACK OF NOTE) 
 6.625% Senior Notes Due October 15, 2022 
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAYBE REQUIRED PURSUANT TO SECTION 305 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 305 OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 310 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. The securities represented by this Note and any additional Securities
of the same series issued under the Indenture are collectively referred to as “the Notes.” 
 1. Interest.
American Axle & Manufacturing, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 6.625% per annum from the date hereof until maturity. The Company shall pay
interest in arrears semiannually on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from
the most recent date to which interest has been paid or duly provided for or, if no interest has been paid, from the date of issuance through but excluding the date on which interest is paid. The first Interest Payment Date shall be April 15,
2013. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of Payment. The
Company shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on April 1 or October 1 immediately preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date, except as provided in Section 307 of the Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium, if any, and interest at the
office or agency of the Company maintained for such purpose in the borough of Manhattan, The City of New York, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the
register of Holders, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which shall have provided
wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

 3. Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee
under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. Indenture. The Company issued the Notes under an Indenture dated as of November 3, 2011 (the “Indenture”)
between the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§
77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. This Note is an obligation of the Company, which series is initially limited to $550,000,000 in aggregate
principal amount. The Indenture pursuant to which this Note is issued provides that an unlimited amount of additional Notes may be issued thereunder. 
 5. Optional Redemption. On and after October 15, 2017, the Company will be entitled at its option to redeem all or a portion of the Notes upon not less than 30 nor more than 60 days’
notice, at the Redemption Prices (expressed in percentages of principal amount on the Redemption Date), plus accrued and unpaid interest to the Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive interest
due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on October 15 of the years set forth below: 
  

					
	Period	  	Redemption Price	 
	 2017
	  	 	103.313	% 
	 2018
	  	 	102.208	% 
	 2019
	  	 	101.104	% 
	 2020 and thereafter
	  	 	100.000	% 

 Prior to October 15, 2017, the Company will be entitled at its option to redeem all or a portion of
the Notes at a Redemption Price equal to 100% of the principal amount of the Notes plus the Applicable Premium plus accrued and unpaid interest to the Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive
interest due on the relevant Interest Payment Date). Notice of such redemption must be mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60 days prior to the Redemption Date. 

In addition, the Company may on any one or more occasions prior to October 15, 2015 redeem up to 35% of the original principal
amount of the Notes (calculated after giving effect to any issuance of additional Notes) with the Net Cash Proceeds of one or more Equity Offerings at a Redemption Price of 106.625% of the principal amount thereof plus accrued and unpaid interest,
if any, to the applicable Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date); provided that: 

(1) at least 65% of the original principal amount of the Notes (calculated after giving effect to any issuance of additional Notes)
remains outstanding after each such redemption; and 
 (2) the redemption occurs within 90 days after the closing of such Equity
Offering. 
 “Applicable Premium” means, with respect to a Note on any Redemption Date, the greater of (a) 1.0%
of the principal amount of such Note, and (b) the excess, if any, of (a) the present value as of such Redemption Date of (i) the Redemption Price of such Note on October 

 
15, 2017 (as set forth above), plus (ii) all required interest payments due on such Note through October 15, 2017 (excluding accrued but unpaid interest to the Redemption Date),
computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points, over (b) the then outstanding principal of such Note. 
 “Equity Offering” means a public offering for cash by the Issuer or Holdings of its Common Stock, or options, warrants or rights with respect to its Common Stock, other than (x) public
offerings with respect to the Company’s or Holding’s Common Stock, or options, warrants or rights, registered on Form S-4 or S-8, (y) an issuance to any Subsidiary of the Company or (z) any offering of Common Stock issued in
connection with a transaction that constitutes a Change of Control. 
 “Net Cash Proceeds” means, with respect to any
issuance or sale of Capital Stock of the Company, the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and
brokerage, consultant and other fees and charges actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and
any tax share arrangements). 
 “Treasury Rate” means the yield to maturity at the time of computation of United
States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if
such Statistical Release is no longer published, any publicly available source or similar market data)) most nearly equal to the period from the Redemption Date to October 15, 2017; provided, however, that if the period from the
Redemption Date to October 15, 2017 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest
one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to October 15, 2017 is less than one year, the weekly average yield
on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
 The Company
will mail notice of any redemption at least 30 days, but not more than 60 days, before the Redemption Date to each Holder of the Notes to be redeemed. If less than all the Notes are to be redeemed at any time, the Trustee will select Notes to be
redeemed on a pro rata basis or by any other method the Trustee deems fair and appropriate. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or
portions thereof called for redemption. 
 6. Change of Control. Upon the occurrence of a Change of Control, the Company
will make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part of each Holder’s Notes at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, to the repurchase date. Within 30 days following any Change of Control, the Company will (i) cause a notice of the Change of Control Offer to be sent at least once to the Dow Jones News Service or
similar business news service in the United States; and (ii) send, by first-class mail, with a copy 

