Document:

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                                                                   EXHIBIT 10.26

                                 PROMISSORY NOTE           MONY Loan No.  101183

$7,850,000
                                                             Ontario, California
                                            December 21, 2000 ("Effective Date")

         FOR VALUE RECEIVED, YALE INVESTMENTS, LLC, a Delaware limited liability
company, as maker, having its principal place of business at 228 Manhattan Beach
Boulevard, Manhattan Beach, California 90266 ("Borrower"), hereby
unconditionally promises to pay to the order of MONY LIFE INSURANCE COMPANY, a
New York corporation, as payee, having an address at 1740 Broadway, New York,
New York 10019 ("Lender"), by wire transfer to Lender's account at a banking
institution and in accordance with instructions issued by Lender or at such
other place and in such manner as the holder hereof may from time to time
designate in writing, the principal sum of SEVEN MILLION EIGHT HUNDRED FIFTY
THOUSAND DOLLARS ($7,850,000.00), in lawful money of the United States of
America with interest thereon to be computed from the date of this Note at the
Applicable Interest Rate (defined below) in accordance with the terms of this
Note. Initially capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned thereto in the Security Instrument (as defined
below) entered into by and between Borrower and Lender on or about the date
hereof.

                            ARTICLE 1: PAYMENT TERMS

         Borrower agrees to pay sums under this Note in installments as follows:

         (a) a payment of interest only on January 1, 2001, representing payment
of interest from the Effective Date through and including the last day of the
month in which the Effective Date falls;

         (b) a constant payment of Fifty-Seven Thousand Six Hundred One and
no/100ths Dollars ($57,601.00) on the first day of February, 2001, and on the
first day of each calendar month thereafter up to and including the first day of
December, 2010 (each, a "Payment Date"); and

         (c) (the balance of the principal sum and all interest thereon on the
first day of January, 2011 (the "Maturity Date").

         All payments on this Note shall, at the option of Lender, be applied
first to the payment of late charges and/or interest due at the Default Rate (as
defined below), if any, then to the repayment of any sums advanced by Lender for
the payment of any insurance premiums, taxes, assessments or other charges
against the property securing this Note, then to the payment of any other sums
due from Borrower to Lender pursuant to the Security Instrument or Other
Security Documents, then to the payment of accrued and unpaid interest, and,
after all such premiums, charges, sums and interest have been paid, any
remainder shall be applied to reduction of the principal sum.

                              ARTICLE 2: INTEREST

The interest rate on this Note is Seven and Eighty-Nine/100ths percent (7.89%)
per annum (the "Applicable Interest Rate"). Interest on the principal sum of
this Note shall be calculated by multiplying the actual number of days elapsed
in the applicable period by a daily rate based upon a three hundred sixty (360)
day year.

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                      ARTICLE 3: DEFAULT AND ACCELERATION

         If any payment required in this Note is not paid (a) prior to the fifth
(5th) day after a Payment Date, (b) on the Maturity Date, or (c) on the
happening of any other default (after the expiration of any applicable notice
and grace periods), herein or under the terms of the Security Instrument or any
of the Other Security Documents (as defined in the Security Instrument)
(collectively, an "Event of Default"), at the option of Lender the following
shall, without notice, become immediately due and payable: (i) the whole of the
principal sum and accrued interest on this Note; (ii) late charges and other
sums, as provided in this Note, the Security Instrument or the Other Security
Documents, commencing on the eleventh (11th) day after the Payment Date if such
payment has not yet been received by the eleventh (11th) day; (iii) default
interest, as provided in this Note, the Security Instrument or the Other
Security Documents; (iv) all other monies agreed or provided to be paid by
Borrower in this Note, the Security Instrument or the Other Security Documents;
(v) all sums advanced pursuant to the Security Instrument to protect and
preserve the Property (defined below) and the lien and the security interest
created thereby and (vi) all sums advanced and costs and expenses incurred by
Lender in connection with the Debt (defined below) or any part thereof, any
renewal, extension, or change of or substitution for the Debt or any part
thereof, or the acquisition or perfection of the security therefor, whether made
or incurred at the request of Borrower or Lender (all the sums referred to in
(i) through (vi) above shall collectively be referred to as the "Debt").

