Document:

THIS NOTE AND THE COMMON SHARES  ISSUABLE UPON  CONVERSION OF THIS NOTE HAVE NOT
BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED,  OR ANY STATE
SECURITIES  LAWS.  THIS NOTE AND THE COMMON SHARES  ISSUABLE UPON  CONVERSION OF
THIS NOTE MAY NOT BE SOLD,  OFFERED  FOR SALE,  PLEDGED OR  HYPOTHECATED  IN THE
ABSENCE OF AN  EFFECTIVE  REGISTRATION  STATEMENT AS TO THIS NOTE UNDER SAID ACT
AND ANY APPLICABLE  STATE  SECURITIES  LAWS OR AN OPINION OF COUNSEL  REASONABLY
SATISFACTORY TO PACIFIC CMA, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

                            SECURED CONVERTIBLE NOTE

      FOR VALUE RECEIVED, each of PACIFIC CMA, INC., a Delaware corporation (the
"PARENT"),  and the other  companies  listed on Exhibit A attached  hereto (such
other companies together with the Parent, each a "COMPANY" and collectively, the
"COMPANIES"),  jointly and  severally,  promises to pay to LAURUS  MASTER  FUND,
LTD., c/o M&C Corporate  Services Limited,  P.O. Box 309 GT, Ugland House, South
Church Street, George Town, Grand Cayman, Cayman Islands, Fax: 345-949-8080 (the
"HOLDER") or its registered  assigns or successors in interest,  the sum of Four
Million Dollars ($4,000,000),  or, if different,  the aggregate principal amount
of all Loans (as defined in the Security Agreement referred to below),  together
with any accrued and unpaid  interest  hereon,  on July 29, 2008,  the "MATURITY
DATE") if not sooner paid.

      Capitalized  terms used herein without  definition shall have the meanings
ascribed to such terms in the Security  Agreement  among the  Companies  and the
Holder dated as of the date hereof (as  amended,  modified  and/or  supplemented
from time to time, the "SECURITY AGREEMENT").

      The  following  terms shall apply to this Secured  Convertible  Note (this
"NOTE"):

                                   ARTICLE I

                                  CONTRACT RATE

      1.1 Contract Rate.  Subject to Sections 4.2 and 5.10,  interest payable on
the outstanding  principal  amount of this Note (the  "PRINCIPAL  AMOUNT") shall
accrue at a rate per  annum  equal to the  "prime  rate"  published  in The Wall
Street  Journal from time to time (the "PRIME  RATE"),  plus one percent  (1.0%)
(the "CONTRACT RATE").  The Contract Rate shall be increased or decreased as the
case may be for each  increase or decrease in the Prime Rate in an amount  equal
to such  increase or decrease in the Prime Rate;  each change to be effective as
of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract
Rate shall not at any time be less than six percent  (6.0%) per annum.  Interest
shall be (i)  calculated  on the  basis  of a 360 day  year,  and  (ii)  payable
monthly,  in arrears,  had  commenced  on August 1, 2005  (pursuant to a Secured
Convertible Minimum Borrowing Note that is simultaneously  being returned to the
Company  for  cancellation),  by the  first  business  day of  each  consecutive
calendar  month  thereafter  through and  including the Maturity Date and on the
Maturity Date, whether by acceleration or otherwise.

<PAGE>

      1.2 Contract Rate  Adjustments  and  Payments.  The Contract Rate shall be
calculated on the last business day of each calendar month hereafter (other than
for  increases  or  decreases  in the Prime Rate which shall be  calculated  and
become effective in accordance with the terms of Section 1.1) until the Maturity
Date (each a  "DETERMINATION  DATE") and shall be subject to  adjustment  as set
forth herein.  If (i) the Parent shall have  registered the shares of the Common
Stock  underlying the conversion of this Note and each Warrant on a registration
statement  declared  effective by the  Securities and Exchange  Commission  (the
"SEC"),  and (ii) the market price (the  "MARKET  PRICE") of the Common Stock as
reported by  Bloomberg,  L.P. on the  Principal  Market for the five (5) trading
days  immediately  preceding a  Determination  Date exceeds the then  applicable
Fixed Conversion Price by at least twenty-five  percent (25%), the Contract Rate
for the succeeding  calendar month shall  automatically  be reduced by 200 basis
points (200 b.p.) (2%) for each incremental  twenty-five  percent (25%) increase
in the  Market  Price  of the  Common  Stock  above  the then  applicable  Fixed
Conversion  Price.  Notwithstanding  the foregoing (and anything to the contrary
contained herein),  in no event shall the Contract Rate at any time be less than
zero percent (0%).

                                   ARTICLE II

                         LOANS; PAYMENTS UNDER THIS NOTE

      2.1 Loans.  All Loans  evidenced by this Note shall be made in  accordance
with the terms and provisions of the Security Agreement.

      2.2 No Effective  Registration.  Notwithstanding  anything to the contrary
herein,  the Holder  shall not be required to accept  shares of Common  Stock as
payment  following  a  conversion  by the  Holder  if  there  fails  to exist an
effective current Registration  Statement (as defined in the Registration Rights
Agreement)  covering the shares of Common Stock to be issued,  or if an Event of
Default hereunder exists and is continuing, unless such requirement is otherwise
waived in writing by the Holder in whole or in part at the Holder's  option.  If
Laurus  submits a Notice of  Conversion  and there are no shares of Common Stock
underlying  this Note that are  subject  to an  effective  current  Registration
Statement, Laurus shall have the option of accepting shares of Common Stock that
are not subject to an effective  current  Registration  Statement or withdrawing
such  Notice of  Conversion  (in which case such Notice of  Conversion  shall be
deemed withdrawn and all obligations  under this Note relating to such Notice of
Conversion shall be reinstated).

