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Convertible Promissory Note by Corporation - One of Series of Notes...

Guam Convertible Promissory Note by Corporation - One of Series of Notes Issued Pursuant to Convertible Note Purchase Agreement

Category:

Promissory Notes - Convertible

State:

Multi-State

Control #:

US-02860BG

Format:

Instant download

Description

A Convertible Note is a simple promissory note, usually bearing interest and payable at some future date. The unique aspects of a convertible note are:

A. It converts into equity in the company so long as certain agreed metrics are achieved;

B. Conversion rather than repayment is the usual intention of the parties

C. The usual events for conversion (a conversion event) could be some or all of:

1. Later financing acquired of an agreed minimum level;
2. Developmental milestones reached by the company; and/or
3. Strategic partnerships concluded with important companies;

The conversion into equity is usually at a valuation that is consistent with the valuation agreed to with investors in an investment round that occurs at a later time.

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FAQ

Convertible notes are promissory notes that serve an additional business purpose other than merely representing debt. Convertible notes include all of the terms of a vanilla promissory note, such as an interest rate and the pledge of underlying security (if applicable).

Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame.

As the name implies, a convertible bond gives the holder the option to convert or exchange it for a predetermined number of shares in the issuing company. When issued, they act just like regular corporate bonds, albeit with a slightly lower interest rate.

A convertible promissory note is a debt obligation in which a company borrows money from an investor in exchange for a promise of repayment and an option to convert the outstanding principal into equity of the company upon some triggering event. Notes have a maturity date and bear interest.

A convertible note is a way for seed investors to invest in a startup that isn't ready for valuation. They start as short-term debt and are converted into equity in the issuing company. Investors loan money to the startup and are repaid with equity in the company rather than principal and interest.

A contract for the sale and purchase of notes that allows a company (the seller) to raise money for general corporate purposes, to complete an acquisition or for other purposes. The purchasers of the notes invest in the company through their purchases of the notes.

Convertible debt is a loan, note or bond instrument that converts to equity when a specified future event occurs. A convertible promissory note is a promissory note that converts in the same way as all other convertible debt.

Convertible notes are just like any other form of debt you'll need to pay back the principal plus interest. In an ideal world, a startup would never pay back a convertible note in cash. However, if the maturity date hits prior to a Series A financing, investors can choose to demand their money back.

A convertible promissory note is a debt obligation in which a company borrows money from an investor in exchange for a promise of repayment and an option to convert the outstanding principal into equity of the company upon some triggering event. Notes have a maturity date and bear interest.

A convertible note purchase agreement is an agreement between certain investors and a company that binds all the investors to the same terms and conditions for a particular round of convertible debt financing. Convertible debt is debt that can be converted into equity.

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