<SEC-DOCUMENT>0000947871-18-000295.txt : 20180327
<SEC-HEADER>0000947871-18-000295.hdr.sgml : 20180327
<ACCEPTANCE-DATETIME>20180327170711
ACCESSION NUMBER:		0000947871-18-000295
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20180326
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180327
DATE AS OF CHANGE:		20180327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN AXLE & MANUFACTURING HOLDINGS INC
		CENTRAL INDEX KEY:			0001062231
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				383161171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14303
		FILM NUMBER:		18716178

	BUSINESS ADDRESS:	
		STREET 1:		ONE DAUCH DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48211-1198
		BUSINESS PHONE:		3137583600

	MAIL ADDRESS:	
		STREET 1:		ONE DAUCH DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48211-1198
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ss85697_8k.htm
<DESCRIPTION>CURRENT REPORT
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<div style="TEXT-ALIGN: center; MARGIN-TOP: 3pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 16pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 16pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 16pt; FONT-WEIGHT: bold">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 12pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURSUANT TO SECTION 13 OR 15(d) OF</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">THE SECURITIES EXCHANGE ACT OF 1934</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date of Report (Date of earliest event reported): March 26, 2018</div>

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<div style="TEXT-ALIGN: center; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 22pt; FONT-WEIGHT: bold">AMERICAN AXLE &amp; MANUFACTURING HOLDINGS, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Exact name of registrant as specified in its charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">One Dauch Drive, Detroit, Michigan</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(Former name or former address, if changed since last report)</div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8&#8211;K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a&#8211;12 under the Exchange Act (17 CFR 240.14a-12)</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d&#8211;2(b) under the Exchange Act (17 CFR 240.14d&#8211;2(b))</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e&#8211;4(c) under the Exchange Act (17 CFR 240.13e&#8211;4(c))</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1913 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECTION 8 &#8212; Other Events</div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Events.</div>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 4.5pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">On March 26, 2018, American Axle&#160;&amp; Manufacturing, Inc. (&#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>AAM</u></font>&#8221;), a Delaware corporation and wholly owned subsidiary of American Axle&#160;&amp; Manufacturing Holdings, Inc., a Delaware corporation (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Company</u></font>&#8221;), completed the closing of the sale of $400 million aggregate principal amount of 6.250% senior notes due 2026 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Notes</u></font>&#8221;). The Notes are guaranteed on a senior unsecured basis by the Company and certain of AAM and Metaldyne Performance Group, Inc.&#8217;s current and future subsidiaries guarantors (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Subsidiary Guarantors</u></font>&#8221;).</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Notes were issued by AAM pursuant to an Indenture, dated as of November&#160;3, 2011 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Original Indenture</u></font>&#8221;), by and among AAM, certain Subsidiary Guarantors and U.S. Bank National Association, as trustee (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Trustee</u></font>&#8221;) which governs the terms of the Notes, as supplemented by the First Supplemental Indenture dated March 23, 2017, among AAM, Holdings, Alpha SPV I, Inc., certain Subsidiary Guarantors and the Trustee (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>First Supplemental Indenture</u></font>&#8221;), the Second Supplemental Indenture, dated May 17, 2017, among AAM, Holdings, certain Subsidiary Guarantors and the Trustee (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Second Supplemental Indenture</u></font>&#8221;).&#160; The Original Indenture was included as an exhibit to the Company&#8217;s Current Report on Form 8-K previously filed with the Securities and Exchange Commission on November&#160;3, 2011; <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 10pt">the First Supplemental Indenture was included as an exhibit to the Company&#8217;s&#160; Current Report on Form 8-K </font>previously filed with the Securities and Exchange Commission on<font style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 10pt"> March 23, 2017; and the Second Supplemental Indenture was included as an exhibit to the Company&#8217;s&#160; Current Report on Form 8-K </font>previously filed with the Securities and Exchange Commission on<font style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 10pt"> May 17, 2017</font><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 10pt">. </font>A copy of the form of Note is attached hereto as Exhibit&#160;4.1 and is incorporated herein by reference.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">A copy of the opinions of Shearman&#160;&amp; Sterling LLP, counsel to the Company and AAM, and of David E. Barnes, General Counsel and Secretary of the Company and AAM, relating to the legality of the Notes are attached hereto as Exhibits 5.1 and 5.2, respectively.</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECTION 9 &#8212; Financial Statements and Exhibits</div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 4.5pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(d) Exhibits</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><a href="ss85697_ex0401.htm">Form of 6.250% Senior Note due 2026</a>.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><a href="ss85697_ex0501.htm">Opinion of Shearman &amp; Sterling LLP, counsel to American Axle &amp; Manufacturing Holdings, Inc. and American Axle &amp; Manufacturing, Inc.</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><a href="ss85697_ex0502.htm">Opinion of David E. Barnes, General Counsel and Secretary of American Axle &amp; Manufacturing Holdings, Inc. and American Axle &amp; Manufacturing, Inc.</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><a href="ss85697_ex0501.htm">Consent of Shearman &amp; Sterling LLP (included in Exhibit 5.1)</a>.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><a href="ss85697_ex0502.htm">Consent of David E. Barnes (included in Exhibit 5.2)</a>.</div>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">/s/ David E. Barnes</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">David E. Barnes</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Vice President, General Counsel &amp; Secretary</div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Dated: March 27, 2018</div>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ss85697_ex0401.htm
<DESCRIPTION>FORM OF 6.250% SENIOR NOTE DUE 2026
<TEXT>