      2.3 Optional  Redemption in Cash.  The  Companies  will have the option of
prepaying  this Note  ("OPTIONAL  REDEMPTION")  by paying to the Holder a sum of
money equal to one hundred twenty percent (120%) of the principal amount of this
Note  together  with accrued but unpaid  interest  thereon and any and all other
sums due, accrued or payable to the Holder arising under this Note, the Security
Agreement,   or  any  other  Ancillary   Agreement  (the  "REDEMPTION   AMOUNT")
outstanding on the Redemption Payment Date (as defined below). The Company shall
deliver  to  the  Holder  a  written  notice  of  redemption   (the  "NOTICE  OF
REDEMPTION")  specifying the date for such Optional  Redemption (the "REDEMPTION
PAYMENT DATE"),  which date shall not be less than seven (7) days after the date
of the Notice of Redemption (the  "REDEMPTION  PERIOD").  A Notice of Redemption
shall not be  effective  with  respect to any portion of this Note for which the
Holder has previously  delivered a Notice of Conversion (defined below) pursuant
to Section 3.1, or for conversions  elected to be made by the Holder pursuant to
Section  3.1  during the  Redemption  Period.  The  Redemption  Amount  shall be
determined  as  if  such  Holder's  conversion   elections  had  been  completed
immediately  prior to the date of the Notice of  Redemption.  On the  Redemption
Payment  Date,  the  Redemption  Amount (plus any  additional  interest and fees
accruing on the Notes during the Redemption  Period) must be irrevocably paid in
full in immediately  available  funds to the Holder.  In the event the Companies
fail to pay the  Redemption  Amount on the  Redemption  Payment Date,  then such
Redemption Notice shall be null and void.

                                       2
<PAGE>

                                  ARTICLE III

                  CONVERSION RIGHTS AND FIXED CONVERSION PRICE

      3.1  Optional  Conversion.  Subject to the terms of this  Article III, the
Holder  shall  have the  right,  but not the  obligation,  at any time until the
Maturity  Date,  or during an Event of Default (as defined in Article IV),  and,
subject to the  limitations  set forth in Section 3.2 hereof,  to convert all or
any portion of the  outstanding  Principal  Amount and/or accrued  interest into
fully paid and nonassessable  shares of the Common Stock at the Fixed Conversion
Price.  For purposes hereof,  subject to Section 3.6 hereof,  the initial "FIXED
CONVERSION  PRICE"  means  (i)  with  respect  to the  first  $3,750,000  of the
aggregate  principal amount  converted  pursuant to the terms of this Note, (and
all  interest  related  thereto),  $.88 and (ii) with  respect to the  remaining
principal amount  converted  pursuant to the terms of this Note(and all interest
related  thereto),  $1.05.  The  shares of Common  Stock to be issued  upon such
conversion are herein referred to as the "CONVERSION SHARES."

      3.2 Conversion Limitation.

   Notwithstanding  anything contained herein to the contrary,  the Holder shall
not be  entitled  to convert  pursuant  to the terms of this Note an amount that
would be  convertible  into that number of Conversion  Shares which would exceed
the difference  between (i) 4.99% of the outstanding  shares of Common Stock and
(ii) the number of shares of Common Stock  beneficially owned by the Holder. For
purposes of the immediately  preceding sentence,  beneficial  ownership shall be
determined in accordance  with Section 13(d) of the Exchange Act and  Regulation
13d-3 thereunder. The Conversion Shares limitation described in this Section 3.2
shall automatically become null and void following written notice to any Company
upon the occurrence and during the  continuance of an Event of Default,  or upon
75 days prior  written  notice to the  Parent,  except that at no time shall the
number of shares of Common Stock  beneficially owned by the Holder exceed 19.99%
of the outstanding  shares of Common Stock, or such lesser amount as required by
the applicable  Principal  Market on which the Parent's  Common Stock is listed,
unless   such  shall   first  be   approved   by  the   Parent's   stockholders.
Notwithstanding  anything contained herein to the contrary, the number of shares
of Common Stock  issuable by the Parent and  acquirable by the Holder at a price
below $.81 per share pursuant to the terms of this Note, the Security  Agreement
or any other  Ancillary  Agreement,  shall not exceed an  aggregate of 5,095,933
shares of Common Stock  (subject to  appropriate  adjustment  for stock  splits,
stock dividends, or other similar recapitalizations  affecting the Common Stock)
(the  "MAXIMUM  COMMON  STOCK  ISSUANCE"),  unless the  issuance of Common Stock
hereunder in excess of the Maximum Common Stock Issuance shall first be approved
by the Parent's shareholders.  If at any point in time and from time to time the
number of shares of Common Stock issued  pursuant to the terms of this Note, the
Security Agreement or any other Ancillary Agreement, together with the number of
shares of Common  Stock that would then be  issuable by the Parent to the Holder
in the event of a conversion or exercise pursuant to the terms of this Note, the
Security  Agreement or any other Ancillary  Agreement,  would exceed the Maximum
Common Stock Issuance but for this Section 3.2, the Parent shall promptly call a
shareholders  meeting to solicit  shareholder  approval  for the issuance of the
shares of Common Stock hereunder in excess of the Maximum Common Stock Issuance.
Notwithstanding  anything  contained  herein to the contrary,  the provisions of
this  Section  3.2 are  irrevocable  and may not be waived by the  Holder or any
Company.