                          ARTICLE 4: DEFAULT INTEREST

         Borrower agrees that upon the occurrence of an Event of Default, Lender
shall be entitled to receive and Borrower shall pay interest on the entire
unpaid principal sum at a per annum rate equal to the lesser of (a) fifteen
percent (15%) per annum, and (b) the maximum interest rate which Borrower may by
law pay (the "Default Rate"). The Default Rate shall be computed from the
occurrence of the Event of Default until the earlier of the date upon which the
Event of Default is cured or the date upon which the Debt is paid in full.
Interest calculated at the Default Rate shall be added to the Debt, and shall be
deemed secured by the Security Instrument. This clause, however, shall not be
construed as an agreement or privilege to extend the date of the payment of the
Debt, nor as a waiver of any other right or remedy accruing to Lender by reason
of the occurrence of any Event of Default.

                             ARTICLE 5: LATE CHARGE

         As to each default in the performance of the covenants and obligations
of Borrower under the Security Instrument or under any of the Other Security
Documents not involving the payment of money, a late charge of $1,000 shall be
due and payable for the month in which the default first occurred, on the day
the applicable grace, notice or cure period, if any, expires or if none, then on
the day of the default. An additional $1,000 late charge shall be due, without
notice, on the first day of each calendar month thereafter during which the
default continues, until the default is fully cured.

                              ARTICLE 6: REPAYMENT

         (a) The principal balance of this Note may not be prepaid in whole or
in part except as expressly permitted pursuant hereto.

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         (b) No prepayment of this Note shall be permitted for a period of one
(1) year after the date hereof. Thereafter, Borrower may prepay the Loan Balance
in full (but not in part) on any regularly scheduled payment date hereunder
after giving Lender sixty (60) days prior written notice ("Prepayment Notice")
and upon payment of a prepayment premium (the "Premium") calculated as provided
below. Any Prepayment Notice given hereunder may not be withdrawn within fifteen
(15) days prior to the scheduled date of prepayment ("Prepayment Date") without
Lender's consent in its sole discretion, and this Note shall be due in full on
the Prepayment Date. No more than one (1) Prepayment Notice may be given within
any sixty (60) day period.

                  (i)      The Premium shall equal the greater of (i) the
                           Aggregate Present Values of the Monthly Income Losses
                           or (ii) one percent (1.0%) of the then outstanding
                           Principal Amount; provided however that in the event
                           Borrower prepays the Loan in full and not in part
                           during the last sixty (60) days immediately prior to
                           the Maturity Date, such prepayment may be made at par
                           without the requirement to pay the Premium. The
                           Premium shall be calculated on the date ("Calculation
                           Date") ten (10) business days prior to the Prepayment
                           Date.

                  (ii)     The Aggregate Present Values of the Monthly Income
                           Losses shall be calculated as follows:

                           (A)      Subtract the Discount Rate (as defined
                                    below) from the Interest Rate to determine
                                    the "Rate Difference" (provided that the
                                    Rate Difference shall in no event be less
                                    than zero). Then divide the Rate Difference
                                    by twelve (12) to determine the "Monthly
                                    Rate Difference";

                           (B)      Determine, as of the first day of each month
                                    during the Calculation Period (as defined
                                    below), what the Principal Amount would have
                                    been had the Loan been paid pursuant to the
                                    regular installment terms of this Note based
                                    on the amortization schedule then in effect
                                    on the Loan (for each such month, the
                                    "Amortizing Monthly Balance");

                           (C)      Multiply the Monthly Rate Difference by the
                                    Amortizing Monthly Balance of each month
                                    during the Calculation Period to determine
                                    the "Gross Monthly Income Loss" applicable
                                    to each month;

                           (D)      Determine the present value of the Gross
                                    Monthly Income Loss for each month by
                                    discounting the Gross Monthly Income Loss
                                    for each month at the Monthly Discount Rate
                                    (as defined below);

                           (E)      Add the present value of the Gross Monthly
                                    Income Loss for each month during the
                                    Calculation Period to determine the
                                    Aggregate Present Values of the Monthly
                                    Income Losses.

