EXHIBIT 10.1
PROMISSORY NOTE
September 29, 1998
$11,406,250 U.S. Dollars San Francisco, California
California Federal Bank, A Federal Savings Bank ("Lender"), and California
Federal Preferred Capital Corporation ("Borrower") hereby agree to the
following terms and conditions:
1. Xxxxxx hereby agrees to lend to Borrower an amount equal to Eleven Million
Four Hundred Six Thousand Two Hundred Fifty Dollars ($11,406,250).
2. The term of this Promissory Note shall be one (1) year from the date
hereof.
3. Interest shall be computed at an interest rate of five percent (5%) per
annum, compounded annually.
4. Borrower promises to repay to Lender the amount borrowed by Borrower under
this Promissory Note, and to pay interest on such amount from the date
such funds are received by Borrower until the date that Borrower repays
the funds, with interest calculations to exclude the date of repayment.
The outstanding amount is due and payable upon expiration of the term of
this Promissory Note.
5. At the option of Xxxxxxxx, all borrowing hereunder may be repaid in whole
or in part at any time without penalty.
LENDER
CALIFORNIA FEDERAL BANK, A FEDERAL SAVINGS BANK
By: /s/ Xxxxxxxx Xxxx
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BORROWER
CALIFORNIA FEDERAL PREFERRED CAPITAL CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxx
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