                                       3
<PAGE>

      3.3 Mechanics of Holder's Conversion.  In the event that the Holder elects
to convert  this Note into Common  Stock,  the Holder  shall give notice of such
election by  delivering  an  executed  and  completed  notice of  conversion  in
substantially the form of Exhibit A hereto (appropriately completed) ("NOTICE OF
CONVERSION")  to the  Parent  and such  Notice  of  Conversion  shall  provide a
breakdown in reasonable  detail of the Principal  Amount,  accrued  interest and
fees that are being converted.  On each Conversion Date (as hereinafter defined)
and in  accordance  with its Notice of  Conversion,  the  Holder  shall make the
appropriate  reduction to the  Principal  Amount,  accrued  interest and fees as
entered in its records and shall provide  written  notice  thereof to the Parent
within two (2) Business  Days after the  Conversion  Date.  Each date on which a
Notice of Conversion is delivered or telecopied to the Parent in accordance with
the provisions hereof shall be deemed a Conversion Date (the "CONVERSION DATE").
Pursuant  to the terms of the  Notice  of  Conversion,  the  Parent  will  issue
instructions  to the transfer agent  accompanied by an opinion of counsel within
two (2) Business Days of the date of the delivery to the Parent of the Notice of
Conversion  and shall  cause the  transfer  agent to transmit  the  certificates
representing the Conversion Shares to the Holder by crediting the account of the
Holder's designated broker with the Depository Trust Corporation ("DTC") through
its  Deposit  Withdrawal  Agent  Commission  ("DWAC")  system  within  three (3)
Business  Days after  receipt by the  Parent of the  Notice of  Conversion  (the
"DELIVERY DATE"). In the case of the exercise of the conversion rights set forth
herein the conversion  privilege  shall be deemed to have been exercised and the
Conversion  Shares  issuable upon such  conversion  shall be deemed to have been
issued upon the date of receipt by the Parent of the Notice of  Conversion.  The
Holder shall be treated for all purposes as the record holder of the  Conversion
Shares,  unless  the Holder  provides  the Parent  written  instructions  to the
contrary.

      3.4 Late Payments.  Each Company  understands that a delay in the delivery
of the  Conversion  Shares in the form required  pursuant to this Article beyond
the Delivery Date could result in economic loss to the Holder.  As  compensation
to the Holder for such loss, in addition to all other rights and remedies  which
the Holder may have under this Note, applicable law or otherwise,  the Companies
shall,  jointly  and  severally,  pay late  payments  to the Holder for any late
issuance of Conversion  Shares in the form required pursuant to this Article III
upon conversion of this Note, in the amount equal to $200 per Business Day after
the Delivery Date. The Companies shall, jointly and severally, make any payments
incurred under this Section in immediately available funds upon demand.

      3.5  Conversion  Mechanics.  The  number of  shares of Common  Stock to be
issued upon each  conversion  of this Note shall be  determined by dividing that
portion of the principal  and interest and fees to be converted,  if any, by the
then applicable Fixed Conversion Price.

                                       4
<PAGE>

      3.6 Adjustment Provisions.  The Fixed Conversion Price and number and kind
of shares or other securities to be issued upon conversion  determined  pursuant
to  Section  3.1  shall be  subject  to  adjustment  from  time to time upon the
occurrence  of  certain  events  during the period  that this  conversion  right
remains outstanding, as follows:

            (a)   Reclassification.   If  the  Parent  at  any  time  shall,  by
reclassification  or  otherwise,  change  the  Common  Stock  into the same or a
different  number of  securities  of any class or classes,  this Note, as to the
unpaid Principal Amount and accrued interest thereon, shall thereafter be deemed
to evidence the right to purchase an adjusted number of such securities and kind
of  securities  as would have been  issuable  as the result of such  change with
respect to the Common Stock (i) immediately  prior to or (ii) immediately  after
such reclassification or other change at the sole election of the Holder.

            (b) Stock  Splits,  Combinations  and  Dividends.  If the  shares of
Common  Stock are  subdivided  or combined  into a greater or smaller  number of
shares of Common  Stock,  or if a dividend  is paid on the  Common  Stock or any
preferred  stock  issued by the  Parent in  shares  of Common  Stock,  the Fixed
Conversion  Price shall be  proportionately  reduced in case of  subdivision  of
shares or stock dividend or proportionately increased in the case of combination
of shares,  in each such case by the ratio  which the total  number of shares of
Common Stock outstanding  immediately after such event bears to the total number
of shares of Common Stock outstanding immediately prior to such event.

            (c)

      3.7 Reservation of Shares.  During the period the conversion right exists,
the  Parent  will  reserve  from its  authorized  and  unissued  Common  Stock a
sufficient  number of shares to provide for the  issuance of  Conversion  Shares
upon the full  conversion  of this Note and the Warrant.  The Parent  represents
that upon issuance, the Conversion Shares will be duly and validly issued, fully
paid and non-assessable.  The Parent agrees that its issuance of this Note shall
constitute full authority to its officers,  agents,  and transfer agents who are
charged with the duty of executing and issuing stock certificates to execute and
issue the necessary  certificates for the Conversion  Shares upon the conversion
of this Note.

      3.8 Registration  Rights. The Holder has been granted  registration rights
with  respect to the  Conversion  Shares as set forth in a  Registration  Rights
Agreement.

