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                                                                   EXHIBIT 10.71

                            ADVANCE FORMULA AGREEMENT

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As of February 7, 2001, this Agreement is made between the undersigned borrowers
(collectively, "Debtors") and COMERICA BANK ("Bank"). For and in consideration
of the loans and other credit which Debtor may now or hereafter obtain from Bank
which are secured pursuant to a certain Security Agreements dated May 27, 1999,
("Security Agreement"), and for other good and valuable consideration, Debtors
agree as follows:

1.   FORMULA LOANS. The credit which Bank may now or hereafter extend to Debtors
     subject to the limitations of this Agreement and to the conditions and
     limitations of any other agreement between Debtors and Bank is identified
     as follows:

          $33,000,000 secured line of credit

     and any extensions, renewals or substitutions, whether in a greater or
     lesser amount, including any letters of credit issued thereunder ("Formula
     Loans").

2.   ADVANCE FORMULA. Debtors warrant and agree that Debtors' indebtedness to
     Bank for the Formula Loans shall never exceed the sum, without duplication,
     of:

     (a)  Eighty five percent (85%) of their Eligible Accounts, as defined
          below, with respect to which the Account Debtor is an Account Debtor
          listed on attached Schedule 1 ("OEM Account Debtors"); and

     (b)  Eighty percent (80%) of their Eligible Accounts with respect to which
          the Account Debtor is not an OEM Account Debtor; and

     (c)  the lesser of fifty percent (50%) of their Eligible Inventory, as
          defined below, or Nine Million Dollars ($9,000,000); and

     (d)  the Overformula Amount.

     "Overformula Amount" shall initially mean Ten Million Dollars
     ($10,000,000). On the first day of each September and March (commencing
     September 1, 2001), the Overformula

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     Amount shall be decreased by One Million Two Hundred Fifty Thousand Dollars
     ($1,250,000) until its has been reduced to zero; provided that the decrease
     on September 1, 2001 shall be in the amount of One Million Dollars
     ($1,000,000) and the last decrease shall be in the amount of One Million
     Five Hundred Thousand Dollars ($1,500,000).

3.   FORMULA COMPLIANCE. If the limitations in paragraph 2, above, are exceeded
     at any time, Debtors shall immediately pay Bank sums sufficient to reduce
     the Formula Loans by the amount of such excess.

4.   ELIGIBLE ACCOUNT. "Eligible Account" shall mean an Account (as defined in
     the Michigan Uniform Commercial Code, as amended ("UCC"), but shall not
     include interest and service charges) arising in the ordinary course of a
     Debtor's business which meets each of the following requirements:

     (a)  it is not owing more than ninety (90) days after the date of the
          original invoice or other writing evidencing such Account;

     (b)  it is not owing by an Account Debtor (as defined in the UCC) who has
          failed to pay twenty five percent (25%) or more of the aggregate
          amount of its Accounts owing to Debtors within ninety (90) days after
          the date of the respective invoices or other writings evidencing such
          Accounts;

     (c)  it arises from the sale or lease of goods and such goods have been
          shipped or delivered to the Account Debtor under such Account; or it
          arises from services rendered and such services have been performed;

     (d)  it is evidenced by an invoice, dated not later than the date of
          shipment or performance, rendered to such Account Debtor or some other
          evidence of billing acceptable to Bank;

     (e)  it is not evidenced by any note, trade acceptance, draft or other
          negotiable instrument or by any chattel paper, unless such note or
          other document or instrument previously has been endorsed and
          delivered by Debtors to Bank;

     (f)  it is a valid, legally enforceable obligation of the Account Debtor
          thereunder, and is not subject to any offset, counterclaim or other
          defense on the part of such Account Debtor or to any claim on the part
          of such Account Debtor denying liability thereunder in whole or in
          part;

     (g)  it is not subject to any sale of accounts, any rights of offset,
          assignment, lien or security interest whatsoever other than to Bank;

