<PAGE>   1
                                  EXHIBIT 10.88

                         SENIOR SECURED PROMISSORY NOTE

$240,000                                                         July 31, 2001
                                                              New York, New York


         FOR VALUE RECEIVED, the undersigned, GLOBAL COMMUNICATIONS OF NY, INC.
(the "Maker"), hereby promises to pay to THE MAJOR AUTOMOTIVE COMPANIES, INC.
(together with its successors and assigns, the "Payee"), the principal sum of
$240,000 Dollars, with interest on the unpaid balance hereof from the date
hereof at a rate off twelve percent (12%) interest per annum (the "Interest
Rate"). Principal and interest on the Note shall be payable in equal
installments of Ten Thousand ($10,000) Dollars every month for five (5) months
beginning thirty (30) days after the date hereof. Thereafter, principal and
interest on the Note shall be payable in ten equal installments of Twenty
Thousand ($20,000) Dollars and one installment of Thirteen Thousand One Hundred
Seventy Two ($13,172) Dollars, as specified on EXHIBIT A attached hereto. The
principal amount of this Note may be decreased by the Initial Exercise Price or
the Final Exercise Price (as defined in the Stock Purchase Agreement), in a
manner contemplated by the Stock Purchase Agreement.

         Both principal and interest shall be paid in lawful money of the United
States of America to Payee at the Major Automotive Companies, Inc., 43-40
Northern Boulevard, Long Island City, NY 11101, or at such other address as
Payee may designate by notice in writing to Maker, in immediately available
funds.

         If any payment hereunder falls due on a Saturday, Sunday or legal
holiday, it shall be payable on the next succeeding business day and such
additional time shall be included in the computation of interest.

         This Note is issued pursuant to that certain Stock Purchase Agreement
by and among the Maker, the Payee and ICS Globe, Inc., a Delaware corporation
("ICS"), of even date herewith (the "Stock Purchase Agreement"), a copy of which
agreement is available for inspection at the Maker's principal office.
Notwithstanding any provision to the contrary contained herein, this Note is
subject and entitled to certain terms, conditions, covenants and agreements
contained in the Stock Purchase Agreement. Any transferee or transferees of this
Note, by their acceptance hereof, assume the obligations of the Maker in the
Stock Purchase Agreement with respect to the conditions and procedures for
transfer of this Note. Reference to the Stock Purchase Agreement shall in no way
impair the absolute and unconditional obligation of the Maker to pay both
principal and interest hereon as provided herein. All capitalized terms not
defined herein shall have the meanings ascribed thereto in the Stock Purchase
Agreement.

         This Note is also referred to in, and entitled to the benefits of, and
payment of this Note is secured by, certain collateral set forth in the security
agreements between the
<PAGE>   2
Maker and the Payee, and the Payee and ICS, of even date herewith (the "Security
Agreements").

         In addition, this Note is subject to the terms of that certain Pledge
Agreement of even date herewith by and between the Maker and the Payee (the
"Pledge Agreement").

         1. Security. This Note is the direct obligation of the Maker and is
secured by the Collateral (as such term is defined in the Security Agreement).
The indebtedness evidenced by this Note and the payment of the principal thereof
shall be Senior to, and have priority in right of payment over, any and all
other indebtedness of the Maker, now outstanding or hereinafter incurred but
shall rank pari passu with that certain Note between the Maker and the Payee
dated March 27, 2001 in the principal amount of $1,778,802.80 Dollars. "Senior,"
as used herein, shall be deemed to mean that, in the event of any default in the
payment of the obligations represented by this Note (after giving effect to
"cure" provisions, if any) or of any liquidation, insolvency, bankruptcy,
reorganization, or similar proceedings relating to the Maker, all sums payable
on this Note shall first be paid in full, with interest, if any, before any
payment is made upon any other indebtedness, now outstanding or hereinafter
incurred, and, in any such event, any payment or distribution of any character
which shall be made in respect of any other indebtedness of the Maker shall be
paid over to the holder of this Note for application to the payment hereof,
unless and until the obligations under this Note (which shall mean the principal
and other obligations arising out of, premium, if any, interest on, and any
costs and expenses payable under, this Note) shall have been paid and satisfied
in full.