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<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(Face of Note)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">AMERICAN AXLE &amp; MANUFACTURING, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Guaranteed by</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">AMERICAN AXLE &amp; MANUFACTURING HOLDINGS, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">AAM INTERNATIONAL HOLDINGS, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">AUBURN HILLS MANUFACTURING, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">OXFORD FORGE, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">MSP INDUSTRIES CORPORATION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">COLFOR MANUFACTURING, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ACCUGEAR, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">METALDYNE PERFORMANCE GROUP, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ROCHESTER MANUFACTURING, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">MPG HOLDCO I INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">METALDYNE BSM, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">METALDYNE M&amp;A BLUFFTON, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">METALDYNE POWERTRAIN COMPONENTS, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">METALDYNE SINTERED RIDGWAY, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">METALDYNE SINTERFORGED PRODUCTS, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">PUNCHCRAFT MACHINING AND TOOLING, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">HHI FORMTECH, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">JERNBERG INDUSTRIES, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">IMPACT FORGE GROUP, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ASP HHI HOLDINGS, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ASP HHI INTERMEDIATE HOLDINGS, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ASP HHI INTERMEDIATE HOLDINGS II, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ASP HHI ACQUISITION CO., INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">FORGING HOLDINGS, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">HEPHAESTUS HOLDINGS, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">HHI FORMTECH HOLDINGS, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">HHI FORGING, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">GEARING HOLDINGS, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">CLOYES GEAR HOLDINGS, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">JERNBERG HOLDINGS, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">IMPACT FORGE HOLDINGS, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ASP MD HOLDINGS, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ASP MD INTERMEDIATE HOLDINGS, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ASP MD INTERMEDIATE HOLDINGS II, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">MD INVESTORS CORPORATION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">METALDYNE, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">GEAR DESIGN AND MANUFACTURING, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">GREDE WISCONSIN SUBSIDIARIES LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">CLOYES GEAR AND PRODUCTS, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">GREDE LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">GREDE HOLDINGS LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ASP GREDE INTERMEDIATE HOLDINGS LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">GSC RIII&#8212;GREDE LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">SHOP IV SUBSIDIARY INVESTMENT (GREDE), LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">HHI HOLDINGS, LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">GREDE II LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">ASP GREDE ACQUISITIONCO LLC</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">THE MESH COMPANY, LLC</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">6.250% Senior Notes Due 2026</div>

<div style="MARGIN-BOTTOM: 12pt"><br>
</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">CUSIP 02406P AY6<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>ISIN <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 10pt">US02406PAY60</font></div>

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<div><br>
</div>

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<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">No. 001</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$400,000,000</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">AMERICAN AXLE &amp; MANUFACTURING, INC.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">AMERICAN AXLE &amp; MANUFACTURING, INC., a Delaware corporation (the &#8220;Company&#8221;, which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to CEDE &amp; Co., or registered assigns, the principal sum set forth on the Schedule of Increases or Decreases in Principal Amount attached hereto, on March 15, 2026.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">Interest Payment Dates: March 15 and September 15<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>Record Dates: March 1 and September 1</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">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.</div>

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</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt">[SIGNATURES ON FOLLOWING PAGES]</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Dated: March 26, 2018</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">AMERICAN AXLE &amp; MANUFACTURING, INC.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">American Axle &amp; Manufacturing Holdings, Inc. (&#8220;Holdings&#8221;), AAM International Holdings, Inc., Auburn Hills Manufacturing, Inc., Oxford Forge, Inc., MSP Industries Corporation, Colfor Manufacturing, Inc., Accugear, Inc., Metaldyne Performance Group, Inc., Rochester Manufacturing, LLC, MPG Holdco I Inc., Metaldyne BSM, LLC, Metaldyne M&amp;A Bluffton, LLC, Metaldyne Powertrain Components, Inc., Metaldyne Sintered Ridgway, LLC, Metaldyne SinterForged Products, LLC, Punchcraft Machining and Tooling, LLC, HHI FormTech, LLC, Jernberg Industries, LLC, Impact Forge Group, LLC, ASP HHI Holdings, Inc., ASP HHI Intermediate Holdings, Inc., ASP HHI Intermediate Holdings II, Inc., ASP HHI Acquisition Co., Inc., Forging Holdings, LLC, Hephaestus Holdings, LLC, HHI FormTech Holdings, LLC, HHI Forging, LLC, Gearing Holdings, LLC, Cloyes Gear Holdings, LLC, Jernberg Holdings, LLC, Impact Forge Holdings, LLC, ASP MD Holdings, Inc., ASP MD Intermediate Holdings, Inc., ASP MD Intermediate Holdings II, Inc., MD Investors Corporation, Metaldyne, LLC, Gear Design and Manufacturing, LLC, Grede Wisconsin Subsidiaries LLC, Cloyes Gear and Products, Inc., Grede LLC, Grede Holdings LLC, ASP Grede Intermediate Holdings LLC, GSC RIII&#8212;Grede LLC, Shop IV Subsidiary Investment (Grede), LLC, HHI Holdings, LLC, Grede II LLC, ASP Grede AcquisitionCo LLC, and The Mesh Company, LLC (the &#8220;Subsidiary Guarantors&#8221; and, together with Holdings, the &#8220;Guarantors&#8221;), which term includes any successor Person under the Indenture dated as of November 3, 2011 among the Company, as issuer, certain Guarantors and U.S. Bank National Association, as trustee (the &#8220;Trustee&#8221;) as supplemented by the First Supplemental Indenture dated March 23, 2017, among Holdings, the Company, Alpha SPV I, Inc., certain Subsidiary Guarantors and the Trustee, the Second Supplemental Indenture, dated May 17, 2017, among Holdings, the Company, certain Subsidiary Guarantors and the Trustee, and the Third Supplemental Indenture, dated March [23], 2018 among Holdings, the Company, the Subsidiary Guarantors and the Trustee (collectively, the &#8220;Indenture&#8221;), 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, and the other obligations set forth in, and all in accordance with the terms of Article Sixteen, in the case of Holdings, and Article Seventeen, in the case of the Subsidiary Guarantors, of the Indenture.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">IN WITNESS WHEREOF, each of the Guarantors has caused this Note to be duly executed.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Dated: March 26, 2018</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">AMERICAN AXLE &amp; MANUFACTURING HOLDINGS, INC., AAM INTERNATIONAL HOLDINGS, INC., AUBURN HILLS MANUFACTURING, INC., OXFORD FORGE, INC., MSP INDUSTRIES CORPORATION, COLFOR MANUFACTURING, INC., ACCUGEAR, INC., METALDYNE PERFORMANCE GROUP, INC., ROCHESTER MANUFACTURING, LLC, MPG HOLDCO I INC., METALDYNE BSM, LLC, METALDYNE M&amp;A BLUFFTON, LLC, METALDYNE POWERTRAIN COMPONENTS, INC., METALDYNE SINTERED RIDGWAY, LLC, METALDYNE SINTERFORGED PRODUCTS, LLC, PUNCHCRAFT MACHINING AND TOOLING, LLC, HHI FORMTECH, LLC, JERNBERG INDUSTRIES, LLC, IMPACT FORGE GROUP, LLC, ASP HHI HOLDINGS, INC., ASP HHI INTERMEDIATE HOLDINGS, INC., ASP HHI INTERMEDIATE HOLDINGS II, INC., ASP HHI ACQUISITION CO., INC., FORGING HOLDINGS, LLC, HEPHAESTUS HOLDINGS, LLC, HHI FORMTECH HOLDINGS, LLC, HHI FORGING, LLC, GEARING HOLDINGS, LLC, CLOYES GEAR HOLDINGS, LLC, JERNBERG HOLDINGS, LLC, IMPACT FORGE HOLDINGS, LLC, ASP MD HOLDINGS, INC., ASP MD INTERMEDIATE HOLDINGS, INC., ASP MD INTERMEDIATE HOLDINGS II, INC., MD INVESTORS CORPORATION, METALDYNE, LLC, GEAR DESIGN AND MANUFACTURING, LLC, GREDE WISCONSIN SUBSIDIARIES LLC, CLOYES GEAR AND PRODUCTS, INC., GREDE LLC, GREDE HOLDINGS LLC, ASP GREDE INTERMEDIATE HOLDINGS LLC, GSC RIII - GREDE LLC, SHOP IV SUBSIDIARY INVESTMENT (GREDE), LLC, HHI HOLDINGS, LLC, GREDE II LLC, ASP GREDE ACQUISITIONCO LLC, THE MESH COMPANY, LLC</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Dated: March 26, 2018</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">6.250% Senior Notes Due 2026</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.