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     (h)  it is not owing by a subsidiary or affiliate of a Debtor, nor by an
          Account Debtor which (i) does not maintain its chief executive office
          in the United States of America, (ii) is not organized under the laws
          of the United States of America, or any state thereof, unless such
          Account Debtor is a Canadian or Mexican subsidiary of General Motors,
          Ford or DaimlerChrysler, or (iii) is the government of any foreign
          country or sovereign state, or of any state, province, municipality or
          other instrumentality thereof;

     (i)  it is not an account owing by the United States of America or any
          state or political subdivision thereof, or by any department, agency,
          public body corporate or other instrumentality of any of the
          foregoing, unless all necessary steps are taken to comply with the
          Federal Assignment of Claims Act of 1940, as amended, or with any
          comparable state law, if applicable, and all other necessary steps are
          taken to perfect Bank's security interest in such account;

     (j)  it is not owing by an Account Debtor for which a Debtor has received a
          notice of (i) the death of the Account Debtor, (ii) the dissolution,
          liquidation, termination of existence, insolvency or business failure
          of the Account Debtor, (iii) the appointment of a receiver for any
          part of the property of the Account Debtor, or (iv) an assignment for
          the benefit of creditors, the filing of a petition in bankruptcy, or
          the commencement of any proceeding under any bankruptcy or insolvency
          laws by or against the Account Debtor;

     (k)  it is not an account billed in advance, payable on delivery, for
          consigned goods, for guaranteed sales, for unbilled sales, for
          progress billings, payable at a future date in accordance with its
          terms, subject to a retainage or holdback by the Account Debtor or
          insured by a surety company; and

     (l)  it is not owing by any Account Debtor whose obligations Bank, acting
          in its reasonable discretion based on a belief that the prospects for
          payment of the Accounts owing by such Account Debtor are impaired,
          shall have notified Debtors are not deemed to constitute Eligible
          Accounts.

An Account which is at any time an Eligible Account, but which subsequently
fails to meet any of the foregoing requirements, shall forthwith cease to be an
Eligible Account.

5.   ELIGIBLE INVENTORY. Unless stated otherwise in paragraph 12 below,
     "Eligible Inventory" shall be valued at the lesser of cost or present
     market value in accordance with generally accepted accounting principles,
     consistently applied, and shall mean all of Debtors' Inventory (as defined
     in the UCC) which is in good and merchantable condition, is not obsolete or
     discontinued, and which would properly be classified as "raw materials" or
     as "finished goods inventory" under generally accepted accounting
     principles, consistently applied, excluding (a) Debtors' work in process,
     consigned goods, inventory located outside

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     the United States of America, (b) inventory covered by or subject to a
     seller's right to repurchase, or any consensual or nonconsensual lien or
     security interest (including without limitation purchase money security
     interests) other than in favor of Bank, whether senior or junior to Bank's
     security interest, and (c) inventory that Bank, acting in its sole
     discretion, after having notified Debtors, excludes. Inventory which is at
     any time Eligible Inventory, but which subsequently fails to meet any of
     the foregoing requirements, shall forthwith cease to be Eligible Inventory.

6.   CERTIFICATES, SCHEDULES AND REPORTS. Debtors will within ten (10) days
     after and as of the end of each month (and at such other times as Bank may
     request), deliver to Bank agings of the Accounts and a schedule identifying
     each Eligible Account (not previously so identified) and reports as to the
     amount of Eligible Inventory. Debtors will from time to time deliver to
     Bank such additional schedules, certificates and reports respecting all or
     any of the Collateral (as defined in the Security Agreement), the items or
     amounts received by Debtors in full or partial payment of any of the
     Collateral, and any goods (the sale or lease of which by Debtors shall have
     given rise to any of the Collateral) possession of which has been obtained
     by Debtors, all and as to such extent as Bank may request. Any such
     schedule, certificate or report shall be executed by a duly authorized
     officer of Debtors and shall be in such form and detail as Bank may
     specify. Any such schedule identifying any Eligible Account shall be
     accompanied (if Bank so requests) by a true and correct copy of the invoice
     evidencing such Eligible Account and by evidence of shipment or
     performance.

