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Re: Smartypants2 post# 31384

Monday, 04/15/2024 8:58:56 AM

Monday, April 15, 2024 8:58:56 AM

Post# of 34289
How would you ever have won our first bet??? Meaning you lost both. 5.2 clearly states only CASH in return for XERI contributions meaning XERI will not receive any equity in XTI. I have pointed out multiple ways LaBelle could have protected XTI from XERI ever having any control of them. XERI failed to meet these important contract requirements from the beginning.
The best BS response I get is to refute what's in the JV CONTRACT saying that the committee changed this part and that part. LOLOLOL

A simple letter of notice of default in the beginning is all that XTI has to have.

My question is why would XTI agree to all these changes to let XERI off the hook?????

5.2.???????????Further Contributions, Interest on Capital, JV Percentages and Withdrawal of Capital Contributions. There shall be no required capital contributions other than as expressly set forth in this Agreement. No Party shall have the right to make voluntary capital contributions to the JV, other than as expressly set forth in this Agreement, without the prior written consent of the other Party. There shall be no interest payable on any capital contributions made to the JV. No Party shall have the right or power to (a) withdraw or reduce such capital contribution except as a result of the dissolution of the JV or as otherwise provided by law, or (b) demand or receive property other than cash in return for its contribution.

7.1????????????If Xeriant defaults on, or otherwise fails to make, the contributions contemplated in sections 4.3.1 or 4.3.2 of this Agreement, XTI shall issue a written notice of default as provided in section 11.11 of this Agreement. Such notice shall provide not less than fifteen (15) days to cure any default. If Xeriant does not comply with the notice to the satisfaction of XTI, XTI shall have a right to terminate this agreement. Upon such termination, Xeriant shall be entitled to receive its Pro-Rata Share.

Never made the required $1 mill down payment that was due immediately.
Never made a full payment to the budget on time.
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