Document:

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                                                                Exhibit 4.1
                                FORM OF DEBENTURE

         NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON CONVERSION
         HEREOF HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
         EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE OR UNDER
         THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES ARE RESTRICTED
         AND MAY NOT BE OFFERED, RESOLD, PLEDGED OR TRANSFERRED EXCEPT AS
         PERMITTED UNDER THE ACT PURSUANT TO REGISTRATION OR EXEMPTION OR SAFE
         HARBOR THEREFROM.

NNo. 00A-                                           US $

                         TITAN MOTORCYCLE CO. OF AMERICA

              12% SECURED CONVERTIBLE DEBENTURE DUE AUGUST 31, 2002

        THIS DEBENTURE is one of a duly authorized issue of up to $750,000 in
Debentures of TITAN MOTORCYCLE CO. OF AMERICA, a corporation organized and
existing under the laws of the State of Nevada (the "Company") designated as its
12% Secured Convertible Debentures.

         FOR VALUE RECEIVED, the Company promises to pay to ____________________
______________________________, the registered holder hereof (the "Holder"), the
principal sum of ________________________ and 00/100 Dollars (US $_____________)
on August 31, 2002 (the "Maturity Date") and to pay interest on the principal
sum outstanding from time to time in arrears (i) upon conversion as provided
herein or (ii) on the Maturity Date, at the rate of 12% per annum accruing from
the date of initial issuance of this Debenture. Accrual of interest shall
commence on the first such business day to occur after the date hereof and shall
continue to accrue on a daily basis until payment in full of the principal sum
has been made or duly provided for. Subject to the provisions of Section 4 below
(the terms of which shall govern as if this sentence were not included in this
Debenture), interest on this Debenture is payable, at the option of the Company,
in shares of Common Stock of the Company, $.001 par value ("Common Stock") at
the Conversion Price (as defined below) in effect on the date of payment, or in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts, at the address last
appearing on the Debenture Register of the Company as designated in writing by
the Holder from time to time. This Debenture is being issued pursuant to the
terms of the Securities Purchase Agreement, dated August ___________________,
2000
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(the "Securities Purchase Agreement"), to which the Company and the Holder (or
the Holder's predecessor in interest) are parties. Capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the
Securities Purchase Agreement.
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         This Debenture is subject to the following additional provisions:

         1. The Debentures are issuable in denominations of Ten Thousand Dollars
(US$10,000) and integral multiples thereof. The Debentures are exchangeable for
an equal aggregate principal amount of Debentures of different authorized
denominations, as requested by the Holder surrendering the same. No service
charge will be made for such registration or transfer or exchange.

         2. The Company shall be entitled to withhold from all payments of
principal of, and interest on, this Debenture any amounts required to be
withheld under the applicable provisions of the United States income tax laws or
other applicable laws at the time of such payments, and Holder shall execute and
deliver all required documentation in connection therewith.

         3. This Debenture has been issued subject to investment representations
of the original purchaser hereof and may be transferred or exchanged only in
compliance with the Securities Act of 1933, as amended (the "Act"), and other
applicable state and foreign securities laws and the terms of the Securities
Purchase Agreement . In the event of any proposed transfer of this Debenture,
the Company may require, prior to issuance of a new Debenture in the name of
such other person, that it receive reasonable transfer documentation including
legal opinions that the issuance of the Debenture in such other name does not
and will not cause a violation of the Act or any applicable state or foreign
securities laws. Prior to due presentment for transfer of this Debenture, the
Company and any agent of the Company may treat the person in whose name this
Debenture is duly registered on the Company's Debenture Register as the owner
hereof for the purpose of receiving payment as herein provided and for all other
purposes, whether or not this Debenture be overdue, and neither the Company nor
any such agent shall be affected by notice to the contrary.

         4. A. The Holder of this Debenture is entitled, at its option, subject
to the following provisions of this Section 4, to convert this Debenture at any
time into shares of Common Stock of the Company at a conversion price for each
share of Common Stock ("Conversion Price") equal to the lower of the Fixed
Conversion Price or the Variable Conversion Price (as those terms are defined
below). The term "Fixed Conversion Price" means the amount equal to seventy
percent (70%) of the average of the Closing Bid Price for the five (5) trading
days ending on the trading day immediately preceding the Closing Date; which
amount is subject to adjustment as provided herein. The term "Variable
Conversion Price" means the amount equal to seventy percent (70%) of the average
of the five (5) lowest Closing Bid Prices (which need not be from consecutive
trading days) during the twenty-two (22) trading days ending on the trading day
immediately preceding the Conversion Date (as defined below). Interest accrued
or accruing from the date of issuance to the Conversion Date or the Maturity
Date, as the case may be, shall, at the option of the Holder, be paid
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in cash or Common Stock at the Conversion Price then applicable as of the
Conversion Date or the Maturity Date, as the case may be.
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         B.       (i) To effect a conversion of this Debenture, the Holder must
deliver or fax a Notice of Conversion in the form attached hereto as Exhibit A
("Notice of Conversion") to the Company (to the attention of the President, with
copies to the Chief Financial Officer of the Company, the Company's transfer
agent and the Company's counsel, all as identified by notice given by the
Company to the Holder from time to time) as provided in this Section 4(B). The
Notice of Conversion shall be executed by the Holder and shall evidence such
Holder's intention to convert all or a portion of this Debenture. The date of
conversion (the "Conversion Date") shall be deemed to be the date on which the
Holder faxes or otherwise delivers a Notice of Conversion to the Company,
provided that the Holder must deliver to the Company this Debenture (the
"Converted Debenture") no later than five (5) business days thereafter.

                  (ii) Certificates representing the Common Stock issuable on
conversion of this Debenture (the "Conversion Certificates") will be delivered
to the Holder at the address specified in the Notice of Conversion (which may be
the Holder's address for notices as contemplated by the Securities Purchase
Agreement or a different address), via express courier, by electronic transfer
or otherwise, within five (5) business days (such fifth business day, a
"Delivery Date") after the later of (i) the date on which the Notice of
Conversion is delivered to the Company as contemplated in this Section 4(B) or
(ii) the date on which the Converted Debenture is delivered to the Company.