7.   INSPECTIONS; COMPLIANCE. Debtors shall permit Bank and its designees from
     time to time to make such inspections and audits, and to obtain such
     confirmations or other information, with respect to any of the Collateral
     or any Account Debtor as Bank is entitled to make or obtain under the
     Security Agreement, and shall reimburse Bank on demand for all costs and
     expenses incurred by Bank in connection with such inspections and audits.
     Debtors shall further comply with all of the other terms and conditions of
     the Security Agreement.

8.   DEFAULT. Any failure by Debtors to comply with this Agreement shall
     constitute a default under the Formula Loans and under the Security
     Agreement and the Indebtedness, as defined therein.

9.   AMENDMENTS; WAIVERS. This Agreement may be amended, modified or terminated
     only in writing duly executed by Debtors and Bank. No delay by Bank in
     requiring Debtor's compliance herewith shall constitute a waiver of such
     right. The rights granted to Bank hereunder are cumulative, and in addition
     to any other rights Bank may have by agreement or under applicable law.
     This Agreement shall supersede and replace in their entirety any prior
     advance formula agreements in effect between Bank and Debtors. This
     Agreement shall be governed by and construed in accordance with the
     internal laws of the State of Michigan, without regard to conflict of laws
     principles.

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10.  DEMAND BASIS FORMULA LOANS. Notwithstanding anything to the contrary set
     forth in this Agreement, in the event that the Formula Loans are at any
     time on a demand basis, Debtors hereby acknowledge and agree that the
     formula set forth in paragraph 2 hereof is merely for advisory and guidance
     purposes and Bank shall not be obligated to make any loans or advances
     under the Formula Loans, and, notwithstanding the terms of paragraph 3
     above, Bank may at any time, at its option, demand payment of any or all of
     the Formula Loans, whereupon the same shall become due and payable.

11.  JURY WAIVER. DEBTORS AND BANK ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY
     IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER
     CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR
     CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT WAIVES ANY
     RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE
     OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE
     INDEBTEDNESS.

12.  SPECIAL PROVISIONS*

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     *None, if left blank.

IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and year
first above written.

Debtors' Chief Executive Office Address:        DEBTORS:

30400 Telegraph Road                            JPE, INC.
Suite 101
Bingham Farms, MI 48025
                                                By: /s/ David L. Treadwell
                                                    --------------------------

                                                     Chairman and Chief
                                                Its: Executive Officer
                                                     -------------------------

                                                BRAKE, AXLE AND TANDEM
                                                COMPANY CANADA, INC.

                                                By: /s/ David L. Treadwell
                                                    --------------------------

                                                Its: Director
                                                     -------------------------

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                                                DAYTON PARTS, INC.

                                                By:   /s/ David L. Treadwell
                                                   -----------------------------
                                                Its:  Chief Executive Officer
                                                    ----------------------------

                                                JPE FINISHING, INC.

                                                By:   /s/ David L. Treadwell
                                                   -----------------------------
                                                Its:  Chief Executive Officer
                                                    ----------------------------

                                                PLASTIC TRIM, INC.

                                                By:   /s/ David L. Treadwell
                                                   -----------------------------
                                                Its:  Chief Executive Officer
                                                    ----------------------------

                                                STARBOARD INDUSTRIES, INC.

