Replies to post #81700 on World Surveillance Group Inc (fka WSGI)

[tradeforyourlife]

>>it states 2 late payments would be a breach of contract

Late payments of debt or contract costs constitute a default 99% of the time unless a grace period is specified in the contract. Just because a payment is made 'eventually' does not mean that the borrower is not still in default for missing the period in which the payment was supposed to be made.

Perhaps I could borrow some money from you? I'll pay you back, it might be a few years late but it will 'eventually' be repaid. That way I won't be in default.

[SAMdashada]

"If GlobeTel fails to make

two consecutive payments to Altvater, the contract will be deemed terminated and Altvater will be granted 150% of the monies due for services rendered payable in test equipment or inventory . . . .” The Consulting Agreement furthers provides that “n such event, test equipment and inventory shall be transferred to Altvater free of all liens and encumbrances.”

[coastiretired]

Under the "Future Services of Altvater" and "Default" headings.

If GlobeTel fails to make the monthly payment within the timeframe defined within this paragraph, Altvater will not be responsible for providing services under this contract to GlobeTel. If GlobeTel fails to make two consecutive payments to Altvater, the contract will be deemed terminated and Altvater will be granted 150% of the monies due. . .

In the event that any party breaches any obligation or terms and conditions within this agreement, for any reason, the party may deliver to the default party a default notice detailing the default event and if the default is not cured by that party within seven (7) days after the default notice is given. . .Altvater may hold as collateral. . .

Timeline:

Feb ?? Agreement signed between Globetel and Trimax
Feb 28 (payment not made)
Mar 07 Globetel Wireless evicted from Naples address
Mar 07 Globetel announces agreement with Trimax
Mar 14 (payment not made)
Mar 28 (payment not made)
Apr 02 Default notice given to Globetel
Apr 03 Globetel announces No Mas Cables de Mexico
Apr 10 Globetel makes partial cure after 7-day cure period expired as Feb 28 and Mar 14 payments are made
Apr 11 (payment not made)
Apr 19 Globetel receives $750K in new funding
Apr 23 Globetel again placed in default and notified they were again two payments behind.
Apr 25 (payment not made)
May 04 Globetel makes partial cure well after 7-day cure period had expired by making Mar 28 and Apr 11 payment.
May 09 (payment not made)
May 10 Globetel announces delivery of first shipment of equipment to Mexico venture
May 23 (payment not made)
May 29 Globetel "oversees" contractor for CWID presentation
May 31 Globetel now three payments or $135K behind and notified by Trimax of intent to terminate agreement. No attempt of a cure is made.
Jul 12 Globetel announces lawsuit against Trimax