      3.9 Issuance of New Note. Upon any partial  conversion of this Note, a new
Note  containing the same date and provisions of this Note shall, at the request
of the Holder,  be issued by the Parent to the Holder for the principal  balance
of this Note and interest which shall not have been  converted or paid.  Subject
to the  provisions  of  Article IV of this  Note,  the Parent  shall not pay any
costs,  fees or any other  consideration  to the Holder for the  production  and
issuance of a new Note.

                                       5
<PAGE>

                                   ARTICLE IV

                EVENTS OF DEFAULT AND DEFAULT RELATED PROVISIONS

      4.1 Events of Default.  The  occurrence  of an Event of Default  under the
Security  Agreement  shall  constitute an event of default  ("EVENT OF DEFAULT")
hereunder.

      4.2 Default Interest.  Following the occurrence and during the continuance
of an  Event of  Default,  the  Companies  shall,  jointly  and  severally,  pay
additional  interest  on the  outstanding  principal  balance of this Note in an
amount equal to one percent  (1%) per month,  and all  outstanding  Obligations,
including unpaid interest,  shall continue to accrue interest at such additional
interest  rate from the date of such Event of Default  until the date such Event
of Default is cured or waived.

      4.3  Termination  upon an Event of Default.  Following the  occurrence and
during the continuance of an Event of Default,  the Holder,  at its option,  may
elect.,  in addition to all rights and remedies of the Holder under the Security
Agreement and the Ancillary Agreements and all obligations of each Company under
the Security Agreement and the Ancillary  Agreements,  to terminate the Security
Agreement pursuant to Section 17 thereof and require the Companies,  jointly and
severally,  to make a Default Payment ("DEFAULT  PAYMENT").  The Default Payment
shall be one hundred twenty percent (120%) of the outstanding  principal  amount
of the Note,  plus accrued but unpaid  interest,  all other fees then  remaining
unpaid,  and all other amounts payable  hereunder.  The Default Payment shall be
applied  first to any fees due and  payable to the Holder  pursuant to the Notes
and/or the Ancillary Agreements,  then to accrued and unpaid interest due on the
Notes, the Security  Agreement and then to the outstanding  principal balance of
the Notes. The Default Payment shall be due and payable  immediately on the date
that the Holder has exercised its rights pursuant to this Section 4.3.

                                   ARTICLE V

                                  MISCELLANEOUS

      5.1 Conversion Privileges.  The conversion privileges set forth in Article
III shall remain in full force and effect immediately from the date hereof until
the date this Note is indefeasibly paid in full and irrevocably terminated.

      5.2 Cumulative Remedies. The remedies under this Note shall be cumulative.

      5.3 Failure or Indulgence  Not Waiver.  No failure or delay on the part of
the Holder  hereof in the exercise of any power,  right or  privilege  hereunder
shall operate as a waiver thereof,  nor shall any single or partial  exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other  right,  power or  privilege.  All  rights  and  remedies  existing
hereunder  are  cumulative  to, and not  exclusive  of,  any rights or  remedies
otherwise available.

                                       6
<PAGE>

      5.4 Notices.  Any notice herein required or permitted to be given shall be
in writing and shall be deemed  effectively given: (a) upon personal delivery to
the party notified, (b) when sent by confirmed telex or facsimile if sent during
normal  business hours of the recipient,  if not, then on the next business day,
(c) five days after having been sent by  registered  or certified  mail,  return
receipt  requested,  postage  prepaid,  or (d)  one  day  after  deposit  with a
nationally  recognized  overnight  courier,  specifying next day delivery,  with
written  verification  of  receipt.  All  communications  shall  be  sent to the
respective  Company at the  addresses  provided for such Company in the Security
Agreement  executed  in  connection  herewith,  and to the Holder at the address
provided  in the  Security  Agreement  for such  Holder,  with a copy to John E.
Tucker, Esq., 825 Third Avenue, 14th Floor, New York, New York 10022,  facsimile
number (212) 541-4434, or at such other address as the respective Company or the
Holder may  designate by ten days advance  written  notice to the other  parties
hereto.

      5.5 Amendment  Provision.  The term "Note" and all references  thereto, as
used  throughout  this  instrument,  shall mean this  instrument  as  originally
executed,  or  if  later  amended  or  supplemented,   then  as  so  amended  or
supplemented,  and any successor  instrument as such successor instrument may be
amended or supplemented.

      5.6  Assignability.  This Note shall be binding  upon each Company and its
successors  and  assigns,  and shall  inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder in accordance with the
requirements  of the  Security  Agreement.  No  Company  may  assign  any of its
obligations under this Note without the prior written consent of the Holder, any
such purported assignment without such consent being null and void.

      5.7 Cost of  Collection.  In case of any Event of Default under this Note,
the Companies shall, jointly and severally, pay the Holder's reasonable costs of
collection, including reasonable attorneys' fees.

      5.8 Governing Law, Jurisdiction and Waiver of Jury Trial.

            (a) THIS NOTE SHALL BE GOVERNED  BY AND  CONSTRUED  AND  ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,  WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAW.