                                                By:   /s/ David L. Treadwell
                                                   -----------------------------

                                                Its:  Chief Executive Officer
                                                    ----------------------------

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Accepted and Approved:

COMERICA BANK

By:
         Richard S. Arceci

Its:     Vice President

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                   JPE, Inc. (d/b/a ASC Exterior Technologies)
                            Schedule 1 "OEM Debtors"

DaimlerChrysler Corporation
DaimlerChrysler de Mexico
DaimlerChrysler of Canada
Delphi Automotive Systems
Ford Motor Company
Ford Motor of Canada
Ford Parts & Service
General Motors Corporation (including NAO, CPC, BOC, GMC Truck)
General Motors Service Parts Corporation
General Motors de Mexico
General Motors of Canada
Visteon

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                                                                   EXHIBIT 10.72

                    [COMERICA LOGO] SUBORDINATION AGREEMENT
                          (All Indebtedness and Liens)

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JPE, Inc., a Michigan corporation ("Borrower") is indebted to the undersigned
("Creditor") in the principal sum of up to Eighteen Million Dollars
($18,000,000) evidenced by [ ] AN OPEN ACCOUNT [X] PROMISSORY NOTES [ ] OTHER
(DESCRIBE)_____________________________ which indebtedness is [ ]
UNSECURED [X] SECURED by a lien on the assets of the Borrower, and Creditor is
or may become financially interested in Borrower and desires to aid Borrower in
obtaining or having continued financial accommodations, whether by way of loan,
commitment to loan, discounting of instruments, extensions of credit or the
obtaining of any other financial aid from Comerica Bank ("Bank").

In order to induce the Bank to extend or to continue to extend financial
accommodations to Borrower from time to time, whether by way of a loan,
commitment to loan, discounting of instruments, extension of credit or otherwise
and in consideration of any of these financial accommodations, Creditor agrees
as follows:

1.   Subject to the provisions of paragraph 20, any and all obligations and
     liabilities of Borrower to Creditor, including, without limit, principal
     and interest payments, whether direct or indirect, absolute or contingent,
     joint or several, secured or unsecured, due or to become due, now existing
     or later arising and whatever the amount and however evidenced (the
     "Subordinated Indebtedness"), are subordinated in right of payment to any
     and all obligations and liabilities of Borrower to the Bank, including,
     without limit, principal and interest payments, whether direct or indirect,
     absolute or contingent, joint or several, secured or unsecured, due or to
     become due, now existing or later arising and however evidenced, together
     with all other sums due thereon and all costs of collecting the same
     (including, without limit, reasonable attorney fees) for which Borrower is
     liable (the "Senior Indebtedness").

2.   Subject to the provisions of paragraph 20, Creditor will not ask for,
     demand, sue for, take or receive (by way of voluntary payment,
     acceleration, set-off or counterclaim, foreclosure or other realization on
     security, dividends in bankruptcy or otherwise), or offer to make any
     discharge or release of, any of the Subordinated Indebtedness, and Creditor
     waives any such rights with respect to the Subordinated Indebtedness nor
     shall Creditor exercise any rights of subrogation or other similar rights
     with respect to the Senior Indebtedness.

3.   Creditor will not exercise any of Creditor's rights in any collateral now
     or later securing the Subordinated Indebtedness. All rights of Creditor in
     any collateral now or later securing the Subordinated Indebtedness are
     subordinated to all rights of the Bank now or later existing in any of the
     same collateral securing the Senior Indebtedness. Creditor waives all
     rights to require the Bank to marshall the collateral for the Senior
     Indebtedness or any other property the Bank may at any time have as
     security for the Senior Indebtedness and waives all right to require the
     Bank to first proceed against any guarantor or other person before
     proceeding against such collateral. Creditor shall not contest the
     validity, priority or perfection of the Bank's security interest in any
     collateral in which the Creditor may also have an interest. The priorities
     of the Bank and the Creditor in such collateral shall be in accordance with
     this Agreement, regardless of whether the Bank's security interest or lien
     in such collateral is valid or perfected. The Bank may take action to
     foreclose or otherwise realize upon, or protect their interest in, the
     collateral, in accordance with their agreements with the Borrower, at any
     time, without the consent of Creditor, and Creditor agrees not to interfere
     in a manner which would defeat the purpose of this Agreement in connection
     therewith. So long as any part of the Senior Indebtedness is outstanding,
     if the Bank has agreed to release its security interest in any of the
     collateral in connection with the realization of any of its rights with
     respect to such collateral, the Bank is hereby authorized as Creditor's
     attorney in fact to execute releases and discharges of Creditor's liens and
     security interests in such collateral provided that the Bank is releasing
     or discharging the Bank's security interest in such collateral as part of
     the same transaction and provided that the Bank gives Creditor ten days
     prior written notice of such release during which such ten day period
     Creditor does not sign and deliver to the Bank any such releases and
     discharges. The subordination and postponement in priority, operation and
     effect of the security interests of the Creditor shall have the same force
     and effect as though the security interests of the Bank had attached and
     were perfected by filing or otherwise prior to the time the security
     interests of the Creditor attached and/or were perfected. Creditor agrees
     that its liens and security interests in the Collateral shall secure only
     the Creditor loan and no other obligations or liabilities of Borrower to
     Creditor.