                  (iii)    As used in these prepayment provisions, the following
                           definitions shall apply:

                           (A)      The "Calculation Period" is the period from
                                    the Prepayment Date through the Maturity
                                    Date; and

                           (B)      The "Discount Rate" shall be equal to the
                                    "ask yield" rate on the U.S. Treasury note
                                    or bond (not including "inflation indexed"
                                    issues) maturing closest in time to the
                                    Maturity Date as such "ask yield" is
                                    reported in The

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                                    Wall Street Journal, or similar publication
                                    designated by Lender, on the Calculation
                                    Date. If there is more than one such U.S.
                                    Treasury note or bond so reported, Lender
                                    shall determine in its sole discretion,
                                    which one shall be utilized as the "Discount
                                    Rate." The "Monthly Discount Rate" shall be
                                    equal to the Discount Rate divided by twelve
                                    (12);

                           (iv)     Borrower acknowledges that the Premium
                                    represents the reasonable estimate of Lender
                                    and Borrower of a fair average compensation
                                    for the loss that may be sustained by Lender
                                    due to the payment of any of the
                                    indebtedness evidenced hereby prior to the
                                    originally scheduled Maturity Date. The
                                    Premium shall be paid without prejudice to
                                    the right of Lender to collect any other
                                    amounts provided to be paid hereunder or
                                    under the other Loan Documents. Borrower
                                    hereby expressly: (i) waives any statutory
                                    and common law rights it may have to prepay
                                    thus Note, in whole or in part, without
                                    penalty, upon acceleration of the Maturity
                                    Date; and, (ii) agrees that if, for any
                                    reason, a prepayment of any or all of this
                                    Note is made, whether voluntary or upon or
                                    following any acceleration of the Maturity
                                    Date by Lender on account of any default by
                                    Borrower under the terms of this Note, or
                                    any of the other Loan Documents, including
                                    without limitation, any transfer or
                                    disposition of any of the Security for this
                                    Note, as prohibited or restricted by the
                                    terms of any of the Loan Documents, and
                                    whether or not said payment is made prior to
                                    or at any foreclosure sale held under the
                                    terms of the Loan Documents, then Borrower
                                    shall be obligated to pay the applicable
                                    Premium concurrently therewith.

                       INITIALS: /s/ ILLEGIBLE
                                 --------------

                              ARTICLE 7: SECURITY

         This Note is secured by that certain Deed of Trust, Assignment of
Rents, Security Agreement and Fixture Filing dated the date hereof given by
Borrower to (or for the benefit of) Lender covering the fee simple estate of
Borrower in certain premises located in San Bernardino County, State of
California, and other property, as more particularly described therein
(collectively, the "Property") and intended to be duly recorded in said County
(the "Security Instrument"), and by the Other Security Documents.

                            ARTICLE 8: LOAN CHARGES

         This Note, the Security Instrument and the Other Security Documents are
subject to the express condition that at no time shall Borrower be obligated or
required to pay interest on the principal balance due hereunder at a rate which
could subject Lender to either civil or criminal liability as a result of being
in excess of the maximum interest rate which Borrower is permitted by applicable
law to contract or agree to pay. If by the terms of this Note, the Security
Instrument and the Other Security Documents, Borrower is at any time required or
obligated to pay interest on the principal balance due hereunder at a rate in
excess of such maximum rate, the Applicable Interest Rate or the Default Rate,
as the case may be, shall be deemed to be immediately reduced to such maximum
rate and all previous payments in excess of the maximum rate shall be deemed to
have been payments in reduction of principal and not on

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account of the interest due hereunder. All sums paid or agreed to be paid to
Lender for the use, forbearance, or detention of the Debt, shall, to the extent
permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term of the Note until payment in full so that the
rate or amount of interest on account of the Debt does not exceed the maximum
lawful rate of interest from time to time in effect and applicable to the Debt
for so long as the Debt is outstanding.