                  (iii) The Company shall pay any and all taxes which may be
imposed upon the Company with respect to the issuance and delivery of the shares
of Common Stock upon the conversion of this Debenture other than transfer taxes
due upon conversion, if such Holder has transferred to another party this
Debenture or the right to receive Common Stock upon the Holder's conversion
hereof or any or income taxes due on the part of the Holder. The Company shall
have the right to withhold any taxes as required by the United States federal or
state tax laws.

                  (iv) If any conversion of this Debenture would result in the
issuance of a fractional share of Common Stock, such fractional share shall be
disregarded and the number of shares of Common Stock issuable upon conversion of
the Debenture shall be rounded up or down to the nearest whole share, it being
understood that .5 of one share shall be rounded up to the next highest share.

                  (v) In the case of any dispute with respect to a conversion,
the Company shall promptly issue such number of shares of Common Stock as are
not disputed in accordance with Section 4(A) hereof. If such dispute involves
the calculation of the Conversion Price, the Company shall first discuss such
discrepancy with the Holder. If the Company and the Holder are unable to agree
upon the Conversion Price calculation, the Company shall promptly submit the
disputed calculations to independent auditors, which shall be one of the top six
nationally recognized
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accounting firms selected by the Holder (unless the Holder and the Company
mutually agree to a different firm). The auditors, at the expense of the party
or parties in error (as determined by the auditors), shall audit the
calculations and notify the Company and the Holder of the results within five
(5) business days following the date it receives the disputed calculations. The
auditor's calculation shall be deemed conclusive, absent manifest error. The
Company shall then issue the appropriate number of shares of Common Stock in
accordance with Section 4(A) hereof.
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         C. Without shareholder approval, the Company may not issue shares of
Common Stock in excess of (a) (i) the number of authorized shares, or (ii) if
the Cap Regulations are applicable, the Cap Amount (or the allocation of the Cap
Amount to the Holder in accordance with the provisions of Section 4(j)(i) of the
Securities Purchase Agreement) (collectively, the "Issuance Limitations").
Without limiting the other provisions of the Securities Purchase Agreement or
this Debenture, (i) the Company will take all steps reasonably necessary to be
in a position to issue shares of Common Stock on conversion of all the
debentures issued in this series of Debentures without violating the Issuance
Limitations. If at any time after the Meeting Date, the then authorized and
unissued shares of Common Stock of the Company or the Cap Amount (or the
allocation thereof to the Holder) is less than the number of shares of Common
Stock which would then be otherwise potentially issuable upon conversion of all
of the then outstanding debentures of this series of Debentures without regard
to such Issuance Limitations, the Company shall immediately notify the Holders
of all outstanding debentures of this series of Debentures of such occurrence
and shall take immediate action (including, if necessary, seeking the approval
of its shareholders to authorize the authorization or issuance of the full
number of shares of Common Stock which would be issuable upon the conversion of
the then outstanding debentures of this series of Debentures but for the
Issuance Limitations) to effectuate either or both of an increase in the
authorized shares of the Company or the elimination of the application of the
Cap Regulations to so as to permit the Company to issue shares of Common Stock
in excess of the Cap Amount. In this event, the Holder of a Debenture which can
not be converted as a result of the Issuance Limitations after all such
Debentures that can be converted under the Issuance Limitations have been
converted (each such unconverted Debenture, an "Issuance Limitation Unconverted
Debenture"), shall have the option, exercisable in such Holder's sole and
absolute discretion, to elect either of the following remedies:

                  (1) If permitted by the Cap Regulations, require the Company
         to issue shares of Common Stock in accordance with such holder's Notice
         of Conversion at a conversion purchase price equal to the average of
         the five (5) lowest Closing Bid Prices (which need not be from
         consecutive trading days, but subject to certain equitable adjustments
         to account for certain events, such as stock splits or reverse splits,
         occurring during such period) during the sixty (60) trading days ending
         on the trading day immediately preceding the date of the Notice of
         Conversion; or
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                  (2) Require the Company to redeem each Issuance Limitation
         Unconverted Debenture for cash, at an amount per share equal to the
         Redemption Amount, pursuant to the provisions of Section 5 hereof.

A Holder of an Issuance Limitation Unconverted Debenture may elect one of the
above remedies with respect to a portion of such Issuance Limitation Unconverted
Debentures and the other remedy with respect to other portions of the Issuance
Limitation Unconverted Debentures. Anything herein to the contrary
notwithstanding, the remedy contained in clauses (1) and (2) of this Section
4(C) shall not be available to the Holder of such Debentures until after the
Meeting Date. If the Issuance Limitations no longer apply to limit the Company's
issuance of shares of Common Stock upon conversion of the Debentures or the
transactions contemplated by the Transaction Agreements, the remedies contained
in clauses (1) and (2) of this Section 4(C) shall not be exercisable by a
Holder.

         D. Notwithstanding any other provision hereof, or any of the
Transaction Agreements, in no event (except (i) as specifically provided herein
as an exception to this provision, (ii) while there is outstanding a tender
offer for any or all of the shares of the Company's Common Stock, or (iii) at
the Holder's option, on at least sixty-five (65) days' advance written notice
from the Holder) shall the Holder be entitled to convert any portion of this
Debenture, or shall the Company have the obligation to convert such Debenture
(and the Company shall not have the right to pay interest hereon in shares of
Common Stock), to the extent that, after such conversion or issuance of stock in
payment of interest, the sum of (a) the number of shares of Common Stock
beneficially owned by the Holder and its affiliates (other than shares of Common
Stock which may be deemed beneficially owned through the ownership of any
unconverted Debentures or any unexercised portion of the Warrants or any other
unexercised right held by the Holder subject to a similar limitation), and (b)
the number of shares of Common Stock issuable upon the conversion of the
Debentures with respect to which the determination of this proviso is being
made, would result in beneficial ownership by the Holder and its affiliates of
more than 9.99% of the outstanding shares of Common Stock (after taking into
account the shares to be issued to the Holder upon such conversion). For
purposes of the proviso to the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the "1934 Act"). If the Holder transfers or
assigns any Debentures to a party who or which would not be considered such an
affiliate, such assignment shall be made subject to the transferee's or
assignee's specific agreement to be bound by the provisions of this Section 4(D)
as if such transferee or assignee were the original Holder hereof. Nothing
herein shall preclude the Holder from disposing of a sufficient number of other
shares of Common Stock beneficially owned by the Holder so as to thereafter
permit the continued conversion of the Debentures.