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4.   Creditor authorizes and empowers the Bank to demand, enforce payment by
     legal proceedings, receive and give acquittances for the Subordinated
     Indebtedness and to exercise all rights of Creditor in any security (other
     than a deed of trust, mortgage or security interest covering real property
     or a principal dwelling) now or later held for the Subordinated
     Indebtedness. As collateral for the Senior Indebtedness, Creditor hereby
     pledges, assigns and grants to Bank a security interest in the Subordinated
     Indebtedness, any collateral or other security (other than a deed of trust,
     mortgage or security interest covering real property or a principal
     dwelling) for the Subordinated Indebtedness, and all claims or demands of
     Creditor in connection therewith, with full right on the part of the Bank,
     in its own name or in the name of Creditor, to collect and enforce these
     claims or demands, by suit, proof of debt in bankruptcy, or in any other
     proceeding involving dissolution, insolvency, liquidation or an adjustment
     of the indebtedness of Borrower. The Bank has no obligation to the Creditor
     to take any steps with regard to these claims or demands, the Subordinated
     Indebtedness, or any collateral or other security for the Subordinated
     Indebtedness.

5.   Subject to the provisions of paragraph 20, should any payment, distribution
     or security or proceeds from these be received by Creditor upon or with
     respect to the Subordinated Indebtedness prior to the satisfaction in full
     of the Senior Indebtedness, Creditor shall immediately deliver same to the
     Bank in the form received (except for endorsement or assignment by Creditor
     where required by the Bank), for application on the Senior Indebtedness
     (whether or not then due and in such order of maturity as Bank elects) and,
     until so delivered, the same shall be held in trust by Creditor as the
     property of the Bank.

6.   Creditor represents and warrants that it has not made or permitted to be
     made and shall not make or permit any assignment, transfer, pledge, or
     disposition for collateral purposes or otherwise, of all or any part of the
     Subordinated Indebtedness or any collateral or other security for the
     Subordinated Indebtedness so long as this Agreement remains in effect.
     Creditor shall, on the date of this Agreement or promptly upon receipt if
     not yet delivered to Creditor, deliver to the Bank, endorsed if required by
     the Bank, all notes and other instruments evidencing any Subordinated
     Indebtedness. Creditor agrees to execute all financing statements deemed
     necessary by the Bank to perfect the Bank's rights and interests under this
     Agreement. The Bank is to have all the rights and remedies of a secured
     creditor under the Michigan Uniform Commercial Code, as amended from time
     to time, with respect to such interests. Creditor further makes,
     constitutes and appoints Bank its true and lawful attorney-in-fact with
     full power of substitution to take any action in furtherance of this
     Agreement, including, but not limited to, the signing of financing
     statements, endorsing of instruments, and the execution and delivery of all
     documents and agreements necessary to obtain or accomplish any protection
     for or collection or disposition of any part of any collateral. Such
     appointment shall be deemed irrevocable and coupled with an interest.