         2.  Events of Default.

         (a) Upon the occurrence of any of the following events (herein called
"Events of Default") which shall have occurred and be continuing:

                  (i) the Maker shall default in the payment of principal or
interest of this Note within five (5) calendar days when due; or

                  (ii) the Maker shall fail or neglect to perform, keep or
observe any of the provisions of Sections 6.1 or 6.2 hereof and the same shall
remain unremedied for a period ending on the first to occur of five (5) days
after the Maker shall receive written notice of any such failure from the Payee
or fifteen (15) days after the Maker shall become aware thereof; or

                  (iii) any representation or warranty contained in this Note,
the Stock Purchase Agreement, the Security Agreements and the Pledge Agreement
or in any written statement pursuant thereto or hereto, report, financial
statement or certificate made or delivered to the Payee by the Maker shall be
untrue or incorrect in any material respect, as of the date when made or deemed
made, and the same shall remain unremedied for a period ending on the first to
occur of five (5) days after the Maker shall receive written notice of any such
failure from the Payee or fifteen (15) days after the Maker shall become aware
thereof; or
<PAGE>   3
                  (iv) a default shall occur under any other agreement, document
or instrument to which Maker is a party or by which the Maker's property is
bound, including, without limitation, under this Note, the Stock Purchase
Agreement and the Security Agreement and such default (a) involves the failure
to make any payment (whether of principal, interest or otherwise) due (whether
by scheduled maturity, required prepayment, demand, acceleration or otherwise)
in respect of any Indebtedness (as hereinafter defined) in an aggregate amount
exceeding $5,000, or (b) causes such Indebtedness or a portion thereof in an
aggregate amount exceeding $5,000, to become due prior to its stated maturity or
prior to its regularly scheduled dates of payment; or

                  (v) (a) the Maker shall commence any proceeding or other
action relating to it in bankruptcy or seek reorganization, arrangement,
readjustment of its debts, receivership, dissolution, liquidation, winding-up,
composition or any other relief under the Bankruptcy Act, as amended, or under
any other insolvency, reorganization, liquidation, dissolution, arrangement,
composition, readjustment of debt or any other similar act or law, of any
jurisdiction, domestic or foreign, now or hereafter existing; or (b) the Maker
shall admit the material allegations of any petition or pleading in connection
with any such proceeding; or (c) the Maker applies for, or consents or
acquiesces to, the appointment of a receiver, conservator, trustee or similar
officer for it or for all or a substantial part of its property; or (4) the
Maker makes a general assignment for the benefit of creditors; or

                  (vi) (a) commencement of any proceedings or in the taking of
any other action against the Maker in bankruptcy or seeking reorganization,
arrangement, readjustment of its debts, liquidation, dissolution, arrangement,
composition, readjustment of debt or any other similar act or law of any
jurisdiction, domestic or foreign, now or hereafter existing and the continuance
of any of such events for sixty (60) days undismissed, unbonded or undischarged;
or (b) the appointment of a receiver, conservator, trustee or similar officer
for the Maker or for all or substantially all of its property and the
continuance of any of such events for sixty (60) days undismissed, unbonded or
undisclosed; or (c) the issuance of a warrant of attachment, execution or
similar process against any of the material assets of the Maker and the
continuance of such event for sixty (60) days undismissed, unbonded and
undischarged; or

                  (vii) any other event shall have occurred and be continuing,
or other material suspension of the authority of the Maker to conduct business,
which results or could result in a material adverse change in the financial
condition, business, assets, affairs or operations of the Maker, taken as a
whole; or

                  (viii) there shall occur a Change of Control in the Maker.
"Change of Control" means any of the following (a) the sale, lease, conveyance
or other disposition of all or substantially all of the Maker's assets as an
entirety or substantially as an entirety or substantially as an entirety to any
person or "group" (within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act")) in one or a series of
transactions; (b) the approval by the stockholders of the Maker of any
<PAGE>   4
plan or proposal for the liquidation or dissolution of the Maker; (c) any
transaction or series of transactions (as a result of a tender offer, merger,
consolidation or otherwise) that results in any person, including a "group"
(within the meaning of Section 13(d)(3) of the Exchange Act) that includes such
person, acquiring "beneficial ownership" (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of 50% or more of the aggregate voting
power of all classes of common equity of the Maker; or

                  (xii) a judgment or judgments for the payment of money in
excess of $25,000 in the aggregate shall be rendered against the Maker and the
same shall not be (i) covered by insurance or (ii) vacated, stayed, bonded, paid
or discharged within sixty (60) days of said judgment; or

                  (vii) any other event shall have occurred and be continuing,
which results or could result in a material adverse change in the financial
condition, business, assets, affairs or operations of the Maker, taken as a
whole;

         then, and in any such event the holder of the Note may by written
notice to the Maker declare the entire unpaid principal amount of the Note
outstanding together with accrued interest thereon at a rate (the "Late Rate")
equal to the lesser of (i) 24% per annum or (ii) the highest maximum rate
permitted by law, due and payable, and the same shall, unless such default be
cured within ten (10) days after such notice, forthwith become due and payable
upon the expiration of such ten (10) day period, without presentment, demand,
protest, or other notice of any kind, all of which are expressly waived.

