SECURED PROMISSORY NOTE EXHIBIT definition
SECURED PROMISSORY NOTE EXHIBIT. A" (NON-RECOURSE) $____________________ Long Beach, California _________________, 199___ FOR VALUE RECEIVED, the undersigned ("Maker"), promises to pay to the order of FCG Enterprises, Inc., a California corporation ("Payee"), at Long Beach, California, the sum of __________________________________________________ ($_____________) without interest, except in the case of default. In the event of default, this note shall bear interest at the rate of ten percent (10%) per annum until paid in full. All principal and interest (if any) shall be due and payable on the earlier to occur of the following: (a) ten (10) years after the date hereof; (b) upon the death of the undersigned; (c) at such time as the undersigned is terminated, with or without cause, as an employee of Payee; and (d) the occurrence of any event of default as specified in the Loan and Pledge Agreement of even date herewith. Notwithstanding any provision hereof, in no event shall the interest rate hereunder exceed the maximum rate permitted by law. In the event that any payment of principal or interest is not made when due, all principal and interest hereunder shall become immediately due and payable at the option of Payee. All payments shall be made in legal tender of the United States. The undersigned and every person who assumes or guarantees the obligations of this note waive presentment, demand, notice of demand, protest, notice of protest, notice of dishonor and notice of non-payment. This Note shall be interpreted and enforced in accordance with the laws of the state of California. Any dispute concerning this Note shall be subject to binding arbitration in accordance with the provisions of Paragraph 12 of the Loan and Pledge Agreement of even date herewith ("Agreement"), which secures this Note. The provisions of said Paragraph 12 are incorporated herein by reference. THE PARTIES TO THIS NOTE WAIVE THE RIGHT TO A JURY TRIAL. In the event arbitration or any other proceeding is instituted to enforce or interpret this Note, the undersigned agree to pay such reasonable attorneys' fees, costs and expenses as may be incurred by the holder of this note in connection with the collection of any sum or sums due hereunder. Attorneys' fees incurred in enforcing any judgment shall be recoverable as a separate item, shall be severable from the other provisions of this Note, shall survive any judgment and shall not be deemed merged into the judgment. In the event the property securing this Note is sold,...