7.   This Agreement constitutes a continuing agreement of subordination, even
     though at times Borrower is not indebted to the Bank. The Bank may
     continue, in reliance on this Agreement, without notice to Creditor, to
     lend monies, extend credit, modify, renew or make other financial
     accommodations, to or for the account of Borrower until the fifth (5th) day
     ("effective date") following written acknowledgment by an officer of the
     Bank that the Bank received written notice of revocation of this Agreement
     from Creditor. Any such notice of revocation shall not be effective as to
     any Senior Indebtedness existing at the effective date of revocation or any
     Senior Indebtedness created after that pursuant to any commitment or
     agreement of the Bank or pursuant to any Borrower loan (whether advances or
     readvances by the Bank after the effective date of revocation are optional
     or obligatory) existing at the effective date of revocation or any
     modifications or renewals of any such Senior Indebtedness, whether in whole
     or in part. Possession by the Bank of any note or other evidence of
     indebtedness made, endorsed or guaranteed by Borrower shall be conclusive
     evidence (but not the only means of establishing) that Borrower is indebted
     to the Bank.

8.   Creditor shall indemnify the Bank against all claims, damages, costs, and
     expenses, including, without limit, reasonable attorneys' fees, incurred by
     the Bank in connection with any suit, claim or action against the Bank
     arising out of any modification or termination of a Borrower loan or any
     refusal by the Bank to extend additional credit relating to the revocation
     of this Agreement.

9.   Creditor delivers this Agreement based solely on Creditor's independent
     investigation of (or decision not to investigate) the financial condition
     of Borrower and is not relying on any information furnished by the Bank.
     Creditor assumes full responsibility for obtaining any further information
     concerning Borrower's financial

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     condition, the status of the Senior Indebtedness or any other matter which
     Creditor may deem necessary or appropriate now or later. Creditor waives
     any duty on the part of the Bank, and agrees that Creditor is not relying
     upon nor expecting the Bank to disclose to Creditor any fact now or later
     known by the Bank, whether relating to the operations or condition of
     Borrower, the existence, liabilities or financial condition of any
     guarantor of the Senior Indebtedness, the occurrence of any default with
     respect to the Senior Indebtedness, or otherwise, notwithstanding any
     effect such fact may have upon Creditor's risk or Creditor's rights against
     Borrower. Creditor knowingly accepts the full range of risk encompassed in
     this Agreement, which risk includes, without limit, the possibility that
     Borrower may incur Senior Indebtedness to the Bank after the financial
     condition of Borrower, or its ability to pay Borrower's debts as they
     mature, has deteriorated. Creditor acknowledges and agrees that the Bank's
     rights under this Agreement are not conditioned upon pursuit by the Bank of
     any remedy the Bank may have against Borrower or any other person or any
     other security. The absence of Borrower's signature at the end of this
     Agreement shall in no way impair or affect the validity of this Agreement.

10.  The Bank, in its sole discretion, without notice to Creditor, may release,
     exchange, enforce and otherwise deal with any security now or later held by
     the Bank for payment of the Senior Indebtedness or release any party now or
     later liable for payment of the Senior Indebtedness without affecting in
     any manner the Bank's rights under this Agreement. Creditor acknowledges
     and agrees that the Bank has no obligation to acquire or perfect any lien
     on or security interest in any asset(s), whether realty or personalty, to
     secure payment of the Senior Indebtedness, and Creditor is not relying upon
     assets in which the Bank has or may have a lien or security interest for
     payment of the Senior Indebtedness.

11.  Notwithstanding any prior revocation, termination, surrender, or discharge
     of this Agreement in whole or in part, the effectiveness of this Agreement
     shall automatically continue or be reinstated in the event that any payment
     received or credit given by the Bank in respect of the Senior Indebtedness
     is returned, disgorged, or rescinded under any applicable state or federal
     law, including, without limitation, laws pertaining to bankruptcy or
     insolvency, in which case this Agreement, shall be enforceable against the
     Creditor as if the returned, disgorged, or rescinded payment or credit had
     not been received or given by the Bank, and whether or not the Bank relied
     upon this payment or credit or changed its position as a consequence of it.
     In the event of continuation or reinstatement of this Agreement, the
     Creditor agrees upon demand by the Bank to execute and deliver to the Bank
     those documents which the Bank determines are appropriate to further
     evidence (in the public records or otherwise) this continuation or
     reinstatement, although the failure of the Creditor to do so shall not
     affect in any way the reinstatement or continuation.