 
to the Trustee, a notice to each registered Holder stating: (1) that a Change of Control has occurred and a Change of Control Offer is being made pursuant to the Indenture and that all Notes
timely tendered will be accepted for payment; (2) the Change of Control Purchase Price and the repurchase date, which shall be, subject to any contrary requirements of applicable law, a Business Day no earlier than 30 days nor later than 60
days from the date such notice is mailed (the “Change of Control Payment Date”); (3) the circumstances and relevant facts regarding the Change of Control (including information with respect to pro forma historical income, cash flow
and capitalization after giving effect to the Change of Control); and (4) the procedures that Holders of Notes must follow in order to tender their Notes (or portions thereof) for payment, and the procedures that Holders of Notes must follow in
order to withdraw an election to tender Notes (or portions thereof) for payment. 
 The Company shall comply with the
requirements of Rule 14e of the Securities Exchange Act of 1934 (the “Exchange Act”) and any other securities laws or regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes
in connection with a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the terms of the Notes, the Company will comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Indenture by virtue of such compliance. 
 On the Change of Control Payment
Date, the Company will, to the extent lawful, (1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (2) deposit with the Paying Agent an amount equal to the Change of Control
Purchase Price in respect of all Notes or portions thereof properly tendered and (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount
of Notes or portions thereof being purchased by the Company. The Paying Agent will promptly mail to each registered Holder of Notes properly tendered the Change of Control Purchase Price for such Notes, and the Trustee will promptly authenticate and
mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered by such Holder, if any; provided, that each such new Note will be in a principal amount of
$1,000 or an integral multiple thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

The Company will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control
Offer in the manner, at the times and otherwise in compliance with the requirements set forth herein and all other provisions of the Indenture and terms of the Notes applicable to a Change of Control Offer made by the Company and purchases all Notes
validly tendered and not withdrawn under such Change of Control Offer. 
 “Change of Control” means the occurrence of
any of the following events: 
 (a) any “person” or “group” of related persons (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that such person or group shall be deemed to have “beneficial ownership” of all shares that any
such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 50% of the total voting power of the voting stock of Holdings or the Company (or their
successors by merger, consolidation or purchase of all or substantially all of their assets); 

 (b) during any period of two consecutive years, individuals who at the beginning of such
period constituted the Board of Directors of Holdings (together with any new directors whose election to such board or whose nomination for election by the stockholders of Holdings was approved by a vote of a majority of the directors then still in
office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved), cease for any reason to constitute a majority of such Board of Directors then in office; 

(c) the sale, assignment, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the assets of Holdings and its Subsidiaries, taken as a whole, or of the Company and its Subsidiaries, taken as a whole, to any “person” (as such term is used in Sections 13(d)
and 14(d) of the Exchange Act); 
 (d) the adoption by the stockholders of Holdings or the Company of a plan or proposal for the
liquidation or dissolution of Holdings or the Company; or 
 (e) Holdings ceases to own, directly or indirectly, all of the
Capital Stock of the Company (other than in connection with a merger of Holdings into the Company permitted by the Indenture). 

7. Consolidation, Merger, Sale or Conveyance. 
 (a) Neither the Company nor Holdings may consolidate with or merge into any other Person or convey, transfer or lease their properties and assets substantially as an entirety to any Person, unless:

 (1) the successor or transferee entity, if other than the Company or Holdings, as the case may be, is a
corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia and expressly assumes by a supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the
Trustee, the due and punctual payment of the principal of, any premium on and any interest on, all the outstanding notes and the performance of every covenant and obligation in the Indenture to be performed or observed by the Company or Holdings, as
the case may be; 
 (2) immediately after giving effect to the transaction, no Event of Default and no event
which, after notice or lapse of time or both, would become an Event of Default, has happened and is continuing; and 
 (3) the Company or Holdings, as the case may be, has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each in the form required by the Indenture and stating that such
consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with the foregoing provisions relating to such transaction. 