            (b) EACH  COMPANY  HEREBY  CONSENTS  AND  AGREES  THAT THE  STATE OR
FEDERAL COURTS  LOCATED IN THE COUNTY OF NEW YORK,  STATE OF NEW YORK SHALL HAVE
EXCLUSIVE  JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY
COMPANY, ON THE ONE HAND, AND THE HOLDER, ON THE OTHER HAND,  PERTAINING TO THIS
NOTE, THE SECURITY AGREEMENT OR ANY OF THE OTHER ANCILLARY  AGREEMENTS OR TO ANY
MATTER ARISING OUT OF OR RELATED TO THIS NOTE, THE SECURITY  AGREEMENT OR ANY OF
THE OTHER ANCILLARY  AGREEMENTS;  PROVIDED,  THAT EACH COMPANY ACKNOWLEDGES THAT
ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF
THE COUNTY OF NEW YORK, STATE OF NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN
THIS NOTE SHALL BE DEEMED OR OPERATE TO PRECLUDE THE HOLDER FROM  BRINGING  SUIT
OR  TAKING  OTHER  LEGAL  ACTION  IN  ANY  OTHER  JURISDICTION  TO  COLLECT  THE
OBLIGATIONS,  TO  REALIZE  ON THE  COLLATERAL  OR ANY  OTHER  SECURITY  FOR  THE
OBLIGATIONS,  OR TO  ENFORCE A  JUDGMENT  OR OTHER  COURT  ORDER IN FAVOR OF THE
HOLDER.  EACH  COMPANY  EXPRESSLY  SUBMITS  AND  CONSENTS  IN  ADVANCE  TO  SUCH
JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH COMPANY
HEREBY  WAIVES  ANY  OBJECTION  WHICH IT MAY HAVE  BASED  UPON LACK OF  PERSONAL
JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. EACH COMPANY HEREBY WAIVES
PERSONAL SERVICE OF THE SUMMONS,  COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH
ACTION OR SUIT AND AGREES  THAT  SERVICE OF SUCH  SUMMONS,  COMPLAINT  AND OTHER
PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED  MAIL ADDRESSED TO THE COMPANY AT
THE ADDRESS SET FORTH IN THE SECURITY  AGREEMENT  AND THAT SERVICE SO MADE SHALL
BE DEEMED  COMPLETED UPON THE EARLIER OF THE COMPANY'S ACTUAL RECEIPT THEREOF OR
THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID.

                                       7
<PAGE>

            (c) EACH  COMPANY  DESIRES  THAT ITS DISPUTES BE RESOLVED BY A JUDGE
APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE
BENEFITS OF THE JUDICIAL SYSTEM AND OF  ARBITRATION,  EACH COMPANY HERETO WAIVES
ALL  RIGHTS TO TRIAL BY JURY IN ANY  ACTION,  SUIT,  OR  PROCEEDING  BROUGHT  TO
RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE
HOLDER, AND/OR ANY COMPANY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL
TO THE RELATIONSHIP  ESTABLISHED  BETWEEN THEM IN CONNECTION WITH THIS NOTE, THE
SECURITY AGREEMENT,  ANY OTHER ANCILLARY  AGREEMENT OR THE TRANSACTIONS  RELATED
HERETO OR THERETO.

      5.9 Severability.  In the event that any provision of this Note is invalid
or  unenforceable  under  any  applicable  statute  or rule of  law,  then  such
provision  shall  be  deemed  inoperative  to the  extent  that it may  conflict
therewith  and shall be deemed  modified to conform with such statute or rule of
law. Any such provision which may prove invalid or  unenforceable  under any law
shall not affect the validity or  enforceability  of any other provision of this
Note.

      5.10  Maximum  Payments.  Nothing  contained  herein  shall be  deemed  to
establish  or require  the  payment of a rate of  interest  or other  charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest  required to be paid or other charges hereunder exceed the maximum rate
permitted  by such law,  any  payments in excess of such  maximum  rate shall be
credited  against  amounts owed by the Companies to the Holder and thus refunded
to the Companies.

      5.11 Security  Interest.  The Holder has been granted a security  interest
(i) in certain  assets of the Companies as more fully  described in the Security
Agreement and (ii) pursuant to the Stock Pledge  Agreement  dated as of the date
hereof.
                                       8
<PAGE>

      5.12  Construction.   Each  party  acknowledges  that  its  legal  counsel
participated in the preparation of this Note and, therefore, stipulates that the
rule of construction  that  ambiguities are to be resolved  against the drafting
party shall not be applied in the interpretation of this Note to favor any party
against the other.

      5.13  Registered  Obligation.  This Note is  intended  to be a  registered
obligation within the meaning of Treasury  Regulation Section  1.871-14(c)(1)(i)
and the Company (or its agent) shall  register this Note (and  thereafter  shall
maintain  such  registration)  as to both  principal  and any  stated  interest.
Notwistanding any document, instrument or agreement relating to this Note to the
contrary,  transfer of this Note (or the right to any  payments of  principal or
stated  interest  hereunder)  may only be effected by (i) surrender of this Note
and either the  rissuance  by the  Company of this Note to the new holder or the
issuance by the Company of a new instrument to the new holder,  or (ii) transfer
through a book entry system maintained by the Company (or its agent), within the
meaning of Treasury Regulation Section 1.871-14(c)(1)(i)(B).

       [Balance of page intentionally left blank; signature page follows]

                                       9
<PAGE>

      IN WITNESS WHEREOF,  each Company has caused this Secured Convertible Note
to be signed in its name effective as of this 2nd day of May, 2006.

