Exhibit 10.23
PROMISSORY
NOTE
|
$200,000
|
March 30, 2007
(Date)
|
FOR VALUE RECEIVED, Material Technologies, Inc., a Delaware
corporation, its assigns and successors (“MaTech” or
the “Company”), hereby promises to pay to the order of
Nathan J. Esformes, (the “Holder”), in immediately
available funds, the total principal sum of Two Hundred Thousand
Dollars ($200,000) pursuant to the terms hereof. The
principal hereof and any accrued but unpaid interest shall be due
and payable on the date which is two (2) years from the date
hereof. Payment of all amounts due hereunder shall be made at
the address of the Holder provided for in Section 4 hereof.
This Note shall bear interest at the rate of eight percent (8%) per
annum.
1.
PREPAYMENT . The Company may, at its option, at
any time and from time to time, prepay all or any part of the
principal balance of this Note, without penalty or
premium.
2.
TRANSFERABILITY . This Note shall not be
transferred, pledged, hypothecated, or assigned by the Company or
the Holder without the express written consent of the other
party.
3.
DEFAULT . The occurrence of any one of the
following events shall constitute an Event of Default:
(a) The
non-payment, when due, of any principal or interest pursuant to
this Note;
(b) The
material breach of any representation or warranty in this
Note. In the event the Holder becomes aware of a breach of
this Section 3(b), the Holder shall notify the Company in writing
of such breach and the Company shall have five business days after
notice to cure such breach;
(c)
The breach of any covenant or undertaking, not otherwise provided
for in this Section 3;
(d)
The commencement by the Company of any voluntary proceeding under
any bankruptcy, receivership, dissolution, or liquidation law or
statute of any jurisdiction, whether now or hereafter in effect; or
the adjudication of the Company as insolvent or bankrupt by a
decree of a court of competent jurisdiction; or the petition or
application by the Company for, acquiescence in, or consent by the
Company to, the appointment of any receiver or trustee for the
Company or for all or a substantial part of the property of the
Company; or the assignment by the Company for the benefit of
creditors; or the written admission of the Company of its inability
to pay its debts as they mature; or
