SUBORDINATED DEMAND REVOLVING CREDIT NOTE
$1,500,000.00 January 24, 2001 Bingham Farms, Michigan
FOR VALUE RECEIVED, JPE, Inc. (d/b/a ASCET INC), a Michigan corporation (the "Company"), hereby
promises to pay to the order of ASC Incorporated, a Michigan corporation ("ASC"), at One Heritage Place,
Suite 400, Southgate, Michigan 48195, or at such other place as ASC may from time to time designate in writing,
in lawful money of the United States of America and in immediately available funds, the principal sum of One
Million Five Hundred Thousand Dollars ($1,500,000.00), or so much of said sum as has been advanced from
time to time by ASC to the Company as recorded on the Schedule hereto or the books and records of ASC and
is then outstanding under this Note, together with interest on the outstanding balance thereof, as provided below.
Payment of all amounts due and owing under this Note (the "Subordinated Debt") shall be due upon demand.
This Note shall expire on February 28, 2001 or upon payment in full by the Company.
The indebtedness outstanding hereunder from time to time shall bear interest in lawful money of the United States,
on the basis of a year of 365 days for the actual number of days elapsed in a month, at a rate equal to the prime
rate declared by Comerica Bank from time to time, plus 150 basis points, compounded quarterly and on
payment of principal upon demand. Any change in such prime rate shall immediately affect a change in the rate of
interest payable hereunder.
ASC is hereby authorized by the Company to record on its books and records the date and amount of each
advance under this Note and the amount of each payment or prepayment of principal thereon, which books and
records shall constitute prima facie evidence of the information so recorded; provided, however, that any failure
by ASC to record any such information shall not relieve the Company of its obligation to repay the outstanding
principal amount of such advances and any amount pa