<PAGE>   1

                                                                   EXHIBIT 10(O)


                   ASSIGNMENT OF POLICY AS COLLATERAL SECURITY
            (This form does not change the Beneficiary of the policy)

 Policy No   92004017              Insured      TRANSAMERICA LIFE COMPANIES
           -----------------------        --------------------------------------
                              issued or assumed by

              [X] Transamerica Occidental Life Insurance Company
              [ ] Transamerica Assurance Company
              [ ] Transamerica Life Insurance & Annuity Company
                         (herein called "Insurer")

  THIS FORM WILL NOT BE RECORDED IF MODIFIED UNLESS APPROVED BY THE HOME OFFICE

For value received, all rights, title and interest of the undersigned in this
policy is hereby assigned to:

Assignee:

Address of Assignee:
(Complete Mailing Address)

his, her or its executors, administrators, successors or assigns (herein called
"Assignee") with the right to exercise any and all rights and privileges
thereunder (except as provided in paragraph B hereof), subject to all the terms
and conditions of the Policy and to all superior liens, if any, which the
Insurer may have against the Policy. The undersigned jointly and severally agree
and the Assignee by the acceptance of this assignment agrees to the conditions
and provisions hereof.

A.  It is agreed that, without detracting from the generality of the foregoing,
    the following rights are included in this assignment: 
    (1) The sole right to collect from the Insurer the net proceeds of the
    Policy when it becomes a claim by death or maturity; (2) the sole right to
    surrender the Policy and receive the surrender value thereof at any time
    provided by the terms of the Policy and at such other times as the Insurer
    may allow; (3) the sole right to obtain one or more loans or advances on the
    Policy, either from the Insurer or, at any time, from other persons, and to
    pledge or assign the Policy as security for such loans or advances; (4) the
    sole right to collect and receive all distributions or shares of surplus,
    dividend deposits or additions to the Policy now or hereafter made or
    apportioned thereto, and to exercise any and all options contained in the
    Policy with respect to; provided, that unless and until the Assignee shall
    notify the Insurer in writing to the contrary, the distributions or shares
    of surplus, dividend deposits and additions shall continue on the plan in
    force at the time of the assignment; and (5) the sole right to exercise all
    non forfeiture rights permitted by the terms of the Policy or allowed by the
    Insurer and to receive all benefits and advantages derived therefrom.

B.  It is agreed that the following rights, so long as the Policy has not been
    surrendered, are excluded from this assignment:
    (1) The right to collect from the Insurer any disability income; (2) the
    right to designate and change the beneficiary; and (3) the right to elect
    optional modes of settlement; but the reservation of these rights shall in
    no way impair the right of the Assignee to surrender the Policy completely
    with all its incidents or impair any other right of the Assignee hereunder,
    and any designation or change of beneficiary or election of a mode of
    settlement shall be made subject to this assignment and to the rights of
    the Assignee hereunder.

C.  This assignment is made and the Policy is to be held as collateral security
    for any and all liabilities of the undersigned, or any of them, to the
    Assignee, either now existing or that may hereafter arise in the ordinary
    course of business between any of the undersigned and the Assignee (all of
    which liabilities secured or to become secured are herein called
    "Liabilities").

D.  The Assignee covenants and agrees with the undersigned as follows:
    1 That any balance of sums received hereunder from the Insurer remaining
    after payment of the then existing Liabilities shall be paid by the Assignee
    to the persons entitled thereto under the terms of the Policy had this
    assignment not been executed.

    2 That the Assignee will not exercise either the right to surrender the
    Policy or (except for the purpose of paying premiums) the right to obtain
    policy loans from the Insurer, until there has been default in any of the
    Liabilities or a failure to pay any premium when due, nor until twenty days
    after the Assignee shall have mailed, by first-class mail, to the
    undersigned at the addresses given herein below, notice of intention to
    exercise such right; and

    3 That the Assignee will upon request forward without unreasonable delay to
    the Insurer the Policy for endorsement of any designation or change of
    beneficiary or any election of an optional mode of settlement.

E.  The Insurer is hereby authorized to recognize the Assignee's claim to rights
    hereunder without investigating the reasons for any action taken by the
    Assignee, or the validity or the amount of the Liabilities or the existence
    of any default therein, or the giving of any notice under Paragraph D(2)
    above or otherwise, or the application to be made by the Assignee of any
    amounts to be paid to the Assignee. The sole signature of the Assignee shall
    be sufficient for the exercise of any rights under the Policy assigned
    hereby and the sole receipt of the Assignee for any sums received shall be a
    full discharge and release therefor to the Insurer.

