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EXHIBIT 10.1
[ASC LOGO]
June 8, 2000
Mr. Joseph Blake
Vice President and CFO
JPE, Inc. (dba ASC Exterior Technologies, Inc.)
30400 Telegraph Road, Suite 401
Bingham Farms, MI 48025
Subject: Letter Agreement Regarding a Loan Guarantee
Dear Mr. Blake:
JPE, Inc., dba ASC Exterior Technologies, Inc. (ASCET), has requested that ASC
Incorporated (ASC) provide a facility which would guarantee Five Million
Dollars of ASCET debt with Comerica Bank. ASC is willing to provide such a
guarantee under the following conditions:
a. ASCET will pay, on a quarterly basis and in arrears, a fee of 3% per
annum for this service, and
b. ASCET will provide a resolution from its Board of Directors
authorizing the payment of this fee; and
c. ASCET agrees to indemnify and hold ASC harmless for any and all loss
arising from or relating to the issuance of this loan guarantee.
If these conditions are acceptable to ASCET, please indicate such by
signing a copy of this letter and returning it to me at your earliest
convenience.
Sincerely,
ASC Incorporated
/s/ Brad A. Obenauf
Brad A. Obenauf
Vice President & CFO
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The terms and conditions set out in this letter agreement are acceptable to
JPE, Inc., dba ASC Exterior Technologies, Inc.:
By: /s/ J. E. Blake
Its: Chief Financial Officer
Date: June 27, 2000
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ASC INCORPORATED
One Sunroof Center, Southgate, Michigan 48195-3098
TEL. 734.285.4911 - WEB. www.ascglobal.com
WHERE SPECIALTY VEHICLES COME TO LIFE
