Document:

WWW.EXFILE.COM, INC. -- 14615 -- GLOBAL MATRECHS, INC. -- EXHIBIT 10.24 TO FORM SB-2

    EXHIBIT
      10.24

     

    NEITHER
      THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN THE
      SUBJECT OF REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER
      THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN (OR WILL BE, WITH
      RESPECT TO THE SECURITIES ISSUABLE UPON CONVERSION HEREOF) ISSUED IN RELIANCE
      ON
      EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. NEITHER
      THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE SOLD,
      TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED
      UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
      THEREFROM.

     

    NONNEGOTIABLE
      PROMISSORY NOTE

     

    $____________       Ridgefield,
      Connecticut

    ____________

    

    FOR
      VALUE
      RECEIVED, the undersigned, GLOBAL
      MATRECHS, INC.,
      a
      Delaware corporation (the “Maker”),
      hereby promises to pay to ABERDEEN
      AVENUE LLC
      or
      registered assigns (the “Payee”),
      the
      principal amount at maturity of ____________ dollars ($____________) (the
“Redemption
      Amount”)
      on or
      before November 30, 2006 (the “Maturity
      Date”),
      or
      such earlier date as this Note is required to be repaid as provided hereunder.
      If the Redemption Amount is not paid in full on or before the Maturity Date,
      than after such time the Redemption Amount shall increase to ____________
      dollars ($____________). All payments made hereunder shall be made in
      immediately available funds by wire transfer.

     

    The
      following shall constitute an “Event of Default”:

    

    
      	 	
              a.

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

            

    

    

    
      	 	
              b.

            	
              The
                Maker shall (1) make an assignment for the benefit of creditors or
                commence proceedings for its dissolution; or (2) 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

            

    

    

    
      	 	
              c.

            	
              A
                trustee, liquidator or receiver shall be appointed for the Maker
                or for a
                substantial part of its property or business without its consent
                and shall
                not be discharged within thirty (30) days after such appointment;
                or

            

    

    

    
      	 	
              d.

            	
              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 Maker
                and shall
                not be dismissed within thirty (30) days thereafter;
                or

            

    

    

    
      	 	
              e.

            	
              Except
                for any judgments, settlements or related litigations or actions
                disclosed
                in the Maker’s Annual Report on Form 10-K for the year
                ended

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

      
        

        
          	 	
                   

                	
                  December
                    31, 2005, any money judgment, writ or warrant of attachment,
                    or similar
                    process in excess of One Hundred Thousand ($100,000) Dollars
                    in the
                    aggregate shall be entered or filed against the Maker or any
                    of its
                    properties or other assets and shall remain unpaid, unvacated,
                    unbonded or
                    unstayed for a period of thirty (30) days;
                    or

                

        

         

      

    

    
      	
               

               

            	
              f.

            	
              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 Maker and, if instituted against
                the
                Maker, shall not be dismissed within thirty (30) days after such
                institution or the Maker 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;
                

            

    

    

    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 Payee (which waiver shall
      not
      be deemed to be a waiver of any subsequent default) at the option of the Payee
      and in the Payee's sole discretion, the Payee may consider all obligations
      under
      this Note immediately due and payable, without presentment, demand, protest
      or
      notice of any kind, all of which are hereby expressly waived by the Company,
      and
      the Payee may immediately enforce any and all of the Payee's rights and remedies
      provided herein or any other rights or remedies afforded by law. 

    

    Presentment.
      Except
      as set forth herein, the Maker waives presentment, demand and presentation
      for
      payment, notice of nonpayment and dishonor, protest and notice of protest and
      expressly agrees that this Note or any payment hereunder may be extended from
      time to time by the Payee without in any way affecting the liability of the
      Maker.

     

    All
      provisions herein made are expressly limited so that in no event whatsoever,
      whether by reason of advancement of proceeds hereof, acceleration of maturity
      of
      the unpaid balance hereof or otherwise, shall the amount paid or agreed to
      be
      paid to Payee for the use of the money advanced or to be advanced hereunder
      exceed the maximum rate of interest allowed to be charged under applicable
      law
      (the “Maximum Rate”), regardless of whether or not there has been an
      acceleration of the payment of principal as set forth herein. If, from any
      circumstances whatsoever, the fulfillment of any provision of this Note or
      any
      other agreement or instrument now or hereafter evidencing, securing or in any
      way relating to the indebtedness evidenced hereby shall involve the payment
      of
      interest in excess of the Maximum Rate, then, ipso
      facto,
      the
      obligation to pay interest hereunder shall be reduced to the Maximum Rate;
      and
      if from any circumstance whatsoever, Payee shall ever receive interest, the
      amount of which would exceed the amount collectible at the Maximum Rate, such
      amount as would be excessive interest shall be applied to the reduction of
      the
      principal balance remaining unpaid hereunder and not to the payment of interest.
      This provision shall control every other provision in any and all other
      agreements and instruments existing or hereafter arising between the Maker
      and
      Payee with respect to the indebtedness evidenced hereby. 

     

    In
      the
      event this Note is placed in the hands of an attorney for collection, or if
      Payee incurs any costs incident to the collection of the indebtedness evidenced
      hereby, the Maker

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    agrees
      to
      pay to Payee an amount equal to all such costs, including without limitation
      all
      reasonable attorneys' fees and all court costs. 

     

    Construction;
      Governing Law.
      The
      validity and construction of this Note and all matters pertaining hereto are
      to
      be determined in accordance with the laws of the State of New York without
      regard to the conflicts of law principles thereof.

     

    Amendments.
      Neither
      this Note nor any of its provisions may be changed, waived or modified without
      the written consent of both the Maker and the Payee.

     

    Successors.
      This
      Note shall be a binding obligation of any successor of the Maker. 

     

    

     

    IN
      WITNESS WHEREOF, the Maker, by its appropriate officers thereunto duly
      authorized, has executed this Note as of this 13th day of July,
      2006.

     

     

    
      	 	 	 
	 	Global
              Matrechs, Inc. 
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: 
Michael
              Sheppard
	 	Title:   
              President
	 	
                          
                Global Matrechs, Inc.

            
	 	
                          
                90 Grove Street, Suite 201

            
	 	
                          
                Ridgefield, CT 06877

            

    

     

     

    

    

     

    

     

    
      
         

      

      
        3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]