         5. A. In the event that any of the following occur (individually, a
"Redemption Event"):

                  (i) The Company's inability or refusal to issue sufficient
         shares of Common Stock upon conversion of Issuance Limitation
         Unconverted Debentures in accordance with Section 4(C) hereof; or
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                  (ii) The Company's inability to deliver Conversion
         Certificates under Section 4(B) hereof.

then, upon the occurrence of any such Redemption Event, the Holder of this
Debenture shall thereafter have the option, exercisable in whole or in part at
any time and from time to time by delivery of a notice requesting the redemption
of all or part of such Holder's Debentures (a "Redemption Notice") to the
Company while such Redemption Event continues, to require the Company to
purchase for cash any or all of the then outstanding Debentures held by such
Holder for an amount equal to the Redemption Amount in effect at the time of the
redemption hereunder.

         B. The "Redemption Amount" with respect to a Debenture being redeemed
(a "Redeemed Debenture") means an amount payable in cash, equal to (x) one
hundred thirty percent (130%) of the outstanding principal amount of the
Redeemed Debenture plus (y) accrued but unpaid interest thereon.

         C. If the Company fails to pay any Holder the Redemption Amount with
respect to any Redeemed Debenture within twenty-five (25) business days after
its receipt of a Redemption Notice, then the Holder delivering such Redemption
Notice shall be entitled to interest on the Redemption Amount at a per annum
rate equal to the lower of 15% and the highest interest rate permitted by
applicable law from the date on which the Company receives the Redemption Notice
until the date of payment of the Redemption Amount hereunder. In the event the
Company is not able to redeem all of the Redeemed Debentures subject to
Redemption Notices delivered prior to the date upon which such redemption is to
be effected, the Company shall redeem Debentures from each Holder of this series
of Debentures pro rata, based on the relative outstanding principal amounts of
such Debentures (determined at the time of redemption) included by each such
Holder in all Redemption Notices delivered prior to the date upon which such
redemption is to be effected.

     6. The Conversion Price shall be subject to adjustment from time to time as
follows:

         A. If, for as long as any portion of this Debenture remains
outstanding, the Company enters into a merger (other than where the Company is
the surviving entity) or consolidation with another corporation or other entity
or a sale or transfer of all or substantially all of the assets of the Company
to another person (collectively, a "Sale"), the Company will require, in the
agreements reflecting such transaction, that the surviving entity expressly
assume the obligations of the Company hereunder. Notwithstanding the foregoing,
if the Company enters into a Sale and the holders of the Common Stock are
entitled to receive stock, securities or property in respect of or in exchange
for Common Stock, then as a condition of such Sale, the Company and any such
successor, purchaser or transferee will agree that this Debenture may thereafter
be converted on the terms and subject to the conditions set forth above into the
kind and amount of stock, securities or property receivable upon such merger,
consolidation, sale or transfer by a Holder of this Debenture into which this
Debenture might have been converted immediately before such merger,
consolidation, sale or transfer, subject to adjustments which
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shall be as nearly equivalent as may be practicable. In the event of any such
proposed Sale, the Holder hereof shall have the right to either (i) convert all
of any of the outstanding portion of this Debenture (without regard to the
limits contemplated by Paragraph 4(D) hereof) by delivering a Notice of
Conversion to the Company within 15 days of receipt of notice of such Sale from
the Company or (ii) by delivering a notice to such effect to the Company within
fifteen (15) days of receipt of notice of such Sale from the Company, (x) if the
surviving entity in the transaction is not a publicly traded entity listed on a
Principal Trading Market, demand a redemption of all or any of the outstanding
portion of this Debenture for the Redemption Amount, and/or (y) if the surviving
entity in the transaction is a publicly traded entity listed on a Principal
Trading Market, elect to retain all or any of the outstanding portion of this
Debenture, as to which all of the terms hereof, including but not limited to the
conversion terms, shall remain in full force and effect. Anything in this
Section 6(A) to the contrary notwithstanding, if the Sale is for cash
consideration of at least $5.00 per share (adjusted for capital transactions
occurring after the Closing Date) with or without other consideration (a "Cash
Sale"), the Holder shall be deemed to have converted all outstanding principal
of this Debenture (and the Company shall be deemed to have elected to pay all
accrued but unpaid interest thereon in Common Stock) immediately before the
consummation of such Cash Sale, without regard to any of the limitations
contemplated by Section 4(D) hereof.

         B. The Company agrees that for as long as Debentures having an
outstanding principal balance equal to ten percent (10 %) of the original
principal amount of the Debentures issued to the Holder (or the Holder's
predecessor in interest) on the Closing Date remain outstanding, the Company
will not, without the consent of the Holder, spin off or otherwise divest itself
of a part of its business or operations or dispose all or of a part of its
assets in a transaction (the "Spin Off") in which the Company does not receive
just compensation for such business, operations or assets, but causes securities
of another entity (the "Spin Off Securities") to be issued to security holders
of the Company. If, for any reason, prior to the Conversion Date or the date of
payment of the Redemption Amount hereunder, the Company, with the consent of the
Holder, consummates a Spin Off, then the Company shall cause (i) to be reserved
Spin Off Securities equal to the number thereof which would have been issued to
the Holder had all of the this Debenture outstanding on the record date (the
"Record Date") for determining the amount and number of Spin Off Securities to
be issued to security holders of the Company (the "Outstanding Debentures") been
converted as of the close of business on the trading day immediately before the
Record Date (the "Reserved Spin Off Shares"), and (ii) to be issued to the
Holder on the conversion of all or any of the Outstanding Debentures, such
amount of the Reserved Spin Off Shares equal to (x) the Reserved Spin Off Shares
multiplied by (y) a fraction, of which (a) the numerator is the principal amount
of the Outstanding Debentures then being converted, and (b) the denominator is
the principal amount of the Outstanding Debentures.

