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Convertible Promissory Note

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Title:

Convertible Promissory Note

Entities:

Mego Financial Corp.

Date:

2001

Size:

Preview shows 3KB of 13KB total

Price:

$38

ID:

#260493

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THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES

ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED,

HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS MAY BE AUTHORIZED UNDER THE

SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATION THEREUNDER.



                           CONVERTIBLE PROMISSORY NOTE





                                                               DECEMBER 10, 2001

$460,000.00(U.S.)                                              CHICAGO, ILLINOIS





     FOR VALUE RECEIVED, the undersigned LC ACQUISITION CORP., a California

corporation (hereinafter referred to as the "Maker"), hereby promises to pay to

the order of BANK ONE TRUST COMPANY, N.A., as trustee of Oliver Illinois Trust

No. No. 262-00051-03,, BANK ONE TRUST COMPANY, N.A., as trustee of Oliver

Illinois Trust No. No. 262-00051-01, BANK ONE TRUST COMPANY, N.A., as trustee of

Oliver Illinois Trust No. No. 262-00051-07 and BANK ONE TRUST COMPANY, N.A., as

trustee of Oliver Illinois Trust No. No. 262-00051-05, their successors and

assigns (hereinafter referred to as the "Holder"), the principal sum of FOUR

HUNDRED SIXTY THOUSAND AND 00/100 DOLLARS ($460,000.00 (U.S.)), together with

interest thereon at the rate of eight percent (8%) per annum from the date

hereof on the balance of principal remaining from time to time unpaid. This

Promissory Note is hereinafter referred to as the "Note." All payments hereunder

shall be made in immediately available funds in lawful money of the United

States. Such principal sum and the interest thereon shall be due and payable on

the earlier of (a) the date of the closing of the transactions in which Maker

acquires the Acquired Shares (as defined below) and (b) six months from the date

hereof.



     All payments received hereunder shall be first applied to interest and the

balance, if any, to principal and other amounts outstanding hereunder. Maker's

obligations under this Note shall be referred to herein as "Maker's

Liabilities."



     Time is of the essence of this Note and each of the provisions hereof.



     Maker represents and warrants to Holder that: (1) Maker is duly

incorporated, validly existing and in good standing under the laws of the State

of California; (2) all necessary corporate action has been taken on behalf of

the Maker by its officers, directors and shareholders in order for the Maker to

execute, deliver and perform under this Note; (3) the execution, delivery and

performance of this Note does not violate any provision of any organic document

of Maker or any agreement or instrument by which the Maker is bound; and (4)

this Note constitutes the valid and legally binding obligation of the Maker

enforceable in accordance with its terms.



{PAGE}



     At such time as the Maker shall complete a merger or an acquisition for

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