         (b) Non-Waiver and Other Remedies. No course of dealing or delay on the
part of the holder of this Note in exercising any right hereunder shall operate
as a waiver thereof or otherwise prejudice the right of the holder of this Note.
No remedy conferred hereby shall be exclusive of any other remedy referred to
herein or now or hereafter available at law, in equity, by statute or otherwise.

         4. Prepayment Provisions. (a) This Note may be prepaid, at the option
of the Maker, at any time or from time to time, in each case on any date on or
after the date of issuance and prior to maturity, at a redemption price of 100%
of the principal amount of this Note, together with accrued interest through the
date of prepayment ("Voluntary Prepayment"); provided, however, that this Note
shall be prepaid ("Mandatory Prepayment") within one (1) business day of the
consummation of a Financing Event (as defined herein) or in the event the
Company consolidates, merges with or sells any of its respective assets to
another corporation not in the ordinary course of business unless the other
corporation controls, is under common control with or is controlled by such
Company immediately prior to such consolidation, merger or asset sale in which
event the Note shall remain outstanding as an obligation of the consolidated,
surviving or acquiring corporation. "Financing Event" shall mean any (i) public
or private offering of debt or equity securities or series of such offerings or
(ii) commercial bank, institutional or other financing, or series of such
financings, consummated subsequent to the date hereof, regardless of the amount
of aggregate gross proceeds thereof; provided, further,
<PAGE>   5
that it is expressly agreed that any such financing which, by its terms, permits
the Company to use the proceeds thereof for general corporate purposes
including, without limitation, (A) to retire all or a portion of the debt of the
Company; (B) to pay trade payables; or (C) for working capital purposes shall
constitute a "Financing Event."

         (b) If this Note is called for Voluntary Prepayment pursuant to
subsection 4(a) of this Note, the Maker shall give written notice to the Payee
not less than 1 nor more than 10 days prior to the date fixed for the prepayment
thereof. Mandatory Prepayments shall occur simultaneously with the event causing
the Mandatory Prepayment.

         Upon notice of any prepayment being given as provided in this
subsection 4(b), the Maker covenant and agree that the Maker will prepay on the
date therein fixed for prepayment the entire principal amount of this Note so as
to be prepaid as specified in such notice as the principal amount thereof,
together with interest accrued thereon to such date fixed for prepayment, plus
the applicable premium, if any.

         (c) Upon any partial prepayment of this Note, upon presentation as
herein provided, there shall be paid to the Payee the principal amount of the
portion of this Note so to be prepaid together with the unpaid interest accrued
in respect thereof, and either (i) this Note shall be surrendered by the holder,
in which event the Maker shall execute and deliver to or on the order of such
holder, at the expense of the Maker, a new Note for the principal amount of this
Note remaining unpaid, dated as of the date to which interest has been paid on
this Note surrendered, and registered in the name of the holder, or (ii) if the
Payee and the Maker shall so determine, this Note need not be so surrendered,
but may be made available to the Maker, at the place of payment specified
herein, for notation thereon of the payment of the portion of the principal so
paid, in which case the Maker shall make such notation and return the Note to or
on the order of the Payee.

     5. Principal Obligation. No provision of this Note shall alter or impair
the obligation of the Maker, which is absolute and unconditional, to pay the
principal of and interest on this Note at the place, at the respective times, at
the rates, and in the currency herein prescribed.

     6. Affirmative Covenants. The Maker covenants and agrees that, while any
amounts under this Note are outstanding, it shall:

                  (a) Perform, within all required time periods (after giving
effect to any applicable grace periods), all of its obligations and enforce all
of its rights under each material agreement to which it is a party. The Maker
shall not terminate or modify in any manner adverse to any such party any
provision of any such material agreement to which it is a party except in the
ordinary course of business, consistent with past practice;

                  (b) (i) do all things necessary to preserve and keep in full
force and effect its corporate existence, including, without limitation, all
licenses or similar qualifications required by them to engage in their business
in all jurisdictions in which they are at the time so engaged; and continue to
engage in business of the same general type as
<PAGE>   6
conducted as of the date hereof; (ii) continue to conduct its business
substantially as now conducted or as otherwise permitted hereunder; and (iii) at
all times maintain, preserve and protect all of its trademarks and tradenames
(if any), and preserve all the remainder of its material property, in use or
useful in the conduct of its business and keep the same in good repair, working
order and condition (taking into consideration ordinary wear and tear) and from
time to time make, or cause to be made, all needful and proper repairs, renewals
and replacements, betterments and improvements thereto consistent with industry
practices, so that the business carried on in connection therewith may be
properly and advantageously conducted at all times. The Maker shall give written
notice to the Payee prior to the Maker's ceasing to conduct business in any
country or state;