&#160; The securities represented by this Note and any additional Securities of the same series issued under the Indenture are collectively referred to herein as &#8220;the Notes.&#8221;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Interest</u></font>.&#160; American Axle &amp; Manufacturing, Inc., a Delaware corporation (the &#8220;Company&#8221;), promises to pay interest on the principal amount of this Note at 6.250% per annum from the date hereof until maturity. The Company shall pay interest in arrears semiannually on March 15<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>and September<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>15<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an &#8220;Interest Payment Date&#8221;). 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 September 15, 2018. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Method of Payment</u></font>.&#160; 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 March 1 or September 1, as applicable,<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>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.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Paying Agent and Registrar</u></font>.&#160; 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.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Indenture</u></font>.&#160; The Company issued the Notes under an Indenture dated as of November 3, 2011 among the Company, certain Guarantors and the Trustee as supplemented by the First Supplemental Indenture dated March 23, 2017, among Holdings, the Company, Alpha SPV I, Inc., certain Subsidiary Guarantors and the Trustee, the Second Supplemental Indenture, dated May 17, 2017, among Holdings, the Company, certain Subsidiary Guarantors and the Trustee, and the Third Supplemental Indenture, dated March [23], 2018 among Holdings, the Company, the Subsidiary Guarantors and the Trustee (collectively, the &#8220;Indenture&#8221;). 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 &#167;&#167; 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 $400,000,000 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.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Optional Redemption</u></font>.&#160; On and after March 15, 2021, the Company will be entitled at its option to redeem all or a portion of the Notes upon not less than 10 nor more than 60 days&#8217; 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 March 15<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>of the years set forth below:</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Prior to March 15, 2021, 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&#8217;s registered address or delivered electronically, not less than 10 nor more than 60 days prior to the Redemption Date.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In addition, the Company may on any one or more occasions prior to March 15, 2021 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 106.250% 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:</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(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</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(2) the redemption occurs within 90 days after the closing of such Equity Offering.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Applicable Premium&#8221; 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 March 15, 2021<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>(as set forth above), plus (ii) all required interest payments due on such Note through March 15, 2021<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>(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<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>basis points, over (b) the then outstanding principal of such Note.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Equity Offering&#8221; 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&#8217;s or Holding&#8217;s Common Stock, or options, warrants or rights, registered on Form S-4 or S-8, (y) an issuance to any Subsidiary of Holdings or (z) any offering of Common Stock issued in connection with a transaction that constitutes a Change of Control.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Net Cash Proceeds&#8221; 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&#8217; fees, accountants&#8217; fees, underwriters&#8217; or placement agents&#8217; 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).</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Treasury Rate&#8221; 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 March 15, 2021; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided, however</font>, that if the period from the Redemption Date to March 15, 2021 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 March 15, 2021 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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company will mail or deliver electronically notice of any redemption at least 10 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 <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">pro rata </font>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.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Change of Control</u></font>.&#160; Upon the occurrence of a Change of Control, the Company will make an offer (a &#8220;Change of Control Offer&#8221;) to each Holder to repurchase all or any part of each Holder&#8217;s Notes at a purchase price (the &#8220;Change of Control Purchase Price&#8221;) 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 or deliver electronically, 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 &#8220;Change of Control Payment Date&#8221;); (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.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company shall comply with the requirements of Rule 14e of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), 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 or the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Notes or the Indenture by virtue of such compliance.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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&#160; 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&#8217; 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; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided</font>, 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.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Change of Control&#8221; means the occurrence of any of the following events:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(a)&#160; any &#8220;person&#8221; or &#8220;group&#8221; 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 &#8220;beneficial ownership&#8221; 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);</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(b)&#160; 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;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(c)&#160; 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 &#8220;person&#8221; (as such term is used in Sections 13(d) and 14(d) of the Exchange Act);</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(d)&#160; 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</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(e)&#160; 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).</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Consolidation, Merger, Sale or Conveyance</u></font>.