F.  The Assignee shall be under no obligation to pay any premium, or the
    principal of or interest on any loans or advances on the Policy whether or
    not obtained by the Assignee, or any other charges on the Policy, but any
    such amounts so paid by the assignee from its own funds, shall become a part
    of the Liabilities hereby secured, shall be due immediately, and shall draw
    interest at a rate fixed by the Assignee from time to time not exceeding 6%
    per annum.

G.  The exercise of any right or privilege given herein to the Assignee shall be
    at the option of the Assignee, but (except as restricted in Paragraph D(2)
    above) the assignee may exercise any such right or privilege without notice
    to, or assent by, or affecting the liability of, or releasing any interest
    hereby assigned by the undersigned, or any of them.

H.  The Assignee may take or release other security, may release any party
    primarily or secondarily liable for any of the Liabilities, may grant
    extensions, renewals or indulgences with respect to the Liabilities, or may
    apply to the Liabilities proceeds of the Policy hereby assigned or any
    amount received on account of the Policy by the exercise of any right 
    permitted under this assignment, without resorting or regard to other 
    security.

I.  In the event of any conflict between the provisions of this assignment and
    provisions of the note or other evidence of any Liability, with respect to
    the Policy or rights of collateral security therein, the provisions of this
    assignment shall prevail.

J.  Each of the undersigned declares that no proceedings in bankruptcy are
    pending against him and that his property is not subject to any assignment
    for the benefit of creditors.

K.  This assignment shall apply to and be effective under any policy issued in
    exchange for the Policy or as a renewal or conversion thereof.

L.  The validity of this assignment is hereby guaranteed by each of the
    undersigned.

 Date Signed:   8-21-98                            ASSIGNMENT BY
             ---------------------
          Jamie Davis                    XX          RIVERIA TOOL CO.
----------------------------------       ---------------------------------------
Witness                                         Complete Name of Policyowner

                                         By:    [SIG]                    CFO
----------------------------------       -------------------------   -----------
Address of witness                           Authorized Signature       Title

     Mel Barry                           By:
----------------------------------       -------------------------   -----------
Witness                                      Authorized Signature       Title


----------------------------------       ---------------------------------------
Address of witness

--------------------------------------------------------------------------------
This assignment has been recorded at the Home Office of the Insurer in Los
Angeles, California. The Insurer assumes no legal responsibility for the
sufficiency or validity of the assignment.

  Date recorded                          By
               -------------------         -------------------------------------
                                                           Name
--------------------------------------------------------------------------------

                                   ASSIGNMENT



<PAGE>   2
               ASSIGNMENT OF LIFE INSURANCE POLICY AS COLLATERAL

A.                The undersigned ("Assignor") assign(s) and transfer(s) to
         Old Kent Bamk of 111 Lyon NW, Grand Rapids, MI 49503 ("Assignee"), as
         security, Policy No. 0011750630 issued by Jackson National Life
         Insurance Co. ("Insurer") upon the life of Kenneth K. Rieth and any
         supplementary contracts issued in connection with the policy (the
         policy and the supplementary contracts are called the "Policy") and all
         claims, options, privileges, rights, title and interest in and under
         the Policy (except as provided in Paragraph C), subject to all the
         terms and conditions of the Policy and to all superior liens, if any,
         that the Insurer may have against the Policy.

B.       Without detracting from the generality of the foregoing, the following
         specific rights are included in this Assignment and pass to Assignee:
         1. The sole right to collect from Insurer the net proceeds of the
            Policy when it becomes a claim by death or maturity;
         2. The sole right to surrender the Policy and receive its surrender
            value at any time provided by the terms of Policy and at any other
            times as Insurer may allow;
         3. The sole right to obtain one or more loans or advances on the
            Policy, either from Insurer or from other persons, and to pledge or
            assign the Policy as security for those loans or advances;
         4. The sole right to collect and receive all distributions or shares of
            surplus, dividend deposits or additions to the Policy now or in the
            future made or apportioned to it, and to exercise any and all
            options contained in the Policy with respect to those distributions,
            shares, deposits or additions; but unless and until Assignee shall
            notify Insurer in writing to the contrary, the distributions or
            shares of surplus, dividend deposits and additions shall continue on
            the plan in force at the time of this Assignment; and
         5. The sole right to exercise all nonforfeiture rights permitted by the
            terms of the Policy or allowed by Insurer and to receive all
            benefits and advantages derived from those rights.