                  (c) Pay and discharge promptly when due all taxes, assessments
and governmental charges or levies imposed upon it or upon its income or profits
or in respect of its property before the same shall become delinquent or in
default, which, if unpaid, might reasonably be expected to give rise to liens or
charges upon such properties or any part thereof, unless, in each case, the
validity or amount thereof is being contested in good faith by appropriate
proceedings and the Maker has maintained adequate reserves with respect thereto
in accordance with GAAP;

                  (d) Comply in all material respects with all federal, state
and local laws and regulations, orders, judgments, decrees, injunctions, rules,
regulations, permits, licenses, authorizations and requirements applicable to it
(collectively, "Requirements") of all governmental bodies, departments,
commissions, boards, companies or associations insuring the premises, courts,
authorities, officials or officers which are applicable to the Maker or any of
its properties, except where the failure to so comply would not have a material
effect on the Maker or any of its properties; provided, however, that nothing
provided herein shall prevent the Maker from contesting the validity or the
application of any Requirements;

                  (e) Keep proper records and books of account with respect to
its business activities, in which proper entries, reflecting all of their
financial transactions, are made in accordance with GAAP; and

                  (f) Notify the Payee in writing, promptly upon learning
thereof, of any litigation or administrative proceeding commenced or threatened
against the Maker; and

     7. Negative Covenants. The Maker covenants and agrees that while any amount
of this Note is outstanding it will not directly or indirectly:

                  (a) Incur, create, assume or permit to exist any lien on any
of its properties or assets, whether owned at the date hereof or hereafter
acquired, or assign or convey any rights to or security interest in any future
revenues, except expressly subordinate to the lien being created under this
Note;

                  (b) Declare or pay, directly and indirectly, any dividends or
make any distributions, whether in cash, property, securities or a combination
thereof, with respect
<PAGE>   7
to (whether by reduction of capital or otherwise) any shares of its capital
stock (including without limitation any preferred stock) or directly or
indirectly redeem, purchase, retire or otherwise acquire for value any shares of
any class of its capital stock or set aside any amount for any such purpose;

                  (c) Consolidate with or merge into any other person, or sell,
lease, transfer or assign to any persons or otherwise dispose of (whether in one
transaction or a related series of transactions) 1% or more of its consolidated
properties or assets (whether now owned or hereafter acquired), or permit
another person to merge into it, except as contemplated herein;

                  (d) Own, purchase or acquire any stock, obligations, assets or
securities of, or any interest in, or make any capital contribution or loan or
advance of money, credit or property to, any other person, or make any other
investments, except that the Maker may own, purchase or acquire (i) existing
subsidiaries or subsidiaries formed for the purposes of facilitating
acquisitions or carrying out the ordinary business of the Maker subject to
Section 7.1(l); (ii) certificates of deposits of any commercial banks registered
to do business in any state of the United States having capital and surplus in
excess of $50,000,000; (iii) readily marketable, direct obligations of the
United States government or any agency thereof which are backed by the full
faith and credit of the United States; and (iv) investments in prime commercial
paper; provided, however, that in each case mentioned in (ii), (iii) or (iv)
above, such obligations shall mature not more than 180 days from the date of
acquisition thereof;

                  (e) Sell, transfer, discount or otherwise dispose of any claim
or debt owing to it, including, without limitation, any notes, accounts
receivable or other rights to receive payment, except for reasonable
consideration and in the ordinary course of business;

                  (f) (i) Engage in any transaction in connection with which the
Maker could be subject to either a material civil penalty assessed pursuant to
the provisions of Section 502 of ERISA or a material tax imposed under the
provisions of Section 4975 of the Tax Code; (ii) terminate any pension plan in a
"distress termination" under Section 4041 of ERISA; or (iii) fail to make
payment when due of all amounts which, under the provisions of any employee or
pension plan, the Maker or any ERISA affiliate are required to pay as
contributions thereto, or, with respect to any pension plan, permit to exist any
material "accumulated funding deficiency" (within the meaning of Section 302 of
ERISA and Section 412 of the Tax Code), whether or not waived, with respect
thereto;