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(a)&#160;&#160; 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:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(1)&#160; 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;</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(2)&#160; 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</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(3)&#160; the Company or Holdings, as the case may be, has delivered to the Trustee an Officers&#8217; 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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(b)&#160; 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:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(1)&#160; 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; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided</font>, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">however</font>, 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;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(2)&#160; 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</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(3)&#160; the Company has delivered to the Trustee an Officers&#8217; 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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(c)&#160; 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, </div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">and be subject to every obligation of, the Company, Holdings or such Subsidiary Guarantor, as the case may be, under the Indenture and the Notes or the Guarantees, as the case may be, 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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Limitation on Liens</u></font>. 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 (&#8220;Debt&#8221;) 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 original 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 the Company&#8217;s option, prior to such Debt so long as such Debt shall be so secured.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The foregoing restriction shall not apply to, and there shall be excluded from Debt in any computation under such restriction, Debt secured by:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(1)&#160; Mortgages on any property existing at the time of the acquisition thereof;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(2)&#160; 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; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided </font>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;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(3)&#160; Mortgages on property of a corporation existing at the time such corporation becomes a Restricted Subsidiary;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(4)&#160; Mortgages in favor of the Company, Holdings or a Restricted Subsidiary;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(5)&#160; 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; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided</font> 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;</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(6)&#160; 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</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(7)&#160; Mortgages existing on the original date of the Indenture (November 3, 2011) or any extension, renewal, replacement or refunding of any Debt secured by a Mortgage existing on the original date of the Indenture (November 3, 2011) or referred to in clauses (1) to (3) or (5); <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided </font>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; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided further</font> that this clause (7) shall not include Mortgages securing Debt incurred under the Credit Agreement or any extension, renewal, replacement or refunding thereof.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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 paragraph 9 below) does not exceed 10% of Consolidated Net Tangible Assets.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Credit Agreement&#8221; means the Credit Agreement dated as of April 6, 2017 among Holdings, AAM Inc., each financial institution party thereto as a lender and JPMorgan Chase Bank, N.A., as Administrative Agent, as amended, restated, supplemented, replaced or refinanced from time to time.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Limitation on Sale and Leaseback Transactions</u></font>. The Company and Holdings will not, and will not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any Operating Property unless:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(1)&#160; the Sale and Leaseback Transaction is solely with the Company, Holdings or another Restricted Subsidiary;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(2)&#160; the lease is for period not in excess of twenty-four months, including renewals;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(3)&#160; the Company, Holdings or such Restricted Subsidiary would (at the time of entering into such arrangement) be entitled as described in clauses (1) through (7) of paragraph 8 above, without equally and ratably securing the notes then outstanding under the Indenture, to create, incur, issue, assume or guarantee Debt secured by a Mortgage on such Operating Property in the amount of the Attributable Debt arising from such Sale and Leaseback Transaction;</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(4)&#160; the Company, Holdings or such Restricted Subsidiary within 360 days after the sale of such Operating Property in connection with such Sale and Leaseback Transaction is completed, applies an amount equal to the greater of (A) the net proceeds of the sale of such Operating Property or (B) the fair market value of such Operating Property to (i) the retirement of the Notes, other Funded Debt of the Company or Holdings ranking on a parity with the Notes or Funded Debt of a Restricted Subsidiary or (ii) the purchase of Operating Property; or</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(5)&#160; the Attributable Debt of the Company, Holdings and its Restricted Subsidiaries in respect of such Sale and Leaseback Transaction and all other Sale and Leaseback Transactions entered into after the original date of the Indenture (November 3, 2011) (other than any such Sale and Leaseback Transaction as would be permitted as described in clauses (1) through (4) of this sentence), plus the aggregate principal amount of Debt secured by Mortgages on Operating Properties then outstanding (not including any such Debt secured by Mortgages described in clauses (1) through (7) of paragraph 8 above) which do not equally and ratably secure such outstanding notes (or secure such outstanding notes on a basis that is prior to other Debt secured thereby), would not exceed 10% of Consolidated Net Tangible Assets.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Future Subsidiary Guarantors</u></font>. The Company will cause each of the 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 set forth in Article Seventeen of the Indenture. Any such supplemental indenture will be executed and delivered no later than 45 days following the date on which such Subsidiary guarantees such Guarantee Indebtedness. The Guarantee of the Notes by any Subsidiary Guarantor will be released and discharged in accordance with Article Seventeen of the Indenture.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Following the first day (the &#8220;Suspension Date&#8221;):</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(1)&#160; the Notes have an Investment Grade Rating from both of the Ratings Agencies; and</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(2)&#160; no Default has occurred and is continuing under the Indenture;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Holdings, the Company and their Subsidiaries will not be subject to the provisions of this covenant.