C.       The following specific rights, so long as the Policy has not been
         surrendered, are reserved and excluded from this Assignment and do not
         pass to Assignee:
         1. The right to collect from Insurer any disability benefit payable in
            cash that does not reduce the amount of insurance;
         2. The right to designate and change the beneficiary; and
         3. The right to elect any optional mode of settlement permitted by the
            Policy or allowed by Insurer; but the reservation of these rights
            shall not impair the right of Assignee to surrender the Policy
            completely with all its incidents or any other right of Assignee
            under this Assignment, and any designation or change of beneficiary
            or election of a mode of settlement shall be made subject to this
            Assignment and to the rights of Assignee under it.

D.       THIS ASSIGNMENT IS MADE AND THE POLICY IS TO BE HELD AS COLLATERAL
         SECURITY FOR ANY AND ALL INDEBTEDNESS AND OBLIGATIONS NOW OR IN THE
         FUTURE OWING TO ASSIGNEE BY ASSIGNOR AND FOR ANY AND ALL INDEBTEDNESS
         AND OBLIGATIONS NOW OR IN THE FUTURE OWING TO ASSIGNEE BY
         Riviera Tool Company ("DEBTOR"), regardless of whether any such
         indebtedness or obligation is (a) not presently intended or
         contemplated by Assignee, Assignor or Debtor, (b) indirect, contingent
         or secondary, (c) unrelated to the Policy, (d) of a kind or class that
         is different from any indebtedness or obligation now owing to Assignee
         by Assignor or Debtor, or (e) evidenced by a note or other document
         that does not refer to this Assignment (collectively, the
         "INDEBTEDNESS").
E.       Assignee agrees as follows:
         1. Any balance of sums received under this Assignment from Insurer
            remaining after payment of the then-existing Indebtedness, matured
            or unmatured, shall be returned by Assignee to Insurer, which shall
            pay the balance to the persons who would be entitled to it under the
            terms of the Policy if this Assignment had not been made;
         2. Assignee will not exercise either the right to surrender the Policy
            or (except for the purpose of paying premiums) the right to obtain
            policy loans from Insurer until there has been default in payment of
            any of the Indebtedness or a failure to pay any premium when due;
            and
         3. Upon the request of the undersigned owner of the Policy, Assignee
            will send the Policy to Insurer for endorsement of any designation
            or change of beneficiary or any election of an optional mode of
            settlement.

F.       Insurer is authorized to recognize Assignee's claims to rights under
         this Assignment without investigating the reason for any action taken
         by Assignee or the validity or the amount of the Indebtedness or the
         existence of any default in the Indebtedness or the application to be
         made by Assignee of any amounts to be paid to Assignee. The sole
         signature of Assignee shall be sufficient for the exercise of any
         rights under the Policy assigned by this Assignment and the sole
         receipt of Assignee for any sums received shall be a full discharge and
         release to Insurer. Checks for all or any part of the sums payable
         under the Policy and assigned in this Assignment shall be drawn to the
         exclusive order of Assignee if, when, and in the amounts as Assignee
         shall request.

G.       Assignee shall be under no obligation to pay any premium or the
         principal of or interest on any loans or advances on the Policy,
         whether or not obtained by Assignee, or any other charges on the
         Policy, but any amounts so paid by Assignee from its own funds shall
         become a part of the Indebtedness secured by this Assignment, payable
         by Assignor on demand, together with interest at an annual rate equal
         to the lesser of (i) five percent (5%) above the rate of interest
         announced from time to time by Assignee as its "prime" rate of
         interest, or (ii) the highest rate to which the undersigned could
         lawfully agree in writing.

H.       The exercise of any right, option, privilege or power given in this
         Assignment to Assignee shall be at the option of Assignee, but (except
         as restricted by Paragraph E(2) above) Assignee may exercise the right,
         option, privilege or power without notice to, or assent by or
         affecting the liability of, or releasing any interest assigned in this
         Assignment by, Assignor.

I.       If Paragraph D provides that this Assignment secures indebtedness and
         obligations owing to Assignee by a third party named in that paragraph
         ("DEBTOR"), then the Additional Provisions of Assignment set forth on
         the reverse side are a part of this Assignment and are incorporated in
         it by reference.