         (g) Enter into any transactions (including the purchase, sale, lease or
exchange of any property or the rendering of any service) or series of
transactions with any affiliate of the Maker on terms that are less favorable to
the Maker, as the case may be, than those which might be obtained at the time of
such transactions from a person that is not such an affiliate;
<PAGE>   8
                  (h) Incur, create, assume or permit to exist any Indebtedness,
unless expressly subordinate to this Note, (as hereinafter defined) other than
(i) Indebtedness existing on the date hereof, but not the extension, renewal or
refinancing of Indebtedness in excess of the currently remaining principal
amount(s) thereof and accrued interest thereon and (ii) Indebtedness incurred
under this Note. "Indebtedness" shall mean (a) all obligations for borrowed
money, or with respect to deposits or advances of any kind, (b) all obligations
evidenced by bonds, debentures, notes or other similar instruments, (c) all
obligations upon which interest charges are customarily paid, (d) all
obligations for the deferred purchase price of property or services, except
current accounts payable arising in the ordinary course of business and not
overdue, (e) all obligations under conditional sale or other title retention
agreements relating to purchased property (other than capital stock), (f) all
obligations with respect to interest rate or currency protection agreements, (g)
all obligations as an account party under any letter of credit or in respect of
bankers' acceptances, (h) all Indebtedness of any third party secured by
property or assets of the Maker (regardless of whether or not the Maker is
liable for repayment of such Indebtedness) and (i) all guarantees of such
person, other than as permitted under Section 7(b) hereof.

                  8. Required Consent. The Maker may not modify any of the terms
of this Note without the prior written consent of the holder of this Note.

                  9. Lost Documents. Upon receipt by the Maker of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note or
any Note exchanged for it, and (in the case of loss, theft or destruction) of
indemnity satisfactory to it, and upon reimbursement to the Maker of all
reasonable expenses incidental thereto, and upon surrender and cancellation of
such Note, if mutilated, the Maker will make and deliver in lieu of such Note a
new Note of like tenor and unpaid principal amount and dated as of the original
date of this Note.

                  10.  Miscellaneous.

                  (a) Parties in Interest. All covenants, agreements and
undertakings in this Note by and on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective permitted successors and assigns
of the parties hereto whether so expressed or not.

                  (b) Notices. Any notices required or permitted to be sent
hereunder shall be delivered personally or mailed, certified mail, return
receipt requested, or delivered by overnight courier service to the addresses
stated in the Stock Purchase Agreement, or such other address as any party
hereto designates by written notice to the Maker, and shall be deemed to have
been given upon delivery, if delivered personally, three business days after
mailing, if mailed, or one business day after delivery to the courier, if
delivered by overnight courier service.

                  (c) Construction. This Note shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State
<PAGE>   9
of New York applicable to contracts made and to be performed wholly within such
State. Maker and Payee irrevocably consent and agree to the exclusive
jurisdiction of the Courts of the Sate of New York located in the City of New
York in any action or proceeding arising out of or connected with this Note or
any claim or controversy hereunder.

                  (d) Waiver of Jury Trial. The Maker hereby irrevocably waives
all right to trial by jury in any action, proceeding or counterclaim arising out
of or relating to this Note or the transaction contemplated hereby.
<PAGE>   10
         IN WITNESS WHEREOF, the Maker has caused this Note to be duly executed
on the date first above written.

                              GLOBAL COMMUNICATIONS OF NY, INC.



                              By:
                                    Kimberly Peacock, Chief Executive Officer
<PAGE>   11
                                    EXHIBIT A

                         Senior Secured Promissory Note

 TERMS

 $240,000 at 12.0% with $10,000 repaid per month
 for 5 months and $20,000 per month,  thereafter

             Interest rate =               12.0%

<TABLE>
<CAPTION>
 Month #      Bal Beg Month          Payment          Bal End Month
 -------      -------------          -------          -------------
<S>           <C>                    <C>              <C>
       1      $     240,000                           $   242,400
       2            242,400          $10,000              234,724
       3            234,724           10,000              226,971
       4            226,971           10,000              219,141
       5            219,141           10,000              211,232
       6            211,232           10,000              203,245
       7            203,245           20,000              185,077
       8            185,077           20,000              166,728
       9            166,728           20,000              148,195
      10            148,195           20,000              129,477
      11            129,477           20,000              110,572
      12            110,572           20,000               91,478
      13             91,478           20,000               72,192
      14             72,192           20,000               52,714
      15             52,714           20,000               33,041
      16             33,041           20,000               13,172
                                      13,172                   (0)
                                    --------
      17             13,172

        Total Payments              $263,172
                                    ========
</TABLE>