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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&#8217; 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 &#8220;Reinstatement Date&#8221;), 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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Guarantee Indebtedness&#8221; means, with respect to any Person on any date of determination (without duplication):</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(1)&#160; the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(2)&#160; the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(3)&#160; the principal component of all obligations of such Person in respect of letters of credit, bankers&#8217; 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;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(4)&#160; 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);</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(5)&#160; 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; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided</font>, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">however</font>, 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</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 23.75pt; FONT-SIZE: 10pt">(6)&#160; 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).</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Investment Grade Rating&#8221; means a rating equal to or higher than Baa3 (or the equivalent) by Moody&#8217;s Investors Service, Inc. and BBB- (or the equivalent) by Standard &amp; Poor&#8217;s Ratings Group, Inc., in each case, with a stable or better outlook; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided</font> that a change in outlook shall not by itself constitute a loss of an Investment Grade Rating.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Ratings Agencies&#8221; means Standard &amp; Poor&#8217;s Ratings Group, Inc. and Moody&#8217;s Investors Service, Inc. or if Standard &amp; Poor&#8217;s Ratings Group, Inc. or Moody&#8217;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 &amp; Poor&#8217;s Ratings Group, Inc. or Moody&#8217;s Investors Service, Inc. or both, as the case may be.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>No Sinking Fund</u></font>.&#160; The Company shall not be required to make sinking fund payments with respect to the Notes.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Notice of Redemption</u></font>.&#160; Notice of redemption shall be mailed at least 10 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, unless the Company defaults in the payment of the applicable Redemption Price.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Denominations, Transfer, Exchange</u></font>.&#160; 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.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Persons Deemed Owners</u></font>. The registered Holder of a Note may be treated as its owner for all purposes.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Amendment, Supplement and Waiver</u></font>. 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 Guarantors 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. </font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Defaults and Remedies</u></font>.&#160; Events of Default include:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(a)&#160; 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;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(b)&#160; 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;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(c)&#160; 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 &#8220;Notice of Default&#8221; hereunder;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(d)&#160; 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&#160;days after notice is given as specified in the Indenture;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(e)&#160; 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; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">provided</font> 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;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(f)&#160; 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;</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(g)&#160; 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;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(h)&#160; 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</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(i)&#160; there occurs any other Event of Default provided pursuant to Section&#160;301 or 901 of the Indenture with respect to the Notes.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#8220;Significant Subsidiary&#8221; means any Subsidiary that would constitute a &#8220;significant subsidiary&#8221; 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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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. </div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">17.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Trustee Dealings with Company</u></font>.&#160; 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.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>No Recourse Against Others</u></font>.&#160; 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.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">19.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Authentication</u></font>.&#160; This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">20.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Abbreviations</u></font>.&#160; 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).</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">21.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>CUSIP Numbers</u></font>.&#160; 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.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">22.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Guarantees</u></font>.&#160; The Company&#8217;s obligations under the Notes are fully and unconditionally guaranteed by the Guarantors as set forth Articles Sixteen and Seventeen of the Indenture.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">23.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Ranking</u></font>.&#160; 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.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">24.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Defeasance and Covenant Defeasance</u></font>.&#160; 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.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">25.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Satisfaction and Discharge</u></font>.&#160; 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.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">26.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Governing Law</u></font>.&#160; The Indenture, the Notes, and the Guarantees are governed by and construed in accordance with the laws of the State of New York.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 108pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">American Axle &amp; Manufacturing, Inc.<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>One Dauch Drive<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>Detroit, Michigan 48211<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>Facsimile: (313) 758-3937<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>Attention: General Counsel</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 108pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ASSIGNMENT FORM</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Insert assignee&#8217;s soc. sec. or tax I.D. no.)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Print or type assignee&#8217;s name, address and zip code)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">and irrevocably appoint ___________________________________________________</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">to transfer this Note on the books of the Company.&#160; The agent may substitute another to act for him.</div>
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<div style="MARGIN-BOTTOM: 12pt"><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Date:&#160; ______________________</div>

<div><br>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Your Signature:&#160; ______________________</div>