J.       Notwithstanding the foregoing, the maximum amount of net proceeds of
         the Policy that Assignee shall be entitled to receive under this
         Assignment is $500,000.  If no amount, zero or the words "No Limit,"
         "None" or similar words are inserted in the blank space in this
         paragraph, then there is no limit on the amount of net proceeds of the
         Policy that Assignee may receive under this Assignment.



         Signed as of       July 23         , 1998
                     ----------------------

                Kenneth K. Rieth                       RIVIERA TOOL CO.
------------------------------------------------       -------------------------
                                         Witness                   Policy Owner

                                                       [SIG]                  
                                                       -------------------------

                                                       Peter C. Canepa, CEO & 
                                                       Secretary
                                                       -------------------------
                                                                        Address
               Marcia J. Shumato
------------------------------------------------       -------------------------
                                         Witness              Policy Beneficiary


                                                       -------------------------


                                                       -------------------------
                                                                        Address
<PAGE>   3
\                      ADDITIONAL PROVISIONS OF ASSIGNMENT

K.       The effectiveness of this Assignment is not subject to the satisfaction
         of any conditions, including, without limitation, the granting of any
         other security by any other person, firm, or corporation. Assignee
         shall not be obligated at any time to make any disclosure to Assignor
         concerning Debtor's financial condition, assets, liabilities,
         activities, or operations or the status of the Indebtedness or of any
         other security for the Indebtedness. This Assignment does not create
         any obligation or duty of Assignee to grant or continue credit to
         Debtor or to give notice to or obtain the consent of Assignor before
         doing so.

L.       Assignee in its sole discretion may, without affecting or impairing
         this Assignment, apply payments or collections received from any source
         other than the Policy to the payment of indebtedness other than the
         Indebtedness, even though Assignee could have applied those payments to
         the Indebtedness. Any payments that Assignee receives from Insurer
         under this Assignment shall be applied to the interest on or principal
         of the Indebtedness or to other components of the Indebtedness in any
         manner that Assignee in its sole discretion shall determine.

M.       Assignor waives (a) notice of the acceptance of this Assignment, (b)
         presentment, protest, notice, demand, or action with respect to any
         default in payment of all or any part of the Indebtedness, and (c) any
         right to require Assignee to sue Debtor or any other person obligated
         with respect to all or any part of the Indebtedness or to foreclose or
         realize upon any security for all or any part of the Indebtedness.

N.       The validity and enforceability of this Assignment shall not be
         impaired or affected by the invalidity or unenforceability of any of
         the Indebtedness or of any guaranty or other security for it or by any
         act or omission by Assignee with respect to all or part of the
         Indebtedness or any agreement relating to the Indebtedness or with
         respect to any present or future guaranty or other security for all or
         part of the Indebtedness, including, but not limited to, (a) any
         extension, modification, renewal, indulgence, or substitution, (b) any
         failure or omission to enforce any right, power, or remedy, (c) any
         waiver of any right, power, or remedy or of any default, (d) any
         release, surrender, compromise, settlement, subordination, or
         modification, with or without consideration, or (e) any consent by
         Assignee to any sale or transfer of any security; all whether or not
         Assignor shall have had notice or knowledge of any act, omission, or
         circumstance referred to in this paragraph.

O.       This Assignment is independent of any other obligations at any time in
         effect with respect to all or any part of the Indebtedness and may be
         enforced regardless of the existence, validity, enforcement, or
         nonenforcement of any such other obligations.

                           INDIVIDUAL ACKNOWLEDGMENT

STATE OF                      )
         --------------------
                              :ss.
COUNTY OF                     )
         --------------------

         The Assignment of Life Insurance Policy as Collateral on the reverse
side, including the Additional Provisions on this side, was acknowledged before
me on ________________________, 199___, by ______________________________.