 (b) No Subsidiary Guarantor may consolidate with or merge into any other Person or convey,
transfer or lease their properties and assets substantially as an entirety to any Person, unless: 
 (1) the
successor or transferee Person, if not a Subsidiary Guarantor prior to such merger, conveyance, transfer or lease, shall be a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the
laws of the United States of America, or any State thereof or the District of Columbia, and expressly assumes, by a supplemental indenture, all the obligations of such Subsidiary under its Guarantee; provided, however, that the
foregoing shall not apply in the case of a Subsidiary Guarantor (x) that has been, or will be as a result of the subject transaction, disposed of in its entirety to another Person (other than to the Company, Holdings or an Affiliate of the
Company or Holdings), whether through a merger, consolidation or sale of Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary; 

(2) immediately after giving effect to the transaction, no Event of Default and no event which, after notice or lapse of
time or both, would become an Event of Default, has happened and is continuing; and 
 (3) the Company has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such
supplemental indenture comply with this paragraph 7 and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 (c) Upon any consolidation by the Company, Holdings or any Subsidiary Guarantor with or merger by the Company, Holdings or any Subsidiary Guarantor, as the case may be, with or into any other corporation
or any conveyance, transfer or lease of the properties and assets of the Company, Holdings or any Subsidiary Guarantor, as the case may be, substantially as an entirety to any Person, the successor Person formed by such consolidation or into which
the Company, Holdings or such Subsidiary Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, and be subject to every obligation of, the
Company, Holdings or such Subsidiary Guarantor, as the case may be, under the Indenture with the same effect as if such successor Person had been named as the Company, Holdings or such Subsidiary Guarantor, as the case may be, therein, and in the
event of any such conveyance or transfer, the Company, Holdings or any Subsidiary Guarantor, as the case may be, except in the case of a lease, shall be discharged of all obligations and covenants under the Indenture and the Notes or the Guarantees,
as the case may be, and may be dissolved and liquidated. 
 8. Limitation on Liens. The Company and Holdings will not,
and will not permit any Restricted Subsidiary to, create, incur, issue, assume or guarantee any indebtedness for money borrowed (“Debt”) secured by a Mortgage upon any Operating Property, or upon shares of Capital Stock or Debt issued by
any Restricted Subsidiary and owned by the Company or Holdings or any Restricted Subsidiary, whether owned at the date of the Indenture (November 

 
3, 2011) or thereafter acquired, without effectively providing concurrently that the notes of each series then outstanding under the Indenture are secured equally and ratably with or, at our
option, prior to such Debt so long as such Debt shall be so secured. 
 The foregoing restriction shall not apply to, and there
shall be excluded from Debt in any computation under such restriction, Debt secured by: 
 (1) Mortgages on any
property existing at the time of the acquisition thereof; 
 (2) Mortgages on property of a corporation existing
at the time such corporation is merged into or consolidated with the Company or Holdings or a Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of such corporation (or a division thereof) as an entirety or
substantially as an entirety to the Company, Holdings or a Restricted Subsidiary; provided that any such Mortgage does not extend to any property owned by the Company, Holdings or any Restricted Subsidiary immediately prior to such merger,
consolidation, sale, lease or disposition; 
 (3) Mortgages on property of a corporation existing at the time
such corporation becomes a Restricted Subsidiary; 
 (4) Mortgages in favor of the Company, Holdings or a
Restricted Subsidiary; 
 (5) Mortgages to secure all or part of the cost of acquisition, construction,
development or improvement of the underlying property, or to secure debt incurred to provide funds for any such purpose; provided that the commitment of the creditor to extend the credit secured by any such Mortgage shall have been obtained
no later than 360 days after the later of (a) the completion of the acquisition, construction, development or improvement of such property or (b) the placing in operation of such property; 

