The Convertible Note Contract is commonly used in early-stage financing where company valuation may be difficult to determine. Under English and Welsh law, this instrument provides flexibility for both investors and companies, offering debt-like protection with equity upside potential. Typically used for bridge financing or seed rounds, it includes key terms such as conversion triggers, valuation caps, and discount rates. The document balances investor protection with company interests, incorporating both mandatory debt elements and conditional equity features.
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1. Parties: Identification of the issuer and noteholder(s)
2. Background: Context and purpose of the convertible note
3. Definitions: Key terms used throughout the agreement
4. Subscription: Terms of the note subscription including amount and payment
5. Interest: Interest rate and payment terms
6. Conversion Rights: Terms and conditions for converting the note to equity
7. Repayment: Terms for repayment if conversion doesn't occur
8. Events of Default: Circumstances constituting default and consequences
1. Security: Terms of any security provided for the note - used when the note is secured against assets
2. Transferability: Provisions regarding transfer of the note - used when transfer rights need to be restricted or defined
3. Information Rights: Rights of noteholder to company information - used when noteholder requires specific information access
4. Tag-Along Rights: Rights to participate in sale of company shares - used when providing additional investor protections
1. Form of Conversion Notice: Template notice for exercising conversion rights
2. Calculation of Conversion Price: Detailed methodology for calculating conversion price
3. Cap Table: Current and post-conversion shareholding structure
4. Company Information: Key company details and financial information
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