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<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Sign exactly as your name appears on the face of this Note)</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Signature Guarantee.</div>

<div><br>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div><br>
&#160;</div>

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&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE OF INCREASES OR DECREASES IN PRINCIPAL AMOUNT</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The initial principal amount of this Note is $400,000,000.&#160; The following increases or decreases in this Note have been made:</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date of </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Redemption or </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Repurchase</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount of </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">decrease in </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount of this Note</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount of </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">increase in </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Amount </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of this Note</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal amount </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of this Note </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">following such </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">decrease or </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">increase</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notation Made </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">by or on Behalf </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of Trustee</div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ss85697_ex0501.htm
<DESCRIPTION>OPINION OF SHEARMAN & STERLING LLP
<TEXT>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 5.1</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 8pt">599 Lexington Avenue<font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><br>
</font>New York, NY 10022-6069</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 8pt">+1.212.848.4000</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">March&#160;26, 2018</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">American Axle&#160;&amp; Manufacturing Holdings, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">American Axle&#160;&amp; Manufacturing, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">One Dauch Drive</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Detroit, Michigan 48211</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">American Axle&#160;&amp; Manufacturing Holdings, Inc.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">American Axle&#160;&amp; Manufacturing, Inc.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$400,000,000 6.250% Senior Notes Due 2026</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Ladies and Gentlemen:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We have acted as counsel to American Axle &amp; Manufacturing, Inc., a Delaware corporation (&#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>AAM Inc.</u></font>&#8221;), in connection with the issuance and sale by AAM Inc. of&#160;$400,000,000 aggregate principal amount of AAM Inc.&#8217;s 6.250% Senior Notes due 2026 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Notes</u></font>&#8221;), pursuant to the terms and conditions set forth in the Underwriting Agreement dated March 12, 2018 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Underwriting Agreement</u></font>&#8221;) among AAM Inc., American Axle &amp; Manufacturing Holdings, Inc. (&#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Holdings</u></font>&#8221;), the Delaware Guarantors and the Non-Delaware Guarantors (each as defined in Schedule A hereto) (the Delaware Guarantors and the Non-Delaware Guarantors, collectively, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Subsidiary </u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Guarantors</u></font>&#8221;, and, together with Holdings, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Guarantors</u></font>&#8221;) and the underwriters name therein. The Notes are to be issued pursuant to an indenture dated as of November 3, 2011 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Original Indenture</u></font>&#8221;), among AAM Inc., Holdings, certain Subsidiary Guarantors and U.S. Bank National Association, as trustee (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Trustee</u></font>&#8221;), as supplemented by the First Supplemental Indenture dated March 23, 2017, among AAM Inc., Holdings, Alpha SPV I, Inc., certain Subsidiary Guarantors and the Trustee (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>First Supplemental Indenture</u></font>&#8221;) and the Second Supplemental Indenture, dated May 17, 2017, among AAM Inc., Holdings, the Subsidiary Guarantors and the Trustee (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Second Supplemental Indenture</u></font>&#8221;, and, together with the Original Indenture and the First Supplemental Indenture, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Indenture</u></font>&#8221;).&#160; The Notes will be guaranteed by the Guarantors pursuant to the guarantees (collectively, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Guarantees</u></font>&#8221; and together with the Notes, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Securities</u></font>&#8221;) as provided for in the Indenture.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In that connection, we have reviewed originals or copies of the following documents:</div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Underwriting Agreement.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Indenture.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Notes and Guarantees in global form as executed by AAM Inc., Holdings and the Subsidiary Guarantors.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Officers&#8217; Certificate dated March 26, 2018 delivered by AAM Inc. and Holdings to the Trustee pursuant to Section 301 of the Indenture.</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SHEARMAN.COM</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial">Shearman &amp; Sterling LLP is a limited liability partnership organized in the United States under the laws of the state of Delaware, which laws limit the personal liability of partners.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Originals or copies of such other corporate records of AAM Inc., the Guarantors and AAM Inc.&#8217;s other subsidiaries, certificates of public officials and of officers of AAM Inc., the Guarantors and AAM Inc.&#8217;s other subsidiaries, and agreements and other documents as we have deemed necessary as a basis for the opinions expressed below.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The documents described in the foregoing clauses (a) through (d) are collectively referred to herein as the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Opinion Documents</u></font>.&#8221;</div>

