EX-10.9
from S-3
1 page
Promissory Note $2,000,000.00 December 9, 1996 for Value Received, the Undersigned, Titan Motorcycle Co. of America, of 2002 E. Indian School Road, Phoenix, Az 85016 Promises to Pay to the Order of Oxford International Management the Principal Sum of Up to Two Million ($2,000,000) Dollars, or the Then Outstanding Balance, if Less, Together With Interest Thereon From Date Hereof Until Paid, at the Rate of Eight Percent (8%) Per Annum as Follows: On Demand, but Not Before December 9, 1997. All or Any Part of the Aforesaid Principal Sum May Be Prepaid at Any Time and From Time to Time Without Penalty. Notwithstanding the Foregoing, No Such Prepayment May Be Made Prior to December 9, 1997. in the Event of Any Default by the Undersigned in the Payment of Principal or Interest When Due or in the Event of the Suspension of Actual Business, Insolvency, Assignment for the Benefit of Creditors, Adjudication of Bankruptcy, or Appointment of a Receiver, of or Against the Undersigned, the Unpaid Balance of the Principal Sum of This Promissory Note Shall at the Option of the Holder Become Immediately Due and Payable. the Maker and All Other Persons Who May Become Liable for the Payment Hereof Severally Waive Demand, Presentment, Protest, Notice of Dishonor or Nonpayment, Notice of Protest, and Any and All Lack of Diligence or Delays in Collection Which May Occur, and Expressly Consent and Agree to Each and Any Extension or Postponement of Time of Payment Hereof From Time to Time at or After Maturity or Other Indulgence, and Waive All Notice Thereof. in Case Suit or Action Is Instituted to Collect This Note, or Any Portion Hereof, the Maker Promises to Pay Such Additional Sum, as the Court May Adjudge Reasonable, Attorneys' Fees in Said Proceedings. This Note Is Made and Executed Under, and Is in All Respects Governed By, the Laws of the State of Arizona. /S/ [Illegible] /S/ Francis S. Keery - Oxford International Management Titan Motorcycle Co. of America
12/34/56