                                            PACIFIC CMA, INC., A DELAWARE
                                            CORPORATION

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                            PACIFIC CMA INTERNATIONAL, LLC,
                                            A COLORADO LIMITED LIABILITY COMPANY

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                            AIRGATE INTERNATIONAL CORPORATION,
                                            A NEW YORK CORPORATION

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                       10
<PAGE>

                                            AIRGATE INTERNATIONAL CORPORATION
                                            (CHICAGO), AN ILLINOIS CORPORATION

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                            PARADIGM INTERNATIONAL INC.,
                                            A FLORIDA CORPORATION

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                       11
<PAGE>

                                    EXHIBIT A
                                    ---------

                                 OTHER COMPANIES

         PACIFIC CMA INTERNATIONAL, LLC, a Colorado limited liability company

         AIRGATE INTERNATIONAL CORPORATION, a New York corporation

         AIRGATE INTERNATIONAL CORPORATION (CHICAGO), an Illinois corporation

         PARADIGM INTERNATIONAL INC., a Florida corporation

                                       12
<PAGE>

                                    EXHIBIT B
                                    ---------

                              NOTICE OF CONVERSION

              (To be executed by the Holder in order to convert the
                            Secured Convertible Note)

      The undersigned  hereby elects to convert  $_________ of the principal and
$_________ of the interest due on the Secured  Convertible  Note dated as of May
__, 2006 (the "NOTE")  issued by Pacific CMA, Inc. (the  "PARENT") and the other
Companies named and as defined therein into shares of Common Stock of the Parent
in  accordance  with the terms and  conditions  set forth in the Note, as of the
date written below.

Date of Conversion:              _______________________________________________

Conversion Price:                _______________________________________________

Shares To Be Delivered:          _______________________________________________

Signature:                       _______________________________________________

Print Name:                      _______________________________________________

Address:                         _______________________________________________

Holder DWAC instructions         _______________________________________________

                                       13THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS. THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS
TO THIS NOTE UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO PACIFIC CMA, INC. THAT SUCH
REGISTRATION IS NOT REQUIRED.

                     SECURED NON-CONVERTIBLE REVOLVING NOTE

      FOR VALUE RECEIVED, each of PACIFIC CMA, INC., a Delaware corporation (the
"PARENT"),  and the other  companies  listed on Exhibit A attached  hereto (such
other companies together with the Parent, each a "COMPANY" and collectively, the
"COMPANIES"),  jointly and  severally,  promises to pay to LAURUS  MASTER  FUND,
LTD., c/o M&C Corporate  Services Limited,  P.O. Box 309 GT, Ugland House, South
Church Street, George Town, Grand Cayman, Cayman Islands, Fax: 345-949-8080 (the
"HOLDER") or its registered assigns or successors in interest,  the sum of Seven
Million Five Hundred Thousand Dollars  ($7,500,000),  without duplication of any
amounts  owing by the  Companies  to the Holder under the  Convertible  Note (as
defined in the Security  Agreement  referred to below),  or, if  different,  the
aggregate  principal  amount of all Loans (as defined in the Security  Agreement
referred to below), , together with any accrued and unpaid interest  hereon,  on
July 29, 2008 (the "MATURITY DATE") if not sooner indefeasibly paid in full.

      Capitalized  terms used herein without  definition shall have the meanings
ascribed to such terms in the Security  Agreement  among the  Companies  and the
Holder dated as of the date hereof (as  amended,  modified  and/or  supplemented
from time to time, the "SECURITY AGREEMENT").

      The following terms shall apply to this Secured Non-Convertible  Revolving
Note (this "NOTE"):

                                   ARTICLE I

                                  CONTRACT RATE

      1.1 Contract Rate.  Subject to Sections 3.2 and 4.10,  interest payable on
the outstanding  principal  amount of this Note (the  "PRINCIPAL  AMOUNT") shall
accrue at a rate per  annum  equal to the  "prime  rate"  published  in The Wall
Street Journal from time to time (the "PRIME RATE"), plus two and a half percent
(2.5%) (the "CONTRACT Rate").  The Contract Rate shall be increased or decreased
as the case may be for each  increase or decrease in the Prime Rate in an amount
equal to such  increase  or  decrease  in the  Prime  Rate;  each  change  to be
effective as of the day of the change in the Prime Rate. Subject to Section 1.2,
the  Contract  Rate  shall not at any time be less than six  percent  (6.0%) per
annum. Interest shall be (i) calculated on the basis of a 360 day year, and (ii)
payable  monthly,  in arrears,  had  commenced on August 1, 2005,  pursuant to a
Secured Revolving Note, dated as of July 29, 2005, being simultaneously returned
to the  Company  for  cancellation,  and is to  continue to be paid on the first
business day of each consecutive calendar month thereafter through and including
the  Maturity  Date,  and on the  Maturity  Date,  whether  by  acceleration  or
otherwise.

<PAGE>

      1.2 Contract Rate  Payments.  The Contract Rate shall be calculated on the
last business day of each calendar month hereafter  (other than for increases or
decreases in the Prime Rate which shall be  calculated  and become  effective in
accordance  with the terms of  Section  1.1)  until the  Maturity  Date  (each a
"DETERMINATION DATE")

      1.3  Prepayment.  The Companies shall have the right to prepay in cash, at
any time and from time to time, the entire outstanding  principal amount of this
Note and all accrued interest thereon without any premium or penalty.

                EVENTS OF DEFAULT AND DEFAULT RELATED PROVISIONS

      1.4 Events of Default.  The  occurrence  of an Event of Default  under the
Security  Agreement  shall  constitute an event of default  ("EVENT OF DEFAULT")
hereunder.  1.5  Default  Interest.  Following  the  occurrence  and  during the
continuance of an Event of Default,  the Companies shall, jointly and severally,
pay additional interest on the outstanding  principal balance of this Note in an
amount equal to one percent  (1%) per month,  and all  outstanding  Obligations,
including unpaid interest,  shall continue to accrue interest at such additional
interest  rate from the date of such Event of Default  until the date such Event
of Default is cured or waived.