                                       
                                       -----------------------------------------
                                                                   Notary Public

                                                        County,                 
                                       -----------------       -----------------
                                       My commission expires                    
                                                            --------------------

                            ACKNOWLEDGMENT BY ENTITY

STATE OF  Michigan            )
         --------------------
                              :ss.
COUNTY OF Kent                )
         --------------------

         The Assignment of Life Insurance Policy as Collateral on the reverse
side, including the Additional Provisions on this side, was acknowledged before
me on July 23, 1998, by Peter C. Canepa the Secretary of Riviera Tool Co., a
     Corporation          , on its behalf.
--------------------------
   (type of entity)


<TABLE>
<S><C>
                                                  CAROL S. SIMONSON
                                   ---------------------------------------------------------------
                                                                   Notary Public
                                                                  CAROL S. SIMONSON
                                                               Notary Public, Kent County, Michigan
                                                       County, My Commission Expires Oct. 5, 2000
                                   --------------------       ------------------------------------
                                   My commission expires
                                                        ------------------------------------------
</TABLE>

               INSURER'S ACKNOWLEDGMENT, CERTIFICATION AND AGREEMENT

         The undersigned Insurer acknowledges having received and filed, at its
home office in ________________________________________________________________
on __________________________ , 199___, the Assignment of Life Insurance Policy
as Collateral on the reverse side. Insurer certifies to the Assignee named in
the Assignment and agrees that (a) the Policy described in the Assignment is in
full force and effect; (b) there are no other assignments of the Policy on file
with the Insurer, except in favor of Assignee; and (c) Insurer will not cancel
the Policy or permit it to lapse (whether for nonpayment of premiums or
otherwise) without giving Assignee at least 30 days' prior written notice and
the opportunity to cure any default in premium payments or otherwise.


                              --------------------------------------------------
                                             (Name of Insurer)

                              By
                                ------------------------------------------------
                                             Authorized Officer


<PAGE>   4


               ASSIGNMENT OF LIFE INSURANCE POLICY AS COLLATERAL

A.       The undersigned ("Assignor") assign(s) and transfer(s) to Old Kent
         Bank, of 111 Lyon NW, Grand Rapids, MI 49503 ("Assignee"), as security,
         Policy No. 0011750620 issued by Jackson National Life Insurance Company
         ("Insurer") upon the life of Kenneth K. Rieth and any supplementary
         contracts issued in connection with the policy (the policy and the
         supplementary contracts are called the "Policy") and all claims,
         options, privileges, rights, title and interest in and under the Policy
         (except as provided in Paragraph C), subject to all the terms and
         conditions of the Policy and to all superior liens, if any, that the
         Insurer may have against the Policy.

B.       Without detracting from the generality of the foregoing, the following
         specific rights are included in this Assignment and pass to Assignee:
         1. The sole right to collect from Insurer the net proceeds of the
            Policy when it becomes a claim by death or maturity;
         2. The sole right to surrender the Policy and receive its surrender
            value at any time provided by the terms of Policy and at any other
            times as Insurer may allow;
         3. The sole right to obtain one or more loans or advances on the
            Policy, either from Insurer or from other persons, and to pledge or
            assign the Policy as security for those loans or advances;
         4. The sole right to collect and receive all distributions or shares of
            surplus, dividend deposits or additions to the Policy now or in the
            future made or apportioned to it, and to exercise any and all
            options contained in the Policy with respect to those distributions,
            shares, deposits or additions; but unless and until Assignee shall
            notify Insurer in writing to the contrary, the distributions or
            shares of surplus, dividend deposits and additions shall continue on
            the plan in force at the time of this Assignment; and
         5. The sole right to exercise all nonforfeiture rights permitted by the
            terms of the Policy or allowed by Insurer and to receive all
            benefits and advantages derived from those rights.

C.       The following specific rights, so long as the Policy has not been
         surrendered, are reserved and excluded from this Assignment
         and do not pass to Assignee:

         1. The right to collect from Insurer any disability benefit payable in
            cash that does not reduce the amount of insurance;

         2. The right to designate and change the beneficiary; and

         3. The right to elect any optional mode of settlement permitted by the
            Policy or allowed by Insurer; but the reservation of these rights
            shall not impair the right of Assignee to surrender the Policy
            completely with all its incidents or any other right of Assignee
            under this Assignment, and any designation or change of beneficiary
            or election of a mode of settlement shall be made subject to this
            Assignment and to the rights of Assignee under it.