         C. If, at any time while this Debenture remains outstanding, the
Company effectuates a stock split or reverse stock split of its Common Stock or
issues a dividend on its Common Stock consisting of shares of Common Stock, the
Conversion Price and any other amounts calculated as contemplated hereby or by
any of the other Transaction Agreements shall be equitably adjusted to reflect
such action. By way of illustration, and not in limitation, of the foregoing (i)
if the Company effectuates a 2:1 split of its Common Stock, thereafter, with
respect
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to any conversion for which the Company issues shares after the record date of
such split, any market price from a date prior to such split which was used in
any of the calculation of the Conversion Price shall be deemed to be one-half of
what it had been calculated to be immediately prior to such split; (ii) if the
Company effectuates a 1:10 reverse split of its Common Stock, thereafter, with
respect to any conversion for which the Company issues shares after the record
date of such reverse split, any market price from a date prior to such split
which was used in any of the calculation of the Conversion Price shall be deemed
to be ten times what it had been calculated to be immediately prior to such
split; and (iii) if the Company declares a stock dividend of one share of Common
Stock for every 10 shares outstanding, thereafter, with respect to any
conversion for which the Company issues shares after the record date of such
dividend, any market price from a date prior to such record date which was used
in any of the calculation of the Conversion Price shall be deemed to be such
amount multiplied by a fraction, of which the numerator is the number of shares
(10 in the example) for which a dividend share will be issued and the
denominator is such number of shares plus the dividend share(s) issuable or
issued thereon (11 in the example).

            D. Upon the occurrence of each adjustment or readjustment of the
Conversion Price pursuant to this Section 6, the Company, at its expense, shall
promptly compute such adjustment or readjustment and prepare and furnish to each
Holder of Debentures in this series of Debentures a certificate setting forth
such adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based. The Company shall, upon the written request
at any time of the Holder, furnish to such Holder a like certificate setting
forth (i) such adjustment or readjustment, (ii) the Initial Conversion Price at
the time in effect and (iii) the number of shares of Common Stock and the
amount, if any, of other securities or property which at the time would be
received upon conversion of this Debenture.

         7. Subject to the terms of the Securities Purchase Agreement, no
provision of this Debenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, and interest on,
this Debenture at the time, place, and rate, and in the coin or currency, herein
prescribed. This Debenture and all other Debentures now or hereafter issued of
similar terms are direct obligations of the Company.

         8. A. The obligations of the Company under this Debenture are secured
under the terms of the Securities Purchase Agreement.

            B. No recourse shall be had for the payment of the principal of, or
the interest on, this Debenture, or for any claim based hereon, or otherwise in
respect hereof, against any incorporator, shareholder, officer or director, as
such, past, present or future, of the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.

         9. Whenever the Company is required to make any cash payment to a
Holder under this Debenture (upon redemption or otherwise), such cash payment
shall be made to the Holder on the date specified herein or, if not so
specified, within five (5) business days after delivery by
<PAGE>   12
such Holder of a notice specifying that the Holder elects to receive such
payment in cash and the method (e.g., by check, wire transfer) in which such
payment should be made. If such payment is not delivered within the relevant
time period, such Holder shall thereafter be entitled to interest on the unpaid
amount at a per annum rate equal to the lower of 15% and the highest interest
rate permitted by applicable law until such amount is paid in full to the
Holder.

         10. The Holder of this Debenture, by acceptance hereof, agrees that
this Debenture is being acquired for investment and that such Holder will not
offer, sell or otherwise dispose of this Debenture or the shares of Common Stock
issuable upon conversion thereof except under circumstances which will not
result in a violation of the Act or any applicable state Blue Sky or foreign
laws or similar laws relating to the sale of securities.

         11. This Debenture shall be governed by and construed in accordance
with the laws of the State of New York. Each of the parties consents to the
jurisdiction of the federal courts whose districts encompass any part of the
City of New York or the state courts of the State of New York sitting in the
City of New York in connection with any dispute arising under this Agreement and
hereby waives, to the maximum extent permitted by law, any objection, including
any objection based on forum non coveniens, to the bringing of any such
proceeding in such jurisdictions. To the extent determined by such court, the
Company shall reimburse the Holder for any reasonable legal fees and
disbursements incurred by the Holder in enforcement of or protection of any of
its rights under any provision of this Debenture.

         12. The following shall constitute an "Event of Default":

             a.   The Company shall default in the payment of principal or
                  interest on this Debenture and same shall continue for a
                  period of five (5) business days; or

             b.   Any of the representations or warranties made by the Company
                  herein, in the Securities Purchase Agreement, the Registration
                  Rights Agreement or in any certificate or financial or other
                  written statements heretofore or hereafter furnished by the
                  Company in connection with the execution and delivery of this
                  Debenture or the Securities Purchase Agreement shall be false
                  or misleading in any material respect at the time made; or

             c.   Subject to the terms of the Securities Purchase Agreement, the
                  Company fails to authorize or to cause its transfer agent to
                  issue shares of Common Stock upon exercise by the Holder of
                  the conversion rights of the Holder in accordance with the
                  terms of this Debenture, fails to transfer or to cause its
                  Transfer Agent to transfer any certificate for shares of
                  Common Stock issued to the Holder upon conversion of this
                  Debenture and when required by this Debenture or the
                  Registration Rights Agreement, and such transfer is otherwise
                  lawful, or fails to remove any restrictive legend on any
                  certificate or fails to cause its Transfer Agent to remove
                  such restricted legend, in each case where such removal is
                  lawful, as and when required
<PAGE>   13
                  by this Debenture, the Agreement or the Registration Rights
                  Agreement, and any such failure shall continue uncured for
                  five (5) business days; or

         d.       The Company shall fail to perform or observe, in any material
                  respect, any other covenant, term, provision, condition,
                  agreement or obligation of this Debenture and such failure
                  shall continue uncured for a period of thirty (30) days after
                  written notice from the Holder of such failure; or

         e.       The Company shall fail to perform or observe, in any material
                  respect, any covenant, term, provision, condition, agreement
                  or obligation of the Company under the Securities Purchase
                  Agreement or the Registration Rights Agreement and such
                  failure shall continue uncured for a period of thirty (30)
                  days after written notice from the Holder of such failure
                  (other than a failure to cause the Registration Statement to
                  become effective no later than the Required Effective Date, as
                  defined and provided in the Registration Rights Agreement, as
                  to which no such cure period shall apply); or