      1.6 Default  Payment.  Following the occurrence and during the continuance
of an Event of Default,  the Holder,  at its option,  may elect., in addition to
all rights and  remedies  of the Holder  under the  Security  Agreement  and the
Ancillary  Agreements  and all  obligations  of each Company  under the Security
Agreement and the  Ancillary  Agreements,  to terminate  the Security  Agreement
pursuant to Section 17 thereof and require the Companies, jointly and severally,
to make a Default Payment ("DEFAULT PAYMENT").  The Default Payment shall be one
hundred twenty percent (120%) of the outstanding  principal  amount of the Note,
plus accrued but unpaid interest,  all other fees then remaining unpaid, and all
other amounts payable  hereunder.  The Default Payment shall be applied first to
any  fees due and  payable  to the  Holder  pursuant  to the  Notes  and/or  the
Ancillary Agreements,  then to accrued and unpaid interest due on the Notes, the
Security  Agreement and then to the outstanding  principal balance of the Notes.
The Default  Payment shall be due and payable  immediately  on the date that the
Holder has exercised its rights pursuant to this Section 4.3.

                                   ARTICLE II

                                  MISCELLANEOUS

      2.1 Cumulative Remedies. The remedies under this Note shall be cumulative.

                                       2
<PAGE>

      2.2 Failure or Indulgence  Not Waiver.  No failure or delay on the part of
the Holder  hereof in the exercise of any power,  right or  privilege  hereunder
shall operate as a waiver thereof,  nor shall any single or partial  exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other  right,  power or  privilege.  All  rights  and  remedies  existing
hereunder  are  cumulative  to, and not  exclusive  of,  any rights or  remedies
otherwise available.

      2.3 Notices.  Any notice herein required or permitted to be given shall be
in writing and shall be deemed effective given (a) upon personal delivery to the
party  notified,  (b) when sent by  confirmed  telex or facsimile if sent during
normal  business hours of the recipient,  if not, then on the next business day,
(c) five days after having been sent by  registered  or certified  mail,  return
receipt  requested,  postage  prepaid,  or (d)  one  day  after  deposit  with a
nationally  recognized  overnight  courier,  specifying next day delivery,  with
written  verification  of  receipt.  All  communications  shall  be  sent to the
respective  Company at the address  provided  for such  Company in the  Security
Agreement  executed  in  connection  herewith,  and to the Holder at the address
provided  in the  Security  Agreement  for  the  Holder,  with a copy to John E.
Tucker, Esq., 825 Third Avenue, 14th Floor, New York, New York 10022,  facsimile
number (212) 541-4434, or at such other address as the respective Company or the
Holder may  designate by ten days advance  written  notice to the other  parties
hereto.  A Notice of  Conversion  shall be deemed  given when made to the Parent
pursuant to the Purchase Agreement.

      2.4 Amendment  Provision.  The term "Note" and all references  thereto, as
used  throughout  this  instrument,  shall mean this  instrument  as  originally
executed,  or  if  later  amended  or  supplemented,   then  as  so  amended  or
supplemented,  and any successor  instrument as such successor instrument may be
amended or supplemented.

      2.5  Assignability.  This Note shall be binding  upon each Company and its
successors  and  assigns,  and shall  inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder in accordance with the
requirements  of the  Security  Agreement.  No Company may not assign any of its
obligations under this Note without the prior written consent of the Holder, any
such purported assignment without such consent being null and void.

      2.6 Cost of  Collection.  In case of any Event of Default under this Note,
the  Companies  shall,  jointly  and  severally,  pay the  Holder  the  Holder's
reasonable  costs of  collection,  including  reasonable  attorneys'  fees.  2.7
Governing Law, Jurisdiction and Waiver of Jury Trial.

            (a) THIS NOTE SHALL BE GOVERNED  BY AND  CONSTRUED  AND  ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,  WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAW.
                                       3
<PAGE>

            (b) EACH  COMPANY  HEREBY  CONSENTS  AND  AGREES  THAT THE  STATE OR
FEDERAL COURTS  LOCATED IN THE COUNTY OF NEW YORK,  STATE OF NEW YORK SHALL HAVE
EXCLUSIVE  JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY
COMPANY, ON THE ONE HAND, AND THE HOLDER, ON THE OTHER HAND,  PERTAINING TO THIS
NOTE, THE SECURITY AGREEMENT OR ANY OF THE OTHER ANCILLARY  AGREEMENTS OR TO ANY
MATTER ARISING OUT OF OR RELATED TO THIS NOTE, THE SECURITY  AGREEMENT OR ANY OF
THE OTHER ANCILLARY  AGREEMENTS;  PROVIDED,  THAT EACH COMPANY ACKNOWLEDGES THAT
ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF
THE COUNTY OF NEW YORK, STATE OF NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN
THIS NOTE SHALL BE DEEMED OR OPERATE TO PRECLUDE THE HOLDER FROM  BRINGING  SUIT
OR  TAKING  OTHER  LEGAL  ACTION  IN  ANY  OTHER  JURISDICTION  TO  COLLECT  THE
OBLIGATIONS,  TO  REALIZE  ON THE  COLLATERAL  OR ANY  OTHER  SECURITY  FOR  THE
OBLIGATIONS,  OR TO  ENFORCE A  JUDGMENT  OR OTHER  COURT  ORDER IN FAVOR OF THE
HOLDER.  EACH  COMPANY  EXPRESSLY  SUBMITS  AND  CONSENTS  IN  ADVANCE  TO  SUCH
JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH COMPANY
HEREBY  WAIVES  ANY  OBJECTION  WHICH IT MAY HAVE  BASED  UPON LACK OF  PERSONAL
JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. EACH COMPANY HEREBY WAIVES
PERSONAL SERVICE OF THE SUMMONS,  COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH
ACTION OR SUIT AND AGREES  THAT  SERVICE OF SUCH  SUMMONS,  COMPLAINT  AND OTHER
PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED  MAIL ADDRESSED TO THE COMPANY AT
THE ADDRESS SET FORTH IN THE SECURITY  AGREEMENT  AND THAT SERVICE SO MADE SHALL
BE DEEMED  COMPLETED UPON THE EARLIER OF THE COMPANY'S ACTUAL RECEIPT THEREOF OR
THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID

            (c) EACH  COMPANY  DESIRES  THAT ITS DISPUTES BE RESOLVED BY A JUDGE
APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE
BENEFITS OF THE JUDICIAL SYSTEM AND OF  ARBITRATION,  EACH COMPANY HERETO WAIVES
ALL  RIGHTS TO TRIAL BY JURY IN ANY  ACTION,  SUIT,  OR  PROCEEDING  BROUGHT  TO
RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE
HOLDER, AND/OR ANY COMPANY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL
TO THE RELATIONSHIP  ESTABLISHED  BETWEEN THEM IN CONNECTION WITH THIS NOTE, THE
SECURITY AGREEMENT,  ANY OTHER ANCILLARY  AGREEMENT OR THE TRANSACTIONS  RELATED
HERETO OR THERETO.

      2.8 Severability.  In the event that any provision of this Note is invalid
or  unenforceable  under  any  applicable  statute  or rule of  law,  then  such
provision  shall  be  deemed  inoperative  to the  extent  that it may  conflict
therewith  and shall be deemed  modified to conform with such statute or rule of
law. Any such provision which may prove invalid or  unenforceable  under any law
shall not affect the validity or  enforceability  of any other provision of this
Note.

      2.9  Maximum  Payments.  Nothing  contained  herein  shall  be  deemed  to
establish  or require  the  payment of a rate of  interest  or other  charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest  required to be paid or other charges hereunder exceed the maximum rate
permitted  by such law,  any  payments in excess of such  maximum  rate shall be
credited  against  amounts owed by the Companies to the Holder and thus refunded
to the Companies.

                                       4
<PAGE>

      2.10 Security  Interest.  The Holder has been granted a security  interest
(i) in certain  assets of the Companies as more fully  described in the Security
Agreement and (ii) pursuant to the Stock Pledge  Agreement  dated as of the date
hereof.

      2.11  Construction.   Each  party  acknowledges  that  its  legal  counsel
participated in the preparation of this Note and, therefore, stipulates that the
rule of construction  that  ambiguities are to be resolved  against the drafting
party shall not be applied in the interpretation of this Note to favor any party
against the other.  2.12  Registered  Obligation.  This Note is intended to be a
registered   obligation  within  the  meaning  of  Treasury  Regulation  Section
1.871-14(c)(1)(i)  and the Company (or its agent) shall  register this Note (and
thereafter shall maintain such registration) as to both principal and any stated
interest. Notwithstanding any document, instrument or agreement relating to this
Note to the  contrary,  transfer  of this Note (or the right to any  payments of
principal or stated interest hereunder) may only be effected by (i) surrender of
this Note and either the  issuance by the Company of this Note to the new holder
or the issuance by the Company of a new  instrument  to the new holder,  or (ii)
transfer  through a book entry system  maintained by the Company (or its agent),
within the meaning of Treasury Regulation Section 1.871-14(c)(1)(i)(B).

       [Balance of page intentionally left blank; signature page follows]

                                       5
<PAGE>

      IN WITNESS WHEREOF,  each Company has caused this Secured  Non-Convertible
Revolving  Note to be  signed in its name  effective  as of this 2nd day of May,
2006.

                                            PACIFIC CMA, INC., A DELAWARE
                                             CORPORATION

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                            PACIFIC CMA INTERNATIONAL, LLC,
                                            A COLORADO LIMITED LIABILITY COMPANY

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                       6
<PAGE>

                                            AIRGATE INTERNATIONAL CORPORATION
                                            (CHICAGO), AN ILLINOIS CORPORATION

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                            PARADIGM INTERNATIONAL INC.,
                                            A FLORIDA CORPORATION

                                            By: /s/ Alfred Lam
                                                --------------------------------
                                                 Name: Alfred Lam
                                                 Title: Chairman/CEO

WITNESS:

/s/ Celia Tai
------------------------------------
Celia Tai, Assistant to the Chairman

                                       7
<PAGE>

                                    EXHIBIT A
                                    ---------

                                 OTHER COMPANIES

         PACIFIC CMA INTERNATIONAL, LLC, a Colorado limited liability company

         AIRGATE INTERNATIONAL CORPORATION, a New York corporation

         [

         AIRGATE INTERNATIONAL CORPORATION (CHICAGO), an Illinois corporation

         PARADIGM INTERNATIONAL INC., a Florida corporation.

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