D.       THIS ASSIGNMENT IS MADE AND THE POLICY IS TO BE HELD AS COLLATERAL
         SECURITY FOR ANY AND ALL INDEBTEDNESS AND OBLIGATIONS NOW OR IN THE
         FUTURE OWING TO ASSIGNEE BY ASSIGNOR AND FOR ANY AND ALL INDEBTEDNESS
         AND OBLIGATIONS NOW OR IN THE FUTURE OWING TO ASSIGNEE BY Riviera Tool
         Company ("DEBTOR"), regardless of whether any such indebtedness or
         obligation is (a) not presently intended or contemplated by Assignee,
         Assignor or Debtor, (b) indirect, contingent or secondary, (c)
         unrelated to the Policy, (d) of a kind or class that is different from
         any indebtedness or obligation now owing to Assignee by Assignor or
         Debtor, or (e) evidenced by a note or other document that does not
         refer to this Assignment (collectively, the "INDEBTEDNESS").

E.       Assignee agrees as follows:
         1. Any balance of sums received under this Assignment from Insurer
            remaining after payment of the then-existing Indebtedness, matured
            or unmatured, shall be returned by Assignee to Insurer, which shall
            pay the balance to the persons who would be entitled to it under the
            terms of the Policy if this Assignment had not been made;
         2. Assignee will not exercise either the right to surrender the Policy
            or (except for the purpose of paying premiums) the right to obtain
            policy loans from Insurer until there has been default in payment of
            any of the Indebtedness or a failure to pay any premium when due;
            and
         3. Upon the request of the undersigned owner of the Policy, Assignee
            will send the Policy to Insurer for endorsement of any designation
            or change of beneficiary or any election of an optional mode of
            settlement.

F.       Insurer is authorized to recognize Assignee's claims to rights under
         this Assignment without investigating the reason for any action taken
         by Assignee or the validity or the amount of the Indebtedness or the
         existence of any default in the Indebtedness or the application to be
         made by Assignee of any amounts to be paid to Assignee. The sole
         signature of Assignee shall be sufficient for the exercise of any
         rights under the Policy assigned by this Assignment and the sole
         receipt of Assignee for any sums received shall be a full discharge and
         release to Insurer. Checks for all or any part of the sums payable
         under the Policy and assigned in this Assignment shall be drawn to the
         exclusive order of Assignee if, when, and in the amounts as Assignee
         shall request.

G.       Assignee shall be under no obligation to pay any premium or the
         principal of or interest on any loans or advances on the Policy,
         whether or not obtained by Assignee, or any other charges on the
         Policy, but any amounts so paid by Assignee from its own funds shall
         become a part of the Indebtedness secured by this Assignment, payable
         by Assignor on demand, together with interest at an annual rate equal
         to the lesser of (i) five percent (5%) above the rate of interest
         announced from time to time by Assignee as its "prime" rate of
         interest, or (ii) the highest rate to which the undersigned could
         lawfully agree in writing.

H.       The exercise of any right, option, privilege or power given in this
         Assignment to Assignee shall be at the option of Assignee, but (except
         as restricted by Paragraph E(2) above) Assignee may exercise the right,
         option, privilege or power without notice to, or assent by, or
         affecting the liability of, or releasing any interest assigned in this
         Assignment by, Assignor.

I.       If Paragraph D provides that this Assignment secures indebtedness and
         obligations owing to Assignee by a third party named in that paragraph
         ("DEBTOR"), then the Additional Provisions of Assignment set forth on
         the reverse side are a part of this Assignment and are incorporated in
         it by reference.

J.       Notwithstanding the foregoing, the maximum amount of net proceeds of
         the Policy that Assignee shall be entitled to receive under this
         Assignment is $1,000,000. If no amount, zero or the words "No Limit,"
         "None" or similar words are inserted in the blank space in this
         paragraph, then there is no limit on the amount of net proceeds of the
         Policy that Assignee may receive under this Assignment.


         Signed as of         July 23, 1998
                     -----------------------------.
                                                       Riviera Tool Co.
                                                   -----------------------------
                                                                    Policy Owner

        Kenneth K. Rieth                                       [SIG]
---------------------------------------            -----------------------------
                                Witness            
                                                   

                                                   Peter C. Canepa, CFO & 
                                                   Secretary
                                                   -----------------------------
                                                                         Address
        Marcia J. Shumato
---------------------------------------            -----------------------------
                                Witness                       Policy Beneficiary

                                                   -----------------------------


                                                   -----------------------------
                                                                         Address

<PAGE>   5
                       ADDITIONAL PROVISIONS OF ASSIGNMENT

K.       The effectiveness of this Assignment is not subject to the satisfaction
         of any conditions, including, without limitation, the granting of any
         other security by any other person, firm, or corporation. Assignee
         shall not be obligated at any time to make any disclosure to Assignor
         concerning Debtor's financial condition, assets, liabilities,
         activities, or operations or the status of the Indebtedness or of any
         other security for the Indebtedness. This Assignment does not create
         any obligation or duty of Assignee to grant or continue credit to
         Debtor or to give notice to or obtain the consent of Assignor before
         doing so.

