Exhibit 10.20
AMENDED, RESTATED AND SUBSTITUTED
INVESTOR NOTE
$225,000,000 March 31, 1999
FOR VALUE RECEIVED, ACS FUNDING TRUST I, a Delaware business trust (the "Borrower"), promises
to pay to the INVESTORS named below (the "Lender"), or registered assigns, the principal sum of TWO
HUNDRED AND TWENTY-FIVE MILLION DOLLARS ($225,000,000) or, if less, the unpaid principal
amount of the aggregate loans ("Advances") made by the Lender to the Borrower pursuant to the Loan Funding
and Servicing Agreement (as defined below), as set forth on the attached Schedule, on the dates specified in
Section 2.6 of the Loan Funding and Servicing Agreement, and to pay interest on the unpaid principal amount of
each Advance on each day that such unpaid principal amount is outstanding at the Interest Rate related to such
Advance as provided in the Loan Funding and Servicing Agreement on each Payment Date and each other dates
specified in the Loan Funding and Servicing Agreement.
This Amended, Restated and Substituted Investor Note (the "Note") is issued pursuant to the Loan Funding and
Servicing Agreement, dated as of March 31, 1999 (as amended, modified, supplemented or restated from time
to time, the "Loan Funding and Servicing Agreement"), by and among the Borrower, American Capital
Strategies, Ltd., as servicer, Variable Funding Capital Corporation, as a lender, the Investors named therein (the
"Investors"), Norwest Bank Minnesota, National Association, as backup servicer and as collateral custodian,
First Union Securities, Inc. (successor-in-interest to First Union Capital Markets Corp.), as deal agent, and First
Union National Bank, as a lender and as liquidity agent. Capitalized terms used but not defined in this Note are
used with the meanings ascribed to them in the Loan Funding and Servicing Agreement.
Notwithstanding any other provisions contained in this Note, if at any time the rate of interest payable by the
Borrower under this Note, when combined with any and all other charges provided for in