                               ARTICLE 9: WAIVERS

         Borrower and all others who may become liable for the payment of all or
any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, protest and notice of protest and non-payment and
all other notices of any kind (including without limitation notices under Civil
Code Section 2954.5, relating to default and late charges), except for notices
expressly provided for in this Note, the Security Instrument or the Other
Security Documents. No release of any security for the Debt or extension of time
for payment of this Note or any installment hereof, and no alteration, amendment
or waiver of any provision of this Note, the Security Instrument or the Other
Security Documents made by agreement between Lender or any other person or party
shall release, modify, amend, waive, extend, change, discharge, terminate or
affect the liability of Borrower, and any other person or entity who may become
liable for the payment of all or any part of the Debt, under this Note, the
Security Instrument or the Other Security Documents. No notice to or demand on
Borrower shall be deemed to be a waiver of the obligation of Borrower or of the
right of Lender to take further action without further notice or demand as
provided for in this Note, the Security Instrument or the Other Security
Documents. If Borrower is a partnership, corporation or limited liability
company, the agreements contained herein shall remain in full force and effect,
notwithstanding any changes in the individuals or entities comprising the
Borrower, and the term "Borrower," as used herein, shall include any alternate
or successor entity, but any predecessor entity, and its partners or members, as
the case may be, shall not thereby be released from any liability. (Nothing in
the foregoing sentence shall be construed as a consent to, or a waiver of, any
prohibition or restriction on transfers of interests in Borrower which may be
set forth in the Security Instrument or any Other Security Document.) ARTICLE

                          10: WAIVER OF TRIAL BY JURY

         BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN
EVIDENCED BY THIS NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THIS NOTE,
THIS NOTE, THE SECURITY INSTRUMENT OR THE OTHER SECURITY DOCUMENTS OR ANY ACTS
OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN
CONNECTION THEREWITH. BORROWER DOES HEREBY CONSTITUTE AND APPOINT MONY ITS TRUE
AND LAWFUL ATTORNEY-INFACT, WHICH APPOINTMENT IS COUPLED WITH AN INTEREST, AND
BORROWER DOES HEREBY AUTHORIZE AND EMPOWER LENDER, IN THE NAME, PLACE AND STEAD
OF BORROWER, TO FILE THIS NOTE WITH THE CLERK OR JUDGE OF ANY COURT OF COMPETENT
JURISDICTION AS A STATUTORY WRITTEN CONSENT TO WAIVER OF TRIAL BY JURY. ARTICLE
12:

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                            ARTICLE 11: EXCULPATION