         f.       The Company shall (1) admit in writing its inability to pay
                  its debts generally as they mature; (2) make an assignment for
                  the benefit of creditors or commence proceedings for its
                  dissolution; or (3) apply for or consent to the appointment of
                  a trustee, liquidator or receiver for its or for a substantial
                  part of its property or business; or

         g.       A trustee, liquidator or receiver shall be appointed for the
                  Company or for a substantial part of its property or business
                  without its consent and shall not be discharged within sixty
                  (60) days after such appointment; or

         h.       Any governmental agency or any court of competent jurisdiction
                  at the instance of any governmental agency shall assume
                  custody or control of the whole or any substantial portion of
                  the properties or assets of the Company and shall not be
                  dismissed within sixty (60) days thereafter; or
<PAGE>   14
         i.       Any money judgment, writ or warrant of attachment, or similar
                  process in excess of Two Hundred Thousand ($200,000) Dollars
                  in the aggregate shall be entered or filed against the Company
                  or any of its properties or other assets and shall remain
                  unpaid, unvacated, unbonded or unstayed for a period of sixty
                  (60) days or in any event later than five (5) days prior to
                  the date of any proposed sale thereunder; or

         j.       Bankruptcy, reorganization, insolvency or liquidation
                  proceedings or other proceedings for relief under any
                  bankruptcy law or any law for the relief of debtors shall be
                  instituted by or against the Company and, if instituted
                  against the Company, shall not be dismissed within sixty (60)
                  days after such institution or the Company shall by any action
                  or answer approve of, consent to, or acquiesce in any such
                  proceedings or admit the material allegations of, or default
                  in answering a petition filed in any such proceeding;

         k.       The Company shall be in default to the Senior Lender under the
                  terms of the then applicable agreements between the Company
                  and the Senior Lender and any such failure shall continue
                  uncured for thirty (30) days; or

         l.       The Company shall have its Common Stock suspended or delisted
                  from the Nasdaq/SmallCap from trading for in excess of twenty
                  (20) trading days.

Then, or at any time thereafter, and in each and every such case, unless such
Event of Default shall have been waived in writing by the Holder (which waiver
shall not be deemed to be a waiver of any subsequent default) at the option of
the Holder and in the Holder's sole discretion, the Holder may consider this
Debenture immediately due and payable, without presentment, demand, protest or
notice of any kinds, all of which are hereby expressly waived, anything herein
or in any note or other instruments contained to the contrary notwithstanding,
and the Holder may immediately enforce any and all of the Holder's rights and
remedies provided herein or any other rights or remedies afforded by law.

         13. Nothing contained in this Debenture shall be construed as
conferring upon the Holder the right to vote or to receive dividends or to
consent or receive notice as a shareholder in respect of any meeting of
shareholders or any rights whatsoever as a shareholder of the Company, unless
and to the extent converted in accordance with the terms hereof.

         14. In the event for any reason, any payment by or act of the Company
or the Holder shall result in payment of interest which would exceed the limit
authorized by or be in violation of the law of the jurisdiction applicable to
this Debenture, then ipso facto the obligation of the Company to pay interest or
perform such act or requirement shall be reduced to the limit authorized under
such law, so that in no event shall the Company be obligated to pay any such
interest, perform any such act or be bound by any requirement which would result
in the payment of interest in excess of the limit so authorized. In the event
any payment by or act of the Company shall result in the extraction of a rate of
interest in excess of a sum which is lawfully collectible as interest, then such
amount (to the extent of such excess not returned to the Company) shall, without
further agreement or notice between or
<PAGE>   15
by the Company or the Holder, be deemed applied to the payment of principal, if
any, hereunder immediately upon receipt of such excess funds by the Holder, with
the same force and effect as though the Company had specifically designated such
sums to be so applied to principal and the Holder had agreed to accept such sums
as an interest-free prepayment of this Debenture. If any part of such excess
remains after the principal has been paid in full, whether by the provisions of
the preceding sentences of this Section 14 or otherwise, such excess shall be
deemed to be an interest-free loan from the Company to the Holder, which loan
shall be payable immediately upon demand by the Company. The provisions of this
Section 14 shall control every other provision of this Debenture.

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by an officer thereunto duly authorized.

Dated: __________________, 2000

                                      TITAN MOTORCYCLE CO. OF AMERICA

                                      By:_______________________________________

                                      __________________________________________
                                      (Print Name)

                                      __________________________________________

<PAGE>   16
               TITAN MOTORCYCLE CO. OF AMERICA         EXHIBIT A

                              NOTICE OF CONVERSION

          (To be executed by the Registered Holder in order to convert
           the 12% Secured Convertible Debenture due August 31, 2002)

TO:      TITAN MOTORCYCLE CO. OF AMERICA                      VIA TELECOPIER TO:
         2222 West Peoria Avenue
         Phoenix, AZ 85029
         Attn: Frank Keery, President                         (602) 331-0941

CC:      Titan Motorcycle Co. of America
         Attn: Chief Financial Officer                        (602) 331-0941

         ---------------------------------------              (   )    -
         (Company's Transfer Agent)

         Snell & Wilmer LLP
         Attn: Richard B. Stagg, Esq.                             (602) 382-6070
         (Company's Counsel)

FROM:___________________________________________________________________________
("Holder")

DATE:___________________________________________________________________________
(the "Conversion Date")

RE:      Conversion of $__________________________ principal amount (the
         "Converted Debenture") of the 12% Secured Convertible Debenture Due
         August 31, 2002 (the "Debenture") of TITAN MOTORCYCLE CO. OF AMERICA
         (the "Company") into __________________________ shares (the "Converted
         Shares") of Common Stock (defined below)

CONVERSION DATE:

         The captioned Holder hereby gives notice to the Company, pursuant to
the Debenture of TITAN MOTORCYCLE CO. OF AMERICA that the Holder elects to
convert the Converted Debenture into fully paid and non-assessable shares of
Common Stock, $.001 par value (the "Common Stock"), of the Company as of the
Conversion Date specified above. Said conversion shall be based on the following
Conversion Price (the lower of the two alternatives is checked):

         _        $___________________, representing the Fixed Conversion Price
                  (as defined in the Debenture)

         _        $__________________________, representing the Variable
                  Conversion Price (as defined in the Debenture).
<PAGE>   17
                  If the Variable Conversion Price is selected above, a schedule
                  of the Closing Bid Prices of the Common Stock for the
                  twenty-two trading days prior to the Conversion Date, as
                  reported on the Principal Trading Market as reported by the
                  Reporting Service (as those terms are defined in the
                  Securities Purchase Agreement defined in the Debenture), is
                  attached for your reference in determining the Conversion
                  Price.