<div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In our review of the Opinion Documents and other documents, we have assumed:</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The genuineness of all signatures.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The authenticity of the originals of the documents submitted to us.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The conformity to authentic originals of any documents submitted to us as copies.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">As to matters of fact, the truthfulness of the representations made in the Underwriting Agreement and the other Opinion Documents and in certificates of public officials and officers of AAM Inc., Holdings and the Subsidiary Guarantors.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">That each of the Opinion Documents is the legal, valid and binding obligation of each party thereto, other than AAM Inc., Holdings and the Subsidiary Guarantors, enforceable against each such party in accordance with its terms. </font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">That:</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">the Non-Delaware Guarantors are duly organized under the laws of its respective jurisdiction of organization;</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;AAM Inc., Holdings and the Subsidiary <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Guarantors have the power and authority (corporate or otherwise) to execute, deliver and perform, and have duly authorized, executed and delivered (except to the extent Generally Applicable Law is applicable to such execution and delivery), the Opinion Documents to which they are a party;</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 108pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">the execution, delivery and performance by AAM, Inc., Holdings and the Subsidiary Guarantors of the Opinion Documents to which they are a party have been duly authorized by all necessary action (corporate or otherwise) and do not:</font></div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 144pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(A)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">contravene their certificate or articles of incorporation, by-laws or other organizational documents;</font></div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 144pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(B)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">except with respect to Generally Applicable Law, violate any law, rule or regulation applicable to them; or</font></div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 144pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(C)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">result in any conflict or breach of any agreement or document binding on them;&#160; and</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">the execution, delivery and performance by each of AAM Inc., Holdings and the Subsidiary Guarantors of the Opinion Documents to which they are a party do not, except with respect to Generally Applicable Law, violate any law, rule or regulation applicable to them.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;That, except with respect to Generally Applicable Law, no authorization, approval, consent or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery or performance by each of AAM Inc., Holdings and Subsidiary Guarantors of the Opinion Documents or, if any such authorization, approval, consent, action, notice or filing is required, it has been duly obtained, taken, given or made and is in full force and effect.</div>

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We have not independently established the validity of the foregoing assumptions.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Generally Applicable Law</u></font>&#8221; means the federal law of the United States of America, and the law of the State of New York (including the rules or regulations promulgated thereunder or pursuant thereto), that a New York lawyer exercising customary professional diligence would reasonably be expected to recognize as being applicable to AAM Inc., the Opinion Documents or the transactions governed by the Opinion Documents, and for the purposes of our opinion below, the General Corporation Law of the State of Delaware with respect to AAM Inc. and the Delaware Guarantors. Without limiting the generality of the foregoing definition of Generally Applicable Law, the term &#8220;Generally Applicable Law&#8221; does not include any law, rule or regulation that is applicable to AAM Inc. and the Guarantors, the Opinion Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Opinion Documents or any of its affiliates due to the specific assets or business of such party or such affiliate.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 9pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Based upon the foregoing and upon such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion that the Securities have been duly authorized and executed by AAM Inc., Holdings and the Delaware Guarantors, and to the extent governed by New York law, the Non-Delaware Guarantors, and, when authenticated by the Trustee in accordance with the Indenture and delivered and paid for as provided in the Underwriting Agreement, the Securities will be legal, valid and binding obligations of AAM Inc. and the Guarantors, enforceable against AAM Inc. and the Guarantors in accordance with their terms and entitled to the benefits of the Indenture.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our opinion expressed above is subject to the following qualifications:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Our opinion expressed above is subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally (including without limitation all laws relating to fraudulent transfers).</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Our opinion expressed above is subject to the effect of general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law). </font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN-LEFT: 36pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Our opinion is limited to Generally Applicable Law, and we do not express any opinion herein concerning any other law.</font></div>

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<div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Arial">4</font><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">This opinion letter is rendered to you in connection with the transactions contemplated by the Opinion Documents.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">This opinion letter speaks only as of the date hereof.&#160; We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion letter and which might affect the opinions expressed herein.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">We hereby consent to the filing of this opinion letter as an exhibit to the Current Report on Form 8-K dated the date hereof filed by Holdings and incorporated by reference into the Registration Statement on Form S-3ASR (File No.&#160;333-217033) filed by AAM Inc. and the Guarantors to effect the registration of the Securities under the Securities Act of 1933, as amended (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Securities Act</u></font>&#8221;) and to the use of our name under the heading &#8220;Legal Matters&#8221; in the prospectus and prospectus supplement constituting a part or deemed a part of such Registration Statement. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section&#160;7 of the Securities Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Very truly yours,</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">/s/ Shearman &amp; Sterling LLP</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE A</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Delaware Guarantors</u></div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">AAM International Holdings, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Auburn Hills Manufacturing, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Oxford Forge, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Colfor Manufacturing, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Accugear, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne Performance Group, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">MPG Holdco I Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne BSM, LLC</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne M&amp;A Bluffton, LLC</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne Powertrain Components, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne Sintered Ridgway, LLC</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne SinterForged Products, LLC</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Cloyes Gear and Products, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Mesh Company, LLC</div>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>ss85697_ex0502.htm
<DESCRIPTION>OPINION OF DAVID E. BARNES