12.  Creditor waives any right to require the Bank to: (a) proceed against any
     person or property; (b) give notice of the terms, time and place of any
     public or private sale of personal property security held from Borrower or
     any other person, or otherwise comply with the provisions of Section 9-504
     of the Michigan or other applicable Uniform Commercial Code; or (c) pursue
     any other remedy in the Bank's power. Creditor waives notice of acceptance
     of this Agreement and presentment, demand, protest, notice of protest,
     dishonor, notice of dishonor, notice of default, notice of intent to
     accelerate or demand payment of any Senior Indebtedness, any and all other
     notices to which the undersigned might otherwise be entitled, and diligence
     in collecting any Senior Indebtedness, and agrees that the Bank may, once
     or any number of times, modify the terms of any Senior Indebtedness,
     compromise, extend, increase, accelerate, renew or forbear to enforce
     payment of any or all Senior Indebtedness, or permit the Borrower to incur
     additional Senior Indebtedness, all without notice to Creditor and without
     affecting in any manner the unconditional obligations of Creditor under
     this Agreement.

13.  Creditor acknowledges that the Bank has the right to sell, assign,
     transfer, negotiate or grant participations or any interest in, any or all
     of the Senior Indebtedness and any related obligations, including without
     limit this Agreement. In connection with the above, but without limiting
     its ability to make other disclosures to the full extent allowable, the
     Bank may disclose all documents and information which the Bank now or later
     has or acquires relating to Creditor and this Agreement, however obtained.
     Creditor further agrees that the Bank may disclose such documents and
     information to Borrower. Creditor further agrees that the Bank may provide
     information relating to this Agreement or relating to Creditor to the
     Bank's parent, affiliates, subsidiaries and service providers.

14.  No waiver or modification of any of its rights under this Agreement shall
     be effective unless the waiver or modification shall be in writing and
     signed by an authorized officer on behalf of the Bank. Each waiver or
     modification shall be a waiver or modification only with respect to the
     specific matter to which the waiver or

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     modification relates and shall in no way impair the rights of the Bank or
     the obligations of Creditor to the Bank in any other respect.

15.  This Agreement shall bind and be for the benefit of Creditor and the Bank
     and their respective successors and assigns, and shall be construed
     according to the laws of the State of Michigan, without regard to conflict
     of laws principles. If this Agreement is executed by two or more persons,
     it shall bind each of them individually as well as jointly.

16.  The term "Borrower", as used in this Agreement, includes any person,
     corporation, partnership or other entity which succeeds to the interests or
     business of Borrower named above, and the terms "Senior Indebtedness" and
     "Subordinated Indebtedness" include indebtedness of any successor Borrower
     to the Bank and Creditor.

17.  Creditor agrees to reimburse the Bank upon demand for any and all costs and
     expenses (including, without limit, court costs, legal fees, and reasonable
     attorney fees whether inside or outside counsel is used, whether or not
     suit is instituted and, if instituted, whether at the trial or appellate
     level, in a bankruptcy, probate or administrative proceeding, or otherwise)
     incurred in enforcing any of the duties and obligations of Creditor under
     this Agreement.

18.  Creditor waives any defense against the enforceability of this Agreement
     based upon or arising by reason of the application by Borrower of the
     proceeds of any Indebtedness for purposes other than the purposes
     represented by Borrower to the Bank or intended or understood by the Bank
     or Creditor. Creditor waives all right to require the Bank to first proceed
     against any guarantor or other person before proceeding against the
     Collateral.