Based on this Conversion Price, the number of Converted Shares indicated above
should be issued in the following name(s):

                  Name and Record Address                Converted Shares
                  ___________________________________
                  ___________________________________
                  ___________________________________

         As contemplated by the Debenture and the Securities Purchase Agreement,
this Notice of Conversion is being sent by facsimile to the telecopier number
and officer indicated above, with a copy to the Company's counsel.

         The Holder has previously surrendered or will surrender (or cause to be
surrendered) the Debenture for the Converted Debenture, duly endorsed, to the
Company at the address indicated above by express courier within five (5)
business days after delivery or facsimile transmission of this Notice of
Conversion.

         The certificates representing the Converted Shares (together with the
original Converted Debenture or a replacement thereof representing the principal
of the Debenture not converted hereby) should be transmitted by the Company to
the Holder via express courier or by electronic transfer within the time
contemplated by the Debenture and Securities Purchase Agreement after receipt of
this Notice of Conversion (by facsimile transmission or otherwise) and the
Debenture(s) representing the Converted Debentures to:

                  ___________________________________

                  ___________________________________

                  ___________________________________

         As contemplated by the Debenture, the Company should also pay all
accrued but unpaid interest on the Converted Debenture to the Holder. If being
paid in cash, such payment should be made by wire transfer as follows:

                  ___________________________________
                  ___________________________________

                  ___________________________________
<PAGE>   18
If being paid in Common Stock as contemplated by the Debenture, such shares
should be issued in the name of the Holder and delivered in the same manner as,
and together with, the Converted Shares.

         With the conversion effected hereby, the Holder represents to the
Company that the Holder is in compliance with the provisions of Section 4(D) of
the Debenture.

         The Holder hereby affirms to the Company that the Holder is in
compliance with the provisions of Section 2(i) of the Securities Purchase
Agreement.

                                        _______________________________________
                                         (Print name of Holder)

                                     By:_______________________________________
                                         (Signature of Authorized Person)

                                        _______________________________________
                                          (Printed Name and Title)<PAGE>   1
                                                               Exhibit 4.2

         THESE SECURITIES (THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE
         AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE
         REGISTRATION STATEMENT FOR THE SECURITIES OR AN OPINION OF COUNSEL OR
         OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT
         REQUIRED.

                         TITAN MOTORCYCLE CO. OF AMERICA

                          COMMON STOCK PURCHASE WARRANT

                  1. Issuance; Certain Definitions. In consideration of good and
valuable consideration, the receipt of which is hereby acknowledged by TITAN
MOTORCYCLE CO. OF AMERICA, a Nevada corporation (the "Company"), CELESTE TRUST
REG or registered assigns (the "Holder") is hereby granted the right to purchase
at any time until 5:00 P.M., New York City time, on August 31, 2005 (the
"Expiration Date"), Five Hundred Twelve Thousand Five Hundred Eighty (512,580)
fully paid and nonassessable shares of the Company's Common Stock, par value
$.001 per share (the "Common Stock") at an exercise price per share of $.61 (the
"Exercise Price"), subject to further adjustment as set forth herein. This
Warrant is being issued pursuant to the terms of that certain Securities
Purchase Agreement, dated as of August 11, 2000 (the "Securities Purchase
Agreement"), to which the Company and Holder (or Holder's predecessor in
interest) are parties. Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them in the Securities Purchase Agreement.

                  2.       Exercise of Warrants.

                           2.1      General.  This  Warrant  is  exercisable  in
whole or in part at any time and from time to time. Such exercise shall be
effectuated by submitting to the Company (either by delivery to the Company or
by facsimile transmission as provided in Section 8 hereof) a completed and duly
executed Notice of Exercise (substantially in the form attached to this Warrant
Certificate) as provided in this paragraph. The date such Notice of Exercise is
faxed to the Company shall be the "Exercise Date," provided that the Holder of
this Warrant tenders this Warrant Certificate to the Company within five (5)
business days thereafter. The Notice of Exercise shall be executed by the Holder
of this Warrant and shall indicate the number of shares then being purchased
pursuant to such exercise. Upon surrender of this Warrant Certificate, together
with appropriate payment of the Exercise Price for the shares of Common Stock
purchased, the Holder shall be entitled to receive a certificate or certificates
for the shares of Common Stock so purchased. If the Notice of Exercise elects a
"cash" exercise, the Exercise Price per share of Common Stock for the shares
then being exercised shall be payable in cash or by certified or official bank
check. If the Notice of Exercise elects a "cashless" exercise, the Holder shall
thereby be entitled to receive a number of shares of Common Stock equal to (x)
the excess of the Current Market Value (as defined below) over the total cash
exercise price of the
<PAGE>   2
portion of the Warrant then being exercised, divided by (y) the Market Price of
the Common Stock as of the trading day immediately prior to the Exercise Date.
For the purposes of this Warrant, the terms (Q) "Current Market Value" shall
mean an amount equal to the Market Price of the Common Stock as of the trading
day immediately prior to the Exercise Date, multiplied by the number of shares
of Common Stock specified in such Notice of Exercise, and (R) "Market Price of
the Common Stock" shall an amount equal to the closing price of the Common Stock
as reported by Bloomberg, LP or, if not so reported, as reported by the
securities exchange or automated quotation system on which the Common Stock is
listed or on the over-the-counter market for the relevant date. The Holder shall
be deemed to be the holder of the shares issuable to it in accordance with the
provisions of this Section 2.1 on the Exercise Date.