(6) Mortgages in favor of the United States of America or any State thereof, or any department, agency or instrumentality
or political subdivision thereof, to secure partial, progress, advance or other payments; and 
 (7) Mortgages
existing on the date of the Indenture or any extension, renewal, replacement or refunding of any Debt secured by a Mortgage existing on the date of the Indenture or referred to in clauses (1) to (3) or (5); provided that any such
extension, renewal, replacement or refunding of such Debt shall be created within 360 days of repaying the Debt secured by the Mortgage referred to in clauses (1) to (3) or (5) and the principal amount of the Debt secured thereby and
not otherwise authorized by clauses (1) to (3) or (5) shall not exceed the principal amount of Debt, plus any premium or fee payable in connection with any such extension, renewal, replacement or refunding, so secured at the time of
such extension, renewal, replacement or refunding; provided further that this clause (7) shall not include Mortgages securing Debt incurred under the Existing Senior Secured Notes or the Revolving Credit Agreement or any extension,
renewal, replacement or refunding thereof. 

 Notwithstanding the restrictions described above, the Company, Holdings and any Restricted
Subsidiaries may create, incur, issue, assume or guarantee Debt secured by Mortgages without equally and ratably securing the notes of each series then outstanding if, at the time of such creation, incurrence, issuance, assumption or guarantee,
after giving effect thereto and to the retirement of any Debt which is concurrently being retired, the aggregate amount of all such Debt secured by Mortgages which would otherwise be subject to such restrictions (other than any Debt secured by
Mortgages permitted as described in clauses (1) through (7) of the immediately preceding paragraph) plus all Attributable Debt of the Company, Holdings and the Restricted Subsidiaries in respect of Sale and Leaseback Transactions with
respect to Operating Properties (with the exception of such Sale and Leaseback Transactions permitted under clauses (1) through (4) of Section 1007 of the Indenture) does not exceed 10% of Consolidated Net Tangible Assets. 

“Existing Senior Secured Notes” means the 9.25% senior secured notes due 2017 issued pursuant to the Indenture, dated as of
December 18, 2009, among the Company, the guarantors party thereto and U.S. Bank National Association, as Trustee. 

“Revolving Credit Agreement” means the Amended and Restated Credit Agreement dated as of January 9, 2004, as amended and
restated as of August 31, 2012, among the Company, Holdings, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as amended, restated, supplemented, replaced or refinanced from time to time. 

9. Future Subsidiary Guarantors. The Company will cause each of its Subsidiaries that is not a Subsidiary Guarantor and that
guarantees any Guarantee Indebtedness of the Company or any Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary will unconditionally guarantee, on a joint and several basis, the full and prompt
payment of the principal of, premium, if any, and interest in respect of the Notes on an unsecured and unsubordinated basis and all other obligations under the Indenture. The Guarantee of the Notes by any Subsidiary Guarantor will be released and
discharged in accordance with Article Seventeen of the Indenture. 
 The obligations of each Subsidiary Guarantor will be
limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect
of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under the Indenture, result in the obligations of such Subsidiary Guarantor under its Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under federal or state law. 
 Following the first day (the “Suspension Date”): 

(1) the Notes have an Investment Grade Rating from both of the Ratings Agencies; and 

(2) no Default has occurred and is continuing under the Indenture; 

 Holdings, the Company and their Subsidiaries will not be subject to the provisions of this covenant.

 In addition, upon the occurrence of a Suspension Date, the Company may elect, by delivering written notice thereof to the
Trustee, to suspend the Guarantees of the Subsidiary Guarantors. If at any time the Notes’ credit rating is downgraded from an Investment Grade Rating by any Ratings Agency or if a Default or Event of Default occurs and is continuing, then
(i) this covenant will thereafter be reinstated (the “Reinstatement Date”), unless and until the Notes subsequently attain an Investment Grade Rating and no Default or Event of Default is in existence (in which event this covenant
shall no longer be in effect for such time that the Notes maintain an Investment Grade Rating and no Default or Event of Default is in existence) and (ii) the Guarantees of the Subsidiary Guarantors previously suspended will be reinstated.

