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                                                                   Exhibit 10-21

                            TERM LOAN PROMISSORY NOTE

$399,937.50                                               Dated:  July 17, 2002

     FOR VALUE RECEIVED, the undersigned, James Bazet (the "Borrower"), HEREBY
UNCONDITIONALLY PROMISES TO PAY to the order of COBRA ELECTRONICS CORPORATION, a
Delaware corporation (the "Company"), at its office at 6500 West Cortland
Street, Chicago, Illinois 60707, or at such other place as the holder of this
Term Loan Promissory Note ("Term Loan Note") may from time to time designate in
writing, in lawful money of the United States of America and in immediately
available funds, the principal sum of THREE HUNDRED NINETY-NINE THOUSAND NINE
HUNDRED THIRTY-SEVEN AND 50/100 DOLLARS ($399,937.50), together with interest on
the unpaid principal balance at the rate provided below from the date hereof
until the principal amount hereof is paid in full and this Term Loan Note has
terminated. This Term Loan Note was executed pursuant to an authorization of the
Company's Board of Directors, pursuant to which the Company agrees to extend
credit to the Borrower for the purpose of the Borrower's exercising 71,100
Incentive Stock Options.

     The entire principal indebtedness evidenced hereby, together with all
accrued but unpaid interest thereon, shall be due and payable on July 18, 2006
(the "Maturity Date"); provided, however, that the Borrower may, at his option
and without penalty or premium, prepay the outstanding principal balance and
accrued interest thereon, or any portion thereof, at any time prior to the
Maturity Date. Any such prepayment of less than the entire outstanding principal
balance hereof shall be applied first to all accrued but unpaid interest
hereunder, and second to the unpaid principal balance hereof. Interest shall
accrue on the unpaid principal balance hereof at a floating per annum rate equal
to LaSalle Bank National Association's publicly announced prime rate in effect
from time to time or, if such bank's prime rate is unascertainable, the prime
rate as published from time to time in the "Money Rates" section of The Wall
Street Journal. Interest shall be payable on July 18 in each year, commencing
July 18, 2003, and on the Maturity Date, and shall be payable after the Maturity
Date upon demand; provided, however, that the Borrower may, at his option by
written notice to the Company, elect to add the interest due and payable on any
interest payment date prior to the Maturity Date to the outstanding principal
balance hereof and interest shall thereafter accrue thereon as provided above.
The Borrower further agrees to pay all costs and expenses incurred by the
Company in connection with the collection or enforcement of the Borrower's
obligations hereunder.

     Each of the following shall constitute an Event of Default under this Term
Loan Note:

          (1) Borrower fails to pay when due, whether by acceleration or
     otherwise, any payment required under this Term Loan Note;

          (2) Borrower fails generally to pay, or admits in writing his
     inability to pay, his debts as they mature, or applies for, consents to, or
     acquiesces in the appointment of a trustee, receiver or other custodian for
     the Borrower or for a substantial part of the Borrower's property, or makes
     a general assignment for the benefit of creditors; or, in the

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     absence of such application, consent or acquiescence, a trustee, receiver
     or other custodian is appointed for the Borrower or for a substantial part
     of the Borrower's property, or any bankruptcy, debt arrangement or other
     proceeding under any bankruptcy or insolvency law is instituted by or
     against the Borrower, or any warrant of attachment or similar legal process
     is issued against any substantial part of the property of the Borrower, and
     such trustee, receiver, custodian, proceeding or process, as the case may
     be, is not discharged, satisfied, dismissed, stayed or lifted, as
     applicable, within sixty (60) days; or

          (3) There shall be entered against the Borrower one or more judgments
     or decrees in excess of $100,000 in the aggregate at any one time
     outstanding, excluding those judgments or decrees (a) that shall have been
     outstanding less than sixty (60) calendar days from the entry thereof or
     (b) for and to the extent to which the Borrower is insured and with respect
     to which the insurer has assumed responsibility in writing or for and to
     the extent to which the Borrower is otherwise indemnified if the terms of
     such indemnification are satisfactory to the Company.

In the event that one or more Events of Default described in clause (2) above
shall occur, all principal, interest and other obligations and liabilities of
the Borrower hereunder (the "Obligations") shall be immediately due and payable
without demand, notice or declaration of any kind whatsoever. In the event an
Event of Default other than one described in clause (2) above shall occur, the
Company, in its sole discretion, may declare the Obligations due and payable
without demand or notice of any kind whatsoever, whereupon all of the
Obligations shall be immediately due and payable. The Company shall promptly
advise the Borrower of any such declaration, but failure to do so shall not
impair the effect of such declaration.

     To the extent not waived in the preceding paragraph, demand, presentment,
protest and notice of nonpayment and protest are hereby waived by the Borrower.

     This Term Loan Note shall terminate upon the payment in full of all of the
Obligations of the Borrower to the Company hereunder.

     This Term Loan Note has been delivered at and shall be deemed to have been
made in Chicago, Illinois and shall be interpreted and the rights and
liabilities of the parties hereto determined in accordance with the internal
laws (as opposed to the conflicts of law provisions) of the State of Illinois.
Whenever possible each provision of this Term Loan Note shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Term Loan Note shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Term Loan Note. THIS TERM LOAN NOTE IS
NON-NEGOTIABLE, AND UNDER NO CIRCUMSTANCES SHALL THE SAME BE CONSTRUED AS A
NEGOTIABLE INSTRUMENT UNDER THE UNIFORM COMMERCIAL CODE, AS ENACTED IN ANY
RELEVANT JURISDICTION. Whenever in this Term Loan Note reference is made to the
Company or the Borrower, such reference shall be deemed to include, as
applicable, a reference to their respective successors and assigns. The
provisions of this Term Loan Note shall be binding upon and shall inure to the

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benefit of said successors and assigns. The Borrower's successors and
assigns shall include, without limitation, a receiver, trustee or
debtor-in-possession of or for the Borrower.
                                                  /s/ James Bazet
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                                                      James Bazet

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