                           2.2      Limitation on Exercise.  Notwithstanding
the provisions of this Warrant, the Securities Purchase Agreement or of the
other Transaction Agreements, in no event (except (i) as specifically provided
in this Warrant as an exception to this provision, (ii) while there is
outstanding a tender offer for any or all of the shares of the Company's Common
Stock, or (iii) on at least sixty-five (65) days' advance written notice from
the Holder) shall the Holder be entitled to exercise this Warrant, or shall the
Company have the obligation to issue shares upon such exercise of all or any
portion of this Warrant, to the extent that, after such exercise the sum of (1)
the number of shares of Common Stock beneficially owned by the Holder and its
affiliates (other than shares of Common Stock which may be deemed beneficially
owned through the ownership of any unconverted portion of the Debentures or
unexercised portion of the Warrants), and (2) the number of shares of Common
Stock issuable upon the exercise of the Warrants with respect to which the
determination of this proviso is being made, would result in beneficial
ownership by the Holder and its affiliates of more than 9.99% of the outstanding
shares of Common Stock (after taking into account the shares to be issued to the
Holder upon such exercise). For purposes of the proviso to the immediately
preceding sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, except as
otherwise provided in clause (1) of such sentence. The Holder, by its acceptance
of this Warrant, further agrees that if the Holder transfers or assigns any of
the Warrants to a party who or which would not be considered such an affiliate,
such assignment shall be made subject to the transferee's or assignee's specific
agreement to be bound by the provisions of this Section 2.2 as if such
transferee or assignee were the original Holder hereof.

                  3. Reservation of Shares. The Company hereby agrees that at
all times during the term of this Warrant there shall be reserved for issuance
upon exercise of this Warrant such number of shares of its Common Stock as shall
be required for issuance upon exercise of this Warrant (the "Warrant Shares").

                  4. Mutilation or Loss of Warrant. Upon receipt by the Company
of evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and (in the case of loss, theft or destruction) receipt of
reasonably satisfactory indemnification and affidavit, and (in the case of
mutilation) upon surrender and cancellation of this Warrant, the Company will
execute and deliver a new Warrant of like tenor and date and any such lost,
stolen, destroyed or mutilated Warrant shall thereupon become void.

                  5. Rights of the Holder. The Holder shall not, by virtue
hereof, be entitled to any rights of a stockholder in the Company, either at law
or equity, and the rights of the Holder
<PAGE>   3
are limited to those expressed in this Warrant and are not enforceable against
the Company except to the extent set forth herein.

                  6.       Protection Against Dilution.

                           6.1      Adjustment  Mechanism.  If an  adjustment
of the Exercise Price is required pursuant to this Section 6, the Holder shall
be entitled to purchase such number of additional shares of Common Stock as will
cause (i) the total number of shares of Common Stock Holder is entitled to
purchase pursuant to this Warrant, multiplied by (ii) the adjusted Exercise
Price per share, to equal (iii) the dollar amount of the total number of shares
of Common Stock which the Holder is entitled to purchase before adjustment,
multiplied by the total Exercise Price before adjustment.

                           6.2      Capital  Adjustments.  In case of any stock
split or reverse stock split, stock dividend, reclassification of the Common
Stock, recapitalization, merger or consolidation, or like capital adjustment
affecting the Common Stock of the Company, the provisions of this Section 6
shall be applied as if such capital adjustment event had occurred immediately
prior to the date of this Warrant and the original Exercise Price had been
fairly allocated to the stock resulting from such capital adjustment; and in
other respects the provisions of this Section shall be applied in a fair,
equitable and reasonable manner so as to give effect, as nearly as may be, to
the purposes hereof. A rights offering to stockholders shall be deemed a stock
dividend to the extent of the bargain purchase element of the rights.

                           6.3      Adjustment  for Spin Off.  If, for any
reason, prior to the exercise of this Warrant in full, the Company spins off or
otherwise divests itself of a part of its business or operations or disposes all
or a part of its assets in a transaction (the "Spin Off") in which the Company
does not receive compensation for such business, operations or assets, but
causes securities of another entity (the "Spin Off Securities") to be issued to
security holders of the Company, then

<PAGE>   4

                  (a) the Company shall cause (i) to be reserved Spin Off
         Securities equal to the number thereof which would have been issued to
         the Holder had all of the Holder's unexercised Warrants outstanding on
         the record date (the "Record Date") for determining the amount and
         number of Spin Off Securities to be issued to security holders of the
         Company (the "Outstanding Warrants") been exercised as of the close of
         business on the trading day immediately before the Record Date (the
         "Reserved Spin Off Shares"), and (ii) to be issued to the Holder on the
         exercise of all or any of the Outstanding Warrants, such amount of the
         Reserved Spin Off Shares equal to (x) the Reserved Spin Off Shares
         multiplied by (y) a fraction, of which (I) the numerator is the amount
         of the Outstanding Warrants then being exercised, and (II) the
         denominator is the amount of the Outstanding Warrants; and

                  (b) the Exercise Price on the Outstanding Warrants shall be
         adjusted immediately after consummation of the Spin Off by multiplying
         the Exercise Price by a fraction (if, but only if, such fraction is
         less than 1.0), the numerator of which is the average Market Price of
         the Common Stock for the five (5) trading days immediately following
         the fifth trading day after the Record Date, and the denominator of
         which is the average Market Price of the Common Stock on the five (5)
         trading days immediately preceding the Record Date; and such adjusted
         Exercise Price shall be deemed to be the Exercise Price with respect to
         the Outstanding Warrants after the Record Date.

                  7. Transfer to Comply with the Securities Act; Registration
Rights.

                           7.1 Transfer. This Warrant has not been registered
under the Securities Act of 1933, as amended, (the "Act") and has been issued to
the Holder for investment and not with a view to the distribution of either the
Warrant or the Warrant Shares. Neither this Warrant nor any of the Warrant
Shares or any other security issued or issuable upon exercise of this Warrant
may be sold, transferred, pledged or hypothecated in the absence of an effective
registration statement under the Act relating to such security or an opinion of
counsel satisfactory to the Company that registration is not required under the
Act. Each certificate for the Warrant, the Warrant Shares and any other security
issued or issuable upon exercise of this Warrant shall contain a legend on the
face thereof, in form and substance satisfactory to counsel for the Company,
setting forth the restrictions on transfer contained in this Section.