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 5.2</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">American Axle&#160;&amp; Manufacturing Holdings, Inc.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">American Axle&#160;&amp; Manufacturing, Inc.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 252pt; FONT-SIZE: 10pt">March 26, 2018</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">American Axle&#160;&amp; Manufacturing Holdings, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">American Axle&#160;&amp; Manufacturing, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">One Dauch Drive</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Detroit, Michigan 48211</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">American Axle &amp; Manufacturing Holdings, Inc.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">American Axle&#160;&amp; Manufacturing, Inc.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$400,000,000 6.250% Senior Notes Due 2026</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Ladies and Gentlemen:</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">I am the General Counsel and Secretary, of American Axle &amp; Manufacturing, Inc., a Delaware corporation (&#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>AAM Inc.</u></font>&#8221;) and American Axle &amp; Manufacturing Holdings, Inc., a Delaware corporation (&#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Holdings</u></font>&#8221;). This opinion is being furnished in connection with the issuance and sale by AAM Inc. of&#160;$400,000,000 aggregate principal amount of AAM Inc.&#8217;s 6.250% Senior Notes due 2026 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Notes</u></font>&#8221;), pursuant to the terms and conditions set forth in the Underwriting Agreement dated March 12, 2018 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Underwriting Agreement</u></font>&#8221;) among AAM Inc., Holdings, the Delaware Guarantors and the Non-Delaware Guarantors (each as defined in Schedule A hereto) (the Delaware Guarantors and the Non-Delaware Guarantors, collectively, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Subsidiary </u></font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Guarantors</u></font>&#8221;, and, together with Holdings, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Guarantors</u></font>&#8221;) and the underwriters named therein. The Notes are to be issued pursuant to an indenture dated as of November 3, 2011 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Original Indenture</u></font>&#8221;), among AAM Inc., Holdings, certain Subsidiary Guarantors and U.S. Bank National Association, as trustee (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Trustee</u></font>&#8221;), as supplemented by the First Supplemental Indenture dated March 23, 2017, among AAM Inc., Holdings, Alpha SPV I, Inc., certain Subsidiary Guarantors and the Trustee (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>First Supplemental Indenture</u></font>&#8221;) and the Second Supplemental Indenture, dated May 17, 2017, among AAM Inc., Holdings, the Subsidiary Guarantors and the Trustee (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Second Supplemental Indenture</u></font>&#8221;, and, together with the Original Indenture and the First Supplemental Indenture, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Indenture</u></font>&#8221;).&#160; The Notes will be guaranteed by the Guarantors pursuant to the guarantees (collectively, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Guarantees</u></font>&#8221; and together with the Notes, the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Securities</u></font>&#8221;) as provided for in the Indenture.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">As General Counsel&#160;&amp; Secretary of Holdings, the parent company of each Subsidiary Guarantor, and AAM Inc., and Secretary of each Subsidiary Guarantor, I am familiar with the incorporation documents and bylaws of each Subsidiary Guarantor and with the affairs of each Subsidiary Guarantor. In rendering the opinions set forth below, I have examined or caused to be examined the Indenture, the form of the global certificates representing the Notes and the Guarantees and the originals, or copies certified to my satisfaction, of such corporate records of AAM Inc. and the Guarantors, certificates of public officials and officers of AAM Inc. and the Guarantors, and such other agreements, instruments and documents as I have deemed necessary as a basis for the opinions hereinafter expressed.&#160; As to questions of fact material to the opinions rendered herein, I have, when relevant facts were not independently established by me, relied upon certificates or other evidence satisfactory to me of AAM Inc. or the Guarantors or their respective officers or public officials.&#160; In all such examinations, I have assumed the genuineness of all signatures on original and certified documents, the authenticity of all documents submitted to me as original documents and the conformity to original or certified documents of all documents submitted to me as copies.&#160; I have also examined or caused to be examined the Underwriting Agreement, and I have assumed the due execution and delivery, pursuant to due authorization, by each of the Underwriters of the Underwriting Agreement.&#160; I also have assumed that the Indenture has been duly authorized, executed and delivered by the Trustee. </div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Based on the foregoing, and subject to the assumptions and qualifications set forth above, it is my opinion that the Guarantees have been duly authorized, executed and delivered by the Non-Delaware Subsidiary Guarantors, except to the extent that the foregoing may be limited by (A)&#160;bankruptcy, insolvency, reorganization, moratorium and other laws now or hereafter in effect relating to creditors&#8217; rights generally and (B)&#160;general principles of equity (regardless of whether enforcement is considered in a proceeding at law or in equity). This opinion letter speaks only as of the date hereof.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 9pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">I hereby consent to the filing of this opinion as an exhibit to the Registration Statement, and I hereby consent to the reference made to me under the heading &#8220;Legal Matters&#8221; set forth in the prospectus supplement deemed part of the Registration Statement pursuant to Rule 430B under the Securities Act of 1933, as amended (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Securities Act</u></font>&#8221;). In giving such consent, I do not thereby admit that I am in the category of persons whose consent is required under Section&#160;7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Very truly yours,</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">/s/ David E. Barnes</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">David E. Barnes</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">General Counsel and Secretary</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">SCHEDULE A</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Delaware Guarantors</u></div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">AAM International Holdings, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Auburn Hills Manufacturing, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Oxford Forge, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Colfor Manufacturing, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Accugear, Inc.</div>
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<td style="WIDTH: 18pt; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#167;</td>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne Performance Group, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">MPG Holdco I Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne BSM, LLC</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne M&amp;A Bluffton, LLC</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne Powertrain Components, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne Sintered Ridgway, LLC</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Metaldyne SinterForged Products, LLC</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Punchcraft Machining and Tooling, LLC</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Cloyes Gear and Products, Inc.</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Mesh Company, LLC</div>
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