This document is a partial waiver of claim by Black Diamond CLO 2005-1 Ltd, one of the petitioning creditors in an involuntary Chapter 11 bankruptcy case against Allied Systems Holdings, Inc. and Allied Systems, Ltd. (L.P.). Black Diamond is owed over $4.5 million by the alleged debtors but waives up to $5,000 of its security interest to ensure it qualifies as an unsecured creditor along with two other petitioning creditors, meeting the $15,000 aggregate unsecured claims requirement to commence an involuntary bankruptcy case under Section 303(b) of the Bankruptcy Code.

1. UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
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Inre:
Chapter II
ALLIED SYSTEMS HOLDINGS, INC.,
Case No. 11-[.__ _,] (LJ)
Alleged Debtor.
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In re:
Chapter II
ALLIED SYSTEMS, LTD. (L.P.),
Case No. 11-._[_ _,] (LJ)
Alleged Debtor.
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PARTIAL WAIVER OF CLAIM OF PETITIONING CREDITOR
To The Honorable Judge Presiding in
The United States Bankruptcy Court
for the District of Delaware:
Black Diamond CLO 2005-1 Ltd ("Petitioning Creditor"), one of the petitioning creditors
in this involuntary Chapter II case, hereby represents and alleges as follows:
1. Concurrently with the execution and submission of this Partial Wavier of Claim,
Petitioning Creditor is one of three (3) creditors to sign an involuntary bankruptcy petition
naming (i) Allied Systems Holdings, Inc., and (ii) Allied Systems, Ltd. (L.P.) (together, the
"Debtors") as Chapter II debtors.
2. Debtors owe Petitioning Creditor, as of the filing date, at least $4.5 million which
is intended to be secured by, among other things, accounts, general intangibles, goods, insurance,
intellectual property, money, and receivables of the Debtors.

2. 3. Petitioning Creditor believes, after due inquiry that the assets of the Debtors are
insufficient to satisfy Petitioning Creditor's claim against the Debtors and that, therefore,
Petitioning Creditor is undersecured.
4. However, to the extent that there is any question that Petitioning Creditor is not a
qualified creditor pursuant to Section 303(b) of the Bankruptcy Code with respect to the
secured/unsecured status of its claim, it hereby waives its right to its security interests in any
assets of the Debtors up to, but no more than, the amount of $5,000.00.
5. Therefore, in conjunction with the other petitioning creditors acting together to
commence these cases, there is an aggregate of unsecured claims of at least $15,000.00 which
amount exceeds the requirements of Section 303(b) of the Bankruptcy Code.
Dated: May j!l__, 2012 Black Diamond CLO 2005-1 Ltd
Wilmington, Delaware By: Black Diamond Co~ 2005-1 Adviser, L.L.C.
By: :"-:1, ~ , ;----
Stephen H. Deckoff, Managing Principal {}!!./
One Sound Shore Drive, Suite 200
Greenwich, CT 06830 ~