24, as it is liquidated damages for inexcusable non-performance (versus debt service interest), wouldn't you draft the clause to "reach back" to the date of execution?
as the PPers were able to negotiate such a strong L.D. provision, it seems reasonable to conclude the likelihood that the damages would be retroactive to the date of conveyance (presumably the same date as execution).
if you were PP counsel, would you permit Wave a "free ride" for a full fiscal quarter? they are currently down around 16% on the shares (which are yet to be declared effective & as such illiquid) & your supposition permits Wave to effectively have an interest-free loan for a full Q?
considering Wave's financial status at the time of financing, it seems rather unlikely IMO that there would be any free ride for such non-performance. it doesn't make any sense that PPers would be so charitable.
unless of course you have read the contract & it indicates as you suggest. btw, thanks for counting the days... so the non-performance L.D. provision kicks in & the 24% APR meter starts ticking next tuesday & the 3, 4, or 5 million shares are still waiting to be sold.
just in time for IDF to save the day.
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