19.  The relative priorities of the Bank and Creditor in the Collateral as set
     forth in this Agreement control irrespective of the time, method or order
     of attachment or perfection of the liens and security interests acquired by
     the parties in the Collateral and irrespective of the priorities as would
     otherwise be determined by reference to the Uniform Commercial Code or
     other applicable laws. Creditor shall not contest the validity, priority or
     perfection of the Bank's security interest in the Collateral (regardless of
     whether the Bank's security interest in the Collateral is valid or
     perfected). The priorities of any liens or security interests of the
     parties in any property of the Borrower other than the Collateral are not
     affected by this Agreement and shall be determined by reference to
     applicable law. The Bank's rights under this Agreement are in addition to,
     and not in substitution of, its rights under any other subordination
     agreement with Creditor.

20.  Special Provisions: Notwithstanding anything to the contrary in this
     Agreement, Creditor may ask for, demand, sue for, take or receive from
     Borrower (a) regularly scheduled monthly payments of interest (but not
     prepayments, whether voluntary or by acceleration or otherwise) which may
     come due under the above-described promissory note ("Note"); and (b)
     payments of principal and interest with respect to the $3,000,000 short
     term line of credit by Creditor in favor of Borrower, provided, however,
     that Creditor may not ask for, demand, sue for, take or receive from
     Borrower or any other person any such payments after Creditor is given
     written notice by the Bank that a Default or Event of Default exists or has
     occurred under any note(s), guaranty(ies), and/or agreement(s) between the
     Bank and the Borrower or that any loan(s) between Borrower and Bank has
     (have) been called. All such payments due Creditor with respect to the
     Subordinated Indebtedness must be suspended until such time (if ever) as
     Creditor receives subsequent written notice from the Bank stating that the
     Default has been cured and/or the loan(s) has (have) been paid. The Bank
     agrees to give Borrower copies of the notices, but the Bank's failure to do
     so shall not affect its rights under this Agreement or any other Agreement
     with Borrower.

     The documents evidencing the Subordinated Indebtedness may not be modified,
prepaid or accelerated without the prior written consent of the Bank.

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

THE UNDERSIGNED AND THE BANK ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A
CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR
HAVING HAD THE OPPORTUNITY TO CONSULT) WITH

                                       4
<PAGE>   5

COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL
BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING
THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT.

IN WITNESS WHEREOF, Creditor has caused this Agreement to be executed as of
February 7, 2001.

ASC INCORPORATED                              CREDITOR'S ADDRESS

BY:  /s/ David L. Treadwell                   One Sunroof Ctr
   ---------------------------------
   SIGNATURE OF                               STREET ADDRESS

ITS: Vice Chairman
    --------------------------------
    TITLE (if applicable)                     CITY            STATE          ZIP
                                              Southgate         MI.        48195

                            BORROWER'S ACKNOWLEDGMENT

JPE, Inc. ("Borrower") accepts notice of subordination created by this Agreement
and agrees that it will take no action inconsistent with this Agreement and
that, except with the prior written approval of Bank, no payment or distribution
shall be made by Borrower on or with respect to the Subordinated Indebtedness,
so long as this Agreement remains in effect. Borrower agrees that the Bank may,
at its option, without notice and without limiting Bank's other rights, upon any
breach by Creditor of, or purported termination by the Creditor of, this
Agreement, declare all Senior Indebtedness to be immediately due and payable
and/or terminate any commitments of Bank to Borrower.

JPE, INC.                                       BORROWER'S ADDRESS

BY: /s/ David L. Treadwell                      30400 Telegraph Road, Suite 101
   ------------------------------------         --------------------------------
    SIGNATURE OF                                STREET ADDRESS

ITS: Chairman & Chief Executive Officer           Bingham Farms, Michigan 48025
    -----------------------------------         --------------------------------
    TITLE (if applicable)                       CITY              STATE      ZIP

                                                Dated:  February 7, 2001

                                       5

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