 “Guarantee Indebtedness” means, with respect to any Person on any date of determination (without duplication):

 (1) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money;

 (2) the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds,
debentures, notes or other similar instruments; 
 (3) the principal component of all obligations of such Person
in respect of letters of credit, bankers’ acceptances or other similar instruments (including reimbursement obligations with respect thereto, except to the extent such reimbursement obligation relates to a trade payable or similar obligation to
a trade creditor in each case incurred in the ordinary course of business and such obligation is satisfied within 30 days of incurrence) other than obligations with respect to letters of credit securing obligations (other than obligations described
in clauses (1) and (2) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, to the extent drawn upon, such drawing is reimbursed no later than the fifth business
day following receipt by such Person of a demand for reimbursement following payment on the letter of credit; 

(4) the principal component or liquidation preference of all obligations of any Subsidiary that is not a Subsidiary
Guarantor with respect to the redemption, repayment or other repurchase of any Preferred Stock (but excluding, in each case, any accrued dividends); 
 (5) the principal component of all Guarantee Indebtedness of other Persons secured by a lien on any asset of such Person, whether or not such Guarantee Indebtedness is assumed by such Person;
provided, however, that the amount of such Guarantee Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination and (b) the amount of such Guarantee Indebtedness of such other
Persons; and 

 (6) the principal component of Guarantee Indebtedness of other Persons to
the extent guaranteed by such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor). 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s Investors Service,
Inc. and BBB- (or the equivalent) by Standard & Poor’s Ratings Group, Inc., in each case, with a stable or better outlook; provided that a change in outlook shall not by itself constitute a loss of an Investment Grade Rating.

 “Ratings Agencies” means Standard & Poor’s Ratings Group, Inc. and Moody’s Investors Service,
Inc. or if Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc. or both shall not make a rating on the Notes publicly available, a nationally recognized statistical Ratings Agency or agencies, as the case may
be, selected by Holdings (as certified by a resolution of the Board of Directors) which shall be substituted for Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc. or both, as the case may be. 

10. No Sinking Fund. The Company shall not be required to make sinking fund payments with respect to the Notes. 

11. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but not more than 60 days before the Redemption
Date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On
and after the Redemption Date interest ceases to accrue on Notes or portions thereof called for redemption. 
 12.
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.
The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The
Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any
Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 13. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
 14. Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Notes to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Notes then outstanding. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Notes at 

 
the time outstanding, on behalf of the Holders of all outstanding Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 15. Defaults and Remedies.
Events of Default include: 
 (a) default in the payment of any interest on the Notes when such interest becomes due and
payable, and continuance of such default for a period of 30 days; 
 (b) default in the payment of the principal of (or premium,
if any, on) the Notes at Maturity or the redemption or repurchase price when the same becomes due and payable; 
 (c) default in
the performance, or breach, of any covenant or agreement of the Company or Holdings in the Indenture which affects or is applicable to the Notes (other than a default in the performance or breach of a covenant or agreement that is elsewhere in the
Indenture specifically dealt with or which has expressly been included in the Indenture solely for the benefit of other series of Securities), and continuance of such default or breach for a period of 60 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company and Trustee by the Holders of at least 25% in principal amount of the outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; 
 (d) the Guarantee of (i) Holdings or
(ii) any Subsidiary Guarantor that is a Significant Subsidiary or a group of Subsidiary Guarantors which collectively (as of the latest audited consolidated financial statements for Holdings) would constitute a Significant Subsidiary, in each
case, ceases to be in full force and effect or is declared null and void or Holdings or any such Subsidiary Guarantor denies that it has any further liability under its Guarantee to the Note Holders, or has given notice to such effect (other than by
reason of the termination of the Indenture or the release of such Guarantee in accordance with the Indenture), and such condition shall have continued for a period of 30 days after notice is given as specified in the Indenture; 

(e) default in the payment of principal when due or resulting in acceleration of other Indebtedness of the Company, Holdings or any
Significant Subsidiary for borrowed money where the aggregate principal amount with respect to which the default or acceleration has occurred exceeds $100 million and such acceleration has not been rescinded or annulled or such Indebtedness repaid
within a period of 30 days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Notes then outstanding; provided that if any such default is cured,
waived, rescinded or annulled, then the Event of Default by reason thereof would be deemed not to have occurred; 
 (f) failure
by Holdings, the Company or any Significant Subsidiary to pay final and nonappealable judgments aggregating in excess of $100 million (net of any amounts that are covered by insurance issued by a reputable and creditworthy insurance company), which
judgments are not paid, discharged or stayed for a period of 30 days after such judgment becomes final; 