         (a) Notwithstanding anything to the contrary contained in this Note,
the Security Instrument or any Other Security Document (but subject to the
provisions of subsections (b), (c) and (d) of this Article l1), Lender shall not
enforce the liability and obligation of Borrower to perform and observe the
obligations contained in this Note or the Security Instrument by any action or
proceeding wherein a money judgment or any deficiency judgment or other judgment
establishing any personal liability shall be sought against Borrower or any
principal, director, officer, employee, beneficiary, shareholder, partner,
member, trustee, agent or affiliate of Borrower or any person owning, directly
or indirectly, any legal or beneficial interest in Borrower, or any successors
or assigns of any of the foregoing (collectively, the "Exculpated Parties"),
except that Lender may bring a foreclosure action, action for specific
performance or other appropriate action or proceeding to enable Lender to
enforce and realize upon this Note, the Security Instrument, the Other Security
Documents, and the interest in the Property, the Rents (as defined in the
Security Instrument) and any other collateral given to Lender to secure this
Note; provided, however, subject to the provisions of subsections (b), (c) and
(d) of this Article 11, that any judgment in any such action or proceeding shall
be enforceable against Borrower only to the extent of Borrower's interest in the
Property, in the Rents and in any other collateral given to Lender to secure
this Note. Lender, by accepting this Note and the Security Instrument, agrees
that it shall not, except as otherwise provided in this Article 1.1, sue for,
seek or demand any deficiency judgment against Borrower or any of the Exculpated
Parties, in any such action or proceeding, under or by reason of or under or in
connection with this Note, the Security Instrument or the Other Security
Documents. The provisions of this Article 11 shall not, however: (i) constitute
a waiver, release or impairment of any obligation evidenced or secured by this
Note, the Security Instrument or the Other Security Documents delivered to
Lender; (ii) impair the right of Lender to name Borrower as a party defendant in
any action or suit for judicial foreclosure and sale under the Security
Instrument; (iii) affect the validity or enforceability of any indemnity,
guaranty, master lease or similar instrument made in connection with this Note,
the Security Instrument, or the Other Security Documents; (iv) impair the right
of Lender to obtain the appointment of a receiver; (v) impair the enforcement of
the Assignment of Leases and Rents executed in connection herewith; (vi) impair
the right of Lender to enforce the provisions of Section 12.2 of the Security
Instrument or of Section 3.12(e) of the Security Instrument; or (vii) impair the
right of Lender to obtain a deficiency judgment or other judgment on the Note
against Borrower if necessary to obtain any insurance proceeds or condemnation
awards to which Lender would otherwise be entitled under this Security
Instrument; provided however, Lender shall only enforce such judgment to the
extent of the insurance proceeds and/or condemnation awards.

         (b) Notwithstanding the provisions of this Article 11 to the contrary,
Borrower shall be personally liable to Lender for the Losses (as defined in the
Security Instrument) it incurs due to: (i) any failure of Borrower to maintain
in full force and effect all insurance required to be maintained under the
Security Instrument or to repair and/or reconstruct any of the Property in
accordance with the terms of the Security Instrument or any of the Other
Security Documents; (ii) any failure of Borrower to pay when due all taxes and
assessments levied or assessed against any of the Property (including, without
limitation, any failure of Borrower to deposit sufficient

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tax/assessment impounds with Lender as required under the Security Instrument);
(iii) the execution, modification and/or termination of any leases affecting the
Property without the consent of Lender, where such consent is required under the
Security Instrument or under any of the Other Security Documents; (iv) any
transfers of any of the Property or ownership interests in Borrower or in any
entity that constitutes, either directly or indirectly, Borrower, without the
consent of Lender, where such consent is required under the Security Instrument
or under any of the Other Security Documents; (v) any actions and claims
instituted against or affecting any of the Property, including mechanic's liens;
(vi) any default under the Certificate and Indemnity Regarding Hazardous
Substances given by Borrower and Guarantor in favor of Lender; (vii) any waste
or intentional or willful destruction of any of the Property by Borrower or its
agents or contractors; (viii) any fraud or intentional or willful
misrepresentation, by any party (other than Lender) executing the Note, the
Security Instrument or any of the Other Security Documents (even if other than
Borrower) or any successor or permitted assign thereof; (ix) any misapplication
of any proceeds (A) paid under any insurance policies or (B) realized from
awards from condemnation or the exercise of the power of eminent domain (or a
taking in lieu thereof), in any case arising from a casualty to or taking of any
of the Property (which misapplication shall be deemed to have occurred in the
event that any such proceeds are not used in the manner provided in the Security
Instrument or any of the Other Security Documents relative to casualty and/or
condemnation, as applicable; (x) any misapplication of the gross proceeds
(including without limitation Rents and all other revenues) from any of the
Property (which misapplication shall be deemed to have occurred in the event any
of such gross proceeds are not first applied to costs of operating and
maintaining the Property, including without limitation, payment of the Note);
(xi) any application of security deposits other than in accordance with
applicable law and with the terms of the applicable leases under which the
security deposits are held; or Borrower's failure to provide such security
deposits to Lender upon Lender's acquisition of the Property after default;
(xii) the removal of any personal property, fixtures and equipment from the
Property by or on behalf of the Borrower and Borrower's failure to replace same
with items of the same utility and the same or greater value; (xiii) any fees
and commissions paid by Borrower to any member, partner, shareholder, agent,
employee, affiliate or related party of Borrower.