L.       Assignee in its sole discretion may, without affecting or impairing
         this Assignment, apply payments or collections received from any source
         other than the Policy to the payment of indebtedness other than the
         Indebtedness, even though Assignee could have applied those payments to
         the Indebtedness. Any payments that Assignee receives from Insurer
         under this Assignment shall be applied to the interest on or principal
         of the Indebtedness or to other components of the Indebtedness in any
         manner that Assignee in its sole discretion shall determine.

M.       Assignor waives (a) notice of the acceptance of this Assignment, (b)
         presentment, protest, notice, demand, or action with respect to any
         default in payment of all or any part of the Indebtedness, and (c) any
         right to require Assignee to sue Debtor or any other person obligated
         with respect to all or any part of the Indebtedness or to foreclose or
         realize upon any security for all or any part of the Indebtedness.

N.       The validity and enforceability of this Assignment shall not be
         impaired or affected by the invalidity or unenforceability of any of
         the Indebtedness or of any guaranty or other security for it or by any
         act or omission by Assignee with respect to all or part of the
         Indebtedness or any agreement relating to the Indebtedness or with
         respect to any present or future guaranty or other security for all or
         part of the Indebtedness, including, but not limited to, (a) any
         extension, modification, renewal, indulgence, or substitution, (b) any
         failure or omission to enforce any right, power, or remedy, (c) any
         waiver of any right, power, or remedy or of any default, (d) any
         release, surrender, compromise, settlement, subordination, or
         modification, with or without consideration, or (e) any consent by
         Assignee to any sale or transfer of any security; all whether or not
         Assignor shall have had notice or knowledge of any act, omission, or
         circumstance referred to in this paragraph.

O.       This Assignment is independent of any other obligations at any time in
         effect with respect to all or any part of the Indebtedness and may be
         enforced regardless of the existence, validity, enforcement, or
         nonenforcement of any such other obligations.

                            INDIVIDUAL ACKNOWLEDGMENT

STATE OF                 )
        ---------------- 
                         :ss.
COUNTY OF                )
          -------------- 

         The Assignment of Life Insurance Policy as Collateral on the reverse
side, including the Additional Provisions on this side, was acknowledged before
me on          , 199    , by                
     ----------     --      ----------------


                   -------------------------------------------------------------
                                                                   Notary Public

                                                County,
                   -----------------------------       -------------------------

                   My commission expires
                                         ---------------------------------------



                            ACKNOWLEDGMENT BY ENTITY

STATE OF   Michigan     )
        ----------------
                         :ss.
COUNTY OF    Kent       )
         ---------------

         The Assignment of Life Insurance Policy as Collateral on the reverse
side, including the Additional Provisions on this side, was acknowledged before
me on July 23, 1998, by Peter C. Canepa the Secretary of Riviera Tool Company, a
Corporation, on its behalf.

                                                  Carol S. Simonson
                                   ---------------------------------------------
                                                                   Notary Public
                                                      County,
                                   -------------------       -------------------

                                   My commission expires
                                                        ------------------------
                                                               CAROL S. SIMONSON
                                            Notary Public, Kent County, Michigan
                                              My Commission Expires Oct. 5, 2000



             INSURER'S ACKNOWLEDGMENT, CERTIFICATION AND AGREEMENT

The undersigned insurer acknowledges having received and filed, at its home
office in ____________________ on _____________, 199___, the Assignment of Life
Insurance Policy as Collateral on the reverse side. Insurer certifies to the
Assignee named in the Assignment and agrees that (a) the Policy described in the
Assignment is in full force and effect; (b) there are no other assignments of
the Policy on file with the Insurer, except in favor of Assignee; and (c)
Insurer will not cancel the Policy or permit it to lapse (whether for nonpayment
of premiums or otherwise) without giving Assignee at least 30 days' prior
written notice and the opportunity to cure any default in premium payments or
otherwise.


                                ------------------------------------------------
                                             (Name of Insurer)

                              By
                                ------------------------------------------------
                                             Authorized Officer