<PAGE>
 
                                 Exhibit 10.3

     On September 16, 1998, the Company executed four Senior Secured Notes in
     connection with the sale of $28.6 million Senior Secured Notes. The Series
     A Senior Secured Note issued by the Company to Foothill Partners III, L.P.
     is attached hereto. The following five Senior SecuredNotes have been
     omitted as exhibits in accordance with Item 601, Instruction 2, of
     Regulation S-K, and are identical in all material respects, except for the
     parties thereto and the number of shares issuable thereunder as follows:

1.   Series A Notes:

     A.   Goldman Sachs &  Company FFC B III 
          Capital Partners, L.P.:                   $6,311,920

     B.   Royal Trust Corporation in trust for 
          Account Number 110455024:                 $4,045,408
 
     C.   Libra Investments, Inc.:                   $4,142,931
 
2.   Series B Notes:
 
     A.   Goldman Sachs & Company FFC B III 
          Capital Partners, L.P.:                   $2,306,700

     B.   Royal Trust Corporation in trust for 
          account number 110455024:                 $1,478,400
<PAGE>
 
                                                                    EXHIBIT 10.3

                                 CONVERSE INC.

                            15% SENIOR SECURED NOTE


SERIES A
NO. A-3                                                       SEPTEMBER 17, 1998
$10,357,328


          FOR VALUE RECEIVED, the undersigned, CONVERSE INC. (the "Company"), a
Delaware corporation, hereby promises to pay to FOOTHILL PARTNERS III, L.P., or
registered assigns, the principal sum of TEN MILLION THREE HUNDRED AND FIFTY-
SEVEN THOUSAND THREE HUNDRED AND TWENTY-EIGHT DOLLARS ($10,357,328) on September
16, 2000 (unless such maturity date is extended pursuant to the terms of the
Note Purchase Agreements (as defined herein)), with interest computed on the
basis of a 360-day year for the actual number of days (including the first day
but excluding the last day) (a) on the unpaid balance thereof at the rate of 15%
per annum payable in arrears quarterly on March 31, June 30, September 30 and
December 31 of each year beginning on the first such date after the date of
issuance, until the principal hereof shall become due and payable, and (b) to
the extent permitted by law on any overdue payment (including any overdue
prepayment) of principal and any overdue payment of interest, payable quarterly
as aforesaid (or, at the option of the holder hereof, on demand), at a rate per
annum from time to time equal to 18%.

          Payments of principal of and interest on this Note are to be made in
lawful money of the United States of America at such place as the holder of this
Note shall have designated to the Company as provided in the Note Purchase
Agreement referred to below.

          This Note is one of a series of Senior Secured Notes (the "Notes")
issued pursuant to separate Note Purchase Agreements, dated as of September 16,
1998 (as from time to time amended, the "Note Purchase Agreements"), between the
Company and the respective Purchasers named therein and is entitled to the
benefits thereof.  Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in the
Note Purchase Agreements and (ii) to have made the representations set forth in
Section 6 of the Note Purchase Agreements.

          This Note is a registered Note and, as provided in the Note Purchase
Agreements, upon surrender of this Note for registration or transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for the like principal amount will be issued to, and
registered in the name of, the transferee.  Prior to due presentation for
registration or transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be

                                    B-2-(1)
<PAGE>
 
affected by any notice to the contrary.

          This Note is subject to prepayment, in whole or from time to time in
part, at the times and on the terms specified in the Note Purchase Agreements,
but not otherwise.

          If an Event of Default, as defined in the Note Purchase Agreements,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price and with the effect
provided in the Note Purchase Agreements.

          This Note shall be governed by, and construed in accordance with, the
laws of the State of New York.


                                    CONVERSE INC.


                                    By:  /s/ Donald J. Camacho
                                         ----------------------------
                                         Name:  Donald J. Camacho
                                         Title:  Sr. Vice President

                                    B-2-(2)