                           7.2      Registration   Rights.  (a)  Reference  is
made to the Registration Rights Agreement. The Company's obligations under the
Registration Rights Agreement and the other terms and conditions thereof with
respect to the Warrant Shares, including, but not necessarily limited to, the
Company's commitment to file a registration statement including the Warrant
Shares, to have the registration of the Warrant Shares completed and effective,
and to maintain such registration, are incorporated herein by reference.

                           (b) In addition to the  registration  rights referred
to in the preceding provisions of Section 7.2(a), effective after the expiration
of the effectiveness of the Registration Statement as contemplated by the
Registration Rights Agreement, the Holder shall have piggy-back registration
rights with respect to the Warrant Shares then held by the Holder or then
subject to issuance upon exercise of this Warrant (collectively, the "Remaining
Warrant Shares"), subject to the conditions set forth below. If, at any time
after the Registration Statement
<PAGE>   5
has ceased to be effective, the Company participates (whether voluntarily or by
reason of an obligation to a third party) in the registration of any shares of
the Company's stock (other than a registration on Form S-4 or Form S-8), the
Company shall give written notice thereof to the Holder and the Holder shall
have the right, exercisable within ten (10) business days after receipt of such
notice, to demand inclusion of all or a portion of the Holder's Remaining
Warrant Shares in such registration statement. If the Holder exercises such
election, the Remaining Warrant Shares so designated shall be included in the
registration statement at no cost or expense to the Holder (other than any costs
or commissions which would be borne by the Holder under the terms of the
Registration Rights Agreement), subject to the following condition: if there is
a managing underwriter of the offering of shares referred to in the registration
statement and such managing underwriter advises the Company in writing that the
number of shares proposed to be included in the offering will have an adverse
effect on its ability to successfully conclude the offering and, as a result,
the number of shares to be included in the offering is to be reduced, the number
of Remaining Warrant Shares of the Holder which were to be included in the
registration (before such reduction) will be reduced pro rata with the number of
shares included for all other parties whose shares are being registered. The
Holder's rights under this Section 7 shall expire at such time as the Holder can
sell all of the Remaining Warrant Shares under Rule 144 without volume or other
restrictions or limit.

                  8. Notices. Any notice or other communication required or
permitted hereunder shall be in writing and shall be delivered personally,
telegraphed, telexed, sent by facsimile transmission or sent by certified,
registered or express mail, postage pre-paid. Any such notice shall be deemed
given when so delivered personally, telegraphed, telexed or sent by facsimile
transmission, or, if mailed, two days after the date of deposit in the United
States mails, as follows:

                           (i)      if to the Company, to:

                                    TITAN MOTORCYCLE CO. OF AMERICA
                                    2222 West Peoria Avenue
                                    Phoenix, AZ 85029
                                    Attn: Frank Keery
                                    Telephone No.: (602) 861-6977
                                    Telecopier No.: (602) 331-0941

                                    with a copy to:

                                    Snell & Wilmer LLP
                                    One Arizona Center
                                    Phoenix, AZ 85048
                                    Attn: Richard Stagg, Esq.
                                    Telephone No.: (602) 382-6000
                                    Telecopier No.: (602) 382-6070

                           (ii)     if to the Holder, to:

                                    Celeste Trust Reg

<PAGE>   6

                                    c/o Trevisa-Trevland-Anstalt
                                    Landstrasse 8
                                    Furstentume 9496
                                    Balzers, Liechtenstein

                                    ATTN:
                                    Telephone No.:  (  )      -
                                    Telecopier No.: (  )      -

                                    with a copy to:
                                                     Krieger & Prager LLP, Esqs.
                                    39 Broadway
                                    Suite 1440
                                    New York, NY 10006
                                    Attn: Samuel Krieger, Esq.
                                    Telephone No.: (212) 363-2900
                                    Telecopier No.  (212) 363-2999

Any party may be notice given in accordance with this Section to the other
parties designate another address or person for receipt of notices hereunder.

                  9. Supplements and Amendments; Whole Agreement. This Warrant
may be amended or supplemented only by an instrument in writing signed by the
parties hereto. This Warrant contains the full understanding of the parties
hereto with respect to the subject matter hereof and thereof and there are no
representations, warranties, agreements or understandings other than expressly
contained herein and therein.

                  10. Governing Law. This Warrant shall be deemed to be a
contract made under the laws of the State of New York for contracts to be wholly
performed in such state and without giving effect to the principles thereof
regarding the conflict of laws. Each of the parties consents to the jurisdiction
of the federal courts whose districts encompass any part of the City of New York
or the state courts of the State of New York sitting in the City of New York in
connection with any dispute arising under this Warrant and hereby waives, to the
maximum extent permitted by law, any objection, including any objection based on
forum non conveniens, to the bringing of any such proceeding in such
jurisdictions. To the extent determined by such court, the Company shall
reimburse the Holder for any reasonable legal fees and disbursements incurred by
the Holder in enforcement of or protection of any of its rights under any of the
Transaction Agreements.

                  11. Counterparts. This Warrant may be executed in any number
of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one
and the same instrument.

                  12. Descriptive Headings. Descriptive headings of the several
Sections of this Warrant are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof.

<PAGE>   7

         IN WITNESS WHEREOF, the parties hereto have executed this Warrant as of
the 11th day of August, 2000.

                                             TITAN MOTORCYCLE CO. OF AMERICA

                                             By:

                                             Name:

                                             Its:

Attest:

Name:
Title:

<PAGE>   8
                          NOTICE OF EXERCISE OF WARRANT

         The undersigned hereby irrevocably elects to exercise the right,
represented by the Warrant Certificate dated as of     , , to purchase
shares of the Common Stock, par value $.001 per share, of TITAN MOTORCYCLE CO.
OF AMERICA and tenders herewith payment in accordance with Section 1 of said
Common Stock Purchase Warrant.

         Please deliver the stock certificate to:

         With the exercise effected hereby, the Holder represents to the Company
that the Holder is in compliance with the provisions of Section 2.2 of this
Warrant.

Dated:

[Name of Holder]

By:

_        CASH:    $

_        CASHLESS EXERCISE

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