         (c) Notwithstanding the foregoing, the agreement of Lender not to
pursue recourse liability as set forth in subsection (a) above SHALL BECOME NULL
AND VOID and shall be of no further force and effect in the event of Borrower's
default under Article 8 of the Security Instrument or if the Property or any
part thereof shall become an asset in (i) a voluntary bankruptcy or insolvency
proceeding; or (ii) an involuntary bankruptcy or insolvency proceeding (other
than one filed by Lender) which is not dismissed within ninety (90) days of
filing.

         (d) Nothing herein shall be deemed to be a waiver of any right which
Lender may have under Section 506(a), 506(b), 1111(b) or any other provision of
the U.S. Bankruptcy Code to file a claim for the full amount of the indebtedness
secured by the Security Instrument or to require that all collateral shall
continue to secure all of the indebtedness owing to Lender in accordance with
this Note, the Security Instrument and the Other Security Documents.

                             ARTICLE 12: AUTHORITY

         Borrower (and the undersigned representative of Borrower, if any)
represents that Borrower has full power, authority and legal right to execute
and deliver this Note, the Security

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Instrument and the Other Security Documents and that this Note, the Security
Instrument and the Other Security Documents constitute valid and binding
obligations of Borrower.

                           ARTICLE 13: GOVERNING LAW

         This Note shall be governed, construed, applied and enforced in
accordance with the laws of the state in which the Property is located.

                              ARTICLE 14: NOTICES

All notices required or permitted hereunder shall be given as provided in the
Security Instrument.

                     ARTICLE 15: INCORPORATION BY REFERENCE

         All of the terms, covenants and conditions contained in the Security
Instrument and the Other Security Documents are hereby made part of this Note to
the same extent and with the same force as if they were fully set forth herein.

                           ARTICLE 16: MISCELLANEOUS

         (a) Wherever pursuant to this Note it is provided that Borrower pay any
costs and expenses, such costs and expenses shall include, but not be limited
to, reasonable legal fees and disbursements of Lender, whether with respect to
retained firms, the reimbursement for the expenses of in-house staff, or
otherwise. Borrower shall pay to Lender on demand any and all expenses,
including legal expenses and reasonable attorneys' fees, incurred or paid by
Lender in enforcing this Note, whether or not any legal proceeding is commenced
hereunder, together with interest thereon at the Default Rate from the date paid
or incurred by Lender until such expenses are paid by Borrower.

         (b) This Note shall not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the
part of Borrower or Lender, but only by an agreement in writing signed by the
party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought.

         (c) If Borrower consists of more than one person or party, the
obligations and liabilities of each person or party shall be joint and several.

         (d) Whenever used, the singular number shall include the plural, the
plural number shall include the singular, and the words "Lender" and "Borrower"
shall include their respective successors, assigns, heirs, executors and
administrators.

         (e) If Lender accepts a guaranty of only a portion of the Debt,
Borrower hereby waives its right under California Civil Code Section 2822(a) or
any similar statute or common law provisions, to designate the portion of the
Debt which shall be satisfied by any guarantor's partial payment.

                            SIGNATURE PAGE TO FOLLOW

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         IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day
and year first above written.

                         YALE INVESTMENTS, LLC,
                         a Delaware limited liability company

                         BY:      SKECHERS U.S.A., INC.,
                                  a Delaware corporation, as the Sole Member and
                                  Manager of Yale Investments, LLC

                                  By:      /s/ PHILIP C. PACCIONE
                                      ------------------------------------------
                                  Name:    Philip C. Paccione
                                        ----------------------------------------
                                  Title:   General Counsel & Secretary
                                         ---------------------------------------

                 Acknowledgment appears on the following page.