 (g) the entry by a court having jurisdiction in the premises of (A) a decree or order
for relief in respect of the Company, Holdings or any Significant Subsidiary in an involuntary case or proceeding under Bankruptcy Law or (B) a decree or order adjudging the Company, Holdings or any Significant Subsidiary a bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, Holdings or such Significant Subsidiary under any applicable Federal or State law, or appointing a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, Holdings or such Significant Subsidiary or of any substantial part of their property, or ordering the winding up or liquidation of their
affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 
 (h) the commencement by the Company, Holdings or any Significant Subsidiary of a voluntary case or proceeding under Bankruptcy Law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by them to the entry of a decree or order for relief in respect of the Company, Holdings or any Significant Subsidiary in an involuntary case or proceeding under Bankruptcy Law or to the commencement of any bankruptcy or
insolvency case or proceeding against them, or the filing by them of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by them to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company, Holdings or any Significant Subsidiary or of any substantial part of their property, or the making by them
of an assignment for the benefit of creditors, or the admission by them in writing of their inability to pay their debts generally as they become due; and 
 (i) there occurs any other Event of Default provided pursuant to Section 301 or 901 of the Indenture with respect to the Notes. 

“Significant Subsidiary” means any Subsidiary that would constitute a “significant subsidiary” within the meaning of
Article 1 of Regulation S-X of the Securities Act of 1933 as in effect on the date of the Indenture. 
 If any Event of Default
as described in clause (a), (b), (c), (d), (e), (f) or (i) occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Notes may declare the principal amount of all of the
Notes and any accrued and unpaid cash interest through the date of such declaration, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal
amount shall become immediately due and payable. At any time after such a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as provided
in Article Five of the Indenture, the Holders of a majority in principal amount of the Notes by written notice to the Company, Holdings and the Trustee, may rescind and annul such declaration and its consequences if the Company has complied with the
requirements of Section 502 of the Indenture. In the case of an Event of Default arising from certain events of bankruptcy 

 
or insolvency as described in clause (g) and (h) above, all outstanding Notes will become due and payable immediately without further action. Holders of the Notes may not enforce the
Indenture or the Notes except as provided in the Indenture. Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing
Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes. The Company is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

16. Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Company and Holdings and their Affiliates, and may otherwise deal with the Company and Holdings and their Affiliates, as if it were not the Trustee. 

17. No Recourse Against Others. No director, officer, employee, incorporator or shareholder of the Company or the Guarantors, as
such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of
the U.S. Securities and Exchange Commission that such a waiver is against public policy. 
 18. Authentication. This Note
shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 19.
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 20. CUSIP Numbers. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

21. Guarantees. The Company’s obligations under the Notes are fully and unconditionally guaranteed by the Guarantors as set
forth in the Indenture. 
 22. Ranking. The Notes and the Guarantees of the Guarantors will be unsecured and
unsubordinated obligations and will rank equal in right of payment to all of the existing and future unsecured and unsubordinated indebtedness of the Company and the Guarantors, respectively. 

 23. Defeasance and Covenant Defeasance. The Indenture contains provisions for
defeasance at any time of (a) the entire indebtedness with respect to the Notes and (b) certain covenants, consolidations, merger, conveyance, transfer or lease, in each case upon compliance by the Company with certain conditions set forth
in the Indenture. 
 24. Satisfaction and Discharge. The Indenture contains provisions for satisfaction and discharge of
the Notes at any time upon compliance by the Company with certain conditions set forth in the Indenture. 
 25. Governing
Law. The Notes are governed by and construed in accordance with the laws of the State of New York. 
 The Company shall
furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

American Axle & Manufacturing, Inc. 

One Dauch Drive 
 Detroit, Michigan 48211 
 Facsimile: (313) 758-3897

 Attention: General Counsel 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 
  

	
	 
	 
	 (Insert assignee’s soc. sec. or tax I.D. no.)

	 
	 
	 
	 
	 
	 
	 
	 
	 (Print or type assignee’s name, address and zip code)

	and irrevocably appoint
                                        
                                         
                                         
                              
	 to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 Date:
                     
  

			
	 Your Signature:
	 	  

	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee. 

 SCHEDULE OF INCREASES OR DECREASES IN PRINCIPAL AMOUNT 

The initial principal amount of this Note is $[            ]. The following
increases or decreases in this Note have been made: 
  

									
	Date of Redemption or
Repurchase	 	Amount of decrease in
Principal Amount of
this
Note	 	Amount of increase in
Principal Amount of this
Note	 	Principal amount of this Note
following such decrease
or
increase	 	Notation Made by or on
Behalf of
Trustee

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