                                  By:      /s/ DAVID WEINBERG
                                      ------------------------------------------
                                  Name:    David Weinberg
                                        ----------------------------------------
                                  Title:   CFO
                                         ---------------------------------------

                                       9
<PAGE>   10

STATE OF California                         )
                                            ) ss.
COUNTY OF Los Angeles                       )

         On this 19th day of December, 2000, before me personally appeared
         Philip C. Paccione and David Weinberg, personally known to me or proved
         to me on the basis of satisfactory evidence to be the person whose name
         is subscribed to the within instrument and acknowledged to me that he
         executed the same in his authorized capacity(ies), and that by his
         signature(s) on the instrument the person(s) or the entity(ies) upon
         behalf of which the person acted, executed the instrument.

                                            WITNESS my hand and official seal.

                                                     /s/ KAREN SMITH
                                            -----------------------------------
                                            Signature of Notary

[seal]

My Commission Expires:        4-4-01
                      ----------------------

                                       10<PAGE>   1

                                                                     EXHIBIT 4.1

                              -------------------
                                     NUMBER
                              SFU
                              -------------------

                            [FREMONT GENERAL - LOGO]

                      [FREMONT GENERAL CORPORATION - SEAL]

          COMMON STOCK                                          COMMON STOCK
                                                             -----------------
THIS CERTIFICATE IS TRANSFERABLE                                  SHARES
 IN THE CITIES OF NEW YORK, NY
     OR RIDGEFIELD PARK, NJ
                                     [PICTURE]               -----------------

                                                              SEE REVERSE FOR
                                                            CERTAIN DEFINITIONS

INCORPORATED UNDER THE LAWS                                  CUSIP 357288 10 9
  OF THE STATE OF NEVADA

                          FREMONT GENERAL CORPORATION

--------------------------------------------------------------------------------
THIS CERTIFIES THAT

IS THE RECORD HOLDER OF
--------------------------------------------------------------------------------

    FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK, $1.00 PAR VALUE, OF

Fremont General Corporation (hereinafter and on the back hereof called the
"Corporation") transferable on the books of the Corporation in person or by
duly authorized attorney, upon the surrender of this Certificate properly
endorsed. This Certificate is not valid unless countersigned and registered by
the Transfer Agent and Registrar.

     Witness the facsimile seal of the Corporation and the facsimile signatures
of its duly authorized officers.

Dated:

                                               COUNTERSIGNED AND REGISTERED
                                                  MELLON INVESTOR SERVICES LLC
                                                    TRANSFER AGENT AND REGISTRAR
                                               BY

             SECRETARY          CHAIRMAN               AUTHORIZED SIGNATURE
<PAGE>   2

    The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<CAPTION>
<S>                                                  <C>
TEN COM  - as tenants in common                      UNIT GIFT MIN ACT -  .............Custodian............
TEN ENT  - as tenants by the entireties                                   (Cust)                   (Minor)
JT TEN   - as joint tenants with right of                                 under Uniform Gifts to Minors
           survivorship and not as tenants                                Act...............................
           in common                                                                  (State)
COM PROP - as community property                     UNIF TRF MIN ACT -   ........Custodian (until age......)
                                                                          (Cust)
                                                                          ...........under Uniform Transfers
                                                                            (Minor)
                                                                          to Minors Act.....................
                                                                                              (State)
</TABLE>

    Additional abbreviations may also be used though not in the above list.

For Value Received, _____________________________ hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------

--------------------------------------

--------------------------------------------------------------------------------
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------shares
of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

------------------------------------------------------------------------Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated ____________________

                                     -------------------------------------------

                                     -------------------------------------------
                                     NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT
                                             MUST CORRESPOND WITH THE NAME(S) AS
                                             WRITTEN UPON THE FACE OF THE
                                             CERTIFICATE IN EVERY PARTICULAR,
                                             WITHOUT ALTERATION OR ENLARGEMENT
                                             OR ANY CHANGE WHATSOEVER.

Signature(s) Guaranteed:

----------------------------------------------------
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS
AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]